diff --git a/CHANGELOG.md b/CHANGELOG.md
index ff17f938f..114b4696d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,12 @@ All notable changes to this project will be documented in this file.
 
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0).
 
+## 5.3.1
+
+### Fixed
+
+- Custom theme couldn't be detected [#2348](https://github.com/magento/magento2-phpstorm-plugin/pull/2348)
+
 ## 5.3.0
 
 ### Added
diff --git a/README.md b/README.md
index 3abc7f78d..387d14061 100644
--- a/README.md
+++ b/README.md
@@ -42,7 +42,7 @@
 
 1. Check out this repository
 1. Open a folder with the project in the IntelliJ Ultimate using the `open` action button.
-1. Make sure that you on the latest develop branch (e.g `5.3.0-develop`)
+1. Make sure that you on the latest develop branch (e.g `5.3.1-develop`)
 1. Right-click on the `build.gradle` file, choose "Import Gradle project" (if this is not exist look for "Build module '<root folder name>'") (you need to have Gradle plugin installed)
 1. Check if the right SDK version is used for the project.
    - Current Java version for the project is **java 11**, so you should additionally download **SDK 11** and choose it in the module settings: `Right click by the project root > Open Module Settings > Project Settings > Project > Project SDK`
diff --git a/build.gradle b/build.gradle
index dd12551e4..222538eaa 100644
--- a/build.gradle
+++ b/build.gradle
@@ -15,7 +15,7 @@ repositories {
 }
 
 group 'com.magento.idea'
-version '5.3.0'
+version '5.3.1'
 
 apply plugin: 'org.jetbrains.intellij'
 apply plugin: 'java'
diff --git a/resources/META-INF/plugin.xml b/resources/META-INF/plugin.xml
index db3b1e1fb..9bde630cb 100644
--- a/resources/META-INF/plugin.xml
+++ b/resources/META-INF/plugin.xml
@@ -7,7 +7,7 @@
 <idea-plugin require-restart="true">
     <id>com.magento.idea.magento2plugin</id>
     <name>Magento PhpStorm</name>
-    <version>5.3.0</version>
+    <version>5.3.1</version>
     <vendor url="https://github.com/magento/magento2-phpstorm-plugin">Magento Inc.</vendor>
 
     <description><![CDATA[