diff --git a/Cargo.lock b/Cargo.lock
index d176b645c53..c228c7e31ac 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2623,7 +2623,7 @@ checksum = "97b3888a4aecf77e811145cadf6eef5901f4782c53886191b2f693f24761847c"
 
 [[package]]
 name = "libp2p"
-version = "0.54.0"
+version = "0.54.1"
 dependencies = [
  "async-std",
  "async-trait",
diff --git a/libp2p/CHANGELOG.md b/libp2p/CHANGELOG.md
index 7e1b95c6e75..f2041399042 100644
--- a/libp2p/CHANGELOG.md
+++ b/libp2p/CHANGELOG.md
@@ -1,3 +1,8 @@
+## 0.54.1
+
+- Update individual crates.
+    - Update to [`libp2p-kad` `v0.46.1`](protocols/kad/CHANGELOG.md#0461).
+
 ## 0.54.0
 
 - Update individual crates.
diff --git a/libp2p/Cargo.toml b/libp2p/Cargo.toml
index 68a76e52b58..b1017f5958c 100644
--- a/libp2p/Cargo.toml
+++ b/libp2p/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p"
 edition = "2021"
 rust-version = { workspace = true }
 description = "Peer-to-peer networking library"
-version = "0.54.0"
+version = "0.54.1"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"