diff --git a/MODULE.bazel b/MODULE.bazel
index da921f6202..b9d26558ea 100644
--- a/MODULE.bazel
+++ b/MODULE.bazel
@@ -2,7 +2,7 @@
 
 module(
     name = "rules_rust",
-    version = "0.53.0",
+    version = "0.54.0",
 )
 
 bazel_dep(
diff --git a/version.bzl b/version.bzl
index 4849e611b1..d4e0e974ca 100644
--- a/version.bzl
+++ b/version.bzl
@@ -1,3 +1,3 @@
 """The version of rules_rust."""
 
-VERSION = "0.53.0"
+VERSION = "0.54.0"