diff --git a/icu4c/source/common/common.vcxproj b/icu4c/source/common/common.vcxproj
index 44f4f8803f8..60f7cb98d40 100644
--- a/icu4c/source/common/common.vcxproj
+++ b/icu4c/source/common/common.vcxproj
@@ -104,7 +104,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuuc53.dll</OutputFile>
+      <OutputFile>..\..\bin\icuuc54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib\icuuc.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -145,7 +145,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuuc53d.dll</OutputFile>
+      <OutputFile>..\..\bin\icuuc54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib\icuucd.pdb</ProgramDatabaseFile>
@@ -183,7 +183,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuuc53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuuc54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib64\icuuc.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -222,7 +222,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuuc53d.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuuc54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib64\icuucd.pdb</ProgramDatabaseFile>
diff --git a/icu4c/source/common/unicode/uvernum.h b/icu4c/source/common/unicode/uvernum.h
index de53928ade2..91870fa75b8 100644
--- a/icu4c/source/common/unicode/uvernum.h
+++ b/icu4c/source/common/unicode/uvernum.h
@@ -57,19 +57,19 @@
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.4
  */
-#define U_ICU_VERSION_MAJOR_NUM 53
+#define U_ICU_VERSION_MAJOR_NUM 54
 
 /** The current ICU minor version as an integer.
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.6
  */
-#define U_ICU_VERSION_MINOR_NUM 1
+#define U_ICU_VERSION_MINOR_NUM 0
 
 /** The current ICU patchlevel version as an integer.
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.4
  */
-#define U_ICU_VERSION_PATCHLEVEL_NUM 0
+#define U_ICU_VERSION_PATCHLEVEL_NUM 1
 
 /** The current ICU build level version as an integer.
  *  This value is for use by ICU clients. It defaults to 0.
@@ -83,7 +83,7 @@
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.6
  */
-#define U_ICU_VERSION_SUFFIX _53
+#define U_ICU_VERSION_SUFFIX _54
 
 /**
  * \def U_DEF2_ICU_ENTRY_POINT_RENAME
@@ -118,19 +118,19 @@
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.4
  */
-#define U_ICU_VERSION "53.1"
+#define U_ICU_VERSION "54.0.1"
 
 /** The current ICU library major/minor version as a string without dots, for library name suffixes.
  *  This value will change in the subsequent releases of ICU
  *  @stable ICU 2.6
  */
-#define U_ICU_VERSION_SHORT "53"
+#define U_ICU_VERSION_SHORT "54"
 
 #ifndef U_HIDE_INTERNAL_API
 /** Data version in ICU4C.
  * @internal ICU 4.4 Internal Use Only
  **/
-#define U_ICU_DATA_VERSION "53.1"
+#define U_ICU_DATA_VERSION "54.0.1"
 #endif  /* U_HIDE_INTERNAL_API */
 
 /*===========================================================================
diff --git a/icu4c/source/data/makedata.mak b/icu4c/source/data/makedata.mak
index 8a784bbd406..bf85a6b6af4 100644
--- a/icu4c/source/data/makedata.mak
+++ b/icu4c/source/data/makedata.mak
@@ -10,7 +10,7 @@
 
 ##############################################################################
 # Keep the following in sync with the version - see common/unicode/uvernum.h
-U_ICUDATA_NAME=icudt53
+U_ICUDATA_NAME=icudt54
 ##############################################################################
 U_ICUDATA_ENDIAN_SUFFIX=l
 UNICODE_VERSION=6.3
diff --git a/icu4c/source/data/misc/icuver.txt b/icu4c/source/data/misc/icuver.txt
index 22589727b69..c7f66f07b1b 100644
--- a/icu4c/source/data/misc/icuver.txt
+++ b/icu4c/source/data/misc/icuver.txt
@@ -6,6 +6,6 @@
 // ***************************************************************************
 
 icuver:table(nofallback){ 
-    DataVersion { "53.1.0.0" }
-    ICUVersion  { "53.1.0.0" }
+    DataVersion { "54.0.1.0" }
+    ICUVersion  { "54.0.1.0" }
 }
diff --git a/icu4c/source/i18n/i18n.vcxproj b/icu4c/source/i18n/i18n.vcxproj
index 64452f8f300..4b32d015122 100644
--- a/icu4c/source/i18n/i18n.vcxproj
+++ b/icu4c/source/i18n/i18n.vcxproj
@@ -107,7 +107,7 @@
       <AdditionalIncludeDirectories>../common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuin53.dll</OutputFile>
+      <OutputFile>..\..\bin\icuin54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib\icuin.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -151,7 +151,7 @@
       <AdditionalIncludeDirectories>../common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuin53d.dll</OutputFile>
+      <OutputFile>..\..\bin\icuin54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib\icuind.pdb</ProgramDatabaseFile>
@@ -192,7 +192,7 @@
       <AdditionalIncludeDirectories>../common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuin53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuin54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib64\icuin.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -234,7 +234,7 @@
       <AdditionalIncludeDirectories>../common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuin53d.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuin54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib64\icuind.pdb</ProgramDatabaseFile>
diff --git a/icu4c/source/io/io.vcxproj b/icu4c/source/io/io.vcxproj
index 47ce56f8901..3b5a24c0c31 100644
--- a/icu4c/source/io/io.vcxproj
+++ b/icu4c/source/io/io.vcxproj
@@ -107,7 +107,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuio53.dll</OutputFile>
+      <OutputFile>..\..\bin\icuio54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib\icuio.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -151,7 +151,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icuio53d.dll</OutputFile>
+      <OutputFile>..\..\bin\icuio54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib\icuiod.pdb</ProgramDatabaseFile>
@@ -192,7 +192,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuio53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuio54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib64\icuio.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -234,7 +234,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icuio53d.dll</OutputFile>
+      <OutputFile>..\..\bin64\icuio54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib64\icuiod.pdb</ProgramDatabaseFile>
diff --git a/icu4c/source/layout/layout.vcxproj b/icu4c/source/layout/layout.vcxproj
index 0f51cc5bbb1..ae3f1cb417a 100644
--- a/icu4c/source/layout/layout.vcxproj
+++ b/icu4c/source/layout/layout.vcxproj
@@ -110,7 +110,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icule53d.dll</OutputFile>
+      <OutputFile>..\..\bin\icule54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib\iculed.pdb</ProgramDatabaseFile>
@@ -151,7 +151,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\icule53.dll</OutputFile>
+      <OutputFile>..\..\bin\icule54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib\icule.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -195,7 +195,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icule53d.dll</OutputFile>
+      <OutputFile>..\..\bin64\icule54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib64\iculed.pdb</ProgramDatabaseFile>
@@ -234,7 +234,7 @@
       <AdditionalIncludeDirectories>..\common;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\icule53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icule54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib64\icule.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
diff --git a/icu4c/source/layoutex/layoutex.vcxproj b/icu4c/source/layoutex/layoutex.vcxproj
index 38994cf60e4..e823b621334 100644
--- a/icu4c/source/layoutex/layoutex.vcxproj
+++ b/icu4c/source/layoutex/layoutex.vcxproj
@@ -107,7 +107,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\iculx53.dll</OutputFile>
+      <OutputFile>..\..\bin\iculx54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib\iculx.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -150,7 +150,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin\iculx53d.dll</OutputFile>
+      <OutputFile>..\..\bin\iculx54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib\iculxd.pdb</ProgramDatabaseFile>
@@ -190,7 +190,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\iculx53.dll</OutputFile>
+      <OutputFile>..\..\bin64\iculx54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\lib64\iculx.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -231,7 +231,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\bin64\iculx53d.dll</OutputFile>
+      <OutputFile>..\..\bin64\iculx54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\lib64\iculxd.pdb</ProgramDatabaseFile>
diff --git a/icu4c/source/stubdata/stubdata.vcxproj b/icu4c/source/stubdata/stubdata.vcxproj
index 709365a11ec..b1b41a63949 100644
--- a/icu4c/source/stubdata/stubdata.vcxproj
+++ b/icu4c/source/stubdata/stubdata.vcxproj
@@ -113,7 +113,7 @@
       <Command>echo "File with stubdata build time, used as a dependency to trigger fresh data build, since stubdata dll will overwrite the real one." &gt; "$(ProjectDir)stubdatabuilt.txt"</Command>
     </PreLinkEvent>
     <Link>
-      <OutputFile>..\..\bin\icudt53.dll</OutputFile>
+      <OutputFile>..\..\bin\icudt54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <IgnoreAllDefaultLibraries>true</IgnoreAllDefaultLibraries>
       <ProgramDatabaseFile>.\x86\Release\icudt.pdb</ProgramDatabaseFile>
@@ -160,7 +160,7 @@
       <Command>echo "File with stubdata build time, used as a dependency to trigger fresh data build, since stubdata dll will overwrite the real one." &gt; "$(ProjectDir)stubdatabuilt.txt"</Command>
     </PreLinkEvent>
     <Link>
-      <OutputFile>..\..\bin\icudt53.dll</OutputFile>
+      <OutputFile>..\..\bin\icudt54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\x86\Debug/icudt.pdb</ProgramDatabaseFile>
       <NoEntryPoint>true</NoEntryPoint>
@@ -207,7 +207,7 @@
       <Command>echo "File with stubdata build time, used as a dependency to trigger fresh data build, since stubdata dll will overwrite the real one." &gt; "$(ProjectDir)stubdatabuilt.txt"</Command>
     </PreLinkEvent>
     <Link>
-      <OutputFile>..\..\bin64\icudt53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icudt54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <IgnoreAllDefaultLibraries>true</IgnoreAllDefaultLibraries>
       <ProgramDatabaseFile>.\x64\Release\icudt.pdb</ProgramDatabaseFile>
@@ -252,7 +252,7 @@
       <Command>echo "File with stubdata build time, used as a dependency to trigger fresh data build, since stubdata dll will overwrite the real one." &gt; "$(ProjectDir)stubdatabuilt.txt"</Command>
     </PreLinkEvent>
     <Link>
-      <OutputFile>..\..\bin64\icudt53.dll</OutputFile>
+      <OutputFile>..\..\bin64\icudt54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\x64\Debug/icudt.pdb</ProgramDatabaseFile>
       <NoEntryPoint>true</NoEntryPoint>
diff --git a/icu4c/source/tools/ctestfw/ctestfw.vcxproj b/icu4c/source/tools/ctestfw/ctestfw.vcxproj
index 4ea4b745443..c636839823e 100644
--- a/icu4c/source/tools/ctestfw/ctestfw.vcxproj
+++ b/icu4c/source/tools/ctestfw/ctestfw.vcxproj
@@ -107,7 +107,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin\icutest53.dll</OutputFile>
+      <OutputFile>..\..\..\bin\icutest54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\..\lib\icutest.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -150,7 +150,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin\icutest53d.dll</OutputFile>
+      <OutputFile>..\..\..\bin\icutest54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\..\lib\icutestd.pdb</ProgramDatabaseFile>
@@ -190,7 +190,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin64\icutest53.dll</OutputFile>
+      <OutputFile>..\..\..\bin64\icutest54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <ProgramDatabaseFile>.\..\..\..\lib64\icutest.pdb</ProgramDatabaseFile>
       <EnableCOMDATFolding>true</EnableCOMDATFolding>
@@ -231,7 +231,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin64\icutest53d.dll</OutputFile>
+      <OutputFile>..\..\..\bin64\icutest54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <GenerateDebugInformation>true</GenerateDebugInformation>
       <ProgramDatabaseFile>.\..\..\..\lib64\icutestd.pdb</ProgramDatabaseFile>
diff --git a/icu4c/source/tools/toolutil/toolutil.vcxproj b/icu4c/source/tools/toolutil/toolutil.vcxproj
index 0974c55ecf8..b1d48165e4c 100644
--- a/icu4c/source/tools/toolutil/toolutil.vcxproj
+++ b/icu4c/source/tools/toolutil/toolutil.vcxproj
@@ -107,7 +107,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin\icutu53.dll</OutputFile>
+      <OutputFile>..\..\..\bin\icutu54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <AdditionalLibraryDirectories>..\..\..\lib;%(AdditionalLibraryDirectories)</AdditionalLibraryDirectories>
       <ProgramDatabaseFile>.\..\..\..\lib\icutu.pdb</ProgramDatabaseFile>
@@ -151,7 +151,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin\icutu53d.dll</OutputFile>
+      <OutputFile>..\..\..\bin\icutu54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <AdditionalLibraryDirectories>..\..\..\lib;%(AdditionalLibraryDirectories)</AdditionalLibraryDirectories>
       <GenerateDebugInformation>true</GenerateDebugInformation>
@@ -193,7 +193,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin64\icutu53.dll</OutputFile>
+      <OutputFile>..\..\..\bin64\icutu54.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <AdditionalLibraryDirectories>..\..\..\lib64;%(AdditionalLibraryDirectories)</AdditionalLibraryDirectories>
       <ProgramDatabaseFile>.\..\..\..\lib64\icutu.pdb</ProgramDatabaseFile>
@@ -235,7 +235,7 @@
       <Culture>0x0409</Culture>
     </ResourceCompile>
     <Link>
-      <OutputFile>..\..\..\bin64\icutu53d.dll</OutputFile>
+      <OutputFile>..\..\..\bin64\icutu54d.dll</OutputFile>
       <SuppressStartupBanner>true</SuppressStartupBanner>
       <AdditionalLibraryDirectories>..\..\..\lib64;%(AdditionalLibraryDirectories)</AdditionalLibraryDirectories>
       <GenerateDebugInformation>true</GenerateDebugInformation>