diff --git a/CHANGELOG.md b/CHANGELOG.md
index 88ac20d75..d45e7db49 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,9 @@ Changelog
 
 NOTE: isort follows the [semver](https://semver.org/) versioning standard.
 
+### 5.3.2 [Hotfix] Aug 7, 2020
+  - Fixed incorrect warning code (W503->W0503).
+
 ### 5.3.1 Aug 7, 2020
   - Improve upgrade warnings to be less noisy and point to error codes for easy interoperability with Visual Studio Code (see: #1363).
 
diff --git a/isort/_version.py b/isort/_version.py
index 0419a93d2..07f0e9e28 100644
--- a/isort/_version.py
+++ b/isort/_version.py
@@ -1 +1 @@
-__version__ = "5.3.1"
+__version__ = "5.3.2"
diff --git a/isort/settings.py b/isort/settings.py
index a319ff308..68f09bb6b 100644
--- a/isort/settings.py
+++ b/isort/settings.py
@@ -407,7 +407,7 @@ def __init__(
                 combined_config.pop(deprecated_option)
             if not self.quiet:
                 warn(
-                    "W503: Deprecated config options were used: "
+                    "W0503: Deprecated config options were used: "
                     f"{', '.join(deprecated_options_used)}."
                     "Please see the 5.0.0 upgrade guide: bit.ly/isortv5."
                 )
diff --git a/pyproject.toml b/pyproject.toml
index ac075b38e..f19a5c9cc 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -3,7 +3,7 @@ line-length = 100
 
 [tool.poetry]
 name = "isort"
-version = "5.3.1"
+version = "5.3.2"
 description = "A Python utility / library to sort Python imports."
 authors = ["Timothy Crosley <timothy.crosley@gmail.com>"]
 license = "MIT"