diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index 0cec7298e9..6a9635c264 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -142,6 +142,8 @@ Changed
 
 * Update ``jinja2`` dependency to the latest stable version (2.11.3). #5195
 
+* Update ``pyyaml`` dependency to the latest stable version (5.4). #5207
+
 Improvements
 ~~~~~~~~~~~~
 
diff --git a/fixed-requirements.txt b/fixed-requirements.txt
index b4aa8cba01..fe0b881b1d 100644
--- a/fixed-requirements.txt
+++ b/fixed-requirements.txt
@@ -36,7 +36,7 @@ python-gnupg==0.4.5
 python-keyczar==0.716
 pytz==2019.1
 pywinrm==0.3.0
-pyyaml==5.1.2
+pyyaml==5.4
 requests[security]==2.23.0
 retrying==1.3.3
 routes==2.4.1
diff --git a/requirements.txt b/requirements.txt
index 2427c5532e..de82a2f670 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -52,7 +52,7 @@ python-json-logger
 python-statsd==2.1.0
 pytz==2019.1
 pywinrm==0.3.0
-pyyaml==5.1.2
+pyyaml==5.4
 rednose
 requests[security]==2.23.0
 retrying==1.3.3
diff --git a/st2actions/requirements.txt b/st2actions/requirements.txt
index 767123b440..49d891660c 100644
--- a/st2actions/requirements.txt
+++ b/st2actions/requirements.txt
@@ -18,6 +18,6 @@ oslo.utils<5.0,>=4.0.0
 pyinotify==0.9.6; platform_system=="Linux"
 python-dateutil==2.8.0
 python-json-logger
-pyyaml==5.1.2
+pyyaml==5.4
 requests[security]==2.23.0
 six==1.13.0
diff --git a/st2client/requirements.txt b/st2client/requirements.txt
index 99f30f44d1..dadb8f6b19 100644
--- a/st2client/requirements.txt
+++ b/st2client/requirements.txt
@@ -17,7 +17,7 @@ prompt-toolkit==1.0.15
 python-dateutil==2.8.0
 python-editor==1.0.4
 pytz==2019.1
-pyyaml==5.1.2
+pyyaml==5.4
 requests[security]==2.23.0
 six==1.13.0
 sseclient-py==1.7
diff --git a/st2common/requirements.txt b/st2common/requirements.txt
index 99e4ffd06b..67993ed05b 100644
--- a/st2common/requirements.txt
+++ b/st2common/requirements.txt
@@ -29,7 +29,7 @@ paramiko==2.7.2
 pymongo==3.10.0
 python-dateutil==2.8.0
 python-statsd==2.1.0
-pyyaml==5.1.2
+pyyaml==5.4
 requests[security]==2.23.0
 retrying==1.3.3
 routes==2.4.1
diff --git a/test-requirements-py27.txt b/test-requirements-py27.txt
index 6b36b63726..e761f37185 100644
--- a/test-requirements-py27.txt
+++ b/test-requirements-py27.txt
@@ -19,7 +19,7 @@ nose-timer==0.7.5
 # splitting tests run on a separate CI machines
 nose-parallel==0.3.1
 # Required by st2client tests
-pyyaml==5.1.2
+pyyaml==5.4
 RandomWords
 gunicorn==19.9.0
 psutil==5.6.6
diff --git a/test-requirements.txt b/test-requirements.txt
index 1c45f904b0..1ea72295cc 100644
--- a/test-requirements.txt
+++ b/test-requirements.txt
@@ -22,7 +22,7 @@ nose-timer==0.7.5
 # splitting tests run on a separate CI machines
 nose-parallel==0.3.1
 # Required by st2client tests
-pyyaml==5.1.2
+pyyaml==5.4
 RandomWords
 gunicorn==19.9.0
 psutil==5.6.6