diff --git a/cpu/esp32/bootloader/Makefile b/cpu/esp32/bootloader/Makefile
index 3ef43f4b74..c0cb04a546 100644
--- a/cpu/esp32/bootloader/Makefile
+++ b/cpu/esp32/bootloader/Makefile
@@ -467,5 +467,5 @@ FLASH_SIZE ?= 2     # smallesrt size all ESP32x SoC support
 # this second-stage bootloader image.
 $(ESP_SDK_BOOTLOADER_BIN): esptool $(ESP_SDK_BOOTLOADER_ELF)
 	$(Q)echo "Generating bootloader image $(ESP_SDK_BOOTLOADER_BIN)"
-	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash_mode $(FLASH_MODE) \
-	  --flash_size $(FLASH_SIZE)MB --flash_freq $(FLASH_FREQ) -o $@ $(ESP_SDK_BOOTLOADER_ELF)
+	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash-mode $(FLASH_MODE) \
+	  --flash-size $(FLASH_SIZE)MB --flash-freq $(FLASH_FREQ) -o $@ $(ESP_SDK_BOOTLOADER_ELF)
diff --git a/cpu/esp_common/Makefile.include b/cpu/esp_common/Makefile.include
index addf024a80..b0d732caf3 100644
--- a/cpu/esp_common/Makefile.include
+++ b/cpu/esp_common/Makefile.include
@@ -140,8 +140,8 @@ FLASHFILE ?= $(ELFFILE).bin
 
 # This is the binary that ends up programmed in the flash.
 $(ELFFILE).bin: $(ELFFILE)
-	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash_mode $(FLASH_MODE) \
-		--flash_size $(FLASH_SIZE)MB --flash_freq $(FLASH_FREQ) $(FLASH_OPTS) \
+	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash-mode $(FLASH_MODE) \
+		--flash-size $(FLASH_SIZE)MB --flash-freq $(FLASH_FREQ) $(FLASH_OPTS) \
 		-o $@ $<
 
 # Convert .elf and .csv to .bin files at build time, but make them available for
diff --git a/makefiles/tools/esptool.inc.mk b/makefiles/tools/esptool.inc.mk
index a45065e8cf..9c3240c5e0 100644
--- a/makefiles/tools/esptool.inc.mk
+++ b/makefiles/tools/esptool.inc.mk
@@ -1,6 +1,6 @@
-ESPTOOL_VERSION = 4.9.0
+ESPTOOL_VERSION = 5.0.0
 ESPTOOL_VENV = $(RIOTTOOLS)/esptools/venv
-ESPTOOL = $(ESPTOOL_VENV)/bin/esptool.py
+ESPTOOL = $(ESPTOOL_VENV)/bin/esptool
 
 # ESP-IDF uses dio as flash mode for esptool.py when qout or qio mode are
 # configured to always boot in dual SPI mode
@@ -17,9 +17,9 @@ else
   PROGRAMMER_SPEED ?= 460800
   FLASHER = $(ESPTOOL)
   FFLAGS += --chip $(FLASH_CHIP) --port $(PROG_DEV) --baud $(PROGRAMMER_SPEED)
-  FFLAGS += --before default_reset write_flash -z
-  FFLAGS += --flash_mode $(FLASH_MODE) --flash_freq $(FLASH_FREQ)
-  FFLAGS += --flash_size detect
+  FFLAGS += --before default-reset write-flash -z
+  FFLAGS += --flash-mode $(FLASH_MODE) --flash-freq $(FLASH_FREQ)
+  FFLAGS += --flash-size detect
   FFLAGS += $(BOOTLOADER_POS) $(BOOTLOADER_BIN)
   FFLAGS += 0x8000 $(BINDIR)/partitions.bin
   FFLAGS += $(FLASHFILE_POS) $(FLASHFILE)
@@ -33,14 +33,14 @@ all: esptool
 esp-qemu: $(FLASHFILE)
 ifeq (esp32,$(CPU))
 	$(Q)echo \
-		"--flash_mode $(FLASH_MODE) --flash_freq $(FLASH_FREQ) " \
-		"--flash_size $(FLASH_SIZE)MB" \
+		"--flash-mode $(FLASH_MODE) --flash-freq $(FLASH_FREQ) " \
+		"--flash-size $(FLASH_SIZE)MB" \
 		"$(BOOTLOADER_POS) $(BOOTLOADER_BIN)" \
 		"0x8000 $(BINDIR)/partitions.bin" \
 		"$(FLASHFILE_POS) $(FLASHFILE)" > $(BINDIR)/qemu_flash_args
 	$(Q)$(ESPTOOL) \
-		--chip $(CPU_FAM) merge_bin \
-		--fill_flash_size 4MB \
+		--chip $(CPU_FAM) merge-bin \
+		--pad-to-size 4MB \
 		-o $(BINDIR)/qemu_flash_image.bin @$(BINDIR)/qemu_flash_args
 	$(Q)cp $(RIOTCPU)/$(CPU)/bin/rom_0x3ff90000_0x00010000.bin $(BINDIR)/rom1.bin
 	$(Q)cp $(RIOTCPU)/$(CPU)/bin/rom_0x40000000_0x000c2000.bin $(BINDIR)/rom.bin
diff --git a/pkg/esp8266_sdk/bootloader/Makefile b/pkg/esp8266_sdk/bootloader/Makefile
index 4d0baf11c6..848a00b4ae 100644
--- a/pkg/esp8266_sdk/bootloader/Makefile
+++ b/pkg/esp8266_sdk/bootloader/Makefile
@@ -110,6 +110,6 @@ FLASH_SIZE ?= 4
 # this second-stage bootloader image.
 $(ESP_SDK_BOOTLOADER_BIN): esptool $(ESP_SDK_BOOTLOADER_ELF)
 	$(Q)echo "Generating bootloader image $(ESP_SDK_BOOTLOADER_BIN)"
-	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash_mode $(FLASH_MODE) \
-	  --flash_size $(FLASH_SIZE)MB --flash_freq $(FLASH_FREQ) -o $@ $(ESP_SDK_BOOTLOADER_ELF)
+	$(Q)$(ESPTOOL) --chip $(FLASH_CHIP) elf2image --flash-mode $(FLASH_MODE) \
+	  --flash-size $(FLASH_SIZE)MB --flash-freq $(FLASH_FREQ) -o $@ $(ESP_SDK_BOOTLOADER_ELF)
 	$(Q)mv $(@)0x00000.bin $@