diff --git a/payloads/external/iPXE/Kconfig b/payloads/external/iPXE/Kconfig
index 67b2111975..82114107af 100644
--- a/payloads/external/iPXE/Kconfig
+++ b/payloads/external/iPXE/Kconfig
@@ -42,12 +42,12 @@ choice
 	depends on BUILD_IPXE
 
 config IPXE_STABLE
-	bool "2016.7"
+	bool "2017.3"
 	help
 	  iPXE uses a rolling release with no stable version, for
 	  reproducibility, use the last commit of a given month as the
 	  'stable' version.
-	  This is iPXE from the end of July, 2016.
+	  This is iPXE from the end of March, 2017.
 
 config IPXE_MASTER
 	bool "master"
diff --git a/payloads/external/iPXE/Makefile b/payloads/external/iPXE/Makefile
index f45edfd028..a8b1245ca5 100644
--- a/payloads/external/iPXE/Makefile
+++ b/payloads/external/iPXE/Makefile
@@ -13,9 +13,9 @@
 ## GNU General Public License for more details.
 ##
 
-# 2016.7 - Last commit of July 2016
+# 2017.3 - Last commit of March 2017
 # When updating, change the name both here and in payloads/external/iPXE/Kconfig
-STABLE_COMMIT_ID=2afd66eb55996500499eb3bcc39c66ff042679c8
+STABLE_COMMIT_ID=fd6d1f4660a37d75acba1c64e2e5f137307bbc31
 
 TAG-$(CONFIG_IPXE_MASTER)=origin/master
 TAG-$(CONFIG_IPXE_STABLE)=$(STABLE_COMMIT_ID)