diff --git a/lib-ee/emqx_license/src/emqx_license.app.src b/lib-ee/emqx_license/src/emqx_license.app.src
index 354385faf..2f21b8a52 100644
--- a/lib-ee/emqx_license/src/emqx_license.app.src
+++ b/lib-ee/emqx_license/src/emqx_license.app.src
@@ -1,6 +1,6 @@
 {application, emqx_license, [
     {description, "EMQX License"},
-    {vsn, "5.0.10"},
+    {vsn, "5.0.11"},
     {modules, []},
     {registered, [emqx_license_sup]},
     {applications, [kernel, stdlib, emqx_ctl]},
diff --git a/lib-ee/emqx_license/src/emqx_license.erl b/lib-ee/emqx_license/src/emqx_license.erl
index 3e29dcf25..0918293a6 100644
--- a/lib-ee/emqx_license/src/emqx_license.erl
+++ b/lib-ee/emqx_license/src/emqx_license.erl
@@ -122,9 +122,9 @@ do_update({key, Content}, Conf) when is_binary(Content); is_list(Content) ->
         {error, Reason} ->
             erlang:throw(Reason)
     end;
-%% We don't do extra action when update license's watermark.
-do_update(_Other, Conf) ->
-    Conf.
+do_update(NewConf, _PrevConf) ->
+    #{<<"key">> := NewKey} = NewConf,
+    do_update({key, NewKey}, NewConf).
 
 check_max_clients_exceeded(MaxClients) ->
     emqx_license_resources:connection_count() > MaxClients * 1.1.
diff --git a/lib-ee/emqx_license/test/emqx_license_cli_SUITE.erl b/lib-ee/emqx_license/test/emqx_license_cli_SUITE.erl
index 630880f01..1c6282262 100644
--- a/lib-ee/emqx_license/test/emqx_license_cli_SUITE.erl
+++ b/lib-ee/emqx_license/test/emqx_license_cli_SUITE.erl
@@ -24,10 +24,15 @@ end_per_suite(_) ->
     ok.
 
 init_per_testcase(_Case, Config) ->
+    ok = persistent_term:put(
+        emqx_license_test_pubkey,
+        emqx_license_test_lib:public_key_pem()
+    ),
     {ok, _} = emqx_cluster_rpc:start_link(node(), emqx_cluster_rpc, 1000),
     Config.
 
 end_per_testcase(_Case, _Config) ->
+    persistent_term:erase(emqx_license_test_pubkey),
     ok.
 
 set_special_configs(emqx_license) ->
@@ -53,3 +58,25 @@ t_update(_Config) ->
     _ = emqx_license_cli:license(["update", LicenseValue]),
     _ = emqx_license_cli:license(["reload"]),
     _ = emqx_license_cli:license(["update", "Invalid License Value"]).
+
+t_conf_update(_Config) ->
+    LicenseKey = emqx_license_test_lib:make_license(#{max_connections => "123"}),
+    Conf = #{
+        <<"connection_high_watermark">> => <<"50%">>,
+        <<"connection_low_watermark">> => <<"45%">>,
+        <<"key">> => LicenseKey
+    },
+    ?assertMatch({ok, _}, emqx:update_config([license], Conf)),
+    ?assertEqual(
+        #{
+            connection_high_watermark => 0.5,
+            connection_low_watermark => 0.45,
+            key => LicenseKey
+        },
+        emqx:get_config([license])
+    ),
+    ?assertMatch(
+        #{max_connections := 123},
+        maps:from_list(emqx_license_checker:dump())
+    ),
+    ok.