diff --git a/CHANGELOG.md b/CHANGELOG.md
index c96d6fd347..98fc9f9695 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,7 @@
 - Fixed polish license plates (#685)
 - Removed legacy autoloader (#762)
 - Removed functionality for populating ORM entities and models (#764)
+- Added a PHP version support policy (#752)
 
 ## [2023-06-12, v1.23.0](https://github.com/FakerPHP/Faker/compare/v1.22.0..v1.23.0)
 
diff --git a/README.md b/README.md
index 2c6a26843e..d09712ae15 100644
--- a/README.md
+++ b/README.md
@@ -99,6 +99,10 @@ return static function (Config\RectorConfig $rectorConfig): void {
 
 Faker is released under the MIT License. See [`LICENSE`](LICENSE) for details.
 
+## PHP Version Support Policy
+
+The maintainers of this package add support for a PHP version following its initial release and drop support for a PHP version one year after it has reached its end of security support.
+
 ## Backward compatibility promise
 
 Faker is using [Semver](https://semver.org/). This means that versions are tagged