diff --git a/cmake/OpenCVDetectInferenceEngine.cmake b/cmake/OpenCVDetectInferenceEngine.cmake
index 7eb81d6ef5..c0379c32b3 100644
--- a/cmake/OpenCVDetectInferenceEngine.cmake
+++ b/cmake/OpenCVDetectInferenceEngine.cmake
@@ -135,9 +135,9 @@ endif()
 
 if(INF_ENGINE_TARGET)
   if(NOT INF_ENGINE_RELEASE)
-    message(WARNING "InferenceEngine version has not been set, 2020.2 will be used by default. Set INF_ENGINE_RELEASE variable if you experience build errors.")
+    message(WARNING "InferenceEngine version has not been set, 2020.3 will be used by default. Set INF_ENGINE_RELEASE variable if you experience build errors.")
   endif()
-  set(INF_ENGINE_RELEASE "2020020000" CACHE STRING "Force IE version, should be in form YYYYAABBCC (e.g. 2020.1.0.2 -> 2020010002)")
+  set(INF_ENGINE_RELEASE "2020030000" CACHE STRING "Force IE version, should be in form YYYYAABBCC (e.g. 2020.1.0.2 -> 2020010002)")
   set_target_properties(${INF_ENGINE_TARGET} PROPERTIES
     INTERFACE_COMPILE_DEFINITIONS "HAVE_INF_ENGINE=1;INF_ENGINE_RELEASE=${INF_ENGINE_RELEASE}"
   )
diff --git a/modules/dnn/src/dnn.cpp b/modules/dnn/src/dnn.cpp
index c7ed6a4c17..da1e901fa3 100644
--- a/modules/dnn/src/dnn.cpp
+++ b/modules/dnn/src/dnn.cpp
@@ -2113,7 +2113,7 @@ struct Net::Impl : public detail::NetImplBase
 
                     auto ieInpNode = inputNodes[i].dynamicCast<InfEngineNgraphNode>();
                     CV_Assert(oid < ieInpNode->node->get_output_size());
-#if INF_ENGINE_VER_MAJOR_GT(2020030000)
+#if INF_ENGINE_VER_MAJOR_GT(INF_ENGINE_RELEASE_2020_3)
                     inputNodes[i] = Ptr<BackendNode>(new InfEngineNgraphNode(ieInpNode->node->get_output_as_single_output_node(oid)));
 #else
                     inputNodes[i] = Ptr<BackendNode>(new InfEngineNgraphNode(ieInpNode->node->get_output_as_single_output_node(oid, false)));
diff --git a/modules/dnn/src/ie_ngraph.cpp b/modules/dnn/src/ie_ngraph.cpp
index cf94500a8c..42a4259646 100644
--- a/modules/dnn/src/ie_ngraph.cpp
+++ b/modules/dnn/src/ie_ngraph.cpp
@@ -82,7 +82,7 @@ public:
         return type_info;
     }
 
-#if INF_ENGINE_VER_MAJOR_GT(2020020000)
+#if INF_ENGINE_VER_MAJOR_GE(INF_ENGINE_RELEASE_2020_3)
     NgraphCustomOp(const ngraph::OutputVector& inputs,
 #else
     NgraphCustomOp(const ngraph::NodeVector& inputs,
@@ -112,7 +112,7 @@ public:
 
     std::shared_ptr<ngraph::Node> copy_with_new_args(const ngraph::NodeVector& new_args) const override
     {
-#if INF_ENGINE_VER_MAJOR_GT(2020020000)
+#if INF_ENGINE_VER_MAJOR_GE(INF_ENGINE_RELEASE_2020_3)
         return std::make_shared<NgraphCustomOp>(ngraph::as_output_vector(new_args), params);
 #else
         return std::make_shared<NgraphCustomOp>(new_args, params);
@@ -283,7 +283,7 @@ InfEngineNgraphNode::InfEngineNgraphNode(const std::vector<Ptr<BackendNode> >& n
         {"internals", shapesToStr(internals)}
     };
 
-#if INF_ENGINE_VER_MAJOR_GT(2020020000)
+#if INF_ENGINE_VER_MAJOR_GE(INF_ENGINE_RELEASE_2020_3)
     ngraph::OutputVector inp_nodes;
 #else
     ngraph::NodeVector inp_nodes;
diff --git a/modules/dnn/src/op_inf_engine.hpp b/modules/dnn/src/op_inf_engine.hpp
index a256989f96..f39c4ee23b 100644
--- a/modules/dnn/src/op_inf_engine.hpp
+++ b/modules/dnn/src/op_inf_engine.hpp
@@ -25,10 +25,11 @@
 #define INF_ENGINE_RELEASE_2019R3 2019030000
 #define INF_ENGINE_RELEASE_2020_1 2020010000
 #define INF_ENGINE_RELEASE_2020_2 2020020000
+#define INF_ENGINE_RELEASE_2020_3 2020030000
 
 #ifndef INF_ENGINE_RELEASE
-#warning("IE version have not been provided via command-line. Using 2020.2 by default")
-#define INF_ENGINE_RELEASE INF_ENGINE_RELEASE_2020_2
+#warning("IE version have not been provided via command-line. Using 2020.3 by default")
+#define INF_ENGINE_RELEASE INF_ENGINE_RELEASE_2020_3
 #endif
 
 #define INF_ENGINE_VER_MAJOR_GT(ver) (((INF_ENGINE_RELEASE) / 10000) > ((ver) / 10000))