diff --git a/change/react-native-windows-3f992801-4f60-495b-a7e5-9af34020b8f0.json b/change/react-native-windows-3f992801-4f60-495b-a7e5-9af34020b8f0.json
new file mode 100644
index 00000000000..2640180060b
--- /dev/null
+++ b/change/react-native-windows-3f992801-4f60-495b-a7e5-9af34020b8f0.json
@@ -0,0 +1,7 @@
+{
+  "type": "patch",
+  "comment": "Change Hermes package version to 0.1.21",
+  "packageName": "react-native-windows",
+  "email": "vmorozov@microsoft.com",
+  "dependentChangeType": "patch"
+}
diff --git a/vnext/PropertySheets/JSEngine.props b/vnext/PropertySheets/JSEngine.props
index 0aaae40db78..9e681ef4436 100644
--- a/vnext/PropertySheets/JSEngine.props
+++ b/vnext/PropertySheets/JSEngine.props
@@ -14,7 +14,7 @@
     <!-- Enabling this will (1) Include hermes glues in the Microsoft.ReactNative binaries AND (2) Make hermes the default engine -->
     <UseHermes Condition="'$(UseHermes)' == ''">false</UseHermes>
     <!-- This will be true if (1) the client want to use hermes by setting UseHermes to true OR (2) We are building for UWP where dynamic switching is enabled -->
-    <HermesVersion Condition="'$(HermesVersion)' == ''">0.1.15</HermesVersion>
+    <HermesVersion Condition="'$(HermesVersion)' == ''">0.1.21</HermesVersion>
     <HermesPackage Condition="'$(HermesPackage)' == '' And Exists('$(PkgMicrosoft_JavaScript_Hermes)')">$(PkgMicrosoft_JavaScript_Hermes)</HermesPackage>
     <HermesPackage Condition="'$(HermesPackage)' == ''">$(NuGetPackageRoot)\Microsoft.JavaScript.Hermes\$(HermesVersion)</HermesPackage>
     <EnableHermesInspectorInReleaseFlavor Condition="'$(EnableHermesInspectorInReleaseFlavor)' == ''">false</EnableHermesInspectorInReleaseFlavor>