An upgrade of the Swiss Light Source (SLS) is planned for 2021–2024 and includes the exchange of the existing storage ring by a new one providing about 40–50 times lower emittance in user operation mode. This will extend the performance of SLS in particular in the fields of coherent imaging, full-field tomography, soft X-ray angle-resolved photoelectron spectroscopy and resonant inelastic X-ray scattering. A science case and a conceptual design for the machine have been established. As a summary of these reports, the novel lattice design, undulator developments and scientific highlights are presented.