diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4f99d812d4d6c..9167332653928 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,13 +4,14 @@ All notable changes to this project will be documented in this file.
 
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
-## [1.5.4] - 2021-12-07
+## [1.5.5] - 2021-12-07
 
 ### Fixed
 
 - Disabled batch_size extraction for torchmetric instances because they accumulate the metrics internally ([#10815](https://github.com/PyTorchLightning/pytorch-lightning/pull/10815))
 - Fixed an issue with `SignalConnector` not restoring the default signal handlers on teardown when running on SLURM or with fault-tolerant training enabled ([#10611](https://github.com/PyTorchLightning/pytorch-lightning/pull/10611))
 - Fixed `SignalConnector._has_already_handler` check for callable type ([#10483](https://github.com/PyTorchLightning/pytorch-lightning/pull/10483))
+- Improved exception message if `rich` version is less than `10.2.2` ([#10839](https://github.com/PyTorchLightning/pytorch-lightning/pull/10839))
 
 
 ## [1.5.4] - 2021-11-30
diff --git a/pytorch_lightning/callbacks/progress/rich_progress.py b/pytorch_lightning/callbacks/progress/rich_progress.py
index 3c70bfe735f95..9cb2a91dde3af 100644
--- a/pytorch_lightning/callbacks/progress/rich_progress.py
+++ b/pytorch_lightning/callbacks/progress/rich_progress.py
@@ -17,7 +17,8 @@
 from typing import Any, Optional, Union
 
 from pytorch_lightning.callbacks.progress.base import ProgressBarBase
-from pytorch_lightning.utilities import _RICH_AVAILABLE
+from pytorch_lightning.utilities.exceptions import MisconfigurationException
+from pytorch_lightning.utilities.imports import _RICH_AVAILABLE
 
 Task, Style = None, None
 if _RICH_AVAILABLE:
@@ -222,9 +223,10 @@ def __init__(
         theme: RichProgressBarTheme = RichProgressBarTheme(),
     ) -> None:
         if not _RICH_AVAILABLE:
-            raise ModuleNotFoundError(
-                "`RichProgressBar` requires `rich` to be installed. Install it by running `pip install -U rich`."
+            raise MisconfigurationException(
+                "`RichProgressBar` requires `rich` >= 10.2.2. Install it by running `pip install -U rich`."
             )
+
         super().__init__()
         self._refresh_rate_per_second: int = refresh_rate_per_second
         self._leave: bool = leave
diff --git a/tests/callbacks/test_rich_progress_bar.py b/tests/callbacks/test_rich_progress_bar.py
index 8f3f20630b5c0..f4dc5421539e8 100644
--- a/tests/callbacks/test_rich_progress_bar.py
+++ b/tests/callbacks/test_rich_progress_bar.py
@@ -85,7 +85,7 @@ def predict_dataloader(self):
 
 def test_rich_progress_bar_import_error():
     if not _RICH_AVAILABLE:
-        with pytest.raises(ImportError, match="`RichProgressBar` requires `rich` to be installed."):
+        with pytest.raises(ImportError, match="`RichProgressBar` requires `rich` >= 10.2.2."):
             Trainer(callbacks=RichProgressBar())