Below are the steps to upgrade:
upgrade Splunk Enterprise to a compatible version. Refer:
http://docs.splunk.com/Documentation/Splunk/7.0.3/Installation/HowtoupgradeSplunk
Also for distributed environment refer: http://docs.splunk.com/Documentation/Splunk/7.0.3/Installation/UpgradeyourdistributedSplunkEnterpriseenvironment
Upgrade Splunk Enterprise Security. Refer: http://docs.splunk.com/Documentation/ES/5.0.0/Install/Upgradetonewerversion
Review, upgrade, and deploy add-ons.
Also, read docs carefully before upgrading. 🙂
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