diff --git a/Lib/zipfile.py b/Lib/zipfile.py
index a54a354d0ce..dab595bb7a4 100644
--- a/Lib/zipfile.py
+++ b/Lib/zipfile.py
@@ -959,7 +959,9 @@ class ZipFile:
         """
         # build the destination pathname, replacing
         # forward slashes to platform specific separators.
-        if targetpath[-1:] in (os.path.sep, os.path.altsep):
+        # Strip trailing path separator, unless it represents the root.
+        if (targetpath[-1:] in (os.path.sep, os.path.altsep)
+            and len(os.path.splitdrive(targetpath)[1]) > 1):
             targetpath = targetpath[:-1]
 
         # don't include leading "/" from file name if present
diff --git a/Misc/NEWS b/Misc/NEWS
index 378ed327497..a92164b9d71 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -112,6 +112,9 @@ Installation
 Library
 -------
 
+- Issue #5692: In :class:`zipfile.Zipfile`, fix wrong path calculation when
+  extracting a file to the root directory.
+
 - Issue #5913: os.listdir() should fail for empty path on windows.
 
 - Issue #5084: unpickling now interns the attribute names of pickled objects,