We report a new search of weakly interacting massive particles (WIMPs) using the combined low background data sets in 2016 and 2017 from the PandaX-II experiment in China. The latest data set contains a new exposure of 77.1 live day, with the background reduced to a level of 0.8$times10^{-3}$ evt/kg/day, improved by a factor of 2.5 in comparison to the previous run in 2016. No excess events were found above the expected background. With a total exposure of 5.4$times10^4$ kg day, the most stringent upper limit on spin-independent WIMP-nucleon cross section was set for a WIMP with mass larger than 100 GeV/c$^2$, with the lowest exclusion at 8.6$times10^{-47}$ cm$^2$ at 40 GeV/c$^2$.
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