diff --git a/Cargo.lock b/Cargo.lock
index 178b04344..bee9ff072 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -912,18 +912,18 @@ checksum = "a2333e6df6d6598f2b1974829f853c2b4c5f4a6e503c10af918081aa6f8564e1"
 
 [[package]]
 name = "serde"
-version = "1.0.137"
+version = "1.0.138"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "61ea8d54c77f8315140a05f4c7237403bf38b72704d031543aa1d16abbf517d1"
+checksum = "1578c6245786b9d168c5447eeacfb96856573ca56c9d68fdcf394be134882a47"
 dependencies = [
  "serde_derive",
 ]
 
 [[package]]
 name = "serde_derive"
-version = "1.0.137"
+version = "1.0.138"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1f26faba0c3959972377d3b2d306ee9f71faee9714294e41bb777f83f88578be"
+checksum = "023e9b1467aef8a10fb88f25611870ada9800ef7e22afce356bb0d2387b6f27c"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/arch/Cargo.toml b/arch/Cargo.toml
index b5f7a5b1d..feca86fe1 100644
--- a/arch/Cargo.toml
+++ b/arch/Cargo.toml
@@ -16,7 +16,7 @@ hypervisor = { path = "../hypervisor" }
 libc = "0.2.126"
 linux-loader = { version = "0.4.0", features = ["elf", "bzimage", "pe"] }
 log = "0.4.17"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 thiserror = "1.0.31"
 versionize = "0.1.6"
 versionize_derive = "0.1.4"
diff --git a/event_monitor/Cargo.toml b/event_monitor/Cargo.toml
index d6c37107f..c5389f983 100644
--- a/event_monitor/Cargo.toml
+++ b/event_monitor/Cargo.toml
@@ -6,5 +6,5 @@ edition = "2021"
 
 [dependencies]
 libc = "0.2.126"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
diff --git a/hypervisor/Cargo.toml b/hypervisor/Cargo.toml
index 13fff2866..de4c86c60 100644
--- a/hypervisor/Cargo.toml
+++ b/hypervisor/Cargo.toml
@@ -20,7 +20,7 @@ kvm-ioctls = { version = "0.11.0", optional = true }
 kvm-bindings = { git = "https://github.com/cloud-hypervisor/kvm-bindings", branch = "ch-v0.5.0-tdx", features = ["with-serde", "fam-wrappers"], optional  = true }
 mshv-bindings = { git = "https://github.com/rust-vmm/mshv", branch = "main", features = ["with-serde", "fam-wrappers"], optional  = true }
 mshv-ioctls = { git = "https://github.com/rust-vmm/mshv", branch = "main", optional  = true}
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
 vm-memory = { version = "0.8.0", features = ["backend-mmap", "backend-atomic"] }
 vmm-sys-util = { version = "0.9.0", features = ["with-serde"] }
diff --git a/net_util/Cargo.toml b/net_util/Cargo.toml
index 69eb678fd..196b24200 100644
--- a/net_util/Cargo.toml
+++ b/net_util/Cargo.toml
@@ -11,7 +11,7 @@ libc = "0.2.126"
 log = "0.4.17"
 net_gen = { path = "../net_gen" }
 rate_limiter = { path = "../rate_limiter" }
-serde = "1.0.137"
+serde = "1.0.138"
 versionize = "0.1.6"
 versionize_derive = "0.1.4"
 virtio-bindings = "0.1.0"
diff --git a/pci/Cargo.toml b/pci/Cargo.toml
index d303785f5..1f0d6cfa8 100644
--- a/pci/Cargo.toml
+++ b/pci/Cargo.toml
@@ -18,7 +18,7 @@ vfio_user = { path = "../vfio_user" }
 vmm-sys-util = "0.9.0"
 libc = "0.2.126"
 log = "0.4.17"
-serde = { version="1.0.137", features=["derive"] }
+serde = { version="1.0.138", features=["derive"] }
 thiserror = "1.0.31"
 versionize = "0.1.6"
 versionize_derive = "0.1.4"
diff --git a/performance-metrics/Cargo.toml b/performance-metrics/Cargo.toml
index 994024edf..94b3bf133 100644
--- a/performance-metrics/Cargo.toml
+++ b/performance-metrics/Cargo.toml
@@ -8,7 +8,7 @@ build = "build.rs"
 [dependencies]
 clap = { version = "3.2.8", features = ["wrap_help","cargo"] }
 dirs = "4.0.0"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
 test_infra = { path = "../test_infra" }
 thiserror = "1.0.31"
diff --git a/virtio-devices/Cargo.toml b/virtio-devices/Cargo.toml
index 8cf307123..6d0708629 100644
--- a/virtio-devices/Cargo.toml
+++ b/virtio-devices/Cargo.toml
@@ -23,7 +23,7 @@ net_util = { path = "../net_util" }
 pci = { path = "../pci" }
 rate_limiter = { path = "../rate_limiter" }
 seccompiler = "0.2.0"
-serde = { version="1.0.137", features=["derive"] }
+serde = { version="1.0.138", features=["derive"] }
 serde_json = "1.0.82"
 thiserror = "1.0.31"
 versionize = "0.1.6"
diff --git a/vm-device/Cargo.toml b/vm-device/Cargo.toml
index 3f135ca95..279624ec6 100644
--- a/vm-device/Cargo.toml
+++ b/vm-device/Cargo.toml
@@ -13,7 +13,7 @@ mshv = ["vfio-ioctls/mshv"]
 anyhow = "1.0.58"
 hypervisor = { path = "../hypervisor" }
 thiserror = "1.0.31"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
 vfio-ioctls = { git = "https://github.com/rust-vmm/vfio", branch = "main", default-features = false }
 vm-memory = { version = "0.8.0", features = ["backend-mmap"] }
diff --git a/vm-migration/Cargo.toml b/vm-migration/Cargo.toml
index 91fad4d2b..3420921b2 100644
--- a/vm-migration/Cargo.toml
+++ b/vm-migration/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2021"
 [dependencies]
 anyhow = "1.0.58"
 thiserror = "1.0.31"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
 versionize = "0.1.6"
 versionize_derive = "0.1.4"
diff --git a/vmm/Cargo.toml b/vmm/Cargo.toml
index 476f07234..0933f57d4 100644
--- a/vmm/Cargo.toml
+++ b/vmm/Cargo.toml
@@ -39,7 +39,7 @@ option_parser = { path = "../option_parser" }
 pci = { path = "../pci" }
 qcow = { path = "../qcow" }
 seccompiler = "0.2.0"
-serde = { version = "1.0.137", features = ["rc", "derive"] }
+serde = { version = "1.0.138", features = ["rc", "derive"] }
 serde_json = "1.0.82"
 signal-hook = "0.3.14"
 thiserror = "1.0.31"