diff --git a/Cargo.lock b/Cargo.lock
index 661d805e2..ff3d2e314 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1144,9 +1144,9 @@ dependencies = [
 
 [[package]]
 name = "serde_with"
-version = "2.2.0"
+version = "2.3.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "30d904179146de381af4c93d3af6ca4984b3152db687dacb9c3c35e86f39809c"
+checksum = "85456ffac572dc8826334164f2fb6fb40a7c766aebe195a2a21ee69ee2885ecf"
 dependencies = [
  "serde",
  "serde_with_macros",
@@ -1154,9 +1154,9 @@ dependencies = [
 
 [[package]]
 name = "serde_with_macros"
-version = "2.2.0"
+version = "2.3.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a1966009f3c05f095697c537312f5415d1e3ed31ce0a56942bac4c771c5c335e"
+checksum = "7cbcd6104f8a4ab6af7f6be2a0da6be86b9de3c401f6e86bb856ab2af739232f"
 dependencies = [
  "darling",
  "proc-macro2",
diff --git a/hypervisor/Cargo.toml b/hypervisor/Cargo.toml
index c2bf2c819..689f11879 100644
--- a/hypervisor/Cargo.toml
+++ b/hypervisor/Cargo.toml
@@ -21,7 +21,7 @@ kvm-bindings = { git = "https://github.com/cloud-hypervisor/kvm-bindings", branc
 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 = "1.0.151", features = ["rc", "derive"] }
-serde_with = { version = "2.1.0", default-features = false, features = ["macros"] }
+serde_with = { version = "2.3.1", default-features = false, features = ["macros"] }
 vfio-ioctls = { git = "https://github.com/rust-vmm/vfio", branch = "main", default-features = false }
 vm-memory = { version = "0.10.0", features = ["backend-mmap", "backend-atomic"] }
 vmm-sys-util = { version = "0.11.0", features = ["with-serde"] }