diff --git a/Cargo.lock b/Cargo.lock
index d0c92e760..8b0c10799 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1913,9 +1913,9 @@ dependencies = [
 
 [[package]]
 name = "serde_with"
-version = "3.0.0"
+version = "3.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9f02d8aa6e3c385bf084924f660ce2a3a6bd333ba55b35e8590b321f35d88513"
+checksum = "64cd236ccc1b7a29e7e2739f27c0b2dd199804abc4290e32f59f3b68d6405c23"
 dependencies = [
  "serde",
  "serde_with_macros",
@@ -1923,9 +1923,9 @@ dependencies = [
 
 [[package]]
 name = "serde_with_macros"
-version = "3.0.0"
+version = "3.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "edc7d5d3932fb12ce722ee5e64dd38c504efba37567f0c402f6ca728c3b8b070"
+checksum = "93634eb5f75a2323b16de4748022ac4297f9e76b6dced2be287a099f41b5e788"
 dependencies = [
  "darling",
  "proc-macro2",
diff --git a/hypervisor/Cargo.toml b/hypervisor/Cargo.toml
index 1149eff18..bdd6e4c73 100644
--- a/hypervisor/Cargo.toml
+++ b/hypervisor/Cargo.toml
@@ -23,7 +23,7 @@ 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 = "1.0.168", features = ["rc", "derive"] }
-serde_with = { version = "3.0.0", default-features = false, features = ["macros"] }
+serde_with = { version = "3.4.0", default-features = false, features = ["macros"] }
 vfio-ioctls = { git = "https://github.com/rust-vmm/vfio", branch = "main", default-features = false }
 vm-memory = { version = "0.12.2", features = ["backend-mmap", "backend-atomic"] }
 vmm-sys-util = { version = "0.11.0", features = ["with-serde"] }