diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9a60a827..1c8ae56c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -16,6 +16,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 ### Fixed
 
 - CI: update type/`mypy` check ([#288](https://github.com/Lightning-AI/utilities/pull/288))
+- Fixed parsing pre-release package versions in `RequirementCache` ([#292](https://github.com/Lightning-AI/utilities/pull/292))
 
 ## [0.11.4] - 2024-07-15
 
diff --git a/src/lightning_utilities/__about__.py b/src/lightning_utilities/__about__.py
index f49ae695..9e1a0c86 100644
--- a/src/lightning_utilities/__about__.py
+++ b/src/lightning_utilities/__about__.py
@@ -1,6 +1,6 @@
 import time
 
-__version__ = "0.11.5"
+__version__ = "0.11.6"
 __author__ = "Lightning AI et al."
 __author_email__ = "pytorch@lightning.ai"
 __license__ = "Apache-2.0"
diff --git a/src/lightning_utilities/core/imports.py b/src/lightning_utilities/core/imports.py
index d8435966..a4f0fc1e 100644
--- a/src/lightning_utilities/core/imports.py
+++ b/src/lightning_utilities/core/imports.py
@@ -128,7 +128,7 @@ def _check_requirement(self) -> None:
         try:
             req = Requirement(self.requirement)
             pkg_version = Version(_version(req.name))
-            self.available = req.specifier.contains(pkg_version) and (
+            self.available = req.specifier.contains(pkg_version, prereleases=True) and (
                 not req.extras or self._check_extras_available(req)
             )
         except (PackageNotFoundError, InvalidVersion) as ex:
@@ -180,7 +180,7 @@ def _check_extras_available(self, requirement: Requirement) -> bool:
             try:
                 extra_dist = distribution(extra_req.name)
                 extra_installed_version = Version(extra_dist.version)
-                if extra_req.specifier and not extra_req.specifier.contains(extra_installed_version):
+                if extra_req.specifier and not extra_req.specifier.contains(extra_installed_version, prereleases=True):
                     return False
             except importlib.metadata.PackageNotFoundError:
                 return False
diff --git a/tests/unittests/core/test_imports.py b/tests/unittests/core/test_imports.py
index 2c406feb..4c8c9f00 100644
--- a/tests/unittests/core/test_imports.py
+++ b/tests/unittests/core/test_imports.py
@@ -99,6 +99,16 @@ def test_requirement_cache_with_extras(distribution_mock, version_mock, requirem
         assert not RequirementCache("jsonargparse[signatures]>=1.0.0")
 
 
+@mock.patch("lightning_utilities.core.imports._version")
+def test_requirement_cache_with_prerelease_package(version_mock):
+    version_mock.return_value = "0.11.0"
+    assert RequirementCache("transformer-engine>=0.11.0")
+    version_mock.return_value = "0.11.0.dev0+931b44f"
+    assert not RequirementCache("transformer-engine>=0.11.0")
+    version_mock.return_value = "1.10.0.dev0+931b44f"
+    assert RequirementCache("transformer-engine>=0.11.0")
+
+
 def test_module_available_cache():
     assert RequirementCache(module="pytest")
     assert not RequirementCache(module="this_module_is_not_installed")