diff --git a/.github/workflows/formatting.yml b/.github/workflows/formatting.yml
index 6aa26187..4869ed03 100644
--- a/.github/workflows/formatting.yml
+++ b/.github/workflows/formatting.yml
@@ -29,6 +29,7 @@ jobs:
 
       - name: Install MII
         run: |
+          pip install git+https://github.com/microsoft/DeepSpeed.git@loadams/try-bump-pydantic
           pip install .[dev]
 
       - name: Formatting checks
diff --git a/.github/workflows/nv-torch-latest-v100.yaml b/.github/workflows/nv-torch-latest-v100.yaml
index 2c10447a..9c5f6357 100644
--- a/.github/workflows/nv-torch-latest-v100.yaml
+++ b/.github/workflows/nv-torch-latest-v100.yaml
@@ -33,7 +33,7 @@ jobs:
 
       - name: Install dependencies
         run: |
-          pip install git+https://github.com/microsoft/DeepSpeed.git
+          pip install git+https://github.com/microsoft/DeepSpeed.git@loadams/try-bump-pydantic
           pip install git+https://github.com/huggingface/transformers.git
           pip install -U accelerate
           ds_report
diff --git a/mii/config.py b/mii/config.py
index 2714cb40..d9f1e70d 100644
--- a/mii/config.py
+++ b/mii/config.py
@@ -3,9 +3,9 @@
 
 # DeepSpeed Team
 import torch
-from typing import Union, List
+from typing import Any, Union, List, Optional
 from enum import Enum
-from pydantic import BaseModel, validator, root_validator
+from pydantic import field_validator, model_validator, ConfigDict, BaseModel, FieldValidationInfo
 
 from deepspeed.launcher.runner import DLTS_HOSTFILE
 
@@ -44,10 +44,10 @@ class MIIConfig(BaseModel):
     meta_tensor: bool = False
     load_with_sys_mem: bool = False
     enable_cuda_graph: bool = False
-    checkpoint_dict: Union[dict, None] = None
+    checkpoint_dict: Optional[dict] = None
     deploy_rank: Union[int, List[int]] = -1
     torch_dist_port: int = 29500
-    hf_auth_token: str = None
+    hf_auth_token: Optional[str] = None
     replace_with_kernel_inject: bool = True
     profile_model_time: bool = False
     skip_model_check: bool = False
@@ -58,53 +58,52 @@ class MIIConfig(BaseModel):
     hostfile: str = DLTS_HOSTFILE
     trust_remote_code: bool = False
 
-    @validator("deploy_rank")
-    def deploy_valid(cls, field_value, values):
-        if "tensor_parallel" not in values:
+    @field_validator('checkpoint_dict')
+    @classmethod
+    def checkpoint_dict_valid(cls, v: Union[None, dict], info: FieldValidationInfo):
+        if v is None:
+            return v
+        if v.get('base_dir', ''):
             raise ValueError(
-                "'tensor_parallel' must be defined in the pydantic model before 'deploy_rank'"
+                "please unset 'base_dir' it will be set w.r.t. the deployment 'model_path'"
             )
+        for k in ['checkpoints', 'parallelization', 'version', 'type']:
+            if not v.get(k, ''):
+                raise ValueError(f"Missing key={k} in checkpoint_dict")
+        return v
 
+    @model_validator(mode="after")
+    @classmethod
+    def deploy_rank_valid(cls, data: Any) -> Any:
         # if deploy rank is not given, default to align with TP value
-        if field_value == -1:
-            field_value = list(range(values["tensor_parallel"]))
+        if data.deploy_rank == -1:
+            data.deploy_rank = list(range(data.tensor_parallel))
 
         # ensure deploy rank type is always list for easier consumption later
-        if not isinstance(field_value, list):
-            field_value = [field_value]
+        if not isinstance(data.deploy_rank, list):
+            data.deploy_rank = [data.deploy_rank]
 
         # number of ranks provided must be equal to TP size, DP is handled outside MII currently
-        assert values["tensor_parallel"] == len(field_value), \
-            f"{len(field_value)} rank(s) provided in 'deploy_rank' does not align with tensor_parallel size of {values['tensor_parallel']}"
-        return field_value
-
-    @validator('checkpoint_dict')
-    def checkpoint_dict_valid(cls, value):
-        if value is None:
-            return value
-        if value.get('base_dir', ''):
-            raise ValueError(
-                "please unset 'base_dir' it will be set w.r.t. the deployment 'model_path'"
-            )
-        for k in ['checkpoints', 'parallelization', 'version', 'type']:
-            if not value.get(k, ''):
-                raise ValueError(f"Missing key={k} in checkpoint_dict")
-        return value
-
-    @root_validator
-    def meta_tensor_or_sys_mem(cls, values):
-        if values.get("meta_tensor") and values.get("load_with_sys_mem"):
+        assert data.tensor_parallel == len(data.deploy_rank), \
+            f"{len(data.deploy_rank)} rank(s) provided in 'deploy_rank' does not align with tensor_parallel size of {data.tensor_parallel}"
+        return data
+
+    @model_validator(mode="after")
+    @classmethod
+    def meta_tensor_or_sys_mem(cls, data: Any) -> Any:
+        if data.meta_tensor and data.load_with_sys_mem:
             raise ValueError(
                 "`meta_tensor` and `load_with_sys_mem` cannot be active at the same time."
             )
-        return values
+        return data
 
-    class Config:
-        validate_all = True
-        validate_assignment = True
-        use_enum_values = True
-        extra = 'forbid'
-        json_encoders = {torch.dtype: lambda x: str(x)}
+    # TODO[pydantic]: The following keys were removed: `json_encoders`.
+    # Check https://docs.pydantic.dev/dev-v2/migration/#changes-to-config for more information.
+    model_config = ConfigDict(validate_default=True,
+                              validate_assignment=True,
+                              use_enum_values=True,
+                              extra='forbid',
+                              json_encoders={torch.dtype: lambda x: str(x)})
 
 
 class ReplicaConfig(BaseModel):
@@ -112,16 +111,10 @@ class ReplicaConfig(BaseModel):
     tensor_parallel_ports: List[int] = []
     torch_dist_port: int = None
     gpu_indices: List[int] = []
-
-    class Config:
-        validate_all = True
-        validate_assignment = True
+    model_config = ConfigDict(validate_default=True, validate_assignment=True)
 
 
 class LoadBalancerConfig(BaseModel):
     port: int = None
     replica_configs: List[ReplicaConfig] = []
-
-    class Config:
-        validate_all = True
-        validate_assignment = True
+    model_config = ConfigDict(validate_default=True, validate_assignment=True)
diff --git a/mii/server.py b/mii/server.py
index 0825e060..d25f7540 100644
--- a/mii/server.py
+++ b/mii/server.py
@@ -19,7 +19,7 @@
 
 def config_to_b64_str(config):
     # convert json str -> bytes
-    json_bytes = config.json().encode()
+    json_bytes = config.model_dump_json().encode()
     # base64 encoded bytes
     b64_config_bytes = base64.urlsafe_b64encode(json_bytes)
     # bytes -> str
diff --git a/requirements/requirements.txt b/requirements/requirements.txt
index 243d5aee..5da93d1c 100644
--- a/requirements/requirements.txt
+++ b/requirements/requirements.txt
@@ -3,7 +3,7 @@ deepspeed>=0.7.6
 Flask-RESTful
 grpcio
 grpcio-tools
-pydantic
+pydantic>=2.0.0
 torch
 transformers
 Werkzeug