diff --git a/Cargo.lock b/Cargo.lock
index 1edc9b55f1a80..36328c6dbc212 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4110,7 +4110,7 @@ checksum = "cef509aa9bc73864d6756f0d34d35504af3cf0844373afe9b8669a5b8005a729"
 dependencies = [
  "console",
  "number_prefix",
- "portable-atomic",
+ "portable-atomic 0.3.15",
  "unicode-segmentation",
  "unicode-width",
 ]
@@ -4896,31 +4896,31 @@ dependencies = [
 
 [[package]]
 name = "metrics"
-version = "0.20.1"
+version = "0.21.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7b9b8653cec6897f73b519a43fba5ee3d50f62fe9af80b428accdcc093b4a849"
+checksum = "aa8ebbd1a9e57bbab77b9facae7f5136aea44c356943bf9a198f647da64285d6"
 dependencies = [
- "ahash 0.7.6",
+ "ahash 0.8.2",
  "metrics-macros",
- "portable-atomic",
+ "portable-atomic 1.3.1",
 ]
 
 [[package]]
 name = "metrics-macros"
-version = "0.6.0"
+version = "0.7.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "731f8ecebd9f3a4aa847dfe75455e4757a45da40a7793d2f0b1f9b6ed18b23f3"
+checksum = "ddece26afd34c31585c74a4db0630c376df271c285d682d1e55012197830b6df"
 dependencies = [
  "proc-macro2 1.0.56",
  "quote 1.0.26",
- "syn 1.0.109",
+ "syn 2.0.10",
 ]
 
 [[package]]
 name = "metrics-tracing-context"
-version = "0.12.0"
+version = "0.14.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6097e2772147f332c9aedba572e9cd334b7946e1762d8ae4d05db0faf962542a"
+checksum = "8fec95d1490f2b7e2d49462f9d75aa4fed52cc21e0b40aefc5987c6f404d40a2"
 dependencies = [
  "itoa",
  "lockfree-object-pool",
@@ -4934,21 +4934,19 @@ dependencies = [
 
 [[package]]
 name = "metrics-util"
-version = "0.14.0"
+version = "0.15.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f7d24dc2dbae22bff6f1f9326ffce828c9f07ef9cc1e8002e5279f845432a30a"
+checksum = "111cb375987443c3de8d503580b536f77dc8416d32db62d9456db5d93bd7ac47"
 dependencies = [
  "aho-corasick 0.7.20",
  "crossbeam-epoch",
  "crossbeam-utils",
- "hashbrown 0.12.3",
+ "hashbrown 0.13.2",
  "indexmap",
  "metrics",
  "num_cpus",
- "ordered-float 2.10.0",
- "parking_lot",
- "portable-atomic",
- "quanta 0.10.1",
+ "ordered-float 3.7.0",
+ "quanta",
  "radix_trie",
  "sketches-ddsketch",
 ]
@@ -6042,6 +6040,12 @@ version = "0.3.15"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "15eb2c6e362923af47e13c23ca5afb859e83d54452c55b0b9ac763b8f7c1ac16"
 
+[[package]]
+name = "portable-atomic"
+version = "1.3.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1bbda379e6e462c97ea6afe9f6233619b202bbc4968d7caa6917788d2070a044"
+
 [[package]]
 name = "portpicker"
 version = "1.0.0"
@@ -6396,22 +6400,6 @@ version = "0.2.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "658fa1faf7a4cc5f057c9ee5ef560f717ad9d8dc66d975267f709624d6e1ab88"
 
-[[package]]
-name = "quanta"
-version = "0.10.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b7e31331286705f455e56cca62e0e717158474ff02b7936c1fa596d983f4ae27"
-dependencies = [
- "crossbeam-utils",
- "libc",
- "mach",
- "once_cell",
- "raw-cpuid",
- "wasi 0.10.2+wasi-snapshot-preview1",
- "web-sys",
- "winapi",
-]
-
 [[package]]
 name = "quanta"
 version = "0.11.0"
@@ -9532,7 +9520,7 @@ dependencies = [
  "prost",
  "prost-build",
  "prost-types",
- "quanta 0.11.0",
+ "quanta",
  "quickcheck",
  "quickcheck_macros",
  "rand 0.8.5",
@@ -9938,12 +9926,6 @@ version = "0.9.0+wasi-snapshot-preview1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "cccddf32554fecc6acb585f82a32a72e28b48f8c4c1883ddfeeeaa96f7d8e519"
 
-[[package]]
-name = "wasi"
-version = "0.10.2+wasi-snapshot-preview1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "fd6fbd9a79829dd1ad0cc20627bf1ed606756a7f77edff7b66b7064f9cb327c6"
-
 [[package]]
 name = "wasi"
 version = "0.11.0+wasi-snapshot-preview1"
diff --git a/Cargo.toml b/Cargo.toml
index b6f8983864d1c..84d9342171da3 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -154,8 +154,8 @@ tracing-subscriber = { version = "0.3.17", default-features = false, features =
 tracing-tower = { git = "https://github.com/tokio-rs/tracing", default-features = false, rev = "e0642d949891546a3bb7e47080365ee7274f05cd" }
 
 # Metrics
-metrics = "0.20.1"
-metrics-tracing-context = { version = "0.12.0", default-features = false }
+metrics = "0.21.0"
+metrics-tracing-context = { version = "0.14.0", default-features = false }
 
 # AWS - Official SDK
 aws-sdk-s3 = { version = "0.21.0", default-features = false, features = ["native-tls"], optional = true }
diff --git a/lib/vector-buffers/Cargo.toml b/lib/vector-buffers/Cargo.toml
index 3e8cd39e9edc4..c28ba08d85508 100644
--- a/lib/vector-buffers/Cargo.toml
+++ b/lib/vector-buffers/Cargo.toml
@@ -17,7 +17,7 @@ crossbeam-utils = { version = "0.8.15", default-features = false }
 fslock = { version = "0.2.1", default-features = false, features = ["std"] }
 futures = { version = "0.3.28", default-features = false, features = ["std"] }
 memmap2 = { version = "0.5.10", default-features = false }
-metrics = "0.20.1"
+metrics = "0.21.0"
 num-traits = { version = "0.2.15", default-features = false }
 pin-project = { version = "1.0.12", default-features = false }
 rkyv = { version = "0.7.40", default-features = false, features = ["size_32", "std", "strict", "validation"] }
@@ -36,8 +36,8 @@ clap = "4.1.14"
 criterion = { version = "0.4", features = ["html_reports", "async_tokio"] }
 crossbeam-queue = "0.3.8"
 hdrhistogram = "7.5.2"
-metrics-tracing-context = { version = "0.12.0", default-features = false }
-metrics-util = { version = "0.14.0", default-features = false, features = ["debugging"] }
+metrics-tracing-context = { version = "0.14.0", default-features = false }
+metrics-util = { version = "0.15.0", default-features = false, features = ["debugging"] }
 once_cell = "1.17"
 proptest = "1.1"
 quickcheck = "1.0"
diff --git a/lib/vector-buffers/benches/common.rs b/lib/vector-buffers/benches/common.rs
index 1a07505215583..2b42646738ee9 100644
--- a/lib/vector-buffers/benches/common.rs
+++ b/lib/vector-buffers/benches/common.rs
@@ -2,7 +2,8 @@ use std::{error, fmt, path::PathBuf};
 
 use bytes::{Buf, BufMut};
 use metrics_tracing_context::{MetricsLayer, TracingContextLayer};
-use metrics_util::{debugging::DebuggingRecorder, layers::Layer};
+use metrics_util::debugging::DebuggingRecorder;
+use metrics_util::layers::Layer;
 use tracing::Span;
 use tracing_subscriber::prelude::__tracing_subscriber_SubscriberExt;
 use vector_buffers::{
diff --git a/lib/vector-common/Cargo.toml b/lib/vector-common/Cargo.toml
index 5fa39b62e10ee..022a86f34e6f8 100644
--- a/lib/vector-common/Cargo.toml
+++ b/lib/vector-common/Cargo.toml
@@ -49,7 +49,7 @@ crossbeam-utils = { version = "0.8.15", default-features = false }
 derivative = "2.1.3"
 futures = { version = "0.3.28", default-features = false, features = ["std"] }
 indexmap = { version = "~1.9.3", default-features = false }
-metrics = "0.20.1"
+metrics = "0.21.0"
 nom = { version = "7", optional = true }
 ordered-float = { version = "3.7.0", default-features = false }
 paste = "1.0.12"
diff --git a/lib/vector-core/Cargo.toml b/lib/vector-core/Cargo.toml
index bf90c1702bed0..7a31961b1bb49 100644
--- a/lib/vector-core/Cargo.toml
+++ b/lib/vector-core/Cargo.toml
@@ -24,9 +24,9 @@ http = { version = "0.2.9", default-features = false }
 hyper-proxy = { version = "0.9.1", default-features = false, features = ["openssl-tls"] }
 indexmap = { version = "~1.9.3", default-features = false, features = ["serde"] }
 lookup = { package = "vector-lookup", path = "../vector-lookup" }
-metrics = "0.20.1"
-metrics-tracing-context = { version = "0.12.0", default-features = false }
-metrics-util = { version = "0.14.0", default-features = false, features = ["registry"] }
+metrics = "0.21.0"
+metrics-tracing-context = { version = "0.14.0", default-features = false }
+metrics-util = { version = "0.15.0", default-features = false, features = ["registry"] }
 mlua = { version = "0.8.8", default-features = false, features = ["lua54", "send", "vendored"], optional = true }
 no-proxy = { version  = "0.3.2", default-features = false, features = ["serialize"] }
 once_cell = { version = "1.17", default-features = false }
diff --git a/lib/vector-core/src/metrics/label_filter.rs b/lib/vector-core/src/metrics/label_filter.rs
index 80f99e28c3515..1f6d5283e548f 100644
--- a/lib/vector-core/src/metrics/label_filter.rs
+++ b/lib/vector-core/src/metrics/label_filter.rs
@@ -1,11 +1,11 @@
-use metrics::Label;
+use metrics::{KeyName, Label};
 use metrics_tracing_context::LabelFilter;
 
 #[derive(Debug, Clone)]
 pub(crate) struct VectorLabelFilter;
 
 impl LabelFilter for VectorLabelFilter {
-    fn should_include_label(&self, label: &Label) -> bool {
+    fn should_include_label(&self, _key: &KeyName, label: &Label) -> bool {
         let key = label.key();
         key == "component_id"
             || key == "component_type"
diff --git a/lib/vector-core/src/metrics/recency.rs b/lib/vector-core/src/metrics/recency.rs
index e7c33cfe8be5a..d6f5fb92490c3 100644
--- a/lib/vector-core/src/metrics/recency.rs
+++ b/lib/vector-core/src/metrics/recency.rs
@@ -48,11 +48,11 @@
 //! not, and thus whether it should actually be deleted.
 
 use std::collections::HashMap;
-use std::sync::atomic::{AtomicU64, AtomicUsize, Ordering};
+use std::sync::atomic::{AtomicUsize, Ordering};
 use std::sync::Arc;
 use std::time::Duration;
 
-use metrics::{Counter, CounterFn, Gauge, GaugeFn, HistogramFn};
+use metrics::{atomics::AtomicU64, Counter, CounterFn, Gauge, GaugeFn, HistogramFn};
 use metrics_util::{
     registry::{Registry, Storage},
     Hashable, MetricKind, MetricKindMask,
diff --git a/lib/vector-core/src/metrics/storage.rs b/lib/vector-core/src/metrics/storage.rs
index f11f742a20927..d8955c11d30da 100644
--- a/lib/vector-core/src/metrics/storage.rs
+++ b/lib/vector-core/src/metrics/storage.rs
@@ -1,9 +1,9 @@
 use std::sync::{
-    atomic::{AtomicU32, AtomicU64, Ordering},
+    atomic::{AtomicU32, Ordering},
     Arc,
 };
 
-use metrics::{GaugeFn, HistogramFn};
+use metrics::{atomics::AtomicU64, GaugeFn, HistogramFn};
 use metrics_util::registry::Storage;
 
 use crate::event::{metric::Bucket, MetricValue};