diff --git a/Cargo.lock b/Cargo.lock
index 9b270bb1bfa62..cf5dd26518914 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -8466,9 +8466,9 @@ checksum = "cda74da7e1a664f795bb1f8a87ec406fb89a02522cf6e50620d016add6dbbf5c"
 
 [[package]]
 name = "tokio"
-version = "1.30.0"
+version = "1.31.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2d3ce25f50619af8b0aec2eb23deebe84249e19e2ddd393a6e16e3300a6dadfd"
+checksum = "40de3a2ba249dcb097e01be5e67a5ff53cf250397715a071a81543e8a832a920"
 dependencies = [
  "backtrace",
  "bytes 1.4.0",
diff --git a/Cargo.toml b/Cargo.toml
index f2aa359b9ceb4..f1f47b4672221 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -150,7 +150,7 @@ loki-logproto = { path = "lib/loki-logproto", optional = true }
 async-stream = { version = "0.3.5", default-features = false }
 async-trait = { version = "0.1.73", default-features = false }
 futures = { version = "0.3.28", default-features = false, features = ["compat", "io-compat"], package = "futures" }
-tokio = { version = "1.30.0", default-features = false, features = ["full"] }
+tokio = { version = "1.31.0", default-features = false, features = ["full"] }
 tokio-openssl = { version = "0.6.3", default-features = false }
 tokio-stream = { version = "0.1.14", default-features = false, features = ["net", "sync", "time"] }
 tokio-util = { version = "0.7", default-features = false, features = ["io", "time"] }
@@ -366,7 +366,7 @@ reqwest = { version = "0.11", features = ["json"] }
 tempfile = "3.6.0"
 test-generator = "0.3.1"
 tokio-test = "0.4.2"
-tokio = { version = "1.30.0", features = ["test-util"] }
+tokio = { version = "1.31.0", features = ["test-util"] }
 tower-test = "0.4.0"
 vector-core = { path = "lib/vector-core", default-features = false, features = ["vrl", "test"] }
 wiremock = "0.5.19"
diff --git a/lib/file-source/Cargo.toml b/lib/file-source/Cargo.toml
index fee1a7e065658..cbff275d200e8 100644
--- a/lib/file-source/Cargo.toml
+++ b/lib/file-source/Cargo.toml
@@ -69,7 +69,7 @@ default-features = false
 features = []
 
 [dependencies.tokio]
-version = "1.30.0"
+version = "1.31.0"
 default-features = false
 features = ["full"]
 
diff --git a/lib/k8s-e2e-tests/Cargo.toml b/lib/k8s-e2e-tests/Cargo.toml
index df72dab60fd11..54eb98883c0bc 100644
--- a/lib/k8s-e2e-tests/Cargo.toml
+++ b/lib/k8s-e2e-tests/Cargo.toml
@@ -14,7 +14,7 @@ k8s-test-framework = { version = "0.1", path = "../k8s-test-framework" }
 regex = "1"
 reqwest = { version = "0.11.18", features = ["json"] }
 serde_json = "1"
-tokio = { version = "1.30.0", features = ["full"] }
+tokio = { version = "1.31.0", features = ["full"] }
 indoc = "2.0.3"
 env_logger = "0.10"
 tracing = { version = "0.1", features = ["log"] }
diff --git a/lib/k8s-test-framework/Cargo.toml b/lib/k8s-test-framework/Cargo.toml
index 484a49ce0ea63..5863c084e9cb6 100644
--- a/lib/k8s-test-framework/Cargo.toml
+++ b/lib/k8s-test-framework/Cargo.toml
@@ -11,5 +11,5 @@ license = "MPL-2.0"
 k8s-openapi = { version = "0.16.0", default-features = false, features = ["v1_19"] }
 serde_json = "1"
 tempfile = "3"
-tokio = { version = "1.30.0", features = ["full"] }
+tokio = { version = "1.31.0", features = ["full"] }
 log = "0.4"
diff --git a/lib/vector-api-client/Cargo.toml b/lib/vector-api-client/Cargo.toml
index 48034336727e1..32a0f66c4c5ae 100644
--- a/lib/vector-api-client/Cargo.toml
+++ b/lib/vector-api-client/Cargo.toml
@@ -18,7 +18,7 @@ anyhow = { version = "1.0.74", default-features = false, features = ["std"] }
 # Tokio / Futures
 async-trait = { version = "0.1", default-features = false }
 futures = { version = "0.3", default-features = false, features = ["compat", "io-compat"] }
-tokio = { version = "1.30.0", default-features = false, features = ["macros", "rt", "sync"] }
+tokio = { version = "1.31.0", default-features = false, features = ["macros", "rt", "sync"] }
 tokio-stream = { version = "0.1.14", default-features = false, features = ["sync"] }
 
 # GraphQL
diff --git a/lib/vector-buffers/Cargo.toml b/lib/vector-buffers/Cargo.toml
index 04a59a48a22f1..82014046c23ef 100644
--- a/lib/vector-buffers/Cargo.toml
+++ b/lib/vector-buffers/Cargo.toml
@@ -24,7 +24,7 @@ rkyv = { version = "0.7.40", default-features = false, features = ["size_32", "s
 serde = { version = "1.0.183", default-features = false, features = ["derive"] }
 snafu = { version = "0.7.5", default-features = false, features = ["std"] }
 tokio-util = { version = "0.7.0", default-features = false }
-tokio = { version = "1.30.0", default-features = false, features = ["rt", "macros", "rt-multi-thread", "sync", "fs", "io-util", "time"] }
+tokio = { version = "1.31.0", default-features = false, features = ["rt", "macros", "rt-multi-thread", "sync", "fs", "io-util", "time"] }
 tracing = { version = "0.1.34", default-features = false, features = ["attributes"] }
 vector-config = { path = "../vector-config", default-features = false }
 vector-config-common = { path = "../vector-config-common", default-features = false }
diff --git a/lib/vector-common/Cargo.toml b/lib/vector-common/Cargo.toml
index 63ac377b26915..bf12ffbbc7a6a 100644
--- a/lib/vector-common/Cargo.toml
+++ b/lib/vector-common/Cargo.toml
@@ -60,7 +60,7 @@ serde = { version = "1.0.183", optional = true, features = ["derive"] }
 smallvec = { version = "1", default-features = false }
 snafu = { version = "0.7", optional = true }
 stream-cancel = { version = "0.8.1", default-features = false }
-tokio = { version = "1.30.0", default-features = false, features = ["macros", "time"] }
+tokio = { version = "1.31.0", default-features = false, features = ["macros", "time"] }
 tracing = { version = "0.1.34", default-features = false }
 vrl.workspace = true
 vector-config = { path = "../vector-config" }
@@ -69,6 +69,6 @@ vector-config-macros = { path = "../vector-config-macros" }
 
 [dev-dependencies]
 futures = { version = "0.3.28", default-features = false, features = ["async-await", "std"] }
-tokio = { version = "1.30.0", default-features = false, features = ["rt", "time"] }
+tokio = { version = "1.31.0", default-features = false, features = ["rt", "time"] }
 quickcheck = "1"
 quickcheck_macros = "1"
diff --git a/lib/vector-core/Cargo.toml b/lib/vector-core/Cargo.toml
index 4ff76a7ce88f3..563b0c4a2d0d8 100644
--- a/lib/vector-core/Cargo.toml
+++ b/lib/vector-core/Cargo.toml
@@ -47,7 +47,7 @@ serde_with = { version = "3.2.0", default-features = false, features = ["std", "
 smallvec = { version = "1", default-features = false, features = ["serde", "const_generics"] }
 snafu = { version = "0.7.5", default-features = false }
 socket2 = { version = "0.5.3", default-features = false }
-tokio = { version = "1.30.0", default-features = false, features = ["net"] }
+tokio = { version = "1.31.0", default-features = false, features = ["net"] }
 tokio-openssl = { version = "0.6.3", default-features = false }
 tokio-stream = { version = "0.1", default-features = false, features = ["time"], optional = true }
 tokio-util = { version = "0.7.0", default-features = false, features = ["time"] }