diff --git a/Cargo.lock b/Cargo.lock
index 9363eb707d3c..e0f9f34d386c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -6748,18 +6748,18 @@ dependencies = [
 
 [[package]]
 name = "thiserror"
-version = "1.0.22"
+version = "1.0.38"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0e9ae34b84616eedaaf1e9dd6026dbe00dcafa92aa0c8077cb69df1fcfe5e53e"
+checksum = "6a9cd18aa97d5c45c6603caea1da6628790b37f7a34b6ca89522331c5180fed0"
 dependencies = [
  "thiserror-impl",
 ]
 
 [[package]]
 name = "thiserror-impl"
-version = "1.0.22"
+version = "1.0.38"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9ba20f23e85b10754cd195504aebf6a27e2e6cbe28c17778a0c930724628dd56"
+checksum = "1fb327af4685e4d03fa8cbcf1716380da910eeb2bb8be417e7f9fd3fb164f36f"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
diff --git a/common/short-hex-str/Cargo.toml b/common/short-hex-str/Cargo.toml
index 067ae561e609..d0c7c07b12ed 100644
--- a/common/short-hex-str/Cargo.toml
+++ b/common/short-hex-str/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 mirai-annotations = "1.10.1"
 serde = { version = "1.0.117", default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
 
diff --git a/config/Cargo.toml b/config/Cargo.toml
index a30cd7164337..8e90352beea4 100644
--- a/config/Cargo.toml
+++ b/config/Cargo.toml
@@ -16,7 +16,7 @@ mirai-annotations = "1.10.1"
 rand = "0.7.3"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
 serde_yaml = "0.8.14"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/config/management/Cargo.toml b/config/management/Cargo.toml
index 7b50951840ab..3933e7f6a4d2 100644
--- a/config/management/Cargo.toml
+++ b/config/management/Cargo.toml
@@ -15,7 +15,7 @@ hex = "0.4.2"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
 serde_yaml = "0.8.14"
 structopt = "0.3.21"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 toml = { version = "0.5.7", default-features = false }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/config/management/genesis/Cargo.toml b/config/management/genesis/Cargo.toml
index f3511557ab31..9d805b33d2fe 100644
--- a/config/management/genesis/Cargo.toml
+++ b/config/management/genesis/Cargo.toml
@@ -14,7 +14,7 @@ anyhow = "1.0.34"
 rand = "0.7.3"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
 structopt = "0.3.21"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 toml = { version = "0.5.7", default-features = false }
 
 consensus-types = { path = "../../../consensus/consensus-types", version = "0.1.0" }
diff --git a/config/management/network-address-encryption/Cargo.toml b/config/management/network-address-encryption/Cargo.toml
index 54e10d8b38c3..2741cbcab34b 100644
--- a/config/management/network-address-encryption/Cargo.toml
+++ b/config/management/network-address-encryption/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 base64 = "0.13.0"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-global-constants = { path = "../../../config/global-constants", version = "0.1.0"}
diff --git a/config/management/operational/Cargo.toml b/config/management/operational/Cargo.toml
index 584d20eb1019..f4acf2a49ac0 100644
--- a/config/management/operational/Cargo.toml
+++ b/config/management/operational/Cargo.toml
@@ -15,7 +15,7 @@ hex = "0.4.2"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
 serde_json = "1.0.60"
 structopt = "0.3.21"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 toml = { version = "0.5.7", default-features = false }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/config/seed-peer-generator/Cargo.toml b/config/seed-peer-generator/Cargo.toml
index 65e3c8f560e8..6402c9807bf6 100644
--- a/config/seed-peer-generator/Cargo.toml
+++ b/config/seed-peer-generator/Cargo.toml
@@ -15,7 +15,7 @@ hex = "0.4.2"
 rand = "0.7.3"
 serde_yaml = "0.8.14"
 structopt = "0.3.21"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-config = { path = "..", version = "0.1.0" }
diff --git a/consensus/Cargo.toml b/consensus/Cargo.toml
index 5e97608dce67..6b3ef7a1e07f 100644
--- a/consensus/Cargo.toml
+++ b/consensus/Cargo.toml
@@ -26,7 +26,7 @@ rand = { version = "0.7.3", default-features = false }
 serde = { version = "1.0.117", default-features = false }
 serde_json = "1.0.60"
 termion = { version = "1.5.5", default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 tokio = { version = "0.2.22", features = ["full"] }
 
 channel = { path = "../common/channel", version = "0.1.0" }
diff --git a/consensus/safety-rules/Cargo.toml b/consensus/safety-rules/Cargo.toml
index d442fb60fcb3..6229d003766b 100644
--- a/consensus/safety-rules/Cargo.toml
+++ b/consensus/safety-rules/Cargo.toml
@@ -29,7 +29,7 @@ diem-types = { path = "../../types", version = "0.1.0" }
 diem-vault-client = { path = "../../secure/storage/vault", version = "0.1.0" }
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
 serde = { version = "1.0.117", default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 [dev-dependencies]
 criterion = "0.3.3"
diff --git a/crypto/crypto/Cargo.toml b/crypto/crypto/Cargo.toml
index 034c17ec166e..2172679f7cf6 100644
--- a/crypto/crypto/Cargo.toml
+++ b/crypto/crypto/Cargo.toml
@@ -31,7 +31,7 @@ serde-name = "0.1.1"
 sha2 = "0.9.2"
 short-hex-str = { path = "../../common/short-hex-str", version = "0.1.0" }
 static_assertions = "1.1.0"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 tiny-keccak = { version = "2.0.2", features = ["sha3"] }
 vanilla-x25519-dalek = { version = "1.1.0", package = 'x25519-dalek', default-features = false, features = ["std"], optional = true }
 x25519-dalek = { git = "https://github.com/novifinancial/x25519-dalek.git", branch = "fiat4", version = "1.1.0", default-features = false, features = ["std", "fiat_u64_backend"], optional = true}
diff --git a/execution/execution-correctness/Cargo.toml b/execution/execution-correctness/Cargo.toml
index 556f9309cd46..fa4dc3a33d8d 100644
--- a/execution/execution-correctness/Cargo.toml
+++ b/execution/execution-correctness/Cargo.toml
@@ -27,7 +27,7 @@ diem-vm = { path = "../../language/diem-vm", version = "0.1.0" }
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
 serde = { version = "1.0.117", default-features = false }
 storage-client = { path = "../../storage/storage-client", version = "0.1.0" }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 # this is actually a dev-dependency (see "Conditional compilation of tests" in coding_guidelines.md)
 executor-test-helpers = { path = "../executor-test-helpers", version = "0.1.0", optional = true }
 
diff --git a/execution/executor-types/Cargo.toml b/execution/executor-types/Cargo.toml
index a2c561e4765b..915ffcdb65ef 100644
--- a/execution/executor-types/Cargo.toml
+++ b/execution/executor-types/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 serde = { version = "1.0.117", default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/language/compiler/ir-to-bytecode/Cargo.toml b/language/compiler/ir-to-bytecode/Cargo.toml
index b6db99ea96bc..ea4a6108873b 100644
--- a/language/compiler/ir-to-bytecode/Cargo.toml
+++ b/language/compiler/ir-to-bytecode/Cargo.toml
@@ -21,7 +21,7 @@ bytecode-source-map = { path = "../bytecode-source-map", version = "0.1.0" }
 log = "0.4.11"
 codespan = "0.8.0"
 codespan-reporting = "0.8.0"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 [features]
 default = []
diff --git a/language/move-core/types/Cargo.toml b/language/move-core/types/Cargo.toml
index 2c45c73b5849..b8b3e1bfc264 100644
--- a/language/move-core/types/Cargo.toml
+++ b/language/move-core/types/Cargo.toml
@@ -20,7 +20,7 @@ ref-cast = "1.0.3"
 serde = { version = "1.0.117", default-features = false }
 serde_bytes = "0.11.5"
 static_assertions = "1.1.0"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 once_cell = "1.4.1"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/language/testing-infra/functional-tests/Cargo.toml b/language/testing-infra/functional-tests/Cargo.toml
index f51efb629751..371b39cccc41 100644
--- a/language/testing-infra/functional-tests/Cargo.toml
+++ b/language/testing-infra/functional-tests/Cargo.toml
@@ -22,7 +22,7 @@ diem-crypto = { path = "../../../crypto/crypto", version = "0.1.0" }
 diem-workspace-hack = { path = "../../../common/workspace-hack", version = "0.1.0" }
 once_cell = "1.4.1"
 regex = { version = "1.4.2", default-features = false, features = ["std", "perf"] }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 aho-corasick = "0.7.14"
 termcolor = "1.1.2"
 datatest-stable = { path = "../../../common/datatest-stable", version = "0.1.0" }
diff --git a/network/Cargo.toml b/network/Cargo.toml
index 859ae19a6073..abe42b5a3eaf 100644
--- a/network/Cargo.toml
+++ b/network/Cargo.toml
@@ -23,7 +23,7 @@ rand = { version = "0.7.3", features = ["small_rng"] }
 rand_core = { version = "0.5.1", optional = true }
 serde = { version = "1.0.117", default-features = false }
 serde_bytes = "0.11.5"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 tokio = { version = "0.2.22", features = ["full"] }
 tokio-retry = "0.2.0"
 tokio-util = { version = "0.3.1", features = ["codec"] }
diff --git a/network/network-address/Cargo.toml b/network/network-address/Cargo.toml
index 818a46c25762..7d63d3383781 100644
--- a/network/network-address/Cargo.toml
+++ b/network/network-address/Cargo.toml
@@ -16,7 +16,7 @@ proptest-derive = { version = "0.2.0", optional = true }
 serde = { version = "1.0.117", default-features = false }
 serde_bytes = "0.11.5"
 static_assertions = "1.1.0"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/secure/json-rpc/Cargo.toml b/secure/json-rpc/Cargo.toml
index 72b6aea67235..991bb7136d60 100644
--- a/secure/json-rpc/Cargo.toml
+++ b/secure/json-rpc/Cargo.toml
@@ -14,7 +14,7 @@ hex = "0.4.2"
 proptest = { version = "0.10.1", optional = true }
 serde = { version = "1.0.117", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/secure/key-manager/Cargo.toml b/secure/key-manager/Cargo.toml
index e16ceef7fab7..f659077bcc62 100644
--- a/secure/key-manager/Cargo.toml
+++ b/secure/key-manager/Cargo.toml
@@ -12,7 +12,7 @@ publish = false
 [dependencies]
 once_cell = "1.4.1"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 diem-config = { path = "../../config", version = "0.1.0"}
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/secure/net/Cargo.toml b/secure/net/Cargo.toml
index 1f8bb2960880..8d0be8c9438c 100644
--- a/secure/net/Cargo.toml
+++ b/secure/net/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 once_cell = "1.4.1"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 diem-logger = { path = "../../common/logger", version = "0.1.0" }
 diem-secure-push-metrics = { path = "../../secure/push-metrics", version = "0.1.0" }
diff --git a/secure/storage/Cargo.toml b/secure/storage/Cargo.toml
index bb03dc75e2a6..261e4109b587 100644
--- a/secure/storage/Cargo.toml
+++ b/secure/storage/Cargo.toml
@@ -16,7 +16,7 @@ enum_dispatch = "0.3.4"
 rand = "0.7.3"
 serde = { version = "1.0.117", features = ["rc"], default-features = false }
 serde_json = "1.0.60"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/secure/storage/github/Cargo.toml b/secure/storage/github/Cargo.toml
index 82281f9f252a..e27ac09e5090 100644
--- a/secure/storage/github/Cargo.toml
+++ b/secure/storage/github/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 serde = { version = "1.0.117", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
 
 diem-workspace-hack = { path = "../../../common/workspace-hack", version = "0.1.0" }
diff --git a/secure/storage/vault/Cargo.toml b/secure/storage/vault/Cargo.toml
index 6d38d899ed91..3ba4bbab4707 100644
--- a/secure/storage/vault/Cargo.toml
+++ b/secure/storage/vault/Cargo.toml
@@ -17,7 +17,7 @@ proptest = { version = "0.10.1", optional = true }
 native-tls = "0.2.6"
 serde = { version = "1.0.117", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
 
 diem-crypto = { path = "../../../crypto/crypto", version = "0.1.0" }
diff --git a/storage/diemdb/Cargo.toml b/storage/diemdb/Cargo.toml
index 1b83cd767bde..0384aeddbde3 100644
--- a/storage/diemdb/Cargo.toml
+++ b/storage/diemdb/Cargo.toml
@@ -20,7 +20,7 @@ num-traits = "0.2.14"
 proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
 serde = "1.0.117"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 accumulator = { path = "../accumulator", version = "0.1.0" }
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/storage/jellyfish-merkle/Cargo.toml b/storage/jellyfish-merkle/Cargo.toml
index c9074ed2d811..7255b9a4e4cd 100644
--- a/storage/jellyfish-merkle/Cargo.toml
+++ b/storage/jellyfish-merkle/Cargo.toml
@@ -19,7 +19,7 @@ proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
 rand = {version = "0.7.3", optional = true }
 serde = { version = "1.0.117", features = ["derive"] }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/storage/storage-interface/Cargo.toml b/storage/storage-interface/Cargo.toml
index 8d9663abf7bb..946f6e7d9fef 100644
--- a/storage/storage-interface/Cargo.toml
+++ b/storage/storage-interface/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 anyhow = "1.0.34"
 itertools = "0.9.0"
 serde = { version = "1.0.117", default-features = false }
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/testsuite/cli/diem-wallet/Cargo.toml b/testsuite/cli/diem-wallet/Cargo.toml
index d707a5310d82..0220db6d6846 100644
--- a/testsuite/cli/diem-wallet/Cargo.toml
+++ b/testsuite/cli/diem-wallet/Cargo.toml
@@ -18,7 +18,7 @@ byteorder = "1.3.4"
 pbkdf2 = "0.6.0"
 serde = "1.0.117"
 sha2 = "0.9.2"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 vanilla-ed25519-dalek = { version = "1.0.1", package = 'ed25519-dalek', optional = true}
 ed25519-dalek = { git = "https://github.com/novifinancial/ed25519-dalek.git", branch = "fiat5", version = "1.0.1", default-features = false, features = ["std", "fiat_u64_backend"], optional = true}
 diem-crypto = { path = "../../../crypto/crypto", version = "0.1.0", features = ["fuzzing"] }
diff --git a/testsuite/diem-swarm/Cargo.toml b/testsuite/diem-swarm/Cargo.toml
index ccd3c1c35575..b6109a7ff841 100644
--- a/testsuite/diem-swarm/Cargo.toml
+++ b/testsuite/diem-swarm/Cargo.toml
@@ -14,7 +14,7 @@ anyhow = "1.0.34"
 ctrlc = { version = "3.1.7", default-features = false }
 reqwest = { version = "0.10.9", features = ["blocking"], default-features = false }
 structopt = "0.3.21"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 diem-config = { path = "../../config", version = "0.1.0", features = ["fuzzing"] }
 debug-interface = { path = "../../common/debug-interface", version = "0.1.0" }
 diem-logger = { path = "../../common/logger", version = "0.1.0" }
diff --git a/types/Cargo.toml b/types/Cargo.toml
index b762a98593c6..22fa95241075 100644
--- a/types/Cargo.toml
+++ b/types/Cargo.toml
@@ -23,7 +23,7 @@ rand = "0.7.3"
 serde = { version = "1.0.117", default-features = false }
 serde_json = "1.0.60"
 serde_bytes = "0.11.5"
-thiserror = "1.0.22"
+thiserror = "1.0.38"
 tiny-keccak = { version = "2.0.2", default-features = false, features = ["sha3"] }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }