diff --git a/onnxruntime/python/tools/transformers/models/phi2/requirements.txt b/onnxruntime/python/tools/transformers/models/phi2/requirements.txt
index c82022e798482..06a84f78c0afc 100644
--- a/onnxruntime/python/tools/transformers/models/phi2/requirements.txt
+++ b/onnxruntime/python/tools/transformers/models/phi2/requirements.txt
@@ -1,3 +1,3 @@
-onnx==1.16.1
+onnx==1.17.0
 transformers>=4.36.2
 onnxscript>=0.1.0.dev20240126