diff --git a/Cargo.lock b/Cargo.lock
index 3d51a0fb1f..70d8b08e94 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -12923,11 +12923,10 @@ checksum = "b6bc1c9ce2b5135ac7f93c72918fc37feb872bdc6a5533a8b85eb4b86bfdae52"
 
 [[package]]
 name = "tracing"
-version = "0.1.37"
+version = "0.1.40"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8ce8c33a8d48bd45d624a6e523445fd21ec13d3653cd51f681abf67418f54eb8"
+checksum = "c3523ab5a71916ccf420eebdf5521fcef02141234bbc0b8a49f2fdc4544364ef"
 dependencies = [
- "cfg-if",
  "log",
  "pin-project-lite 0.2.9",
  "tracing-attributes",
@@ -12936,9 +12935,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.24"
+version = "0.1.27"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0f57e3ca2a01450b1a921183a9c9cbfda207fd822cef4ccb00a65402cbba7a74"
+checksum = "34704c8d6ebcbc939824180af020566b01a7c01f80641264eba0999f6c2b6be7"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -12947,9 +12946,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-core"
-version = "0.1.31"
+version = "0.1.32"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0955b8137a1df6f1a2e9a37d8a6656291ff0297c1a97c24e0d8425fe2312f79a"
+checksum = "c06d3da6113f116aaee68e4d601191614c9053067f9ab7f6edbcb161237daa54"
 dependencies = [
  "once_cell",
  "valuable",
diff --git a/client/executor/Cargo.toml b/client/executor/Cargo.toml
index e7252ef3f1..ec538f9bfb 100644
--- a/client/executor/Cargo.toml
+++ b/client/executor/Cargo.toml
@@ -16,7 +16,7 @@ targets = ["x86_64-unknown-linux-gnu"]
 [dependencies]
 parking_lot = "0.12.1"
 schnellru = "0.2.1"
-tracing = "0.1.29"
+tracing = "0.1.40"
 
 codec = { package = "parity-scale-codec", version = "3.6.1" }
 sc-executor-common = { version = "0.10.0-dev", path = "common" }
diff --git a/client/network-gossip/Cargo.toml b/client/network-gossip/Cargo.toml
index e25a769587..df25127dc6 100644
--- a/client/network-gossip/Cargo.toml
+++ b/client/network-gossip/Cargo.toml
@@ -20,7 +20,7 @@ futures-timer = "3.0.1"
 libp2p = "0.51.3"
 log = "0.4.17"
 schnellru = "0.2.1"
-tracing = "0.1.29"
+tracing = "0.1.40"
 prometheus-endpoint = { package = "substrate-prometheus-endpoint", version = "0.10.0-dev", path = "../../utils/prometheus" }
 sc-network = { version = "0.10.0-dev", path = "../network/" }
 sc-network-common = { version = "0.10.0-dev", path = "../network/common" }
diff --git a/client/offchain/Cargo.toml b/client/offchain/Cargo.toml
index f52b0aa287..9fb98116ae 100644
--- a/client/offchain/Cargo.toml
+++ b/client/offchain/Cargo.toml
@@ -27,7 +27,7 @@ once_cell = "1.8"
 parking_lot = "0.12.1"
 rand = "0.8.5"
 threadpool = "1.7"
-tracing = "0.1.29"
+tracing = "0.1.40"
 sc-client-api = { version = "4.0.0-dev", path = "../api" }
 sc-network = { version = "0.10.0-dev", path = "../network" }
 sc-network-common = { version = "0.10.0-dev", path = "../network/common" }
diff --git a/client/service/Cargo.toml b/client/service/Cargo.toml
index 6dcd8b8e4b..8a8b41562f 100644
--- a/client/service/Cargo.toml
+++ b/client/service/Cargo.toml
@@ -75,7 +75,7 @@ sc-telemetry = { version = "4.0.0-dev", path = "../telemetry" }
 prometheus-endpoint = { package = "substrate-prometheus-endpoint", path = "../../utils/prometheus", version = "0.10.0-dev" }
 sc-tracing = { version = "4.0.0-dev", path = "../tracing" }
 sc-sysinfo = { version = "6.0.0-dev", path = "../sysinfo" }
-tracing = "0.1.29"
+tracing = "0.1.40"
 tracing-futures = { version = "0.2.4" }
 async-trait = "0.1.57"
 tokio = { version = "1.22.0", features = ["time", "rt-multi-thread", "parking_lot"] }
diff --git a/client/tracing/Cargo.toml b/client/tracing/Cargo.toml
index fa229782a7..fddf73d6d5 100644
--- a/client/tracing/Cargo.toml
+++ b/client/tracing/Cargo.toml
@@ -24,7 +24,7 @@ regex = "1.6.0"
 rustc-hash = "1.1.0"
 serde = "1.0.163"
 thiserror = "1.0.30"
-tracing = "0.1.29"
+tracing = "0.1.40"
 tracing-log = "0.1.3"
 tracing-subscriber = { version = "0.2.25", features = ["parking_lot"] }
 sc-client-api = { version = "4.0.0-dev", path = "../api" }
diff --git a/primitives/core/Cargo.toml b/primitives/core/Cargo.toml
index 85952b3554..c5fbb77f1c 100644
--- a/primitives/core/Cargo.toml
+++ b/primitives/core/Cargo.toml
@@ -40,7 +40,7 @@ sp-externalities = { version = "0.19.0", optional = true, path = "../externaliti
 futures = { version = "0.3.21", optional = true }
 dyn-clonable = { version = "0.9.0", optional = true }
 thiserror = { version = "1.0.30", optional = true }
-tracing = { version = "0.1.29", optional = true }
+tracing = { version = "0.1.40", optional = true }
 bitflags = "1.3"
 paste = "1.0.7"
 
diff --git a/primitives/io/Cargo.toml b/primitives/io/Cargo.toml
index 8ff06596ef..d8fa2a56a6 100644
--- a/primitives/io/Cargo.toml
+++ b/primitives/io/Cargo.toml
@@ -29,7 +29,7 @@ sp-externalities = { version = "0.19.0", default-features = false, path = "../ex
 sp-tracing = { version = "10.0.0", default-features = false, path = "../tracing" }
 log = { version = "0.4.17", optional = true }
 secp256k1 = { version = "0.24.0", features = ["recovery", "global-context"], optional = true }
-tracing = { version = "0.1.29", default-features = false }
+tracing = { version = "0.1.40", default-features = false }
 tracing-core = { version = "0.1.28", default-features = false}
 
 # Required for backwards compatibility reason, but only used for verifying when `UseDalekExt` is set.
diff --git a/primitives/runtime-interface/test/Cargo.toml b/primitives/runtime-interface/test/Cargo.toml
index e5b34c0d27..d180e5dd73 100644
--- a/primitives/runtime-interface/test/Cargo.toml
+++ b/primitives/runtime-interface/test/Cargo.toml
@@ -12,7 +12,7 @@ repository = "https://github.com/paritytech/substrate/"
 targets = ["x86_64-unknown-linux-gnu"]
 
 [dependencies]
-tracing = "0.1.29"
+tracing = "0.1.40"
 tracing-core = "0.1.28"
 sc-executor = { version = "0.10.0-dev", path = "../../../client/executor" }
 sc-executor-common = { version = "0.10.0-dev", path = "../../../client/executor/common" }
diff --git a/primitives/state-machine/Cargo.toml b/primitives/state-machine/Cargo.toml
index 0f5613545b..b804c08aa9 100644
--- a/primitives/state-machine/Cargo.toml
+++ b/primitives/state-machine/Cargo.toml
@@ -21,7 +21,7 @@ parking_lot = { version = "0.12.1", optional = true }
 rand = { version = "0.8.5", optional = true }
 smallvec = "1.11.0"
 thiserror = { version = "1.0.30", optional = true }
-tracing = { version = "0.1.29", optional = true }
+tracing = { version = "0.1.40", optional = true }
 sp-core = { version = "21.0.0", default-features = false, path = "../core" }
 sp-externalities = { version = "0.19.0", default-features = false, path = "../externalities" }
 sp-panic-handler = { version = "8.0.0", optional = true, path = "../panic-handler" }
diff --git a/primitives/tracing/Cargo.toml b/primitives/tracing/Cargo.toml
index 106e3a725c..9156aaf990 100644
--- a/primitives/tracing/Cargo.toml
+++ b/primitives/tracing/Cargo.toml
@@ -22,7 +22,7 @@ sp-std = { version = "8.0.0", path = "../std", default-features = false }
 codec = { version = "3.6.1", package = "parity-scale-codec", default-features = false, features = [
 	"derive",
 ] }
-tracing = { version = "0.1.29", default-features = false }
+tracing = { version = "0.1.40", default-features = false }
 tracing-core = { version = "0.1.28", default-features = false }
 tracing-subscriber = { version = "0.2.25", optional = true, features = [
 	"tracing-log",
diff --git a/primitives/trie/Cargo.toml b/primitives/trie/Cargo.toml
index 5b6877592c..e11111f4c4 100644
--- a/primitives/trie/Cargo.toml
+++ b/primitives/trie/Cargo.toml
@@ -28,7 +28,7 @@ nohash-hasher = { version = "0.2.0", optional = true }
 parking_lot = { version = "0.12.1", optional = true }
 scale-info = { version = "2.5.0", default-features = false, features = ["derive"] }
 thiserror = { version = "1.0.30", optional = true }
-tracing = { version = "0.1.29", optional = true }
+tracing = { version = "0.1.40", optional = true }
 trie-db = { version = "0.27.0", default-features = false }
 trie-root = { version = "0.18.0", default-features = false }
 sp-core = { version = "21.0.0", default-features = false, path = "../core" }