diff --git a/Cargo.lock b/Cargo.lock
index f15e363bfd6ae..cdfbda7130eb1 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -10393,11 +10393,10 @@ checksum = "cda74da7e1a664f795bb1f8a87ec406fb89a02522cf6e50620d016add6dbbf5c"
 
 [[package]]
 name = "tokio"
-version = "1.12.0"
+version = "1.16.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c2c2416fdedca8443ae44b4527de1ea633af61d8f7169ffa6e72c5b53d24efcc"
+checksum = "0c27a64b625de6d309e8c57716ba93021dccf1b3b5c97edd6d3dd2d2135afc0a"
 dependencies = [
- "autocfg 1.0.1",
  "bytes 1.0.1",
  "libc",
  "memchr",
@@ -10445,9 +10444,9 @@ dependencies = [
 
 [[package]]
 name = "tokio-macros"
-version = "1.3.0"
+version = "1.8.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "54473be61f4ebe4efd09cec9bd5d16fa51d70ea0192213d754d2d500457db110"
+checksum = "9724f9a975fb987ef7a3cd9be0350edcbe130698af5b8f7a631e23d42d052484"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/bin/node/cli/Cargo.toml b/bin/node/cli/Cargo.toml
index 1d394dd952db0..03ea6534726f5 100644
--- a/bin/node/cli/Cargo.toml
+++ b/bin/node/cli/Cargo.toml
@@ -127,7 +127,7 @@ platforms = "1.1"
 async-std = { version = "1.10.0", features = ["attributes"] }
 soketto = "0.4.2"
 criterion = { version = "0.3.5", features = [ "async_tokio" ] }
-tokio = { version = "1.10", features = ["macros", "time"] }
+tokio = { version = "1.16", features = ["macros", "time"] }
 jsonrpsee-ws-client = { version = "0.3.1", default-features = false, features = ["tokio1"] }
 wait-timeout = "0.2"
 remote-externalities = { path = "../../../utils/frame/remote-externalities" }
diff --git a/client/cli/Cargo.toml b/client/cli/Cargo.toml
index 0cee37f25e797..23dd1c6f3b4f9 100644
--- a/client/cli/Cargo.toml
+++ b/client/cli/Cargo.toml
@@ -15,7 +15,7 @@ targets = ["x86_64-unknown-linux-gnu"]
 [dependencies]
 log = "0.4.11"
 regex = "1.5.4"
-tokio = { version = "1.10", features = [ "signal", "rt-multi-thread" ] }
+tokio = { version = "1.16", features = [ "signal", "rt-multi-thread" ] }
 futures = "0.3.9"
 fdlimit = "0.2.1"
 libp2p = "0.39.1"
diff --git a/client/consensus/manual-seal/Cargo.toml b/client/consensus/manual-seal/Cargo.toml
index 9b29bb3dc71c7..e77c457ef04a6 100644
--- a/client/consensus/manual-seal/Cargo.toml
+++ b/client/consensus/manual-seal/Cargo.toml
@@ -45,7 +45,7 @@ sp-timestamp = { path = "../../../primitives/timestamp", version = "4.0.0-dev" }
 prometheus-endpoint = { package = "substrate-prometheus-endpoint", path = "../../../utils/prometheus", version = "0.9.0" }
 
 [dev-dependencies]
-tokio = { version = "1.10.0", features = ["rt-multi-thread", "macros"] }
+tokio = { version = "1.16.1", features = ["rt-multi-thread", "macros"] }
 sc-basic-authorship = { path = "../../basic-authorship", version = "0.10.0-dev" }
 substrate-test-runtime-client = { path = "../../../test-utils/runtime/client", version = "2.0.0" }
 substrate-test-runtime-transaction-pool = { path = "../../../test-utils/runtime/transaction-pool", version = "2.0.0" }
diff --git a/client/finality-grandpa/Cargo.toml b/client/finality-grandpa/Cargo.toml
index 2d45fa100f79d..1d8413892324d 100644
--- a/client/finality-grandpa/Cargo.toml
+++ b/client/finality-grandpa/Cargo.toml
@@ -57,5 +57,5 @@ sc-network-test = { version = "0.8.0", path = "../network/test" }
 sp-keyring = { version = "4.0.0-dev", path = "../../primitives/keyring" }
 substrate-test-runtime-client = { version = "2.0.0", path = "../../test-utils/runtime/client" }
 sp-tracing = { version = "4.0.0-dev", path = "../../primitives/tracing" }
-tokio = "1.10"
+tokio = "1.16"
 tempfile = "3.1.0"
diff --git a/client/offchain/Cargo.toml b/client/offchain/Cargo.toml
index 146ce07e1303b..36ebced24a97b 100644
--- a/client/offchain/Cargo.toml
+++ b/client/offchain/Cargo.toml
@@ -42,7 +42,7 @@ sc-transaction-pool-api = { version = "4.0.0-dev", path = "../transaction-pool/a
 sp-tracing = { version = "4.0.0-dev", path = "../../primitives/tracing" }
 sp-consensus = { version = "0.10.0-dev", path = "../../primitives/consensus/common" }
 substrate-test-runtime-client = { version = "2.0.0", path = "../../test-utils/runtime/client" }
-tokio = "1.10"
+tokio = "1.16"
 lazy_static = "1.4.0"
 
 [features]
diff --git a/client/rpc-servers/Cargo.toml b/client/rpc-servers/Cargo.toml
index cbbea00d6f576..4962106365eff 100644
--- a/client/rpc-servers/Cargo.toml
+++ b/client/rpc-servers/Cargo.toml
@@ -19,7 +19,7 @@ pubsub = { package = "jsonrpc-pubsub", version = "18.0.0" }
 log = "0.4.8"
 prometheus-endpoint = { package = "substrate-prometheus-endpoint", path = "../../utils/prometheus", version = "0.9.0"}
 serde_json = "1.0.68"
-tokio = "1.10"
+tokio = "1.16"
 http = { package = "jsonrpc-http-server", version = "18.0.0" }
 ipc = { package = "jsonrpc-ipc-server", version = "18.0.0" }
 ws = { package = "jsonrpc-ws-server", version = "18.0.0" }
diff --git a/client/service/Cargo.toml b/client/service/Cargo.toml
index 589d7848a5b28..a8b5da0d471b9 100644
--- a/client/service/Cargo.toml
+++ b/client/service/Cargo.toml
@@ -79,7 +79,7 @@ parity-util-mem = { version = "0.10.0", default-features = false, features = [
 	"primitive-types",
 ] }
 async-trait = "0.1.50"
-tokio = { version = "1.10", features = ["time", "rt-multi-thread"] }
+tokio = { version = "1.16", features = ["time", "rt-multi-thread"] }
 tempfile = "3.1.0"
 directories = "3.0.2"
 
diff --git a/client/service/test/Cargo.toml b/client/service/test/Cargo.toml
index aeee4a5f90728..14b6c75bce059 100644
--- a/client/service/test/Cargo.toml
+++ b/client/service/test/Cargo.toml
@@ -15,7 +15,7 @@ targets = ["x86_64-unknown-linux-gnu"]
 hex = "0.4"
 hex-literal = "0.3.3"
 tempfile = "3.1.0"
-tokio = { version = "1.10.0", features = ["time"] }
+tokio = { version = "1.16.1", features = ["time"] }
 log = "0.4.8"
 fdlimit = "0.2.1"
 parking_lot = "0.11.1"
diff --git a/test-utils/test-crate/Cargo.toml b/test-utils/test-crate/Cargo.toml
index 9c9672fe8f5d8..4d23a2bfa364e 100644
--- a/test-utils/test-crate/Cargo.toml
+++ b/test-utils/test-crate/Cargo.toml
@@ -12,6 +12,6 @@ publish = false
 targets = ["x86_64-unknown-linux-gnu"]
 
 [dev-dependencies]
-tokio = { version = "1.10", features = ["macros"] }
+tokio = { version = "1.16", features = ["macros"] }
 test-utils = { version = "4.0.0-dev", path = "..", package = "substrate-test-utils" }
 sc-service = { version = "0.10.0-dev", path = "../../client/service" }
diff --git a/test-utils/test-runner/Cargo.toml b/test-utils/test-runner/Cargo.toml
index b5b115771b539..822f56429e6ce 100644
--- a/test-utils/test-runner/Cargo.toml
+++ b/test-utils/test-runner/Cargo.toml
@@ -48,7 +48,7 @@ frame-system = { path = "../../frame/system" }
 
 log = "0.4.8"
 futures = "0.3.16"
-tokio = { version = "1.10", features = ["signal"] }
+tokio = { version = "1.16", features = ["signal"] }
 # Calling RPC
 jsonrpc-core = "18.0"
 num-traits = "0.2.14"
diff --git a/utils/frame/remote-externalities/Cargo.toml b/utils/frame/remote-externalities/Cargo.toml
index 2b35402f8f63f..671781471df47 100644
--- a/utils/frame/remote-externalities/Cargo.toml
+++ b/utils/frame/remote-externalities/Cargo.toml
@@ -30,7 +30,7 @@ sp-runtime = { version = "4.0.0-dev", path = "../../../primitives/runtime" }
 sp-version = { version = "4.0.0-dev", path = "../../../primitives/version" }
 
 [dev-dependencies]
-tokio = { version = "1.10", features = ["macros", "rt-multi-thread"] }
+tokio = { version = "1.16", features = ["macros", "rt-multi-thread"] }
 pallet-elections-phragmen = { path = "../../../frame/elections-phragmen", version = "5.0.0-dev" }
 
 [features]
diff --git a/utils/frame/rpc/support/Cargo.toml b/utils/frame/rpc/support/Cargo.toml
index 2010d1e02f73f..3cd3fc352f20d 100644
--- a/utils/frame/rpc/support/Cargo.toml
+++ b/utils/frame/rpc/support/Cargo.toml
@@ -26,4 +26,4 @@ sc-rpc-api = { version = "0.10.0-dev", path = "../../../../client/rpc-api" }
 [dev-dependencies]
 frame-system = { version = "4.0.0-dev", path = "../../../../frame/system" }
 scale-info = "1.0"
-tokio = "1.10"
+tokio = "1.16"
diff --git a/utils/prometheus/Cargo.toml b/utils/prometheus/Cargo.toml
index 4d218e233bcbc..32b9881ea5f3c 100644
--- a/utils/prometheus/Cargo.toml
+++ b/utils/prometheus/Cargo.toml
@@ -18,9 +18,9 @@ prometheus = { version = "0.12.0", default-features = false }
 futures-util = { version = "0.3.17", default-features = false, features = ["io"] }
 derive_more = "0.99"
 async-std = { version = "1.10.0", features = ["unstable"] }
-tokio = "1.10"
+tokio = "1.16"
 hyper = { version = "0.14.11", default-features = false, features = ["http1", "server", "tcp"] }
 
 [dev-dependencies]
 hyper = { version = "0.14.11", features = ["client"] }
-tokio = { version = "1.10", features = ["rt-multi-thread"] }
+tokio = { version = "1.16", features = ["rt-multi-thread"] }