diff --git a/sdk/identity/azure-identity/CHANGELOG.md b/sdk/identity/azure-identity/CHANGELOG.md
index d9c6788bf622..6fae76863593 100644
--- a/sdk/identity/azure-identity/CHANGELOG.md
+++ b/sdk/identity/azure-identity/CHANGELOG.md
@@ -15,6 +15,7 @@
 
 - Added identity config validation to `ManagedIdentityCredential` to avoid non-deterministic states (e.g. both `resource_id` and `object_id` are specified). ([#36950](https://github.com/Azure/azure-sdk-for-python/pull/36950))
 - Additional validation was added for `ManagedIdentityCredential` in Azure Cloud Shell environments. ([#36438](https://github.com/Azure/azure-sdk-for-python/issues/36438))
+- Bumped minimum dependency on `azure-core` to `>=1.31.0`.
 
 ## 1.18.0b2 (2024-08-09)
 
diff --git a/sdk/identity/azure-identity/setup.py b/sdk/identity/azure-identity/setup.py
index 3b28cffbe847..b56ebc2abaa9 100644
--- a/sdk/identity/azure-identity/setup.py
+++ b/sdk/identity/azure-identity/setup.py
@@ -59,7 +59,7 @@
     ),
     python_requires=">=3.8",
     install_requires=[
-        "azure-core>=1.23.0",
+        "azure-core>=1.31.0",
         "cryptography>=2.5",
         "msal>=1.30.0",
         "msal-extensions>=1.2.0",