diff --git a/jupyter_releaser/cli.py b/jupyter_releaser/cli.py
index 912529c7..8e1628d7 100644
--- a/jupyter_releaser/cli.py
+++ b/jupyter_releaser/cli.py
@@ -188,7 +188,7 @@ def main(force):
         envvar="RH_PYTHON_PACKAGES",
         default=["."],
         multiple=True,
-        help='The list of strings of the form "path_to_package:name_of_package"',
+        help='A list of strings of the form "path_to_package:name_of_package:dep_0,dep_1,..."',
     )
 ]
 
@@ -313,7 +313,7 @@ def list_envvars():
 @add_options(username_options)
 @add_options(git_url_options)
 def prep_git(ref, branch, repo, auth, username, git_url):
-    """Prep git and env variables and bump version"""
+    """Prep git"""
     lib.prep_git(ref, branch, repo, auth, username, git_url)
 
 
@@ -324,12 +324,15 @@ def prep_git(ref, branch, repo, auth, username, git_url):
 @add_options(python_packages_options)
 @use_checkout_dir()
 def bump_version(version_spec, version_cmd, changelog_path, python_packages):
-    """Prep git and env variables and bump version"""
+    """Bump version"""
     prev_dir = os.getcwd()
-    for python_package in [p.split(":")[0] for p in python_packages]:
-        os.chdir(python_package)
+    python_packages = [p.split(":") for p in python_packages]
+    for i, python_package in enumerate(python_packages):
+        package_path = python_package[0]
+        os.chdir(package_path)
         lib.bump_version(version_spec, version_cmd, changelog_path)
         os.chdir(prev_dir)
+        lib.update_dependencies(python_package, python_packages[:i])
 
 
 @main.command()
diff --git a/jupyter_releaser/lib.py b/jupyter_releaser/lib.py
index 187a3997..2217f651 100644
--- a/jupyter_releaser/lib.py
+++ b/jupyter_releaser/lib.py
@@ -24,9 +24,9 @@
 
 def bump_version(version_spec, version_cmd, changelog_path):
     """Bump the version and verify new version"""
-    util.bump_version(version_spec, version_cmd=version_cmd, changelog_path=changelog_path)
-
-    version = util.get_version()
+    version = util.bump_version(
+        version_spec, version_cmd=version_cmd, changelog_path=changelog_path
+    )
 
     # A properly parsed version will have a "major" attribute
     parsed = parse_version(version)
@@ -44,6 +44,42 @@ def bump_version(version_spec, version_cmd, changelog_path):
     return version
 
 
+def update_dependencies(python_package, python_packages):
+    dep_names = [] if len(python_package) < 3 else python_package[2].split(",")
+    python_names = [p[1] for p in python_packages]
+    prev_dir = os.getcwd()
+    deps = {}
+    for dep_name in dep_names:
+        try:
+            i = python_names.index(dep_name)
+        except ValueError:
+            raise RuntimeError(
+                f"Package {python_package[1]} depends on {dep_name}, which has not been released yet. Please put the dependency before this package in the python_packages list."
+            )
+        dep_path = python_packages[i][0]
+        os.chdir(dep_path)
+        deps[dep_name] = util.get_version()
+        os.chdir(prev_dir)
+    if util.PYPROJECT.exists():
+        os.chdir(python_package[0])
+        text = util.PYPROJECT.read_text(encoding="utf-8")
+        data = toml.loads(text)
+        dependencies = data.get("project", {}).get("dependencies", [])
+        _update_dependencies(dependencies, deps)
+        for dependencies in data.get("project", {}).get("optional-dependencies", {}).values():
+            _update_dependencies(dependencies, deps)
+        util.PYPROJECT.write_text(toml.dumps(data))
+        os.chdir(prev_dir)
+
+
+def _update_dependencies(dependencies, deps):
+    deps_no_pin = [d.split("<")[0].split("=")[0].split(">")[0] for d in dependencies]
+    for k, v in deps.items():
+        if k in deps_no_pin:
+            i = deps_no_pin.index(k)
+            dependencies[i] = k + " ==" + v
+
+
 def check_links(ignore_glob, ignore_links, cache_file, links_expire):
     """Check URLs for HTML-containing files."""
     cache_dir = osp.expanduser(cache_file).replace(os.sep, "/")