diff --git a/ci/docker-rust-nightly/Dockerfile b/ci/docker-rust-nightly/Dockerfile
index baf7e09632bac6..eb214fdb11173e 100644
--- a/ci/docker-rust-nightly/Dockerfile
+++ b/ci/docker-rust-nightly/Dockerfile
@@ -1,4 +1,4 @@
-FROM solanalabs/rust:1.73.0
+FROM solanalabs/rust:1.74.0
 
 ARG date
 ARG GRCOV_VERSION=v0.8.18
diff --git a/ci/docker-rust/Dockerfile b/ci/docker-rust/Dockerfile
index 8619d5e68e30a0..47057c1c8d7618 100644
--- a/ci/docker-rust/Dockerfile
+++ b/ci/docker-rust/Dockerfile
@@ -1,7 +1,7 @@
 FROM ubuntu:20.04
 
 ARG \
-  RUST_VERSION=1.73.0 \
+  RUST_VERSION=1.74.0 \
   GOLANG_VERSION=1.21.3 \
   NODE_MAJOR=18 \
   SCCACHE_VERSION=v0.5.4
diff --git a/ci/rust-version.sh b/ci/rust-version.sh
index a38910accda10b..fcfed6bd961243 100644
--- a/ci/rust-version.sh
+++ b/ci/rust-version.sh
@@ -29,7 +29,7 @@ fi
 if [[ -n $RUST_NIGHTLY_VERSION ]]; then
   nightly_version="$RUST_NIGHTLY_VERSION"
 else
-  nightly_version=2023-10-05
+  nightly_version=2023-11-16
 fi
 
 
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
index 8142c3012694b1..639f4f17d959b5 100644
--- a/rust-toolchain.toml
+++ b/rust-toolchain.toml
@@ -1,2 +1,2 @@
 [toolchain]
-channel = "1.73.0"
+channel = "1.74.0"