diff --git a/Cargo.lock b/Cargo.lock
index a8b97ff26f5f..70abcf23c28c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -309,7 +309,7 @@ dependencies = [
  "structopt 0.3.21",
  "tokio",
  "tokio-stream",
- "tokio-util",
+ "tokio-util 0.7.0",
  "toml",
  "warp",
 ]
@@ -2058,7 +2058,7 @@ dependencies = [
  "futures",
  "pin-project",
  "tokio",
- "tokio-util",
+ "tokio-util 0.7.0",
 ]
 
 [[package]]
@@ -2421,7 +2421,7 @@ dependencies = [
  "syn 0.15.44",
  "syn 1.0.62",
  "tokio",
- "tokio-util",
+ "tokio-util 0.7.0",
  "toml",
  "tracing",
  "warp",
@@ -3344,7 +3344,7 @@ dependencies = [
  "indexmap",
  "slab",
  "tokio",
- "tokio-util",
+ "tokio-util 0.6.9",
  "tracing",
 ]
 
@@ -3863,7 +3863,7 @@ dependencies = [
  "thiserror",
  "tokio",
  "tokio-native-tls",
- "tokio-util",
+ "tokio-util 0.6.9",
  "tower",
  "url",
 ]
@@ -4545,7 +4545,7 @@ dependencies = [
  "proxy",
  "serde",
  "tokio",
- "tokio-util",
+ "tokio-util 0.7.0",
  "url",
 ]
 
@@ -4593,7 +4593,7 @@ dependencies = [
  "tokio",
  "tokio-retry",
  "tokio-stream",
- "tokio-util",
+ "tokio-util 0.7.0",
 ]
 
 [[package]]
@@ -6603,7 +6603,7 @@ dependencies = [
  "network-builder",
  "rand 0.8.3",
  "tokio",
- "tokio-util",
+ "tokio-util 0.7.0",
 ]
 
 [[package]]
@@ -7301,9 +7301,23 @@ dependencies = [
 
 [[package]]
 name = "tokio-util"
-version = "0.6.4"
+version = "0.6.9"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9e99e1983e5d376cd8eb4b66604d2e99e79f5bd988c3055891dcd8c9e2604cc0"
+dependencies = [
+ "bytes",
+ "futures-core",
+ "futures-sink",
+ "log",
+ "pin-project-lite",
+ "tokio",
+]
+
+[[package]]
+name = "tokio-util"
+version = "0.7.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ec31e5cc6b46e653cf57762f36f71d5e6386391d88a72fd6db4508f8f676fb29"
+checksum = "64910e1b9c1901aaf5375561e35b9c057d95ff41a44ede043a03e09279eabaf1"
 dependencies = [
  "bytes",
  "futures-core",
@@ -7333,7 +7347,7 @@ dependencies = [
  "futures-util",
  "pin-project",
  "tokio",
- "tokio-util",
+ "tokio-util 0.6.9",
  "tower-layer",
  "tower-service",
  "tracing",
@@ -7773,7 +7787,7 @@ dependencies = [
  "tokio-rustls",
  "tokio-stream",
  "tokio-tungstenite",
- "tokio-util",
+ "tokio-util 0.6.9",
  "tower-service",
  "tracing",
  "tracing-futures",
diff --git a/common/rate-limiter/Cargo.toml b/common/rate-limiter/Cargo.toml
index ff3ef9a03ea7..61f5488de32a 100644
--- a/common/rate-limiter/Cargo.toml
+++ b/common/rate-limiter/Cargo.toml
@@ -17,4 +17,4 @@ diem-metrics = { path = "../metrics" }
 futures = "0.3.12"
 pin-project = "1.0.5"
 tokio = { version = "1.3.0", features = ["full"] }
-tokio-util = { version = "0.6.4", features = ["compat"] }
+tokio-util = { version = "0.7.0", features = ["compat"] }
diff --git a/common/workspace-hack/Cargo.toml b/common/workspace-hack/Cargo.toml
index 04424531ee81..cdd56addbb69 100644
--- a/common/workspace-hack/Cargo.toml
+++ b/common/workspace-hack/Cargo.toml
@@ -49,7 +49,7 @@ serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
 tokio = { version = "1.3.0", features = ["bytes", "default", "fs", "full", "io-std", "io-util", "libc", "macros", "memchr", "mio", "net", "num_cpus", "once_cell", "parking_lot", "process", "rt", "rt-multi-thread", "signal", "signal-hook-registry", "sync", "test-util", "time", "tokio-macros", "winapi"] }
-tokio-util = { version = "0.6.4", features = ["codec", "compat", "default", "futures-io", "io"] }
+tokio-util = { version = "0.7.0", features = ["codec", "compat", "default", "futures-io", "io"] }
 toml = { version = "0.5.8", features = ["default"] }
 tracing = { version = "0.1.25", features = ["attributes", "default", "log", "std", "tracing-attributes"] }
 warp = { version = "0.3.0", features = ["default", "multipart", "tls", "tokio-rustls", "tokio-tungstenite", "websocket"] }
@@ -99,7 +99,7 @@ subtle = { version = "2.4.0", default-features = false, features = ["std"] }
 syn-3575ec1268b04181 = { package = "syn", version = "0.15.44", features = ["clone-impls", "default", "derive", "extra-traits", "full", "parsing", "printing", "proc-macro", "quote", "visit"] }
 syn-dff4ba8e3ae991db = { package = "syn", version = "1.0.62", features = ["clone-impls", "default", "derive", "extra-traits", "fold", "full", "parsing", "printing", "proc-macro", "quote", "visit", "visit-mut"] }
 tokio = { version = "1.3.0", features = ["bytes", "default", "fs", "full", "io-std", "io-util", "libc", "macros", "memchr", "mio", "net", "num_cpus", "once_cell", "parking_lot", "process", "rt", "rt-multi-thread", "signal", "signal-hook-registry", "sync", "test-util", "time", "tokio-macros", "winapi"] }
-tokio-util = { version = "0.6.4", features = ["codec", "compat", "default", "futures-io", "io"] }
+tokio-util = { version = "0.7.0", features = ["codec", "compat", "default", "futures-io", "io"] }
 toml = { version = "0.5.8", features = ["default"] }
 tracing = { version = "0.1.25", features = ["attributes", "default", "log", "std", "tracing-attributes"] }
 warp = { version = "0.3.0", features = ["default", "multipart", "tls", "tokio-rustls", "tokio-tungstenite", "websocket"] }
@@ -144,7 +144,7 @@ serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
 tokio = { version = "1.3.0", features = ["bytes", "default", "fs", "full", "io-std", "io-util", "libc", "macros", "memchr", "mio", "net", "num_cpus", "once_cell", "parking_lot", "process", "rt", "rt-multi-thread", "signal", "signal-hook-registry", "sync", "test-util", "time", "tokio-macros", "winapi"] }
-tokio-util = { version = "0.6.4", features = ["codec", "compat", "default", "futures-io", "io"] }
+tokio-util = { version = "0.7.0", features = ["codec", "compat", "default", "futures-io", "io"] }
 toml = { version = "0.5.8", features = ["default"] }
 tracing = { version = "0.1.25", features = ["attributes", "default", "log", "std", "tracing-attributes"] }
 warp = { version = "0.3.0", features = ["default", "multipart", "tls", "tokio-rustls", "tokio-tungstenite", "websocket"] }
@@ -194,7 +194,7 @@ subtle = { version = "2.4.0", default-features = false, features = ["std"] }
 syn-3575ec1268b04181 = { package = "syn", version = "0.15.44", features = ["clone-impls", "default", "derive", "extra-traits", "full", "parsing", "printing", "proc-macro", "quote", "visit"] }
 syn-dff4ba8e3ae991db = { package = "syn", version = "1.0.62", features = ["clone-impls", "default", "derive", "extra-traits", "fold", "full", "parsing", "printing", "proc-macro", "quote", "visit", "visit-mut"] }
 tokio = { version = "1.3.0", features = ["bytes", "default", "fs", "full", "io-std", "io-util", "libc", "macros", "memchr", "mio", "net", "num_cpus", "once_cell", "parking_lot", "process", "rt", "rt-multi-thread", "signal", "signal-hook-registry", "sync", "test-util", "time", "tokio-macros", "winapi"] }
-tokio-util = { version = "0.6.4", features = ["codec", "compat", "default", "futures-io", "io"] }
+tokio-util = { version = "0.7.0", features = ["codec", "compat", "default", "futures-io", "io"] }
 toml = { version = "0.5.8", features = ["default"] }
 tracing = { version = "0.1.25", features = ["attributes", "default", "log", "std", "tracing-attributes"] }
 warp = { version = "0.3.0", features = ["default", "multipart", "tls", "tokio-rustls", "tokio-tungstenite", "websocket"] }
diff --git a/network/Cargo.toml b/network/Cargo.toml
index 71075b7072cf..8df58edc7058 100644
--- a/network/Cargo.toml
+++ b/network/Cargo.toml
@@ -27,7 +27,7 @@ thiserror = "1.0.24"
 tokio = { version = "1.3.0", features = ["full"] }
 tokio-retry = "0.3.0"
 tokio-stream = "0.1.4"
-tokio-util = { version = "0.6.4", features = ["compat", "codec"] }
+tokio-util = { version = "0.7.0", features = ["compat", "codec"] }
 
 bitvec = { path = "../common/bitvec", package = "diem-bitvec" }
 channel = { path = "../common/channel" }
diff --git a/network/netcore/Cargo.toml b/network/netcore/Cargo.toml
index 20d993e5ee96..69715f9b8b13 100644
--- a/network/netcore/Cargo.toml
+++ b/network/netcore/Cargo.toml
@@ -15,7 +15,7 @@ futures = "0.3.12"
 pin-project = "1.0.5"
 serde = { version = "1.0.124", default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
-tokio-util = { version = "0.6.4", features = ["compat"] }
+tokio-util = { version = "0.7.0", features = ["compat"] }
 url = { version = "2.2.1" }
 
 diem-workspace-hack = { path = "../../common/workspace-hack" }
diff --git a/network/socket-bench-server/Cargo.toml b/network/socket-bench-server/Cargo.toml
index 4d5c806bf741..1169bbb5e64e 100644
--- a/network/socket-bench-server/Cargo.toml
+++ b/network/socket-bench-server/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.12"
 tokio = { version = "1.3.0", features = ["full"] }
-tokio-util = { version = "0.6.4", features = ["compat", "codec"] }
+tokio-util = { version = "0.7.0", features = ["compat", "codec"] }
 
 diem-crypto = { path = "../../crypto/crypto" }
 diem-config = { path = "../../config" }
diff --git a/storage/backup/backup-cli/Cargo.toml b/storage/backup/backup-cli/Cargo.toml
index f2a416d6c055..b9062b4b0a91 100644
--- a/storage/backup/backup-cli/Cargo.toml
+++ b/storage/backup/backup-cli/Cargo.toml
@@ -28,7 +28,7 @@ structopt = "0.3.21"
 toml = "0.5.8"
 tokio = { version = "1.3.0", features = ["full"] }
 tokio-stream = "0.1.4"
-tokio-util = { version = "0.6.4", features = ["compat"] }
+tokio-util = { version = "0.7.0", features = ["compat"] }
 
 executor = { path = "../../../execution/executor" }
 executor-test-helpers = { path = "../../../execution/executor-test-helpers", optional = true }