diff --git a/config.m4 b/config.m4
index 99b38740c..b673ea99a 100644
--- a/config.m4
+++ b/config.m4
@@ -299,7 +299,7 @@ if test "$PHP_MONGODB" != "no"; then
     ])
 
     if test "$PHP_MONGODB_CLIENT_SIDE_ENCRYPTION" != "no"; then
-      PKG_CHECK_MODULES([PHP_MONGODB_MONGOCRYPT], [libmongocrypt >= 1.9.1], [
+      PKG_CHECK_MODULES([PHP_MONGODB_MONGOCRYPT], [libmongocrypt >= 1.10.1], [
         PHP_MONGODB_MONGOCRYPT_VERSION=`$PKG_CONFIG libmongocrypt --modversion`
         PHP_MONGODB_MONGOCRYPT_VERSION_STRING="System ($PHP_MONGODB_MONGOCRYPT_VERSION)"
 
@@ -307,7 +307,7 @@ if test "$PHP_MONGODB" != "no"; then
         PHP_EVAL_LIBLINE($PHP_MONGODB_MONGOCRYPT_LIBS, MONGODB_SHARED_LIBADD)
         AC_DEFINE(HAVE_SYSTEM_LIBMONGOCRYPT, 1, [Use system libmongocrypt])
       ],[
-        AC_MSG_ERROR(Could not find system library for libmongocrypt >= 1.9.1)
+        AC_MSG_ERROR(Could not find system library for libmongocrypt >= 1.10.1)
       ])
     fi
   fi
diff --git a/sbom.json b/sbom.json
index baf9d4c8f..64c7ebdee 100644
--- a/sbom.json
+++ b/sbom.json
@@ -1,22 +1,22 @@
 {
   "components": [
     {
-      "bom-ref": "pkg:github/mongodb/libmongocrypt@1.10.0",
+      "bom-ref": "pkg:github/mongodb/libmongocrypt@1.10.1",
       "externalReferences": [
         {
           "type": "distribution",
-          "url": "https://github.com/mongodb/libmongocrypt/archive/refs/tags/1.10.0.tar.gz"
+          "url": "https://github.com/mongodb/libmongocrypt/archive/refs/tags/1.10.1.tar.gz"
         },
         {
           "type": "website",
-          "url": "https://github.com/mongodb/libmongocrypt/tree/1.10.0"
+          "url": "https://github.com/mongodb/libmongocrypt/tree/1.10.1"
         }
       ],
       "group": "mongodb",
       "name": "libmongocrypt",
-      "purl": "pkg:github/mongodb/libmongocrypt@1.10.0",
+      "purl": "pkg:github/mongodb/libmongocrypt@1.10.1",
       "type": "library",
-      "version": "1.10.0"
+      "version": "1.10.1"
     },
     {
       "bom-ref": "pkg:github/mongodb/mongo-c-driver@1.27.4",
@@ -39,14 +39,14 @@
   ],
   "dependencies": [
     {
-      "ref": "pkg:github/mongodb/libmongocrypt@1.10.0"
+      "ref": "pkg:github/mongodb/libmongocrypt@1.10.1"
     },
     {
       "ref": "pkg:github/mongodb/mongo-c-driver@1.27.4"
     }
   ],
   "metadata": {
-    "timestamp": "2024-07-03T08:46:07.057692+00:00",
+    "timestamp": "2024-07-03T10:31:03.600797+00:00",
     "tools": [
       {
         "externalReferences": [
@@ -90,7 +90,7 @@
     ]
   },
   "serialNumber": "urn:uuid:acb30d08-ee47-4ff0-b301-d66ef1f54082",
-  "version": 2,
+  "version": 3,
   "$schema": "http://cyclonedx.org/schema/bom-1.5.schema.json",
   "bomFormat": "CycloneDX",
   "specVersion": "1.5"
diff --git a/src/LIBMONGOCRYPT_VERSION_CURRENT b/src/LIBMONGOCRYPT_VERSION_CURRENT
index 81c871de4..4dae2985b 100644
--- a/src/LIBMONGOCRYPT_VERSION_CURRENT
+++ b/src/LIBMONGOCRYPT_VERSION_CURRENT
@@ -1 +1 @@
-1.10.0
+1.10.1
diff --git a/src/libmongocrypt b/src/libmongocrypt
index 940cdb252..654385b2f 160000
--- a/src/libmongocrypt
+++ b/src/libmongocrypt
@@ -1 +1 @@
-Subproject commit 940cdb252c3c21ab15984a070ddca70806d4c63f
+Subproject commit 654385b2f898caefcb923110b7fa7f340d4b993d