diff --git a/aiida/manage/configuration/config.py b/aiida/manage/configuration/config.py
index b785bb7447d..a6ef4bd364c 100644
--- a/aiida/manage/configuration/config.py
+++ b/aiida/manage/configuration/config.py
@@ -20,7 +20,14 @@
 from typing import Any, Dict, List, Optional, Sequence, Tuple
 import uuid
 
-from pydantic import BaseModel, Field, ValidationError, validator  # pylint: disable=no-name-in-module
+from pydantic import (  # pylint: disable=no-name-in-module
+    BaseModel,
+    ConfigDict,
+    Field,
+    ValidationError,
+    field_serializer,
+    field_validator,
+)
 
 from aiida.common.exceptions import ConfigurationError
 from aiida.common.log import LogLevels
@@ -69,6 +76,8 @@ class ConfigVersionSchema(BaseModel):
 class ProfileOptionsSchema(BaseModel):
     """Schema for the options of an AiiDA profile."""
 
+    model_config = ConfigDict(use_enum_values=True)
+
     runner__poll__interval: int = Field(60, description='Polling interval in seconds to be used by process runners.')
     daemon__default_workers: int = Field(
         1, description='Default number of workers to be launched by `verdi daemon start`.'
@@ -130,39 +139,37 @@ class ProfileOptionsSchema(BaseModel):
         5, description='Maximum number of transport task attempts before a Process is Paused.'
     )
     rmq__task_timeout: int = Field(10, description='Timeout in seconds for communications with RabbitMQ.')
-    storage__sandbox: Optional[str] = Field(description='Absolute path to the directory to store sandbox folders.')
+    storage__sandbox: Optional[str] = Field(
+        None, description='Absolute path to the directory to store sandbox folders.'
+    )
     caching__default_enabled: bool = Field(False, description='Enable calculation caching by default.')
     caching__enabled_for: List[str] = Field([], description='Calculation entry points to enable caching on.')
     caching__disabled_for: List[str] = Field([], description='Calculation entry points to disable caching on.')
 
-    class Config:
-        use_enum_values = True
-
-    @validator('caching__enabled_for', 'caching__disabled_for')
+    @field_validator('caching__enabled_for', 'caching__disabled_for')
     @classmethod
     def validate_caching_identifier_pattern(cls, value: List[str]) -> List[str]:
         """Validate the caching identifier patterns."""
         from aiida.manage.caching import _validate_identifier_pattern
         for identifier in value:
-            try:
-                _validate_identifier_pattern(identifier=identifier)
-            except ValueError as exception:
-                raise ValidationError(str(exception)) from exception
+            _validate_identifier_pattern(identifier=identifier)
 
         return value
 
 
 class GlobalOptionsSchema(ProfileOptionsSchema):
     """Schema for the global options of an AiiDA instance."""
-    autofill__user__email: Optional[str] = Field(description='Default user email to use when creating new profiles.')
+    autofill__user__email: Optional[str] = Field(
+        None, description='Default user email to use when creating new profiles.'
+    )
     autofill__user__first_name: Optional[str] = Field(
-        description='Default user first name to use when creating new profiles.'
+        None, description='Default user first name to use when creating new profiles.'
     )
     autofill__user__last_name: Optional[str] = Field(
-        description='Default user last name to use when creating new profiles.'
+        None, description='Default user last name to use when creating new profiles.'
     )
     autofill__user__institution: Optional[str] = Field(
-        description='Default user institution to use when creating new profiles.'
+        None, description='Default user institution to use when creating new profiles.'
     )
     rest_api__profile_switching: bool = Field(
         False, description='Toggle whether the profile can be specified in requests submitted to the REST API.'
@@ -200,21 +207,20 @@ class ProfileSchema(BaseModel):
     process_control: ProcessControlConfig
     default_user_email: Optional[str] = None
     test_profile: bool = False
-    options: Optional[ProfileOptionsSchema]
+    options: Optional[ProfileOptionsSchema] = None
 
-    class Config:
-        json_encoders = {
-            uuid.UUID: lambda u: str(u),  # pylint: disable=unnecessary-lambda
-        }
+    @field_serializer('uuid')
+    def serialize_dt(self, value: uuid.UUID, _info):
+        return str(value)
 
 
 class ConfigSchema(BaseModel):
     """Schema for the configuration of an AiiDA instance."""
 
-    CONFIG_VERSION: Optional[ConfigVersionSchema]
-    profiles: Optional[dict[str, ProfileSchema]]
-    options: Optional[GlobalOptionsSchema]
-    default_profile: Optional[str]
+    CONFIG_VERSION: Optional[ConfigVersionSchema] = None
+    profiles: Optional[dict[str, ProfileSchema]] = None
+    options: Optional[GlobalOptionsSchema] = None
+    default_profile: Optional[str] = None
 
 
 class Config:  # pylint: disable=too-many-public-methods
diff --git a/aiida/manage/configuration/options.py b/aiida/manage/configuration/options.py
index bb05d99ef5a..21753e7738d 100644
--- a/aiida/manage/configuration/options.py
+++ b/aiida/manage/configuration/options.py
@@ -34,7 +34,7 @@ def name(self) -> str:
 
     @property
     def valid_type(self) -> Any:
-        return self._field.type_
+        return self._field.annotation
 
     @property
     def schema(self) -> Dict[str, Any]:
@@ -46,12 +46,12 @@ def default(self) -> Any:
 
     @property
     def description(self) -> str:
-        return self._field.field_info.description
+        return self._field.description
 
     @property
     def global_only(self) -> bool:
         from .config import ProfileOptionsSchema
-        return self._name in ProfileOptionsSchema.__fields__
+        return self._name.replace('.', '__') not in ProfileOptionsSchema.model_fields
 
     def validate(self, value: Any) -> Any:
         """Validate a value
@@ -63,10 +63,15 @@ def validate(self, value: Any) -> Any:
         :raise: ConfigValidationError
 
         """
-        value, validation_error = self._field.validate(value, {}, loc=None)
+        from pydantic import ValidationError
 
-        if validation_error:
-            raise ConfigurationError(validation_error)
+        from .config import GlobalOptionsSchema
+        try:
+            GlobalOptionsSchema.__pydantic_validator__.validate_assignment(
+                GlobalOptionsSchema.model_construct(), self.name.replace('.', '__'), value
+            )
+        except ValidationError as exception:
+            raise ConfigurationError(str(exception)) from exception
 
         return value
 
@@ -74,17 +79,17 @@ def validate(self, value: Any) -> Any:
 def get_option_names() -> List[str]:
     """Return a list of available option names."""
     from .config import GlobalOptionsSchema
-    return [key.replace('__', '.') for key in GlobalOptionsSchema.__fields__]
+    return [key.replace('__', '.') for key in GlobalOptionsSchema.model_fields]
 
 
 def get_option(name: str) -> Option:
     """Return option."""
     from .config import GlobalOptionsSchema
-    options = GlobalOptionsSchema.__fields__
+    options = GlobalOptionsSchema.model_fields
     option_name = name.replace('.', '__')
     if option_name not in options:
         raise ConfigurationError(f'the option {name} does not exist')
-    return Option(name, GlobalOptionsSchema.schema()['properties'][option_name], options[option_name])
+    return Option(name, GlobalOptionsSchema.model_json_schema()['properties'][option_name], options[option_name])
 
 
 def parse_option(option_name: str, option_value: Any) -> Tuple[Option, Any]:
diff --git a/environment.yml b/environment.yml
index b410a29c5ef..823594c1e09 100644
--- a/environment.yml
+++ b/environment.yml
@@ -26,7 +26,7 @@ dependencies:
 - pgsu~=0.2.1
 - psutil~=5.6
 - psycopg2-binary~=2.8
-- pydantic~=1.10
+- pydantic~=2.3
 - pytz~=2021.1
 - pyyaml~=6.0
 - requests~=2.0
diff --git a/pyproject.toml b/pyproject.toml
index a3ce6d893f7..a4b54fe4ad9 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -44,7 +44,7 @@ dependencies = [
     "pgsu~=0.2.1",
     "psutil~=5.6",
     "psycopg2-binary~=2.8",
-    "pydantic~=1.10",
+    "pydantic~=2.3",
     "pytz~=2021.1",
     "pyyaml~=6.0",
     "requests~=2.0",
diff --git a/requirements/requirements-py-3.10.txt b/requirements/requirements-py-3.10.txt
index 99a8938f59e..2af6a12e247 100644
--- a/requirements/requirements-py-3.10.txt
+++ b/requirements/requirements-py-3.10.txt
@@ -87,7 +87,7 @@ matplotlib-inline==0.1.6
 mdit-py-plugins==0.3.5
 mdurl==0.1.2
 mistune==3.0.1
-monty==2023.5.8
+monty==2023.9.5
 mp-api==0.33.3
 mpmath==1.3.0
 msgpack==1.0.5
@@ -131,10 +131,10 @@ py-cpuinfo==9.0.0
 pybtex==0.24.0
 pycifrw==4.4.5
 pycparser==2.21
-pydantic==1.10.9
+pydantic==2.3.0
 pydata-sphinx-theme==0.8.1
 pygments==2.15.1
-pymatgen==2023.5.31
+pymatgen==2023.9.10
 pympler==0.9
 pymysql==0.9.3
 pynacl==1.5.0
diff --git a/requirements/requirements-py-3.11.txt b/requirements/requirements-py-3.11.txt
index 398e7d5fdcf..7f38661d848 100644
--- a/requirements/requirements-py-3.11.txt
+++ b/requirements/requirements-py-3.11.txt
@@ -86,7 +86,7 @@ matplotlib-inline==0.1.6
 mdit-py-plugins==0.3.5
 mdurl==0.1.2
 mistune==3.0.1
-monty==2023.5.8
+monty==2023.9.5
 mp-api==0.33.3
 mpmath==1.3.0
 msgpack==1.0.5
@@ -130,10 +130,10 @@ py-cpuinfo==9.0.0
 pybtex==0.24.0
 pycifrw==4.4.5
 pycparser==2.21
-pydantic==1.10.9
+pydantic==2.3.0
 pydata-sphinx-theme==0.8.1
 pygments==2.15.1
-pymatgen==2023.9.2
+pymatgen==2023.9.10
 pympler==0.9
 pymysql==0.9.3
 pynacl==1.5.0
diff --git a/requirements/requirements-py-3.9.txt b/requirements/requirements-py-3.9.txt
index cb62fa681d4..ba502767d85 100644
--- a/requirements/requirements-py-3.9.txt
+++ b/requirements/requirements-py-3.9.txt
@@ -89,7 +89,7 @@ matplotlib-inline==0.1.6
 mdit-py-plugins==0.3.5
 mdurl==0.1.2
 mistune==3.0.1
-monty==2023.5.8
+monty==2023.9.5
 mp-api==0.33.3
 mpmath==1.3.0
 msgpack==1.0.5
@@ -133,10 +133,10 @@ py-cpuinfo==9.0.0
 pybtex==0.24.0
 pycifrw==4.4.5
 pycparser==2.21
-pydantic==1.10.9
+pydantic==2.3.0
 pydata-sphinx-theme==0.8.1
 pygments==2.15.1
-pymatgen==2023.5.31
+pymatgen==2023.9.10
 pympler==0.9
 pymysql==0.9.3
 pynacl==1.5.0