diff --git a/CHANGELOG.md b/CHANGELOG.md
index 752f1721c..ccfe885ce 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,7 @@
 ## 1.1.0-rc0
  * Deprecate `handle_spec_started/3` callback in Bins and Pipelines. [#708](https://github.com/membraneframework/membrane_core/pull/708)
  * Handle buffers from input pads having `flow_control: :auto` only if demand on all output pads having `flow_control: :auto` is positive. [#693](https://github.com/membraneframework/membrane_core/pull/693)
+ * Set `:ratio` dependency version to `"~> 3.0 or ~> 4.0"`. [#780](https://github.com/membraneframework/membrane_core/pull/780)
  * Deprecate `Membrane.Testing.Pipeline.message_child/3`. Introduce `Membrane.Testing.Pipeline.notify_child/3` instead. [#779](https://github.com/membraneframework/membrane_core/pull/779)
 
 ## 1.0.1
diff --git a/mix.exs b/mix.exs
index 7f7033497..89e72bf4e 100644
--- a/mix.exs
+++ b/mix.exs
@@ -144,7 +144,7 @@ defmodule Membrane.Mixfile do
       {:qex, "~> 0.3"},
       {:telemetry, "~> 1.0"},
       {:bunch, "~> 1.6"},
-      {:ratio, "~> 3.0"},
+      {:ratio, "~> 3.0 or ~> 4.0"},
       # Development
       {:ex_doc, "~> 0.28", only: :dev, runtime: false},
       {:makeup_diff, "~> 0.1", only: :dev, runtime: false},
diff --git a/mix.lock b/mix.lock
index 861da1eb6..929e39965 100644
--- a/mix.lock
+++ b/mix.lock
@@ -19,6 +19,6 @@
   "nimble_parsec": {:hex, :nimble_parsec, "1.3.1", "2c54013ecf170e249e9291ed0a62e5832f70a476c61da16f6aac6dca0189f2af", [:mix], [], "hexpm", "2682e3c0b2eb58d90c6375fc0cc30bc7be06f365bf72608804fb9cffa5e1b167"},
   "numbers": {:hex, :numbers, "5.2.4", "f123d5bb7f6acc366f8f445e10a32bd403c8469bdbce8ce049e1f0972b607080", [:mix], [{:coerce, "~> 1.0", [hex: :coerce, repo: "hexpm", optional: false]}, {:decimal, "~> 1.9 or ~> 2.0", [hex: :decimal, repo: "hexpm", optional: true]}], "hexpm", "eeccf5c61d5f4922198395bf87a465b6f980b8b862dd22d28198c5e6fab38582"},
   "qex": {:hex, :qex, "0.5.1", "0d82c0f008551d24fffb99d97f8299afcb8ea9cf99582b770bd004ed5af63fd6", [:mix], [], "hexpm", "935a39fdaf2445834b95951456559e9dc2063d0a055742c558a99987b38d6bab"},
-  "ratio": {:hex, :ratio, "3.0.2", "60a5976872a4dc3d873ecc57eed1738589e99d1094834b9c935b118231297cfb", [:mix], [{:decimal, "~> 1.6 or ~> 2.0", [hex: :decimal, repo: "hexpm", optional: true]}, {:numbers, "~> 5.2.0", [hex: :numbers, repo: "hexpm", optional: false]}], "hexpm", "3a13ed5a30ad0bfd7e4a86bf86d93d2b5a06f5904417d38d3f3ea6406cdfc7bb"},
+  "ratio": {:hex, :ratio, "4.0.1", "3044166f2fc6890aa53d3aef0c336f84b2bebb889dc57d5f95cc540daa1912f8", [:mix], [{:decimal, "~> 1.6 or ~> 2.0", [hex: :decimal, repo: "hexpm", optional: true]}, {:numbers, "~> 5.2.0", [hex: :numbers, repo: "hexpm", optional: false]}], "hexpm", "c60cbb3ccdff9ffa56e7d6d1654b5c70d9f90f4d753ab3a43a6bf40855b881ce"},
   "telemetry": {:hex, :telemetry, "1.2.1", "68fdfe8d8f05a8428483a97d7aab2f268aaff24b49e0f599faa091f1d4e7f61c", [:rebar3], [], "hexpm", "dad9ce9d8effc621708f99eac538ef1cbe05d6a874dd741de2e689c47feafed5"},
 }