diff --git a/e2e/react-core/src/react-module-federation.test.ts b/e2e/react-core/src/react-module-federation.test.ts
index f03f99fa2c513..600dd5473edd7 100644
--- a/e2e/react-core/src/react-module-federation.test.ts
+++ b/e2e/react-core/src/react-module-federation.test.ts
@@ -2,12 +2,16 @@ import { stripIndents } from '@nx/devkit';
 import {
   checkFilesExist,
   cleanupProject,
+  killProcessAndPorts,
   newProject,
   readJson,
   runCLI,
   runCLIAsync,
+  runCommandUntil,
+  runE2ETests,
   uniq,
   updateFile,
+  updateJson,
 } from '@nx/e2e/utils';
 import { join } from 'path';
 
@@ -139,6 +143,145 @@ describe('React Module Federation', () => {
     expect(buildOutput).toContain('Successfully ran target build');
   }, 500_000);
 
+  it('should support different versions workspace libs for host and remote', async () => {
+    const shell = uniq('shell');
+    const remote = uniq('remote');
+    const lib = uniq('lib');
+
+    runCLI(
+      `generate @nx/react:host ${shell} --remotes=${remote} --no-interactive --projectNameAndRootFormat=as-provided`
+    );
+
+    runCLI(
+      `generate @nx/js:lib ${lib} --importPath=@acme/${lib} --publishable=true --no-interactive --projectNameAndRootFormat=as-provided`
+    );
+
+    updateFile(
+      `${lib}/src/lib/${lib}.ts`,
+      stripIndents`
+      export const version = '0.0.1';
+      `
+    );
+
+    updateJson(`${lib}/package.json`, (json) => {
+      return {
+        ...json,
+        version: '0.0.1',
+      };
+    });
+
+    // Update host to use the lib
+    updateFile(
+      `${shell}/src/app/app.tsx`,
+      `
+    import * as React from 'react';
+
+    import NxWelcome from './nx-welcome';
+    import { version } from '@acme/${lib}';
+    import { Link, Route, Routes } from 'react-router-dom';
+
+    const About = React.lazy(() => import('${remote}/Module'));
+
+    export function App() {
+      return (
+        <React.Suspense fallback={null}>
+          <div className="home">
+            Lib version: { version }
+          </div>
+          <ul>
+            <li>
+              <Link to="/">Home</Link>
+            </li>
+
+            <li>
+              <Link to="/About">About</Link>
+            </li>
+          </ul>
+          <Routes>
+            <Route path="/" element={<NxWelcome title="home" />} />
+
+            <Route path="/About" element={<About />} />
+          </Routes>
+        </React.Suspense>
+      );
+    }
+
+    export default App;`
+    );
+
+    // Update remote to use the lib
+    updateFile(
+      `${remote}/src/app/app.tsx`,
+      `// eslint-disable-next-line @typescript-eslint/no-unused-vars
+
+    import styles from './app.module.css';
+    import { version } from '@acme/${lib}';
+
+    import NxWelcome from './nx-welcome';
+
+    export function App() {
+      return (
+        
+        <div className='remote'>
+          Lib version: { version }
+          <NxWelcome title="${remote}" />
+        </div>
+      );
+    }
+
+    export default App;`
+    );
+
+    // update remote e2e test to check the version
+    updateFile(
+      `${remote}-e2e/src/e2e/app.cy.ts`,
+      `describe('${remote}', () => {
+          beforeEach(() => cy.visit('/'));
+        
+          it('should check the lib version', () => {
+            cy.get('div.remote').contains('Lib version: 0.0.1');
+          });
+        });        
+        `
+    );
+
+    // update shell e2e test to check the version
+    updateFile(
+      `${shell}-e2e/src/e2e/app.cy.ts`,
+      `
+      describe('${shell}', () => {
+        beforeEach(() => cy.visit('/'));
+
+        it('should check the lib version', () => {
+          cy.get('div.home').contains('Lib version: 0.0.1');
+        });
+      });
+      `
+    );
+
+    if (runE2ETests()) {
+      // test remote e2e
+      const remoteE2eResults = runCLI(`e2e ${remote}-e2e --no-watch --verbose`);
+      expect(remoteE2eResults).toContain('All specs passed!');
+
+      // test shell e2e
+      // serve remote first
+      const remotePort = 4201;
+      const remoteProcess = await runCommandUntil(
+        `serve ${remote} --no-watch --verbose`,
+        (output) => {
+          return output.includes(
+            `Web Development Server is listening at http://localhost:${remotePort}/`
+          );
+        }
+      );
+      const shellE2eResults = runCLI(`e2e ${shell}-e2e --no-watch --verbose`);
+      expect(shellE2eResults).toContain('All specs passed!');
+
+      await killProcessAndPorts(remoteProcess.pid, remotePort);
+    }
+  }, 500_000);
+
   function readPort(appName: string): number {
     const config = readJson(join('apps', appName, 'project.json'));
     return config.targets.serve.options.port;
diff --git a/packages/angular/src/utils/mf/utils.ts b/packages/angular/src/utils/mf/utils.ts
index 101142ad5796e..b63c5e061dec2 100644
--- a/packages/angular/src/utils/mf/utils.ts
+++ b/packages/angular/src/utils/mf/utils.ts
@@ -124,7 +124,9 @@ export async function getModuleFederationConfig(
   });
 
   const sharedDependencies = {
-    ...sharedLibraries.getLibraries(),
+    ...sharedLibraries.getLibraries(
+      projectGraph.nodes[mfConfig.name].data.root
+    ),
     ...npmPackages,
   };
 
diff --git a/packages/react/src/module-federation/utils.ts b/packages/react/src/module-federation/utils.ts
index ce46bb2f8a05a..7775123b1dce6 100644
--- a/packages/react/src/module-federation/utils.ts
+++ b/packages/react/src/module-federation/utils.ts
@@ -84,7 +84,7 @@ export async function getModuleFederationConfig(
   const npmPackages = sharePackages(dependencies.npmPackages);
 
   const sharedDependencies = {
-    ...sharedLibraries.getLibraries(),
+    ...sharedLibraries.getLibraries(project.root),
     ...npmPackages,
   };
 
diff --git a/packages/webpack/src/utils/module-federation/models/index.ts b/packages/webpack/src/utils/module-federation/models/index.ts
index 5d0365c213988..36653056fbffc 100644
--- a/packages/webpack/src/utils/module-federation/models/index.ts
+++ b/packages/webpack/src/utils/module-federation/models/index.ts
@@ -1,6 +1,7 @@
 import type { NormalModuleReplacementPlugin } from 'webpack';
 
 export type ModuleFederationLibrary = { type: string; name: string };
+
 export type WorkspaceLibrary = {
   name: string;
   root: string;
@@ -9,7 +10,10 @@ export type WorkspaceLibrary = {
 
 export type SharedWorkspaceLibraryConfig = {
   getAliases: () => Record<string, string>;
-  getLibraries: (eager?: boolean) => Record<string, SharedLibraryConfig>;
+  getLibraries: (
+    projectRoot: string,
+    eager?: boolean
+  ) => Record<string, SharedLibraryConfig>;
   getReplacementPlugin: () => NormalModuleReplacementPlugin;
 };
 
diff --git a/packages/webpack/src/utils/module-federation/share.spec.ts b/packages/webpack/src/utils/module-federation/share.spec.ts
index d7cb824f211ed..21cd14e61b73f 100644
--- a/packages/webpack/src/utils/module-federation/share.spec.ts
+++ b/packages/webpack/src/utils/module-federation/share.spec.ts
@@ -50,7 +50,7 @@ describe('MF Share Utils', () => {
       expect(sharedLibraries.getAliases()['@myorg/shared']).toContain(
         'libs/shared/src/index.ts'
       );
-      expect(sharedLibraries.getLibraries()).toEqual({
+      expect(sharedLibraries.getLibraries('libs/shared')).toEqual({
         '@myorg/shared': {
           eager: undefined,
           requiredVersion: false,
@@ -60,9 +60,7 @@ describe('MF Share Utils', () => {
 
     it('should handle path mappings with wildcards correctly in non-buildable libraries', () => {
       // ARRANGE
-      jest
-        .spyOn(fs, 'existsSync')
-        .mockImplementation((file: string) => !file?.endsWith('package.json'));
+      jest.spyOn(fs, 'existsSync').mockImplementation((file: string) => true);
       jest.spyOn(tsUtils, 'readTsPathMappings').mockReturnValue({
         '@myorg/shared': ['/libs/shared/src/index.ts'],
         '@myorg/shared/*': ['/libs/shared/src/lib/*'],
@@ -78,7 +76,7 @@ describe('MF Share Utils', () => {
       expect(sharedLibraries.getAliases()['@myorg/shared']).toContain(
         'libs/shared/src/index.ts'
       );
-      expect(sharedLibraries.getLibraries()).toEqual({
+      expect(sharedLibraries.getLibraries('libs/shared')).toEqual({
         '@myorg/shared': {
           eager: undefined,
           requiredVersion: false,
@@ -98,7 +96,7 @@ describe('MF Share Utils', () => {
 
       // ASSERT
       expect(sharedLibraries.getAliases()).toEqual({});
-      expect(sharedLibraries.getLibraries()).toEqual({});
+      expect(sharedLibraries.getLibraries('libs/shared')).toEqual({});
     });
   });
 
@@ -371,6 +369,78 @@ describe('MF Share Utils', () => {
       ).not.toThrow();
     });
   });
+
+  it('should using shared library version from root package.json if available', () => {
+    // ARRANGE
+    jest.spyOn(fs, 'existsSync').mockReturnValue(true);
+    jest
+      .spyOn(nxFileutils, 'readJsonFile')
+      .mockImplementation((file: string) => {
+        if (file.endsWith('package.json')) {
+          return {
+            dependencies: {
+              '@myorg/shared': '1.0.0',
+            },
+          };
+        }
+      });
+
+    jest.spyOn(tsUtils, 'readTsPathMappings').mockReturnValue({
+      '@myorg/shared': ['/libs/shared/src/index.ts'],
+      '@myorg/shared/*': ['/libs/shared/src/lib/*'],
+    });
+
+    // ACT
+    const sharedLibraries = shareWorkspaceLibraries(
+      [{ name: 'shared', root: 'libs/shared', importKey: '@myorg/shared' }],
+      '/'
+    );
+
+    // ASSERT
+    expect(sharedLibraries.getLibraries('libs/shared')).toEqual({
+      '@myorg/shared': {
+        eager: undefined,
+        requiredVersion: '1.0.0',
+        singleton: true,
+      },
+    });
+  });
+
+  it('should use shared library version from library package.json if project package.json does not have it', () => {
+    // ARRANGE
+    jest.spyOn(fs, 'existsSync').mockReturnValue(true);
+    jest
+      .spyOn(nxFileutils, 'readJsonFile')
+      .mockImplementation((file: string) => {
+        if (file.endsWith('libs/shared/package.json')) {
+          return {
+            version: '1.0.0',
+          };
+        } else {
+          return {};
+        }
+      });
+
+    jest.spyOn(tsUtils, 'readTsPathMappings').mockReturnValue({
+      '@myorg/shared': ['/libs/shared/src/index.ts'],
+      '@myorg/shared/*': ['/libs/shared/src/lib/*'],
+    });
+
+    // ACT
+    const sharedLibraries = shareWorkspaceLibraries(
+      [{ name: 'shared', root: 'libs/shared', importKey: '@myorg/shared' }],
+      null
+    );
+
+    // ASSERT
+    expect(sharedLibraries.getLibraries('libs/shared')).toEqual({
+      '@myorg/shared': {
+        eager: undefined,
+        requiredVersion: '1.0.0',
+        singleton: true,
+      },
+    });
+  });
 });
 
 function createMockedFSForNestedEntryPoints() {
diff --git a/packages/webpack/src/utils/module-federation/share.ts b/packages/webpack/src/utils/module-federation/share.ts
index ceeba7cc55238..b0188c909564d 100644
--- a/packages/webpack/src/utils/module-federation/share.ts
+++ b/packages/webpack/src/utils/module-federation/share.ts
@@ -11,20 +11,29 @@ import {
   collectPackageSecondaryEntryPoints,
   collectWorkspaceLibrarySecondaryEntryPoints,
 } from './secondary-entry-points';
-import { type ProjectGraph, workspaceRoot, logger } from '@nx/devkit';
+import {
+  type ProjectGraph,
+  workspaceRoot,
+  logger,
+  readJsonFile,
+  ProjectGraphProjectNode,
+  joinPathFragments,
+} from '@nx/devkit';
+import { existsSync } from 'fs';
+import type { PackageJson } from 'nx/src/utils/package-json';
 
 /**
  * Build an object of functions to be used with the ModuleFederationPlugin to
  * share Nx Workspace Libraries between Hosts and Remotes.
  *
- * @param libraries - The Nx Workspace Libraries to share
+ * @param workspaceLibs - The Nx Workspace Libraries to share
  * @param tsConfigPath - The path to TS Config File that contains the Path Mappings for the Libraries
  */
 export function shareWorkspaceLibraries(
-  libraries: WorkspaceLibrary[],
+  workspaceLibs: WorkspaceLibrary[],
   tsConfigPath = process.env.NX_TSCONFIG_PATH ?? getRootTsConfigPath()
 ): SharedWorkspaceLibraryConfig {
-  if (!libraries) {
+  if (!workspaceLibs) {
     return getEmptySharedLibrariesConfig();
   }
 
@@ -35,7 +44,7 @@ export function shareWorkspaceLibraries(
 
   const pathMappings: { name: string; path: string }[] = [];
   for (const [key, paths] of Object.entries(tsconfigPathAliases)) {
-    const library = libraries.find((lib) => lib.importKey === key);
+    const library = workspaceLibs.find((lib) => lib.importKey === key);
     if (!library) {
       continue;
     }
@@ -66,14 +75,55 @@ export function shareWorkspaceLibraries(
         (aliases, library) => ({ ...aliases, [library.name]: library.path }),
         {}
       ),
-    getLibraries: (eager?: boolean): Record<string, SharedLibraryConfig> =>
-      pathMappings.reduce(
-        (libraries, library) => ({
+    getLibraries: (
+      projectRoot: string,
+      eager?: boolean
+    ): Record<string, SharedLibraryConfig> => {
+      let pkgJson: PackageJson = null;
+      if (
+        projectRoot &&
+        existsSync(
+          joinPathFragments(workspaceRoot, projectRoot, 'package.json')
+        )
+      ) {
+        pkgJson = readJsonFile(
+          joinPathFragments(workspaceRoot, projectRoot, 'package.json')
+        );
+      }
+      return pathMappings.reduce((libraries, library) => {
+        // Check to see if the library version is declared in the app's package.json
+        let version = pkgJson?.dependencies?.[library.name];
+        if (!version && workspaceLibs.length > 0) {
+          const workspaceLib = workspaceLibs.find(
+            (lib) => lib.importKey === library.name
+          );
+
+          const libPackageJsonPath = workspaceLib
+            ? join(workspaceLib.root, 'package.json')
+            : null;
+          if (libPackageJsonPath && existsSync(libPackageJsonPath)) {
+            pkgJson = readJsonFile(libPackageJsonPath);
+
+            if (pkgJson) {
+              version = pkgJson.version;
+            }
+          }
+        }
+
+        return {
           ...libraries,
-          [library.name]: { requiredVersion: false, eager },
-        }),
-        {} as Record<string, SharedLibraryConfig>
-      ),
+          [library.name]: {
+            ...(version
+              ? {
+                  requiredVersion: version,
+                  singleton: true,
+                }
+              : { requiredVersion: false }),
+            eager,
+          },
+        };
+      }, {} as Record<string, SharedLibraryConfig>);
+    },
     getReplacementPlugin: () =>
       new webpack.NormalModuleReplacementPlugin(/./, (req) => {
         if (!req.request.startsWith('.')) {