diff --git a/core/setup.py b/core/setup.py
index a79cecaaa16..7b8353123d8 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -51,7 +51,7 @@
         # Pin to the patch or minor version, and bump in each new minor version of dbt-core.
         "agate~=1.7.0",
         "Jinja2~=3.1.2",
-        "mashumaro[msgpack]~=3.7.0",
+        "mashumaro[msgpack]>=3.7,<3.9",
         # ----
         # Legacy: This package has not been updated since 2019, and it is unused in dbt's logging system (since v1.0)
         # The dependency here will be removed along with the removal of 'legacy logging', in a future release of dbt-core