diff --git a/package.json b/package.json
index a25f0221bd5dbc..6b329a98b64d75 100644
--- a/package.json
+++ b/package.json
@@ -52,7 +52,7 @@
   },
   "devDependencies": {
     "@babel/core": "^7.20.0",
-    "@babel/eslint-parser": "^7.19.0",
+    "@babel/eslint-parser": "^7.20.0",
     "@babel/generator": "^7.20.0",
     "@babel/plugin-transform-regenerator": "^7.0.0",
     "@definitelytyped/dtslint": "^0.0.127",
diff --git a/packages/eslint-config-react-native/package.json b/packages/eslint-config-react-native/package.json
index e42373a8731684..c71bff02bd7ae6 100644
--- a/packages/eslint-config-react-native/package.json
+++ b/packages/eslint-config-react-native/package.json
@@ -17,7 +17,7 @@
   "main": "index.js",
   "dependencies": {
     "@babel/core": "^7.20.0",
-    "@babel/eslint-parser": "^7.19.0",
+    "@babel/eslint-parser": "^7.20.0",
     "@react-native/eslint-plugin": "^0.73.0",
     "@typescript-eslint/eslint-plugin": "^5.57.1",
     "@typescript-eslint/parser": "^5.57.1",
diff --git a/packages/eslint-plugin-specs/package.json b/packages/eslint-plugin-specs/package.json
index 9d523702fcae95..370e6aa7212d9f 100644
--- a/packages/eslint-plugin-specs/package.json
+++ b/packages/eslint-plugin-specs/package.json
@@ -21,11 +21,11 @@
   },
   "dependencies": {
     "@babel/core": "^7.20.0",
-    "@babel/eslint-parser": "^7.19.0",
-    "@babel/plugin-transform-flow-strip-types": "^7.0.0",
-    "@babel/preset-flow": "^7.18.0",
+    "@babel/eslint-parser": "^7.20.0",
+    "@babel/plugin-transform-flow-strip-types": "^7.20.0",
+    "@babel/preset-flow": "^7.20.0",
     "@react-native/codegen": "*",
-    "flow-parser": "^0.185.0",
+    "flow-parser": "^0.202.0",
     "make-dir": "^2.1.0",
     "pirates": "^4.0.1",
     "source-map-support": "0.5.0"
diff --git a/packages/hermes-inspector-msggen/package.json b/packages/hermes-inspector-msggen/package.json
index 856d3b59607f15..bc4611a469301d 100644
--- a/packages/hermes-inspector-msggen/package.json
+++ b/packages/hermes-inspector-msggen/package.json
@@ -26,10 +26,10 @@
     "yargs": "^17.6.2"
   },
   "devDependencies": {
-    "@babel/cli": "^7.19.0",
+    "@babel/cli": "^7.20.0",
     "@babel/core": "^7.20.0",
     "@babel/preset-env": "^7.20.0",
-    "@babel/preset-flow": "^7.18.0",
+    "@babel/preset-flow": "^7.20.0",
     "jest": "^29.2.1"
   },
   "jest": {
diff --git a/packages/react-native-codegen/package.json b/packages/react-native-codegen/package.json
index 57412c383f5f88..dcc64a2c9377f6 100644
--- a/packages/react-native-codegen/package.json
+++ b/packages/react-native-codegen/package.json
@@ -24,21 +24,21 @@
   ],
   "dependencies": {
     "@babel/parser": "^7.20.0",
-    "flow-parser": "^0.185.0",
+    "flow-parser": "^0.202.0",
     "jscodeshift": "^0.14.0",
     "nullthrows": "^1.1.1"
   },
   "devDependencies": {
     "@babel/core": "^7.20.0",
-    "@babel/plugin-proposal-class-properties": "^7.0.0",
-    "@babel/plugin-proposal-nullish-coalescing-operator": "^7.0.0",
-    "@babel/plugin-proposal-object-rest-spread": "^7.0.0",
-    "@babel/plugin-proposal-optional-chaining": "^7.0.0",
-    "@babel/plugin-syntax-dynamic-import": "^7.0.0",
-    "@babel/plugin-transform-async-to-generator": "^7.0.0",
-    "@babel/plugin-transform-destructuring": "^7.0.0",
-    "@babel/plugin-transform-flow-strip-types": "^7.0.0",
-    "@babel/preset-env": "^7.14.0",
+    "@babel/plugin-proposal-class-properties": "^7.18.6",
+    "@babel/plugin-proposal-nullish-coalescing-operator": "^7.18.6",
+    "@babel/plugin-proposal-object-rest-spread": "^7.20.0",
+    "@babel/plugin-proposal-optional-chaining": "^7.20.0",
+    "@babel/plugin-syntax-dynamic-import": "^7.8.3",
+    "@babel/plugin-transform-async-to-generator": "^7.20.0",
+    "@babel/plugin-transform-destructuring": "^7.20.0",
+    "@babel/plugin-transform-flow-strip-types": "^7.19.0",
+    "@babel/preset-env": "^7.20.0",
     "chalk": "^4.0.0",
     "glob": "^7.1.1",
     "invariant": "^2.2.4",
diff --git a/packages/react-native/template/package.json b/packages/react-native/template/package.json
index 858aba4e8f1728..f5572d74706171 100644
--- a/packages/react-native/template/package.json
+++ b/packages/react-native/template/package.json
@@ -16,7 +16,7 @@
   "devDependencies": {
     "@babel/core": "^7.20.0",
     "@babel/preset-env": "^7.20.0",
-    "@babel/runtime": "^7.12.5",
+    "@babel/runtime": "^7.20.0",
     "@react-native/eslint-config": "^0.73.0",
     "@react-native/metro-config": "^0.73.0",
     "@react-native/typescript-config": "^0.73.0",
diff --git a/yarn.lock b/yarn.lock
index bf82c07ff92368..ffedd80a3bbf19 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -10,12 +10,12 @@
     "@jridgewell/gen-mapping" "^0.1.0"
     "@jridgewell/trace-mapping" "^0.3.9"
 
-"@babel/cli@^7.19.0":
-  version "7.19.3"
-  resolved "https://registry.yarnpkg.com/@babel/cli/-/cli-7.19.3.tgz#55914ed388e658e0b924b3a95da1296267e278e2"
-  integrity sha512-643/TybmaCAe101m2tSVHi9UKpETXP9c/Ff4mD2tAwkdP6esKIfaauZFc67vGEM6r9fekbEGid+sZhbEnSe3dg==
+"@babel/cli@^7.20.0":
+  version "7.21.5"
+  resolved "https://registry.yarnpkg.com/@babel/cli/-/cli-7.21.5.tgz#a685a5b50b785f2edfbf6e042c1265c653547d9d"
+  integrity sha512-TOKytQ9uQW9c4np8F+P7ZfPINy5Kv+pizDIUwSVH8X5zHgYHV4AA8HE5LA450xXeu4jEfmUckTYvv1I4S26M/g==
   dependencies:
-    "@jridgewell/trace-mapping" "^0.3.8"
+    "@jridgewell/trace-mapping" "^0.3.17"
     commander "^4.0.1"
     convert-source-map "^1.1.0"
     fs-readdir-recursive "^1.1.0"
@@ -85,10 +85,10 @@
     json5 "^2.2.1"
     semver "^6.3.0"
 
-"@babel/eslint-parser@^7.19.0":
-  version "7.19.1"
-  resolved "https://registry.yarnpkg.com/@babel/eslint-parser/-/eslint-parser-7.19.1.tgz#4f68f6b0825489e00a24b41b6a1ae35414ecd2f4"
-  integrity sha512-AqNf2QWt1rtu2/1rLswy6CDP7H9Oh3mMhk177Y67Rg8d7RD9WfOLLv8CGn6tisFvS2htm86yIe1yLF6I1UDaGQ==
+"@babel/eslint-parser@^7.20.0":
+  version "7.21.8"
+  resolved "https://registry.yarnpkg.com/@babel/eslint-parser/-/eslint-parser-7.21.8.tgz#59fb6fc4f3b017ab86987c076226ceef7b2b2ef2"
+  integrity sha512-HLhI+2q+BP3sf78mFUZNCGc10KEmoUqtUT1OCdMZsN+qr4qFeLUod62/zAnF3jNQstwyasDkZnVXwfK2Bml7MQ==
   dependencies:
     "@nicolo-ribaudo/eslint-scope-5-internals" "5.1.1-v1"
     eslint-visitor-keys "^2.1.0"
@@ -538,6 +538,17 @@
     "@babel/plugin-syntax-object-rest-spread" "^7.8.3"
     "@babel/plugin-transform-parameters" "^7.20.1"
 
+"@babel/plugin-proposal-object-rest-spread@^7.20.0":
+  version "7.20.7"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-object-rest-spread/-/plugin-proposal-object-rest-spread-7.20.7.tgz#aa662940ef425779c75534a5c41e9d936edc390a"
+  integrity sha512-d2S98yCiLxDVmBmE8UjGcfPvNEUbA1U5q5WxaWFUGRzJSVAZqm5W6MbPct0jxnegUZ0niLeNX+IOzEs7wYg9Dg==
+  dependencies:
+    "@babel/compat-data" "^7.20.5"
+    "@babel/helper-compilation-targets" "^7.20.7"
+    "@babel/helper-plugin-utils" "^7.20.2"
+    "@babel/plugin-syntax-object-rest-spread" "^7.8.3"
+    "@babel/plugin-transform-parameters" "^7.20.7"
+
 "@babel/plugin-proposal-optional-catch-binding@^7.0.0", "@babel/plugin-proposal-optional-catch-binding@^7.18.6":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-optional-catch-binding/-/plugin-proposal-optional-catch-binding-7.18.6.tgz#f9400d0e6a3ea93ba9ef70b09e72dd6da638a2cb"
@@ -555,6 +566,15 @@
     "@babel/helper-skip-transparent-expression-wrappers" "^7.18.9"
     "@babel/plugin-syntax-optional-chaining" "^7.8.3"
 
+"@babel/plugin-proposal-optional-chaining@^7.20.0":
+  version "7.21.0"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-optional-chaining/-/plugin-proposal-optional-chaining-7.21.0.tgz#886f5c8978deb7d30f678b2e24346b287234d3ea"
+  integrity sha512-p4zeefM72gpmEe2fkUr/OnOXpWEf8nAgk7ZYVqqfFiyIG7oFfVZcCrU64hWn5xp4tQ9LkV4bTIa5rD0KANpKNA==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.20.2"
+    "@babel/helper-skip-transparent-expression-wrappers" "^7.20.0"
+    "@babel/plugin-syntax-optional-chaining" "^7.8.3"
+
 "@babel/plugin-proposal-private-methods@^7.18.6":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-private-methods/-/plugin-proposal-private-methods-7.18.6.tgz#5209de7d213457548a98436fa2882f52f4be6bea"
@@ -744,6 +764,15 @@
     "@babel/helper-plugin-utils" "^7.18.6"
     "@babel/helper-remap-async-to-generator" "^7.18.6"
 
+"@babel/plugin-transform-async-to-generator@^7.20.0":
+  version "7.20.7"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-transform-async-to-generator/-/plugin-transform-async-to-generator-7.20.7.tgz#dfee18623c8cb31deb796aa3ca84dda9cea94354"
+  integrity sha512-Uo5gwHPT9vgnSXQxqGtpdufUiWp96gk7yiP4Mp5bm1QMkEmLXBO7PAGYbKoJ6DhAwiNkcHFBol/x5zZZkL/t0Q==
+  dependencies:
+    "@babel/helper-module-imports" "^7.18.6"
+    "@babel/helper-plugin-utils" "^7.20.2"
+    "@babel/helper-remap-async-to-generator" "^7.18.9"
+
 "@babel/plugin-transform-block-scoped-functions@^7.0.0", "@babel/plugin-transform-block-scoped-functions@^7.18.6":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/plugin-transform-block-scoped-functions/-/plugin-transform-block-scoped-functions-7.18.6.tgz#9187bf4ba302635b9d70d986ad70f038726216a8"
@@ -787,6 +816,13 @@
   dependencies:
     "@babel/helper-plugin-utils" "^7.20.2"
 
+"@babel/plugin-transform-destructuring@^7.20.0":
+  version "7.21.3"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-transform-destructuring/-/plugin-transform-destructuring-7.21.3.tgz#73b46d0fd11cd6ef57dea8a381b1215f4959d401"
+  integrity sha512-bp6hwMFzuiE4HqYEyoGJ/V2LeIWn+hLVKc4pnj++E5XQptwhtcGmSayM029d/j2X1bPKGTlsyPwAubuU22KhMA==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.20.2"
+
 "@babel/plugin-transform-dotall-regex@^7.18.6", "@babel/plugin-transform-dotall-regex@^7.4.4":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/plugin-transform-dotall-regex/-/plugin-transform-dotall-regex-7.18.6.tgz#b286b3e7aae6c7b861e45bed0a2fafd6b1a4fef8"
@@ -818,6 +854,14 @@
     "@babel/helper-plugin-utils" "^7.19.0"
     "@babel/plugin-syntax-flow" "^7.18.6"
 
+"@babel/plugin-transform-flow-strip-types@^7.19.0", "@babel/plugin-transform-flow-strip-types@^7.20.0", "@babel/plugin-transform-flow-strip-types@^7.21.0":
+  version "7.21.0"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-transform-flow-strip-types/-/plugin-transform-flow-strip-types-7.21.0.tgz#6aeca0adcb81dc627c8986e770bfaa4d9812aff5"
+  integrity sha512-FlFA2Mj87a6sDkW4gfGrQQqwY/dLlBAyJa2dJEZ+FHXUVHBflO2wyKvg+OOEzXfrKYIa4HWl0mgmbCzt0cMb7w==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.20.2"
+    "@babel/plugin-syntax-flow" "^7.18.6"
+
 "@babel/plugin-transform-for-of@^7.0.0", "@babel/plugin-transform-for-of@^7.18.8":
   version "7.18.8"
   resolved "https://registry.yarnpkg.com/@babel/plugin-transform-for-of/-/plugin-transform-for-of-7.18.8.tgz#6ef8a50b244eb6a0bdbad0c7c61877e4e30097c1"
@@ -913,6 +957,13 @@
   dependencies:
     "@babel/helper-plugin-utils" "^7.20.2"
 
+"@babel/plugin-transform-parameters@^7.20.7":
+  version "7.21.3"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-transform-parameters/-/plugin-transform-parameters-7.21.3.tgz#18fc4e797cf6d6d972cb8c411dbe8a809fa157db"
+  integrity sha512-Wxc+TvppQG9xWFYatvCGPvZ6+SIUxQ2ZdiBP+PHYMIjnPXD+uThCshaz4NZOnODAtBjjcVQQ/3OKs9LW28purQ==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.20.2"
+
 "@babel/plugin-transform-property-literals@^7.0.0", "@babel/plugin-transform-property-literals@^7.18.6":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/plugin-transform-property-literals/-/plugin-transform-property-literals-7.18.6.tgz#e22498903a483448e94e032e9bbb9c5ccbfc93a3"
@@ -1129,7 +1180,7 @@
     core-js-compat "^3.25.1"
     semver "^6.3.0"
 
-"@babel/preset-flow@^7.13.13", "@babel/preset-flow@^7.18.0":
+"@babel/preset-flow@^7.13.13":
   version "7.18.6"
   resolved "https://registry.yarnpkg.com/@babel/preset-flow/-/preset-flow-7.18.6.tgz#83f7602ba566e72a9918beefafef8ef16d2810cb"
   integrity sha512-E7BDhL64W6OUqpuyHnSroLnqyRTcG6ZdOBl1OKI/QK/HJfplqK/S3sq1Cckx7oTodJ5yOXyfw7rEADJ6UjoQDQ==
@@ -1138,6 +1189,15 @@
     "@babel/helper-validator-option" "^7.18.6"
     "@babel/plugin-transform-flow-strip-types" "^7.18.6"
 
+"@babel/preset-flow@^7.20.0":
+  version "7.21.4"
+  resolved "https://registry.yarnpkg.com/@babel/preset-flow/-/preset-flow-7.21.4.tgz#a5de2a1cafa61f0e0b3af9b30ff0295d38d3608f"
+  integrity sha512-F24cSq4DIBmhq4OzK3dE63NHagb27OPE3eWR+HLekt4Z3Y5MzIIUGF3LlLgV0gN8vzbDViSY7HnrReNVCJXTeA==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.20.2"
+    "@babel/helper-validator-option" "^7.21.0"
+    "@babel/plugin-transform-flow-strip-types" "^7.21.0"
+
 "@babel/preset-modules@^0.1.5":
   version "0.1.5"
   resolved "https://registry.yarnpkg.com/@babel/preset-modules/-/preset-modules-0.1.5.tgz#ef939d6e7f268827e1841638dc6ff95515e115d9"
@@ -2314,7 +2374,7 @@
   resolved "https://registry.yarnpkg.com/@jridgewell/sourcemap-codec/-/sourcemap-codec-1.4.14.tgz#add4c98d341472a289190b424efbdb096991bb24"
   integrity sha512-XPSJHWmi394fuUuzDnGz1wiKqWfo1yXecHQMRf2l6hztTO+nPru658AyDngaBe7isIxEkRsPR3FZh+s7iVa4Uw==
 
-"@jridgewell/trace-mapping@^0.3.12", "@jridgewell/trace-mapping@^0.3.15", "@jridgewell/trace-mapping@^0.3.8", "@jridgewell/trace-mapping@^0.3.9":
+"@jridgewell/trace-mapping@^0.3.12", "@jridgewell/trace-mapping@^0.3.15", "@jridgewell/trace-mapping@^0.3.9":
   version "0.3.15"
   resolved "https://registry.yarnpkg.com/@jridgewell/trace-mapping/-/trace-mapping-0.3.15.tgz#aba35c48a38d3fd84b37e66c9c0423f9744f9774"
   integrity sha512-oWZNOULl+UbhsgB51uuZzglikfIKSUBO/M9W2OfEjn7cmqoAiCgmv9lyACTUacZwBz0ITnJ2NqjU8Tx0DHL88g==
@@ -5538,11 +5598,16 @@ flow-enums-runtime@^0.0.6:
   resolved "https://registry.yarnpkg.com/flow-enums-runtime/-/flow-enums-runtime-0.0.6.tgz#5bb0cd1b0a3e471330f4d109039b7eba5cb3e787"
   integrity sha512-3PYnM29RFXwvAN6Pc/scUfkI7RwhQ/xqyLUyPNlXUp9S40zI8nup9tUSrTLSVnWGBN38FNiGWbwZOB6uR4OGdw==
 
-flow-parser@0.*, flow-parser@^0.185.0:
+flow-parser@0.*:
   version "0.185.0"
   resolved "https://registry.yarnpkg.com/flow-parser/-/flow-parser-0.185.0.tgz#56bde60805bad19b2934ebfc50c9485e5c5424f9"
   integrity sha512-VWpXjEbQbIGQvB6CyWwx56wMioGZ6w2s8qJlFiuE3S7D8O+xE5t988i1u2TGFO5TLSzQPUhfIOzPpLYA93H9Jg==
 
+flow-parser@^0.202.0:
+  version "0.202.1"
+  resolved "https://registry.yarnpkg.com/flow-parser/-/flow-parser-0.202.1.tgz#3f87222e6910f6790bb2ce4648c20e1b87d6f9d7"
+  integrity sha512-IA8mhyNEUtzAKh+lj1yNDLFiUr1NSwPC+exQgghQNARFU/DeWGpoNmuYYzMDFIYsOdVdDoTJTxRc+/cS9CVvNg==
+
 for-each@^0.3.3:
   version "0.3.3"
   resolved "https://registry.yarnpkg.com/for-each/-/for-each-0.3.3.tgz#69b447e88a0a5d32c3e7084f3f1710034b21376e"