diff --git a/gradle/libs.versions.toml b/gradle/libs.versions.toml
index 20b9278295e62..745b4b1ca5fa5 100644
--- a/gradle/libs.versions.toml
+++ b/gradle/libs.versions.toml
@@ -16,7 +16,7 @@ asciidoctorjPdf = "2.3.9"
 clikt = "4.2.1"
 commonsCompress = "1.24.0"
 cvssCalculator = "1.4.2"
-cyclonedx = "7.3.2"
+cyclonedx = "8.0.1"
 diffUtils = "4.12"
 diskLruCache = "2.0.2"
 exposed = "0.44.0"
diff --git a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-with-findings.json b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-with-findings.json
index d695a26a3fb11..a77dad2464805 100644
--- a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-with-findings.json
+++ b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-with-findings.json
@@ -1,16 +1,19 @@
 {
   "bomFormat": "CycloneDX",
-  "specVersion": "1.4",
+  "specVersion": "1.5",
   "serialNumber": "urn:uuid:01234567-0123-0123-0123-01234567",
   "version": 1,
   "metadata": {
     "timestamp": "1970-01-01T00:00:00Z",
-    "tools": [
-      {
-        "name": "OSS Review Toolkit",
-        "version": "deadbeef"
-      }
-    ],
+    "tools": {
+      "components": [
+        {
+          "name": "OSS Review Toolkit",
+          "version": "deadbeef",
+          "type": "application"
+        }
+      ]
+    },
     "licenses": [
       {
         "expression": "CC0-1.0"
diff --git a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-without-findings.json b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-without-findings.json
index a9d1007e84348..4b121f88510d4 100644
--- a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-without-findings.json
+++ b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result-without-findings.json
@@ -1,16 +1,19 @@
 {
   "bomFormat": "CycloneDX",
-  "specVersion": "1.4",
+  "specVersion": "1.5",
   "serialNumber": "urn:uuid:01234567-0123-0123-0123-01234567",
   "version": 1,
   "metadata": {
     "timestamp": "1970-01-01T00:00:00Z",
-    "tools": [
-      {
-        "name": "OSS Review Toolkit",
-        "version": "deadbeef"
-      }
-    ],
+    "tools": {
+      "components": [
+        {
+          "name": "OSS Review Toolkit",
+          "version": "deadbeef",
+          "type": "application"
+        }
+      ]
+    },
     "licenses": [
       {
         "expression": "CC0-1.0"
diff --git a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.json b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.json
index d25bf037bfd90..45bd6e09edb62 100644
--- a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.json
+++ b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.json
@@ -1,16 +1,19 @@
 {
   "bomFormat": "CycloneDX",
-  "specVersion": "1.4",
+  "specVersion": "1.5",
   "serialNumber": "urn:uuid:01234567-0123-0123-0123-01234567",
   "version": 1,
   "metadata": {
     "timestamp": "1970-01-01T00:00:00Z",
-    "tools": [
-      {
-        "name": "OSS Review Toolkit",
-        "version": "deadbeef"
-      }
-    ],
+    "tools": {
+      "components": [
+        {
+          "name": "OSS Review Toolkit",
+          "version": "deadbeef",
+          "type": "application"
+        }
+      ]
+    },
     "licenses": [
       {
         "expression": "CC0-1.0"
diff --git a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.xml b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.xml
index 42e63f77e85bd..f026cf3d4d896 100644
--- a/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.xml
+++ b/plugins/reporters/cyclonedx/src/funTest/assets/cyclonedx-reporter-expected-result.xml
@@ -1,12 +1,14 @@
 <?xml version="1.0" encoding="UTF-8"?>
-<bom serialNumber="urn:uuid:01234567-0123-0123-0123-01234567" version="1" xmlns="http://cyclonedx.org/schema/bom/1.4">
+<bom serialNumber="urn:uuid:01234567-0123-0123-0123-01234567" version="1" xmlns="http://cyclonedx.org/schema/bom/1.5">
   <metadata>
     <timestamp>1970-01-01T00:00:00Z</timestamp>
     <tools>
-      <tool>
-        <name>OSS Review Toolkit</name>
-        <version>deadbeef</version>
-      </tool>
+      <components>
+        <component type="application">
+          <name>OSS Review Toolkit</name>
+          <version>deadbeef</version>
+        </component>
+      </components>
     </tools>
     <licenses>
       <expression>CC0-1.0</expression>
diff --git a/plugins/reporters/cyclonedx/src/funTest/kotlin/CycloneDxReporterFunTest.kt b/plugins/reporters/cyclonedx/src/funTest/kotlin/CycloneDxReporterFunTest.kt
index 962ab258816f3..81645a421d3e4 100644
--- a/plugins/reporters/cyclonedx/src/funTest/kotlin/CycloneDxReporterFunTest.kt
+++ b/plugins/reporters/cyclonedx/src/funTest/kotlin/CycloneDxReporterFunTest.kt
@@ -168,19 +168,14 @@ class CycloneDxReporterFunTest : WordSpec({
     }
 })
 
-private fun String.patchCycloneDxResult(): String {
-    val headerEnd = indexOf("components").takeUnless { it < 0 } ?: length
-    return substring(0, headerEnd)
-        .replaceFirst(
-            """urn:uuid:[a-f0-9]{8}(?:-[a-f0-9]{4}){4}[a-f0-9]{8}""".toRegex(),
-            "urn:uuid:01234567-0123-0123-0123-01234567"
-        )
-        .replaceFirst(
-            """(timestamp[>"](\s*:\s*")?)\d{4}-\d{2}-\d{2}T\d{2}:\d{2}:\d{2}Z""".toRegex(),
-            "$11970-01-01T00:00:00Z"
-        )
-        .replaceFirst(
-            """(version[>"](\s*:\s*")?)[\w.+-]+""".toRegex(),
-            "$1deadbeef"
-        ) + substring(headerEnd)
-}
+private fun String.patchCycloneDxResult(): String =
+    replaceFirst(
+        """urn:uuid:[a-f0-9]{8}(?:-[a-f0-9]{4}){4}[a-f0-9]{8}""".toRegex(),
+        "urn:uuid:01234567-0123-0123-0123-01234567"
+    ).replaceFirst(
+        """(timestamp[>"](\s*:\s*")?)\d{4}-\d{2}-\d{2}T\d{2}:\d{2}:\d{2}Z""".toRegex(),
+        "$11970-01-01T00:00:00Z"
+    ).replaceFirst(
+        """(version[>"](\s*:\s*")?)[\w.+-]+""".toRegex(),
+        "$1deadbeef"
+    )
diff --git a/plugins/reporters/cyclonedx/src/main/kotlin/CycloneDxReporter.kt b/plugins/reporters/cyclonedx/src/main/kotlin/CycloneDxReporter.kt
index 808b03654afe0..276ba37b61259 100644
--- a/plugins/reporters/cyclonedx/src/main/kotlin/CycloneDxReporter.kt
+++ b/plugins/reporters/cyclonedx/src/main/kotlin/CycloneDxReporter.kt
@@ -36,7 +36,7 @@ import org.cyclonedx.model.Hash
 import org.cyclonedx.model.License
 import org.cyclonedx.model.LicenseChoice
 import org.cyclonedx.model.Metadata
-import org.cyclonedx.model.Tool
+import org.cyclonedx.model.metadata.ToolInformation
 
 import org.ossreviewtoolkit.model.FileFormat
 import org.ossreviewtoolkit.model.LicenseSource
@@ -66,7 +66,7 @@ import org.ossreviewtoolkit.utils.spdx.SpdxLicense
  */
 class CycloneDxReporter : Reporter {
     companion object {
-        val DEFAULT_SCHEMA_VERSION = CycloneDxSchema.Version.VERSION_14
+        val DEFAULT_SCHEMA_VERSION = CycloneDxSchema.Version.VERSION_15
         val DEFAULT_DATA_LICENSE = SpdxLicense.CC0_1_0
 
         const val REPORT_BASE_FILENAME = "bom.cyclonedx"
@@ -155,12 +155,15 @@ class CycloneDxReporter : Reporter {
 
         val metadata = Metadata().apply {
             timestamp = Date()
-            tools = listOf(
-                Tool().apply {
-                    name = ORT_FULL_NAME
-                    version = Environment.ORT_VERSION
-                }
-            )
+            toolChoice = ToolInformation().apply {
+                components = listOf(
+                    Component().apply {
+                        type = Component.Type.APPLICATION
+                        name = ORT_FULL_NAME
+                        version = Environment.ORT_VERSION
+                    }
+                )
+            }
             licenseChoice = LicenseChoice().apply { expression = dataLicense }
         }