diff --git a/README.md b/README.md
index 8a20143b4a..dc0476917a 100644
--- a/README.md
+++ b/README.md
@@ -28,7 +28,7 @@ Microsoft PowerToys is a set of utilities for power users to tune and streamline
 
 - Windows 11 or Windows 10 v1903 (18362) or newer.
 - Our installer will install the following items:
-   - [.NET Core 3.1.22 Desktop Runtime](https://dotnet.microsoft.com/download/dotnet/thank-you/runtime-desktop-3.1.22-windows-x64-installer) or a newer 3.1.x runtime. This is needed currently for the Settings application.
+   - [.NET Core 3.1.23 Desktop Runtime](https://dotnet.microsoft.com/download/dotnet/thank-you/runtime-desktop-3.1.23-windows-x64-installer) or a newer 3.1.x runtime. This is needed currently for the Settings application.
    - [.NET 6.0.3 Desktop Runtime](https://dotnet.microsoft.com/download/dotnet/thank-you/runtime-desktop-6.0.3-windows-x64-installer) or a newer 6.0.x runtime. 
    - [Microsoft Edge WebView2 Runtime](https://go.microsoft.com/fwlink/p/?LinkId=2124703) bootstrapper. This will install the latest version. 
 
diff --git a/installer/PowerToysSetup/PowerToys.wxs b/installer/PowerToysSetup/PowerToys.wxs
index 2413d1d78d..40daa1ace2 100644
--- a/installer/PowerToysSetup/PowerToys.wxs
+++ b/installer/PowerToysSetup/PowerToys.wxs
@@ -20,7 +20,7 @@
               SuppressRepair="yes" />
         </BootstrapperApplicationRef>
 
-        <util:FileSearch Variable="HasDotnet3122" Path="[ProgramFiles64Folder]dotnet\shared\Microsoft.WindowsDesktop.App\3.1.22\System.Xaml.dll" Result="exists" />
+        <util:FileSearch Variable="HasDotnet3123" Path="[ProgramFiles64Folder]dotnet\shared\Microsoft.WindowsDesktop.App\3.1.23\System.Xaml.dll" Result="exists" />
         <util:FileSearch Variable="HasDotnet603" Path="[ProgramFiles64Folder]dotnet\shared\Microsoft.WindowsDesktop.App\6.0.3\System.Xaml.dll" Result="exists" />
         <util:RegistrySearch Variable="HasWebView2PerMachine" Root="HKLM" Key="SOFTWARE\WOW6432Node\Microsoft\EdgeUpdate\Clients\{F3017226-FE2A-4295-8BDF-00C3A9A7E4C5}" Result="exists" />
         <util:RegistrySearch Variable="HasWebView2PerUser" Root="HKCU" Key="Software\Microsoft\EdgeUpdate\Clients\{F3017226-FE2A-4295-8BDF-00C3A9A7E4C5}" Result="exists" />
@@ -43,11 +43,11 @@
 
         <Chain>
             <ExePackage
-                Name="windowsdesktop-runtime-3.1.22-win-x64.exe"
+                Name="windowsdesktop-runtime-3.1.23-win-x64.exe"
                 Compressed="no"
                 Id="DotnetRuntime"
-                DetectCondition="HasDotnet3122"
-                DownloadUrl="https://download.visualstudio.microsoft.com/download/pr/1c14e24b-7f31-42dc-ba3c-83295a2d6f7e/41b93591162dfe556cc160ae44fbe75e/windowsdesktop-runtime-3.1.22-win-x64.exe"
+                DetectCondition="HasDotnet3123"
+                DownloadUrl="https://download.visualstudio.microsoft.com/download/pr/0bc6a80a-3f07-411d-8ce3-17aaeb7388ac/ed1000a04fc9c8dca5af35b53263d9ae/windowsdesktop-runtime-3.1.23-win-x64.exe"
                 InstallCommand="/install /quiet /norestart"
                 RepairCommand="/repair /passive /norestart"
                 Permanent="yes"
@@ -55,11 +55,11 @@
                 UninstallCommand="/uninstall /quiet /norestart">
                 <ExitCode Value="1638" Behavior="success"/>
                 <RemotePayload
-                    Description="Microsoft Windows Desktop Runtime - 3.1.22 (x64)"
-                    ProductName="Microsoft Windows Desktop Runtime - 3.1.22 (x64)"
-                    Size="54342024"
-                    Version="3.1.22.30721"
-                    Hash="08EF2F6CFDB33946061884B1CE13FA867EFBD576" />
+                    Description="Microsoft Windows Desktop Runtime - 3.1.23 (x64)"
+                    ProductName="Microsoft Windows Desktop Runtime - 3.1.23 (x64)"
+                    Size="54413248"
+                    Version="3.1.23.31022"
+                    Hash="460D8CD07672A7B686867B0E6CF85A745005AA43" />
             </ExePackage>
             <ExePackage
                 Name="windowsdesktop-runtime-6.0.3-win-x64.exe"