diff --git a/.github/workflows/ci-libshortfin.yml b/.github/workflows/ci-libshortfin.yml
index 543a6abe6..cd33176ec 100644
--- a/.github/workflows/ci-libshortfin.yml
+++ b/.github/workflows/ci-libshortfin.yml
@@ -101,7 +101,7 @@ jobs:
         repository: iree-org/iree
         path: ${{ env.IREE_REPO_DIR }}
         submodules: false
-        ref: iree-3.1.0rc20241204
+        ref: iree-3.1.0rc20241220
 
     - name: Initalize IREE submodules
       working-directory: ${{ env.IREE_REPO_DIR }}
diff --git a/.github/workflows/ci_linux_x64_asan-libshortfin.yml b/.github/workflows/ci_linux_x64_asan-libshortfin.yml
index 5da88489e..b3de1a593 100644
--- a/.github/workflows/ci_linux_x64_asan-libshortfin.yml
+++ b/.github/workflows/ci_linux_x64_asan-libshortfin.yml
@@ -106,7 +106,7 @@ jobs:
         repository: iree-org/iree
         path: ${{ env.IREE_SOURCE_DIR }}
         submodules: false
-        ref: iree-3.1.0rc20241204
+        ref: iree-3.1.0rc20241220
 
     - name: Initalize IREE submodules
       working-directory: ${{ env.IREE_SOURCE_DIR }}
diff --git a/.github/workflows/ci_linux_x64_nogil-libshortfin.yml b/.github/workflows/ci_linux_x64_nogil-libshortfin.yml
index e347093a5..d10408c6d 100644
--- a/.github/workflows/ci_linux_x64_nogil-libshortfin.yml
+++ b/.github/workflows/ci_linux_x64_nogil-libshortfin.yml
@@ -54,7 +54,7 @@ jobs:
         repository: iree-org/iree
         path: ${{ env.IREE_REPO_DIR }}
         submodules: false
-        ref: iree-3.1.0rc20241204
+        ref: iree-3.1.0rc20241220
 
     - name: Initalize IREE submodules
       working-directory: ${{ env.IREE_REPO_DIR }}
diff --git a/shortfin/requirements-iree-compiler.txt b/shortfin/requirements-iree-compiler.txt
index f20a7db20..3fe7afc32 100644
--- a/shortfin/requirements-iree-compiler.txt
+++ b/shortfin/requirements-iree-compiler.txt
@@ -1,4 +1,4 @@
 # Keep in sync with "ref: iree-" in .github/workflows/* and GIT_TAG in CMakeLists.txt
 -f https://iree.dev/pip-release-links.html
-iree-base-compiler==3.1.0rc20241204
-iree-base-runtime==3.1.0rc20241204
+iree-base-compiler==3.1.0rc20241220
+iree-base-runtime==3.1.0rc20241220