diff --git a/ci/docker-rust-nightly/Dockerfile b/ci/docker-rust-nightly/Dockerfile
index ef0893739..86adea5dd 100644
--- a/ci/docker-rust-nightly/Dockerfile
+++ b/ci/docker-rust-nightly/Dockerfile
@@ -1,4 +1,4 @@
-FROM solanalabs/rust:1.46.0
+FROM solanalabs/rust:1.48.0
 ARG date
 
 RUN set -x \
diff --git a/ci/docker-rust/Dockerfile b/ci/docker-rust/Dockerfile
index 708930700..74c992e78 100644
--- a/ci/docker-rust/Dockerfile
+++ b/ci/docker-rust/Dockerfile
@@ -1,6 +1,6 @@
 # Note: when the rust version is changed also modify
 # ci/rust-version.sh to pick up the new image tag
-FROM rust:1.46.0
+FROM rust:1.48.0
 
 # Add Google Protocol Buffers for Libra's metrics library.
 ENV PROTOC_VERSION 3.8.0
diff --git a/ci/rust-version.sh b/ci/rust-version.sh
index 0d816d4bf..14c76ddd1 100644
--- a/ci/rust-version.sh
+++ b/ci/rust-version.sh
@@ -18,13 +18,13 @@
 if [[ -n $RUST_STABLE_VERSION ]]; then
   stable_version="$RUST_STABLE_VERSION"
 else
-  stable_version=1.46.0
+  stable_version=1.48.0
 fi
 
 if [[ -n $RUST_NIGHTLY_VERSION ]]; then
   nightly_version="$RUST_NIGHTLY_VERSION"
 else
-  nightly_version=2020-08-17
+  nightly_version=2020-12-13
 fi