diff --git a/README.md b/README.md
index 479ae62..2460145 100644
--- a/README.md
+++ b/README.md
@@ -61,7 +61,7 @@ Docker Compose Plugin installation options. These differ from the below in that
 
 ```yaml
 docker_install_compose: false
-docker_compose_version: "2.29.2"
+docker_compose_version: "v2.32.1"
 docker_compose_arch: "{{ ansible_architecture }}"
 docker_compose_url: "https://github.com/docker/compose/releases/download/{{ docker_compose_version }}/docker-compose-linux-{{ docker_compose_arch }}"
 docker_compose_path: /usr/local/bin/docker-compose
diff --git a/defaults/main.yml b/defaults/main.yml
index 4126d86..fa13b89 100644
--- a/defaults/main.yml
+++ b/defaults/main.yml
@@ -30,7 +30,7 @@ docker_compose_package_state: present
 
 # Docker Compose options.
 docker_install_compose: false
-docker_compose_version: "v2.29.2"
+docker_compose_version: "v2.32.1"
 docker_compose_arch: "{{ ansible_architecture }}"
 docker_compose_url: "https://github.com/docker/compose/releases/download/{{ docker_compose_version }}/docker-compose-linux-{{ docker_compose_arch }}"
 docker_compose_path: /usr/local/bin/docker-compose