diff --git a/Cargo.lock b/Cargo.lock
index 06ab4d1b32f6..4a373203a44f 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -198,15 +198,6 @@ version = "0.1.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "4b46cbb362ab8752921c97e041f5e366ee6297bd428a31275b9fcf1e380f7299"
 
-[[package]]
-name = "ansi_term"
-version = "0.12.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d52a9bb7ec0cf484c551830a7ce27bd20d67eac647e1befb56b0be4ee39a55d2"
-dependencies = [
- "winapi",
-]
-
 [[package]]
 name = "anstream"
 version = "0.6.4"
@@ -3474,9 +3465,9 @@ dependencies = [
 
 [[package]]
 name = "http"
-version = "0.2.10"
+version = "0.2.11"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f95b9abcae896730d42b78e09c155ed4ddf82c07b4de772c64aee5b2d8b7c150"
+checksum = "8947b1a6fad4393052c7ba1f4cd97bed3e953a95c79c92ad9b051a04611d9fbb"
 dependencies = [
  "bytes",
  "fnv",
@@ -4827,9 +4818,9 @@ checksum = "ffbee8634e0d45d258acb448e7eaab3fce7a0a467395d4d9f228e3c1f01fb2e4"
 
 [[package]]
 name = "matchers"
-version = "0.0.1"
+version = "0.1.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f099785f7595cc4b4553a174ce30dd7589ef93391ff414dbb67f62392b9e0ce1"
+checksum = "8263075bb86c5a1b1427b5ae862e8889656f126e9f77c484496e8b47cf5c5558"
 dependencies = [
  "regex-automata 0.1.10",
 ]
@@ -5596,6 +5587,16 @@ version = "0.3.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "61807f77802ff30975e01f4f071c8ba10c022052f98b3294119f3e615d13e5be"
 
+[[package]]
+name = "nu-ansi-term"
+version = "0.46.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "77a8165726e8236064dbb45459242600304b42a5ea24ee2948e18e023bf7ba84"
+dependencies = [
+ "overload",
+ "winapi",
+]
+
 [[package]]
 name = "num"
 version = "0.4.1"
@@ -5771,6 +5772,12 @@ version = "6.6.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "e2355d85b9a3786f481747ced0e0ff2ba35213a1f9bd406ed906554d7af805a1"
 
+[[package]]
+name = "overload"
+version = "0.1.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "b15813163c1d831bf4a13c3610c05c0d03b39feb07f7e09fa234dac9b15aaf39"
+
 [[package]]
 name = "p256"
 version = "0.11.1"
@@ -11156,46 +11163,33 @@ dependencies = [
 
 [[package]]
 name = "tracing-log"
-version = "0.1.4"
+version = "0.2.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f751112709b4e791d8ce53e32c4ed2d353565a795ce84da2285393f41557bdf2"
+checksum = "ee855f1f400bd0e5c02d150ae5de3840039a3f54b025156404e34c23c03f47c3"
 dependencies = [
  "log",
  "once_cell",
  "tracing-core",
 ]
 
-[[package]]
-name = "tracing-serde"
-version = "0.1.3"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bc6b213177105856957181934e4920de57730fc69bf42c37ee5bb664d406d9e1"
-dependencies = [
- "serde",
- "tracing-core",
-]
-
 [[package]]
 name = "tracing-subscriber"
-version = "0.2.25"
+version = "0.3.18"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0e0d2eaa99c3c2e41547cfa109e910a68ea03823cccad4a0525dcbc9b01e8c71"
+checksum = "ad0f048c97dbd9faa9b7df56362b8ebcaa52adb06b498c050d2f4e32f90a7a8b"
 dependencies = [
- "ansi_term",
  "chrono",
- "lazy_static",
  "matchers",
- "parking_lot 0.11.2",
+ "nu-ansi-term",
+ "once_cell",
+ "parking_lot 0.12.1",
  "regex",
- "serde",
- "serde_json",
  "sharded-slab",
  "smallvec",
  "thread_local",
  "tracing",
  "tracing-core",
  "tracing-log",
- "tracing-serde",
 ]
 
 [[package]]
@@ -11386,7 +11380,7 @@ checksum = "97fee6b57c6a41524a810daee9286c02d7752c4253064d0b05472833a438f675"
 dependencies = [
  "cfg-if",
  "digest 0.10.7",
- "rand 0.7.3",
+ "rand 0.8.5",
  "static_assertions",
 ]
 
diff --git a/substrate/client/executor/Cargo.toml b/substrate/client/executor/Cargo.toml
index d1e7d7c9085a..d673c88dd5fb 100644
--- a/substrate/client/executor/Cargo.toml
+++ b/substrate/client/executor/Cargo.toml
@@ -41,7 +41,7 @@ sp-runtime = { path = "../../primitives/runtime" }
 sp-maybe-compressed-blob = { path = "../../primitives/maybe-compressed-blob" }
 sc-tracing = { path = "../tracing" }
 sp-tracing = { path = "../../primitives/tracing" }
-tracing-subscriber = "0.2.19"
+tracing-subscriber = "0.3.18"
 paste = "1.0"
 regex = "1.6.0"
 criterion = "0.4.0"
diff --git a/substrate/client/tracing/Cargo.toml b/substrate/client/tracing/Cargo.toml
index 9a3bb80e44c2..761b3c9dd1eb 100644
--- a/substrate/client/tracing/Cargo.toml
+++ b/substrate/client/tracing/Cargo.toml
@@ -24,8 +24,8 @@ rustc-hash = "1.1.0"
 serde = "1.0.188"
 thiserror = "1.0.48"
 tracing = "0.1.29"
-tracing-log = "0.1.3"
-tracing-subscriber = { version = "0.2.25", features = ["parking_lot"] }
+tracing-log = "0.2"
+tracing-subscriber = { version = "0.3.18", features = ["parking_lot"] }
 sc-client-api = { path = "../api" }
 sc-tracing-proc-macro = { path = "proc-macro" }
 sp-api = { path = "../../primitives/api" }
@@ -37,6 +37,7 @@ sp-tracing = { path = "../../primitives/tracing" }
 
 [dev-dependencies]
 criterion = "0.4.0"
+tracing-subscriber = { version = "0.3.18", features = ["chrono"] }
 
 [[bench]]
 name = "bench"
diff --git a/substrate/client/tracing/benches/bench.rs b/substrate/client/tracing/benches/bench.rs
index 69b2c0dd8ac6..a9bbb854f3b2 100644
--- a/substrate/client/tracing/benches/bench.rs
+++ b/substrate/client/tracing/benches/bench.rs
@@ -17,7 +17,10 @@
 // limitations under the License.
 
 use criterion::{criterion_group, criterion_main, Criterion};
-use tracing_subscriber::fmt::time::{ChronoLocal, FormatTime};
+use tracing_subscriber::fmt::{
+	format::Writer,
+	time::{ChronoLocal, FormatTime},
+};
 
 fn bench_fast_local_time(c: &mut Criterion) {
 	c.bench_function("fast_local_time", |b| {
@@ -25,7 +28,7 @@ fn bench_fast_local_time(c: &mut Criterion) {
 		let t = sc_tracing::logging::FastLocalTime { with_fractional: true };
 		b.iter(|| {
 			buffer.clear();
-			t.format_time(&mut buffer).unwrap();
+			t.format_time(&mut Writer::new(&mut buffer)).unwrap();
 		})
 	});
 }
@@ -34,10 +37,10 @@ fn bench_fast_local_time(c: &mut Criterion) {
 fn bench_chrono_local(c: &mut Criterion) {
 	c.bench_function("chrono_local", |b| {
 		let mut buffer = String::new();
-		let t = ChronoLocal::with_format("%Y-%m-%d %H:%M:%S%.3f".to_string());
+		let t = ChronoLocal::new("%Y-%m-%d %H:%M:%S%.3f".to_string());
 		b.iter(|| {
 			buffer.clear();
-			t.format_time(&mut buffer).unwrap();
+			t.format_time(&mut Writer::new(&mut buffer)).unwrap();
 		})
 	});
 }
diff --git a/substrate/client/tracing/src/lib.rs b/substrate/client/tracing/src/lib.rs
index 8a61f5498385..f8e44aa6de63 100644
--- a/substrate/client/tracing/src/lib.rs
+++ b/substrate/client/tracing/src/lib.rs
@@ -291,7 +291,7 @@ impl<S> Layer<S> for ProfilingLayer
 where
 	S: Subscriber + for<'span> LookupSpan<'span>,
 {
-	fn new_span(&self, attrs: &Attributes<'_>, id: &Id, ctx: Context<S>) {
+	fn on_new_span(&self, attrs: &Attributes<'_>, id: &Id, ctx: Context<S>) {
 		if let Some(span) = ctx.span(id) {
 			let mut extension = span.extensions_mut();
 			let parent_id = attrs.parent().cloned().or_else(|| {
diff --git a/substrate/client/tracing/src/logging/event_format.rs b/substrate/client/tracing/src/logging/event_format.rs
index 3b0e9edd4cbe..99baed5601d8 100644
--- a/substrate/client/tracing/src/logging/event_format.rs
+++ b/substrate/client/tracing/src/logging/event_format.rs
@@ -25,7 +25,7 @@ use tracing::{Event, Level, Subscriber};
 use tracing_log::NormalizeEvent;
 use tracing_subscriber::{
 	field::RecordFields,
-	fmt::{time::FormatTime, FmtContext, FormatEvent, FormatFields},
+	fmt::{format::Writer, time::FormatTime, FmtContext, FormatEvent, FormatFields},
 	layer::Context,
 	registry::{LookupSpan, SpanRef},
 };
@@ -56,14 +56,14 @@ where
 	pub(crate) fn format_event_custom<'b, S, N>(
 		&self,
 		ctx: CustomFmtContext<'b, S, N>,
-		writer: &mut dyn fmt::Write,
+		mut writer: Writer<'_>,
 		event: &Event,
 	) -> fmt::Result
 	where
 		S: Subscriber + for<'a> LookupSpan<'a>,
 		N: for<'a> FormatFields<'a> + 'static,
 	{
-		let writer = &mut ControlCodeSanitizer::new(!self.enable_color, writer);
+		let writer = &mut ControlCodeSanitizer::new(!self.enable_color, &mut writer);
 		let normalized_meta = event.normalized_metadata();
 		let meta = normalized_meta.as_ref().unwrap_or_else(|| event.metadata());
 		time::write(&self.timer, writer, self.enable_color)?;
@@ -109,7 +109,7 @@ where
 			writer.sanitize = true;
 		}
 
-		ctx.format_fields(writer, event)?;
+		ctx.format_fields(Writer::new(writer), event)?;
 		writeln!(writer)?;
 
 		writer.flush()
@@ -128,7 +128,7 @@ where
 	fn format_event(
 		&self,
 		ctx: &FmtContext<S, N>,
-		writer: &mut dyn fmt::Write,
+		mut writer: Writer<'_>,
 		event: &Event,
 	) -> fmt::Result {
 		if self.dup_to_stdout &&
@@ -137,7 +137,11 @@ where
 				event.metadata().level() == &Level::ERROR)
 		{
 			let mut out = String::new();
-			self.format_event_custom(CustomFmtContext::FmtContext(ctx), &mut out, event)?;
+			self.format_event_custom(
+				CustomFmtContext::FmtContext(ctx),
+				Writer::new(&mut out),
+				event,
+			)?;
 			writer.write_str(&out)?;
 			print!("{}", out);
 			Ok(())
@@ -242,19 +246,23 @@ impl<'a> fmt::Display for FmtThreadName<'a> {
 mod time {
 	use anstyle::Style;
 	use std::fmt;
-	use tracing_subscriber::fmt::time::FormatTime;
+	use tracing_subscriber::fmt::{format::Writer, time::FormatTime};
 
-	pub(crate) fn write<T>(timer: T, writer: &mut dyn fmt::Write, with_ansi: bool) -> fmt::Result
+	pub(crate) fn write<T>(
+		timer: T,
+		writer: &mut (impl Sized + fmt::Write),
+		with_ansi: bool,
+	) -> fmt::Result
 	where
 		T: FormatTime,
 	{
 		if with_ansi {
 			let style = Style::new().dimmed();
 			write!(writer, "{}", style.render())?;
-			timer.format_time(writer)?;
+			timer.format_time(&mut Writer::new(writer))?;
 			write!(writer, "{}", style.render_reset())?;
 		} else {
-			timer.format_time(writer)?;
+			timer.format_time(&mut Writer::new(writer))?;
 		}
 		writer.write_char(' ')?;
 		Ok(())
@@ -274,11 +282,7 @@ where
 	S: Subscriber + for<'lookup> LookupSpan<'lookup>,
 	N: for<'writer> FormatFields<'writer> + 'static,
 {
-	fn format_fields<R: RecordFields>(
-		&self,
-		writer: &'a mut dyn fmt::Write,
-		fields: R,
-	) -> fmt::Result {
+	fn format_fields<R: RecordFields>(&self, writer: Writer<'a>, fields: R) -> fmt::Result {
 		match self {
 			CustomFmtContext::FmtContext(fmt_ctx) => fmt_ctx.format_fields(writer, fields),
 			CustomFmtContext::ContextWithFormatFields(_ctx, fmt_fields) =>
diff --git a/substrate/client/tracing/src/logging/fast_local_time.rs b/substrate/client/tracing/src/logging/fast_local_time.rs
index 7398b76a7e25..28bf1173743e 100644
--- a/substrate/client/tracing/src/logging/fast_local_time.rs
+++ b/substrate/client/tracing/src/logging/fast_local_time.rs
@@ -19,7 +19,7 @@
 
 use chrono::{Datelike, Timelike};
 use std::{cell::RefCell, fmt::Write, time::SystemTime};
-use tracing_subscriber::fmt::time::FormatTime;
+use tracing_subscriber::fmt::{format::Writer, time::FormatTime};
 
 /// A structure which, when `Display`d, will print out the current local time.
 #[derive(Debug, Clone, Copy, Eq, PartialEq, Default)]
@@ -77,7 +77,7 @@ thread_local! {
 }
 
 impl FormatTime for FastLocalTime {
-	fn format_time(&self, w: &mut dyn Write) -> std::fmt::Result {
+	fn format_time(&self, w: &mut Writer<'_>) -> std::fmt::Result {
 		const TIMESTAMP_PARTIAL_LENGTH: usize = "0000-00-00 00:00:00".len();
 
 		let elapsed = SystemTime::now()
@@ -130,7 +130,7 @@ impl FormatTime for FastLocalTime {
 
 impl std::fmt::Display for FastLocalTime {
 	fn fmt(&self, w: &mut std::fmt::Formatter) -> std::fmt::Result {
-		self.format_time(w)
+		self.format_time(&mut Writer::new(w))
 	}
 }
 
diff --git a/substrate/client/tracing/src/logging/layers/prefix_layer.rs b/substrate/client/tracing/src/logging/layers/prefix_layer.rs
index bf740d495fa3..a0d7e7fb5a92 100644
--- a/substrate/client/tracing/src/logging/layers/prefix_layer.rs
+++ b/substrate/client/tracing/src/logging/layers/prefix_layer.rs
@@ -33,7 +33,7 @@ impl<S> Layer<S> for PrefixLayer
 where
 	S: Subscriber + for<'a> LookupSpan<'a>,
 {
-	fn new_span(&self, attrs: &Attributes<'_>, id: &Id, ctx: Context<'_, S>) {
+	fn on_new_span(&self, attrs: &Attributes<'_>, id: &Id, ctx: Context<'_, S>) {
 		let span = match ctx.span(id) {
 			Some(span) => span,
 			None => {
diff --git a/substrate/client/tracing/src/logging/mod.rs b/substrate/client/tracing/src/logging/mod.rs
index 61df0de8c64c..7489724b7915 100644
--- a/substrate/client/tracing/src/logging/mod.rs
+++ b/substrate/client/tracing/src/logging/mod.rs
@@ -104,7 +104,7 @@ fn prepare_subscriber<N, E, F, W>(
 where
 	N: for<'writer> FormatFields<'writer> + 'static,
 	E: FormatEvent<Registry, N> + 'static,
-	W: MakeWriter + 'static,
+	W: for<'a> MakeWriter<'a> + 'static,
 	F: layer::Layer<Formatter<N, E, W>> + Send + Sync + 'static,
 	FmtLayer<Registry, N, E, W>: layer::Layer<Registry> + Send + Sync + 'static,
 {
diff --git a/substrate/client/tracing/src/logging/stderr_writer.rs b/substrate/client/tracing/src/logging/stderr_writer.rs
index 6940f2cc68b0..7334e1b16d64 100644
--- a/substrate/client/tracing/src/logging/stderr_writer.rs
+++ b/substrate/client/tracing/src/logging/stderr_writer.rs
@@ -149,7 +149,7 @@ impl Default for MakeStderrWriter {
 	}
 }
 
-impl tracing_subscriber::fmt::MakeWriter for MakeStderrWriter {
+impl<'a> tracing_subscriber::fmt::MakeWriter<'a> for MakeStderrWriter {
 	type Writer = StderrWriter;
 
 	fn make_writer(&self) -> Self::Writer {
diff --git a/substrate/primitives/tracing/Cargo.toml b/substrate/primitives/tracing/Cargo.toml
index 0f7e217ec388..a3efcc0b2a16 100644
--- a/substrate/primitives/tracing/Cargo.toml
+++ b/substrate/primitives/tracing/Cargo.toml
@@ -24,9 +24,7 @@ codec = { version = "3.6.1", package = "parity-scale-codec", default-features =
 ] }
 tracing = { version = "0.1.29", default-features = false }
 tracing-core = { version = "0.1.28", default-features = false }
-tracing-subscriber = { version = "0.2.25", optional = true, features = [
-	"tracing-log",
-] }
+tracing-subscriber = { version = "0.3.18", optional = true, features = ["env-filter"] }
 
 [features]
 default = [ "std" ]