diff --git a/Lib/ensurepip/__init__.py b/Lib/ensurepip/__init__.py
index 21e4ad99a396287..a09bf3201e1fb7d 100644
--- a/Lib/ensurepip/__init__.py
+++ b/Lib/ensurepip/__init__.py
@@ -10,7 +10,7 @@
 
 __all__ = ["version", "bootstrap"]
 _PACKAGE_NAMES = ('pip',)
-_PIP_VERSION = "23.3.1"
+_PIP_VERSION = "23.3.2"
 _PROJECTS = [
     ("pip", _PIP_VERSION, "py3"),
 ]
diff --git a/Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl b/Lib/ensurepip/_bundled/pip-23.3.2-py3-none-any.whl
similarity index 94%
rename from Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl
rename to Lib/ensurepip/_bundled/pip-23.3.2-py3-none-any.whl
index a4faf716b663e61..ae78b8a6ce07379 100644
Binary files a/Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl and b/Lib/ensurepip/_bundled/pip-23.3.2-py3-none-any.whl differ
diff --git a/Misc/NEWS.d/next/Library/2023-12-18-09-47-54.gh-issue-113246.em930H.rst b/Misc/NEWS.d/next/Library/2023-12-18-09-47-54.gh-issue-113246.em930H.rst
new file mode 100644
index 000000000000000..167bb37c0e0643f
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2023-12-18-09-47-54.gh-issue-113246.em930H.rst
@@ -0,0 +1 @@
+Update bundled pip to 23.3.2.
diff --git a/Misc/sbom.spdx.json b/Misc/sbom.spdx.json
index 09355640db888ea..5868ceba4134ed7 100644
--- a/Misc/sbom.spdx.json
+++ b/Misc/sbom.spdx.json
@@ -1570,18 +1570,18 @@
       "fileName": "Modules/_decimal/libmpdec/vcdiv64.asm"
     },
     {
-      "SPDXID": "SPDXRef-FILE-Lib-ensurepip-bundled-pip-23.3.1-py3-none-any.whl",
+      "SPDXID": "SPDXRef-FILE-Lib-ensurepip-bundled-pip-23.3.2-py3-none-any.whl",
       "checksums": [
         {
           "algorithm": "SHA1",
-          "checksumValue": "4b2baddc0673f73017e531648a9ee27e47925e7a"
+          "checksumValue": "8e48f55ab2965ee64bd55cc91a8077d184a33e30"
         },
         {
           "algorithm": "SHA256",
-          "checksumValue": "55eb67bb6171d37447e82213be585b75fe2b12b359e993773aca4de9247a052b"
+          "checksumValue": "5052d7889c1f9d05224cd41741acb7c5d6fa735ab34e339624a614eaaa7e7d76"
         }
       ],
-      "fileName": "Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl"
+      "fileName": "Lib/ensurepip/_bundled/pip-23.3.2-py3-none-any.whl"
     }
   ],
   "packages": [
@@ -2285,7 +2285,7 @@
       "spdxElementId": "SPDXRef-PACKAGE-mpdecimal"
     },
     {
-      "relatedSpdxElement": "SPDXRef-FILE-Lib-ensurepip-bundled-pip-23.3.1-py3-none-any.whl",
+      "relatedSpdxElement": "SPDXRef-FILE-Lib-ensurepip-bundled-pip-23.3.2-py3-none-any.whl",
       "relationshipType": "CONTAINS",
       "spdxElementId": "SPDXRef-PACKAGE-pip"
     }
diff --git a/Tools/build/generate_sbom.py b/Tools/build/generate_sbom.py
index 0089db81af9b9d7..e0e46552d06f254 100644
--- a/Tools/build/generate_sbom.py
+++ b/Tools/build/generate_sbom.py
@@ -50,7 +50,7 @@ class PackageFiles(typing.NamedTuple):
         include=["Modules/expat/**"]
     ),
     "pip": PackageFiles(
-        include=["Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl"]
+        include=["Lib/ensurepip/_bundled/pip-*-py3-none-any.whl"]
     ),
     "macholib": PackageFiles(
         include=["Lib/ctypes/macholib/**"],