diff --git a/Cargo.lock b/Cargo.lock
index 307a6a52329c..19b32dc7aae5 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -16200,7 +16200,7 @@ dependencies = [
  "substrate-test-runtime",
  "tempfile",
  "tracing",
- "tracing-subscriber 0.2.25",
+ "tracing-subscriber 0.3.18",
  "wat",
 ]
 
@@ -16961,7 +16961,7 @@ dependencies = [
  "thiserror",
  "tracing",
  "tracing-log 0.1.3",
- "tracing-subscriber 0.2.25",
+ "tracing-subscriber 0.3.18",
 ]
 
 [[package]]
@@ -19262,7 +19262,7 @@ dependencies = [
  "parity-scale-codec",
  "tracing",
  "tracing-core",
- "tracing-subscriber 0.2.25",
+ "tracing-subscriber 0.3.18",
 ]
 
 [[package]]
@@ -20939,7 +20939,6 @@ dependencies = [
  "chrono",
  "lazy_static",
  "matchers 0.0.1",
- "parking_lot 0.11.2",
  "regex",
  "serde",
  "serde_json",
@@ -20958,9 +20957,11 @@ version = "0.3.18"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "ad0f048c97dbd9faa9b7df56362b8ebcaa52adb06b498c050d2f4e32f90a7a8b"
 dependencies = [
+ "chrono",
  "matchers 0.1.0",
  "nu-ansi-term",
  "once_cell",
+ "parking_lot 0.12.1",
  "regex",
  "sharded-slab",
  "smallvec",
diff --git a/Cargo.toml b/Cargo.toml
index 067b65ff2299..252fe4fe4d65 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -558,6 +558,7 @@ serde_json = { version = "1.0.114", default-features = false }
 serde_yaml = { version = "0.9" }
 syn = { version = "2.0.53" }
 thiserror = { version = "1.0.48" }
+tracing-subscriber = { version = "0.3.18" }
 
 [profile.release]
 # Polkadot runtime requires unwinding.
diff --git a/substrate/client/executor/Cargo.toml b/substrate/client/executor/Cargo.toml
index cb0befe98710..efe8cc3069ca 100644
--- a/substrate/client/executor/Cargo.toml
+++ b/substrate/client/executor/Cargo.toml
@@ -47,7 +47,7 @@ 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 = { workspace = true }
 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 61e6f7d0bab5..ba1a7c51ab8d 100644
--- a/substrate/client/tracing/Cargo.toml
+++ b/substrate/client/tracing/Cargo.toml
@@ -30,7 +30,7 @@ serde = { workspace = true, default-features = true }
 thiserror = { workspace = true }
 tracing = "0.1.29"
 tracing-log = "0.1.3"
-tracing-subscriber = { version = "0.2.25", features = ["parking_lot"] }
+tracing-subscriber = { workspace = true, features = ["parking_lot"] }
 sc-client-api = { path = "../api" }
 sc-tracing-proc-macro = { path = "proc-macro" }
 sp-api = { path = "../../primitives/api" }
@@ -42,6 +42,7 @@ sp-tracing = { path = "../../primitives/tracing" }
 
 [dev-dependencies]
 criterion = "0.4.0"
+tracing-subscriber = { workspace = true, features = ["chrono", "parking_lot"] }
 
 [[bench]]
 name = "bench"
diff --git a/substrate/client/tracing/benches/bench.rs b/substrate/client/tracing/benches/bench.rs
index 1379023ddfa6..0f581f6471de 100644
--- a/substrate/client/tracing/benches/bench.rs
+++ b/substrate/client/tracing/benches/bench.rs
@@ -16,7 +16,10 @@
 // limitations under the License.
 
 use criterion::{criterion_group, criterion_main, Criterion};
-use tracing_subscriber::fmt::time::{ChronoLocal, FormatTime};
+use tracing_subscriber::fmt::{
+	format,
+	time::{ChronoLocal, FormatTime},
+};
 
 fn bench_fast_local_time(c: &mut Criterion) {
 	c.bench_function("fast_local_time", |b| {
@@ -24,7 +27,8 @@ 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();
+			let mut writer = format::Writer::new(&mut buffer);
+			t.format_time(&mut writer).unwrap();
 		})
 	});
 }
@@ -33,10 +37,11 @@ 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();
+			let mut writer: format::Writer<'_> = format::Writer::new(&mut buffer);
+			t.format_time(&mut writer).unwrap();
 		})
 	});
 }
diff --git a/substrate/client/tracing/src/lib.rs b/substrate/client/tracing/src/lib.rs
index 2107943cf6a5..ba4d1a15cc0c 100644
--- a/substrate/client/tracing/src/lib.rs
+++ b/substrate/client/tracing/src/lib.rs
@@ -290,7 +290,7 @@ 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 f4579f006c25..235d66cadc78 100644
--- a/substrate/client/tracing/src/logging/event_format.rs
+++ b/substrate/client/tracing/src/logging/event_format.rs
@@ -24,7 +24,7 @@ use tracing::{Event, Level, Subscriber};
 use tracing_log::NormalizeEvent;
 use tracing_subscriber::{
 	field::RecordFields,
-	fmt::{time::FormatTime, FmtContext, FormatEvent, FormatFields},
+	fmt::{format, time::FormatTime, FmtContext, FormatEvent, FormatFields},
 	layer::Context,
 	registry::{LookupSpan, SpanRef},
 };
@@ -52,20 +52,20 @@ where
 	// NOTE: the following code took inspiration from tracing-subscriber
 	//
 	//       https://github.com/tokio-rs/tracing/blob/2f59b32/tracing-subscriber/src/fmt/format/mod.rs#L449
-	pub(crate) fn format_event_custom<'b, S, N>(
+	pub(crate) fn format_event_custom<'b, 'w, S, N>(
 		&self,
 		ctx: CustomFmtContext<'b, S, N>,
-		writer: &mut dyn fmt::Write,
+		writer: format::Writer<'w>,
 		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 mut writer = &mut ControlCodeSanitizer::new(!self.enable_color, 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)?;
+		time::write(&self.timer, &mut format::Writer::new(&mut writer), self.enable_color)?;
 
 		if self.display_level {
 			let fmt_level = { FmtLevel::new(meta.level(), self.enable_color) };
@@ -108,7 +108,7 @@ where
 			writer.sanitize = true;
 		}
 
-		ctx.format_fields(writer, event)?;
+		ctx.format_fields(format::Writer::new(writer), event)?;
 		writeln!(writer)?;
 
 		writer.flush()
@@ -127,7 +127,7 @@ where
 	fn format_event(
 		&self,
 		ctx: &FmtContext<S, N>,
-		writer: &mut dyn fmt::Write,
+		mut writer: format::Writer<'_>,
 		event: &Event,
 	) -> fmt::Result {
 		if self.dup_to_stdout &&
@@ -136,7 +136,8 @@ where
 				event.metadata().level() == &Level::ERROR)
 		{
 			let mut out = String::new();
-			self.format_event_custom(CustomFmtContext::FmtContext(ctx), &mut out, event)?;
+			let buf_writer = format::Writer::new(&mut out);
+			self.format_event_custom(CustomFmtContext::FmtContext(ctx), buf_writer, event)?;
 			writer.write_str(&out)?;
 			print!("{}", out);
 			Ok(())
@@ -237,9 +238,13 @@ impl<'a> fmt::Display for FmtThreadName<'a> {
 mod time {
 	use ansi_term::Style;
 	use std::fmt;
-	use tracing_subscriber::fmt::time::FormatTime;
+	use tracing_subscriber::fmt::{format, 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 format::Writer<'_>,
+		with_ansi: bool,
+	) -> fmt::Result
 	where
 		T: FormatTime,
 	{
@@ -269,11 +274,7 @@ 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: format::Writer<'_>, fields: R) -> fmt::Result {
 		match self {
 			CustomFmtContext::FmtContext(fmt_ctx) => fmt_ctx.format_fields(writer, fields),
 			CustomFmtContext::ContextWithFormatFields(_ctx, fmt_fields) =>
@@ -312,7 +313,7 @@ where
 struct ControlCodeSanitizer<'a> {
 	sanitize: bool,
 	buffer: String,
-	inner_writer: &'a mut dyn fmt::Write,
+	inner_writer: format::Writer<'a>,
 }
 
 impl<'a> fmt::Write for ControlCodeSanitizer<'a> {
@@ -342,7 +343,7 @@ fn strip_control_codes(input: &str) -> std::borrow::Cow<str> {
 
 impl<'a> ControlCodeSanitizer<'a> {
 	/// Creates a new instance.
-	fn new(sanitize: bool, inner_writer: &'a mut dyn fmt::Write) -> Self {
+	fn new(sanitize: bool, inner_writer: format::Writer<'a>) -> Self {
 		Self { sanitize, inner_writer, buffer: String::new() }
 	}
 
diff --git a/substrate/client/tracing/src/logging/fast_local_time.rs b/substrate/client/tracing/src/logging/fast_local_time.rs
index 7be7bec8364a..ac4d14d95699 100644
--- a/substrate/client/tracing/src/logging/fast_local_time.rs
+++ b/substrate/client/tracing/src/logging/fast_local_time.rs
@@ -18,7 +18,7 @@
 
 use chrono::{Datelike, Timelike};
 use std::{cell::RefCell, fmt::Write, time::SystemTime};
-use tracing_subscriber::fmt::time::FormatTime;
+use tracing_subscriber::fmt::{format, time::FormatTime};
 
 /// A structure which, when `Display`d, will print out the current local time.
 #[derive(Debug, Clone, Copy, Eq, PartialEq, Default)]
@@ -76,7 +76,7 @@ thread_local! {
 }
 
 impl FormatTime for FastLocalTime {
-	fn format_time(&self, w: &mut dyn Write) -> std::fmt::Result {
+	fn format_time(&self, w: &mut format::Writer<'_>) -> std::fmt::Result {
 		const TIMESTAMP_PARTIAL_LENGTH: usize = "0000-00-00 00:00:00".len();
 
 		let elapsed = SystemTime::now()
@@ -128,8 +128,8 @@ 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)
+	fn fmt(&self, mut w: &mut std::fmt::Formatter) -> std::fmt::Result {
+		self.format_time(&mut format::Writer::new(&mut w))
 	}
 }
 
diff --git a/substrate/client/tracing/src/logging/layers/prefix_layer.rs b/substrate/client/tracing/src/logging/layers/prefix_layer.rs
index fc444257bde0..f73f06bb5320 100644
--- a/substrate/client/tracing/src/logging/layers/prefix_layer.rs
+++ b/substrate/client/tracing/src/logging/layers/prefix_layer.rs
@@ -32,7 +32,7 @@ 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 403839390d65..8b2ad9b598b5 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<'writer> MakeWriter<'writer> + '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 80df2f1fe7cd..481efd32e50b 100644
--- a/substrate/client/tracing/src/logging/stderr_writer.rs
+++ b/substrate/client/tracing/src/logging/stderr_writer.rs
@@ -148,7 +148,7 @@ impl Default for MakeStderrWriter {
 	}
 }
 
-impl tracing_subscriber::fmt::MakeWriter for MakeStderrWriter {
+impl tracing_subscriber::fmt::MakeWriter<'_> 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 368f8c096dd4..ce30302d4bb0 100644
--- a/substrate/primitives/tracing/Cargo.toml
+++ b/substrate/primitives/tracing/Cargo.toml
@@ -26,7 +26,8 @@ codec = { version = "3.6.1", package = "parity-scale-codec", default-features =
 ] }
 tracing = { version = "0.1.29", default-features = false }
 tracing-core = { version = "0.1.32", default-features = false }
-tracing-subscriber = { version = "0.2.25", optional = true, features = [
+tracing-subscriber = { workspace = true, optional = true, features = [
+	"env-filter",
 	"tracing-log",
 ] }