diff --git a/api/CMakeLists.txt b/api/CMakeLists.txt
index ac755549e3..0f63a49f9b 100644
--- a/api/CMakeLists.txt
+++ b/api/CMakeLists.txt
@@ -40,8 +40,14 @@ if(WITH_ABSEIL)
   target_link_libraries(
     opentelemetry_api INTERFACE absl::bad_variant_access absl::any absl::base
                                 absl::bits absl::city)
-  list(APPEND TARGET_DEPS "absl_bad_variant_access" "absl_any absl_base"
-       "absl_bits" "absl_city")
+  list(
+    APPEND
+    TARGET_DEPS
+    "absl_bad_variant_access"
+    "absl_any"
+    "absl_base"
+    "absl_bits"
+    "absl_city")
 endif()
 
 if(WITH_STL STREQUAL "OFF")
diff --git a/bazel/repository.bzl b/bazel/repository.bzl
index b26479b015..c8f1338305 100644
--- a/bazel/repository.bzl
+++ b/bazel/repository.bzl
@@ -55,6 +55,13 @@ def opentelemetry_cpp_deps():
 
     # Load abseil dependency(optional)
     maybe(
+        #
+        # Important note:
+        #
+        # The bazel build still uses abseil-cpp-20220623.1 here.
+        #
+        # Upgrading to abseil-cpp-20240116.1 breaks the OTLP build, reason unknown.
+        #
         http_archive,
         name = "com_google_absl",
         sha256 = "91ac87d30cc6d79f9ab974c51874a704de9c2647c40f6932597329a282217ba8",
diff --git a/ci/do_ci.sh b/ci/do_ci.sh
index 20bff53712..4d3b1d6d9f 100755
--- a/ci/do_ci.sh
+++ b/ci/do_ci.sh
@@ -529,7 +529,7 @@ elif [[ "$1" == "code.coverage" ]]; then
   exit 0
 elif [[ "$1" == "third_party.tags" ]]; then
   echo "gRPC=v1.49.2" > third_party_release
-  echo "abseil=20220623.1" >> third_party_release
+  echo "abseil=20240116.1" >> third_party_release
   git submodule foreach --quiet 'echo "$name=$(git describe --tags HEAD)"' | sed 's:.*/::' >> third_party_release
   exit 0
 fi
diff --git a/ci/install_abseil.sh b/ci/install_abseil.sh
index a28bb2f6e4..46a7870627 100755
--- a/ci/install_abseil.sh
+++ b/ci/install_abseil.sh
@@ -5,7 +5,7 @@
 
 set -ex
 export DEBIAN_FRONTEND=noninteractive
-[ -z "${ABSEIL_CPP_VERSION}" ] && export ABSEIL_CPP_VERSION="20220623.1"
+[ -z "${ABSEIL_CPP_VERSION}" ] && export ABSEIL_CPP_VERSION="20240116.1"
 
 BUILD_DIR=/tmp/
 INSTALL_DIR=/usr/local/
diff --git a/third_party_release b/third_party_release
index 6824954519..092573703b 100644
--- a/third_party_release
+++ b/third_party_release
@@ -14,7 +14,7 @@
 #
 
 gRPC=v1.49.2
-abseil=20220623.1
+abseil=20240116.1
 benchmark=v1.8.3
 googletest=1.14.0
 ms-gsl=v3.1.0-67-g6f45293