diff --git a/plugins/woocommerce/changelog/42820-update-action-scheduler-3.7.1 b/plugins/woocommerce/changelog/42820-update-action-scheduler-3.7.1
new file mode 100644
index 00000000000..951da8c3e7d
--- /dev/null
+++ b/plugins/woocommerce/changelog/42820-update-action-scheduler-3.7.1
@@ -0,0 +1,4 @@
+Significance: minor
+Type: update
+
+Update Action Scheduler to 3.7.1
\ No newline at end of file
diff --git a/plugins/woocommerce/composer.json b/plugins/woocommerce/composer.json
index 4dc9aaea3d6..c2b18177f96 100644
--- a/plugins/woocommerce/composer.json
+++ b/plugins/woocommerce/composer.json
@@ -26,7 +26,7 @@
 		"composer/installers": "^1.9",
 		"maxmind-db/reader": "^1.11",
 		"pelago/emogrifier": "^6.0",
-		"woocommerce/action-scheduler": "3.7.0"
+		"woocommerce/action-scheduler": "3.7.1"
 	},
 	"require-dev": {
 		"automattic/jetpack-changelogger": "^3.3.0",
diff --git a/plugins/woocommerce/composer.lock b/plugins/woocommerce/composer.lock
index 5dca539b597..5f0d10d93d0 100644
--- a/plugins/woocommerce/composer.lock
+++ b/plugins/woocommerce/composer.lock
@@ -4,7 +4,7 @@
         "Read more about it at https://getcomposer.org/doc/01-basic-usage.md#installing-dependencies",
         "This file is @generated automatically"
     ],
-    "content-hash": "c5304676e8da7197927922a288f98733",
+    "content-hash": "13af4a3f8da9b445054cc1ac1e33cd66",
     "packages": [
         {
             "name": "automattic/jetpack-a8c-mc-stats",
@@ -960,23 +960,26 @@
         },
         {
             "name": "woocommerce/action-scheduler",
-            "version": "3.7.0",
+            "version": "3.7.1",
             "source": {
                 "type": "git",
                 "url": "https://github.com/woocommerce/action-scheduler.git",
-                "reference": "7a2046a5e6a15786068bb0298407522f30c694b4"
+                "reference": "bdaecb016e0358065a8bf76a41fdd60772cacaa5"
             },
             "dist": {
                 "type": "zip",
-                "url": "https://api.github.com/repos/woocommerce/action-scheduler/zipball/7a2046a5e6a15786068bb0298407522f30c694b4",
-                "reference": "7a2046a5e6a15786068bb0298407522f30c694b4",
+                "url": "https://api.github.com/repos/woocommerce/action-scheduler/zipball/bdaecb016e0358065a8bf76a41fdd60772cacaa5",
+                "reference": "bdaecb016e0358065a8bf76a41fdd60772cacaa5",
                 "shasum": ""
             },
+            "require": {
+                "php": ">=5.6"
+            },
             "require-dev": {
                 "phpunit/phpunit": "^7.5",
                 "woocommerce/woocommerce-sniffs": "0.1.0",
                 "wp-cli/wp-cli": "~2.5.0",
-                "yoast/phpunit-polyfills": "^1.0"
+                "yoast/phpunit-polyfills": "^2.0"
             },
             "type": "wordpress-plugin",
             "extra": {
@@ -994,9 +997,9 @@
             "homepage": "https://actionscheduler.org/",
             "support": {
                 "issues": "https://github.com/woocommerce/action-scheduler/issues",
-                "source": "https://github.com/woocommerce/action-scheduler/tree/3.7.0"
+                "source": "https://github.com/woocommerce/action-scheduler/tree/3.7.1"
             },
-            "time": "2023-11-20T12:24:41+00:00"
+            "time": "2023-12-13T21:52:55+00:00"
         }
     ],
     "packages-dev": [
@@ -3944,7 +3947,7 @@
         },
         {
             "name": "woocommerce/monorepo-plugin",
-            "version": "dev-fix/blocks-phpunit-test",
+            "version": "dev-update/action-scheduler-3.7.1",
             "dist": {
                 "type": "path",
                 "url": "../../packages/php/monorepo-plugin",
@@ -4043,5 +4046,5 @@
     "platform-overrides": {
         "php": "7.4"
     },
-    "plugin-api-version": "2.6.0"
+    "plugin-api-version": "2.3.0"
 }