diff --git a/packages/gatsby/package.json b/packages/gatsby/package.json
index eb607f9f3328b..0c320f2d1e3a4 100644
--- a/packages/gatsby/package.json
+++ b/packages/gatsby/package.json
@@ -141,7 +141,7 @@
     "stack-trace": "^0.0.10",
     "string-similarity": "^1.2.2",
     "style-loader": "^0.23.1",
-    "terser-webpack-plugin": "^2.3.8",
+    "terser-webpack-plugin": "^5.1.4",
     "tmp": "^0.2.1",
     "true-case-path": "^2.2.1",
     "type-of": "^2.0.1",
@@ -149,7 +149,7 @@
     "util.promisify": "^1.0.1",
     "uuid": "3.4.0",
     "v8-compile-cache": "^1.1.2",
-    "webpack": "^4.44.1",
+    "webpack": "^5.1.1",
     "webpack-dev-middleware": "^3.7.2",
     "webpack-dev-server": "^3.11.0",
     "webpack-hot-middleware": "^2.25.0",