diff --git a/package.json b/package.json
index ad72329fc..e4492036c 100644
--- a/package.json
+++ b/package.json
@@ -54,7 +54,7 @@
   },
   "homepage": "https://github.com/TypeStrong/ts-loader",
   "dependencies": {
-    "chalk": "^4.1.0",
+    "chalk": "^5.0.0",
     "picomatch": "^4.0.0",
     "source-map": "^0.7.4"
   },
diff --git a/src/config.ts b/src/config.ts
index 09f301288..7db728311 100644
--- a/src/config.ts
+++ b/src/config.ts
@@ -1,4 +1,4 @@
-import type { Chalk } from 'chalk';
+import type { ChalkInstance } from 'chalk';
 import * as path from 'path';
 import type typescript from 'typescript';
 import type * as webpack from 'webpack';
@@ -15,7 +15,7 @@ interface ConfigFile {
 
 export function getConfigFile(
   compiler: typeof typescript,
-  colors: Chalk,
+  colors: ChalkInstance,
   loader: webpack.LoaderContext<LoaderOptions>,
   loaderOptions: LoaderOptions,
   compilerCompatible: boolean,
diff --git a/src/instances.ts b/src/instances.ts
index 40aadd010..d5bbef638 100644
--- a/src/instances.ts
+++ b/src/instances.ts
@@ -34,6 +34,7 @@ import {
 } from './utils';
 import { makeWatchRun } from './watch-run';
 import { isWebpack5 } from './loaderUtils';
+import { supportsColor, Chalk } from 'chalk';
 
 const instancesBySolutionBuilderConfigs = new Map<FilePathKey, TSInstance>();
 
@@ -60,8 +61,8 @@ export function getTypeScriptInstance(
   }
 
   const level =
-    loaderOptions.colors && chalk.supportsColor ? chalk.supportsColor.level : 0;
-  const colors = new chalk.Instance({ level });
+    loaderOptions.colors && supportsColor ? supportsColor.level : 0;
+  const colors = new Chalk({ level });
   const log = logger.makeLogger(loaderOptions, colors);
   const compiler = getCompiler(loaderOptions, log);
 
@@ -122,7 +123,7 @@ function successfulTypeScriptInstance(
   loaderOptions: LoaderOptions,
   loader: webpack.LoaderContext<LoaderOptions>,
   log: logger.Logger,
-  colors: chalk.Chalk,
+  colors: chalk.ChalkInstance,
   compiler: typeof typescript,
   compilerCompatible: boolean,
   compilerDetailsLogMessage: string
diff --git a/src/interfaces.ts b/src/interfaces.ts
index 198d097b3..c3213033f 100644
--- a/src/interfaces.ts
+++ b/src/interfaces.ts
@@ -1,6 +1,6 @@
 import type typescript from 'typescript';
 
-import type { Chalk } from 'chalk';
+import type { ChalkInstance } from 'chalk';
 import type * as logger from './logger';
 
 export interface ErrorInfo {
@@ -196,7 +196,7 @@ export interface TSInstance {
   dependencyGraph: DependencyGraph;
   filesWithErrors?: TSFiles;
   transformers: typescript.CustomTransformers;
-  colors: Chalk;
+  colors: ChalkInstance;
 
   otherFiles: TSFiles;
   watchHost?: WatchHost;
@@ -260,7 +260,7 @@ export interface LoaderOptions {
   transpileOnly: boolean;
   ignoreDiagnostics: number[];
   reportFiles: string[];
-  errorFormatter: (message: ErrorInfo, colors: Chalk) => string;
+  errorFormatter: (message: ErrorInfo, colors: ChalkInstance) => string;
   onlyCompileBundledFiles: boolean;
   colors: boolean;
   compilerOptions: typescript.CompilerOptions;
diff --git a/src/logger.ts b/src/logger.ts
index e570821b4..874e9af26 100644
--- a/src/logger.ts
+++ b/src/logger.ts
@@ -1,4 +1,4 @@
-import type { Chalk } from 'chalk';
+import type { ChalkInstance } from 'chalk';
 import { Console } from 'console';
 import type { LoaderOptions } from './interfaces';
 
@@ -42,7 +42,7 @@ const makeExternalLogger = (
 const makeLogInfo = (
   loaderOptions: LoaderOptions,
   logger: InternalLoggerFunc,
-  green: Chalk
+  green: ChalkInstance
 ) =>
   LogLevel[loaderOptions.logLevel] <= LogLevel.INFO
     ? (message: string) =>
@@ -55,7 +55,7 @@ const makeLogInfo = (
 const makeLogError = (
   loaderOptions: LoaderOptions,
   logger: InternalLoggerFunc,
-  red: Chalk
+  red: ChalkInstance
 ) =>
   LogLevel[loaderOptions.logLevel] <= LogLevel.ERROR
     ? (message: string) => logger(stderrConsole, red(message))
@@ -64,7 +64,7 @@ const makeLogError = (
 const makeLogWarning = (
   loaderOptions: LoaderOptions,
   logger: InternalLoggerFunc,
-  yellow: Chalk
+  yellow: ChalkInstance
 ) =>
   LogLevel[loaderOptions.logLevel] <= LogLevel.WARN
     ? (message: string) => logger(stderrConsole, yellow(message))
@@ -72,7 +72,7 @@ const makeLogWarning = (
 
 export function makeLogger(
   loaderOptions: LoaderOptions,
-  colors: Chalk
+  colors: ChalkInstance
 ): Logger {
   const logger = makeLoggerFunc(loaderOptions);
   return {
diff --git a/src/utils.ts b/src/utils.ts
index 6f49cef44..999fb0812 100644
--- a/src/utils.ts
+++ b/src/utils.ts
@@ -1,4 +1,4 @@
-import type { Chalk } from 'chalk';
+import type { ChalkInstance } from 'chalk';
 import * as fs from 'fs';
 import picomatch from 'picomatch';
 import * as path from 'path';
@@ -22,7 +22,7 @@ import { isWebpack5 } from './loaderUtils';
 /**
  * The default error formatter.
  */
-function defaultErrorFormatter(error: ErrorInfo, colors: Chalk) {
+function defaultErrorFormatter(error: ErrorInfo, colors: ChalkInstance) {
   const messageColor =
     error.severity === 'warning' ? colors.bold.yellow : colors.bold.red;
 
@@ -79,7 +79,7 @@ function makeReportFilesMatcher(
 export function formatErrors(
   diagnostics: ReadonlyArray<typescript.Diagnostic> | undefined,
   loaderOptions: LoaderOptions,
-  colors: Chalk,
+  colors: ChalkInstance,
   compiler: typeof typescript,
   merge: { file?: string; module?: webpack.Module },
   context: string,
diff --git a/test/execution-tests/4.7.0_5.0.0_node16-file-suffix/src/Logger.mts b/test/execution-tests/4.7.0_5.0.0_node16-file-suffix/src/Logger.mts
index 75acf02ec..6d565aed2 100644
--- a/test/execution-tests/4.7.0_5.0.0_node16-file-suffix/src/Logger.mts
+++ b/test/execution-tests/4.7.0_5.0.0_node16-file-suffix/src/Logger.mts
@@ -1,4 +1,4 @@
-import chalk, { Chalk } from 'chalk';
+import chalk, { ChalkInstance } from 'chalk';
 import { Exception } from './Exception.cjs';
 import { Messages } from './Messages.js';
 import { ProjectName } from './ProjectName.mjs';
@@ -31,7 +31,7 @@ export class Logger {
     /**
      * Gets a component for formatting messages.
      */
-    public get Chalk(): Chalk {
+    public get Chalk(): ChalkInstance {
         return chalk;
     }
 
diff --git a/yarn.lock b/yarn.lock
index 4fb7a8e11..cb602de3d 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -559,7 +559,7 @@ ansi-styles@^3.2.1:
   dependencies:
     color-convert "^1.9.0"
 
-ansi-styles@^4.0.0, ansi-styles@^4.1.0:
+ansi-styles@^4.0.0:
   version "4.3.0"
   resolved "https://registry.npmjs.org/ansi-styles/-/ansi-styles-4.3.0.tgz"
   integrity sha512-zbB9rCJAT1rbjiVDb2hqKFHNYLxgtk8NURxZ3IZwD3F6NtxbXZQCnnSi1Lkx+IDohdPlFp222wVALIheZJQSEg==
@@ -1409,13 +1409,10 @@ chalk@^2.0.1, chalk@^2.1.0, chalk@^2.3.1, chalk@^2.4.1:
     escape-string-regexp "^1.0.5"
     supports-color "^5.3.0"
 
-chalk@^4.1.0:
-  version "4.1.0"
-  resolved "https://registry.npmjs.org/chalk/-/chalk-4.1.0.tgz"
-  integrity sha512-qwx12AxXe2Q5xQ43Ac//I6v5aXTipYrSESdOgzrN+9XjgEpyjpKuvSGaN4qE93f7TQTlerQQ8S+EQ0EyDoVL1A==
-  dependencies:
-    ansi-styles "^4.1.0"
-    supports-color "^7.1.0"
+chalk@^5.0.0:
+  version "5.6.2"
+  resolved "https://registry.yarnpkg.com/chalk/-/chalk-5.6.2.tgz#b1238b6e23ea337af71c7f8a295db5af0c158aea"
+  integrity sha512-7NzBL0rN6fMUW+f7A6Io4h40qQlG+xGmtMxfbnH/K7TAtt8JQWVQK+6g0UXKMeVJoyV5EkkNsErQ8pVD3bLHbA==
 
 chokidar@^3.5.1:
   version "3.5.3"
@@ -4630,13 +4627,6 @@ supports-color@^5.3.0:
   dependencies:
     has-flag "^3.0.0"
 
-supports-color@^7.1.0:
-  version "7.2.0"
-  resolved "https://registry.npmjs.org/supports-color/-/supports-color-7.2.0.tgz"
-  integrity sha512-qpCAvRl9stuOHveKsn7HncJRvv501qIacKzQlO/+Lwxc9+0q2wLyv4Dfvt80/DPn2pqOBsJdDiogXGR9+OvwRw==
-  dependencies:
-    has-flag "^4.0.0"
-
 supports-color@^8.0.0:
   version "8.1.1"
   resolved "https://registry.npmjs.org/supports-color/-/supports-color-8.1.1.tgz"