diff --git a/Cargo.lock b/Cargo.lock
index d7e7edfa2..c2ba40e82 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4374,9 +4374,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cd86513975ed69bf3fb5d4a286cdcda66dbc56f84bdf4832b6c82b459f4417b2"
+checksum = "1e6302e85060011447471887705bb7838f14aba43fcb06957d823739a496b3dc"
 dependencies = [
  "cfg-if 1.0.0",
  "indoc",
@@ -4390,9 +4390,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-build-config"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "450e2e56cbfa67bbe224cef93312b7a76d81c471d4e0c459d24d4bfaf3d75b53"
+checksum = "b5b65b546c35d8a3b1b2f0ddbac7c6a569d759f357f2b9df884f5d6b719152c8"
 dependencies = [
  "once_cell",
  "target-lexicon",
@@ -4400,9 +4400,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-ffi"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "36e653782972eba2fe86e8319ade54b97822c65fb1ccc1e116368372faa6ebc9"
+checksum = "c275a07127c1aca33031a563e384ffdd485aee34ef131116fcd58e3430d1742b"
 dependencies = [
  "libc",
  "pyo3-build-config",
@@ -4410,9 +4410,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-macros"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "317ce641f29f4e10e75765630bf4d28b2008612226fcc80b27f334fee8184d0f"
+checksum = "284fc4485bfbcc9850a6d661d627783f18d19c2ab55880b021671c4ba83e90f7"
 dependencies = [
  "proc-macro2",
  "pyo3-macros-backend",
@@ -4422,9 +4422,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-macros-backend"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "59342fce58a05983688e8d81209d06f67f0fcb1597253ef63b390b2da2417522"
+checksum = "53bda0f58f73f5c5429693c96ed57f7abdb38fdfc28ae06da4101a257adb7faf"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/pyembed-bench/Cargo.toml b/pyembed-bench/Cargo.toml
index f03b78f76..10eb23450 100644
--- a/pyembed-bench/Cargo.toml
+++ b/pyembed-bench/Cargo.toml
@@ -11,7 +11,7 @@ repository = "https://github.com/indygreg/PyOxidizer.git"
 [dependencies]
 anyhow = "1.0"
 once_cell = "1.8"
-pyo3 = "0.16.4"
+pyo3 = "0.16.5"
 slog = "2.7"
 tempfile = "3.2"
 zip = { version = "0.6", default-features = false, features = ["deflate"] }
diff --git a/pyembed/Cargo.toml b/pyembed/Cargo.toml
index 14e49b37d..d1c4d2f72 100644
--- a/pyembed/Cargo.toml
+++ b/pyembed/Cargo.toml
@@ -42,7 +42,7 @@ path = "../python-oxidized-importer"
 default-features = false
 
 [dependencies.pyo3]
-version = "0.16.4"
+version = "0.16.5"
 default-features = false
 features = ["macros"]
 
@@ -52,7 +52,7 @@ path = "../python-packaging"
 default-features = false
 
 [build-dependencies]
-pyo3-build-config = { version = "0.16.4", features = ["resolve-config"] }
+pyo3-build-config = { version = "0.16.5", features = ["resolve-config"] }
 
 [dev-dependencies]
 pathdiff = "0.2"
diff --git a/pyoxidizer/Cargo.toml b/pyoxidizer/Cargo.toml
index 083b324a8..eca693df0 100644
--- a/pyoxidizer/Cargo.toml
+++ b/pyoxidizer/Cargo.toml
@@ -44,7 +44,7 @@ itertools = "0.10"
 linked-hash-map = "0.5"
 once_cell = "1.7"
 path-dedot = "3.0"
-pyo3-build-config = "0.16.4"
+pyo3-build-config = "0.16.5"
 remove_dir_all = "0.7"
 rustc_version = "0.4"
 semver = "1.0"
diff --git a/pyoxidizer/docs/pyoxidizer_history.rst b/pyoxidizer/docs/pyoxidizer_history.rst
index b0ba5a5f0..44417e375 100644
--- a/pyoxidizer/docs/pyoxidizer_history.rst
+++ b/pyoxidizer/docs/pyoxidizer_history.rst
@@ -46,6 +46,9 @@ Bug Fixes
   prevented them from working without specifying any arguments. This regression
   was introduced in 0.20 with the upgrade of the ``clap`` crate to version 3.1.
   (#523)
+* PyO3 Rust crates upgraded from 0.16.4 to 0.16.5. The upgrade fixes compatibility
+  issues with Python 3.10 that could lead to runtime crashes or incorrect behavior
+  in many configurations.
 
 New Features
 ^^^^^^^^^^^^
diff --git a/pyoxidizer/src/new-project-cargo.lock b/pyoxidizer/src/new-project-cargo.lock
index 1ef85e199..43cbc7954 100644
--- a/pyoxidizer/src/new-project-cargo.lock
+++ b/pyoxidizer/src/new-project-cargo.lock
@@ -287,9 +287,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cd86513975ed69bf3fb5d4a286cdcda66dbc56f84bdf4832b6c82b459f4417b2"
+checksum = "1e6302e85060011447471887705bb7838f14aba43fcb06957d823739a496b3dc"
 dependencies = [
  "cfg-if",
  "indoc",
@@ -303,9 +303,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-build-config"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "450e2e56cbfa67bbe224cef93312b7a76d81c471d4e0c459d24d4bfaf3d75b53"
+checksum = "b5b65b546c35d8a3b1b2f0ddbac7c6a569d759f357f2b9df884f5d6b719152c8"
 dependencies = [
  "once_cell",
  "target-lexicon",
@@ -313,9 +313,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-ffi"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "36e653782972eba2fe86e8319ade54b97822c65fb1ccc1e116368372faa6ebc9"
+checksum = "c275a07127c1aca33031a563e384ffdd485aee34ef131116fcd58e3430d1742b"
 dependencies = [
  "libc",
  "pyo3-build-config",
@@ -323,9 +323,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-macros"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "317ce641f29f4e10e75765630bf4d28b2008612226fcc80b27f334fee8184d0f"
+checksum = "284fc4485bfbcc9850a6d661d627783f18d19c2ab55880b021671c4ba83e90f7"
 dependencies = [
  "proc-macro2",
  "pyo3-macros-backend",
@@ -335,9 +335,9 @@ dependencies = [
 
 [[package]]
 name = "pyo3-macros-backend"
-version = "0.16.4"
+version = "0.16.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "59342fce58a05983688e8d81209d06f67f0fcb1597253ef63b390b2da2417522"
+checksum = "53bda0f58f73f5c5429693c96ed57f7abdb38fdfc28ae06da4101a257adb7faf"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/python-oxidized-importer/Cargo.toml b/python-oxidized-importer/Cargo.toml
index 0fee32b19..9519db295 100644
--- a/python-oxidized-importer/Cargo.toml
+++ b/python-oxidized-importer/Cargo.toml
@@ -26,7 +26,7 @@ path = "../python-packaging"
 default-features = false
 
 [dependencies.pyo3]
-version = "0.16.4"
+version = "0.16.5"
 features = ["macros"]
 
 [dependencies.tugger-file-manifest]
diff --git a/python-oxidized-importer/docs/oxidized_importer_history.rst b/python-oxidized-importer/docs/oxidized_importer_history.rst
index 9d77da8f6..8e83ae9d7 100644
--- a/python-oxidized-importer/docs/oxidized_importer_history.rst
+++ b/python-oxidized-importer/docs/oxidized_importer_history.rst
@@ -23,3 +23,5 @@ Changelog
   Previously, the implementation of this method didn't work properly on 3.10+.
 * Added ``name`` property to :py:class:`OxidizedDistribution`.
 * Added ``_normalized_name`` property to :py:class:`OxidizedDistribution`.
+* PyO3 Rust crate upgraded to 0.16.5. This gets us better compatibility with
+  Python 3.10.