diff --git a/gradle/libs.versions.toml b/gradle/libs.versions.toml
index 7d983143c..abc0cc4e3 100644
--- a/gradle/libs.versions.toml
+++ b/gradle/libs.versions.toml
@@ -12,10 +12,7 @@ androidxActivity = "1.8.2"
 androidXBiometrics = "1.2.0-alpha05"
 androidxBrowser = "1.7.0"
 androidxCamera = "1.3.1"
-androidxComposeBom = "2024.01.00"
-# TODO: Once the Material3 color scheme changes are no longer in alpha, we should remove this
-#   individual dependency version and use the Compose BOM version (BIT-702).
-androidxComposeMaterial3 = "1.2.0-rc01"
+androidxComposeBom = "2024.02.00"
 androidxCore = "1.12.0"
 androidxHiltNavigationCompose = "1.1.0"
 androidxLifecycle = "2.6.2"
@@ -63,7 +60,7 @@ androidx-camera-lifecycle = { group = "androidx.camera", name = "camera-lifecycl
 androidx-camera-view = { module = "androidx.camera:camera-view", version.ref = "androidxCamera" }
 androidx-compose-animation = { module = "androidx.compose.animation:animation" }
 androidx-compose-bom = { module = "androidx.compose:compose-bom", version.ref = "androidxComposeBom" }
-androidx-compose-material3 = { module = "androidx.compose.material3:material3", version.ref = "androidxComposeMaterial3" }
+androidx-compose-material3 = { module = "androidx.compose.material3:material3" }
 androidx-compose-runtime = { module = "androidx.compose.runtime:runtime" }
 androidx-compose-ui = { module = "androidx.compose.ui:ui" }
 androidx-compose-ui-graphics = { module = "androidx.compose.ui:ui-graphics" }