I just stumbled upon this question and found that the solution to "How to update swift dependencies in Xcode" has probably changed now that Swift Packages have been around for a few years.

For me, the solutions was to simply go to File -> Swift Packages -> Update to Latest Package Versions.

Many of the problems with packages not updating are because the swift package version rules limit the automatic package updates to the current major version only, i.e v3.3.1 of a package will update to v3.4.0, but will not update automatically to v4.0.1. Therefore using the update options in Xcode does not necessarily get the latest major version of a package.

To resolve, Open the project from the project panel, select the project (not the targets), then select the "Swift Packages" tab. Double click on the package you want to update and change the minimum version to the next major version.

- Update a single dependency using Xcode

This method will save a lot of resources and time. Because it won't force other packages to redownload.

Double click on the package in the tab you mentioned and change the version to anything else. It will then recheck the remote repo. The benefit of doing this is to only update the selected package. (Also, it's better to have the current using version be set in the package.)

- Update ALL dependencies using Xcode

From File -> Swift Packages -> Update to Latest Package Versions

🤨 Single package with GUI (Xcode 12 and above)

Right-click on the package from the left navigation pan and select Update Package

_{note that you will see Xcode saying update all packages but it will update only the selected one}

Instead of trying to preserve your changes to generated project, you can manage dependencies in a separate project, like CocoaPods does.

When starting new project:

1. create Xcode project for your app MyApp.xcodeproj
2. save as a workspace MyApp.xcworkspace
3. create package for your dependencies

mkdir MyDeps && cd MyDeps
swift package init --type library

4. add dependencies to Package.swift
5. generate Xcode project for the dependencies package

swift package generate-xcodeproj

6. add generated project MyDeps.xcodeproj to your workspace MyApp.xcworkspace
7. add target MyDeps.framework to Linked Frameworks of your app MyApp.xcodeproj

With this setup you can freely update dependencies in Package.swift and regenerate dependent project as needed.

Maybe this will help someone.

Project Explorer -> root folder -> Project Name -> Package Dependencies -> Update desired package version

I had an issue with CryptoSwift using Xcode 12.5. My version was 1.3.1 and the issue was fixed in 1.4.0. I tried :

1. updating by File -> Swift Packages -> Update to Latest Package Versions.
2. xcodebuild -resolvePackageDependencies

But both did not work.

I manually went and changed target -> Swift packages -> Version rules and Xcode automatically installed the newer version and I was out of my error.

If the library is used by a particular target, the library won't be updated to the latest version, at least in my case (Xcode 14.2).

I was using OneSignal which requires to add a target (OneSignalNotificationServiceExtension) which depends on the OneSignal library in the "Frameworks and libraries".

So:

1. remove the required lib voice from the dependency in the extension,
2. update the library with right click -> "update package"
3. re-add to the extension the updated library in the "Frameworks and libraries"

Screenshot of which row to delete to let the library update properly (remember to read later).