diff --git a/.github/workflows/main.yml b/.github/workflows/main.yml
index c19ca629..78fe8e68 100644
--- a/.github/workflows/main.yml
+++ b/.github/workflows/main.yml
@@ -27,8 +27,8 @@ jobs:
         rustup update stable --no-self-update
         rustup update nightly --no-self-update
         rustup default stable
-        rustup target add wasm32-wasi
-        rustup target add wasm32-wasi --toolchain nightly
+        rustup target add wasm32-wasip1
+        rustup target add wasm32-wasip1 --toolchain nightly
         rustup target add wasm32-unknown-unknown
         rustup component add rustfmt
         rustup component add rustfmt --toolchain nightly
@@ -47,7 +47,7 @@ jobs:
     steps:
     - uses: actions/checkout@v4
     - name: Install Rust
-      run: rustup update stable --no-self-update && rustup default stable && rustup target add wasm32-wasi && rustup target add wasm32-unknown-unknown
+      run: rustup update stable --no-self-update && rustup default stable && rustup target add wasm32-wasip1 && rustup target add wasm32-unknown-unknown
     - name: Install cargo-component (debug)
       run: cargo install --locked --debug --path .
     - name: Build the example component
diff --git a/README.md b/README.md
index 11b758d6..e64e15fe 100644
--- a/README.md
+++ b/README.md
@@ -142,13 +142,13 @@ Until that time, there's `cargo component`!
 
 ## WASI Support
 
-Currently `cargo component` targets `wasm32-wasi` by default.
+Currently `cargo component` targets `wasm32-wasip1` by default.
 
 As this target is for a _preview1_ release of WASI, the WebAssembly module
 produced by the Rust compiler must be adapted to the _preview2_ version of WASI
 supported by the component model.
 
-The adaptation is automatically performed when `wasm32-wasi` is targeted using
+The adaptation is automatically performed when `wasm32-wasip1` is targeted using
 a built-in WASI adapter snapshotted out of the Wasmtime repository.
 
 You may override the built-in adapter `cargo component` uses by setting the
diff --git a/example/README.md b/example/README.md
index 94ff62f3..5817bed2 100644
--- a/example/README.md
+++ b/example/README.md
@@ -1,14 +1,14 @@
 # Component example
 
-This directory contains an example component implementing a simple "passthrough 
-cache" service responsible for fetching the content bytes of a given URL from a 
+This directory contains an example component implementing a simple "passthrough
+cache" service responsible for fetching the content bytes of a given URL from a
 supplied origin service.
 
-The component imports two interfaces: a cache implementation for storing 
-previously fetched content and an "origin" backend implementation for 
+The component imports two interfaces: a cache implementation for storing
+previously fetched content and an "origin" backend implementation for
 forwarding the request to when there is a cache miss.
 
-It exports the same backend interface as it imports, effectively wrapping the 
+It exports the same backend interface as it imports, effectively wrapping the
 provided import interface with some simplistic caching logic.
 
 ## Building the component
@@ -19,4 +19,4 @@ To build the component, run the following command:
 cargo component build
 ```
 
-The component should now exist at `target/wasm32-wasi/debug/service.wasm`.
+The component should now exist at `target/wasm32-wasip1/debug/service.wasm`.
diff --git a/src/commands/publish.rs b/src/commands/publish.rs
index ef225435..5e934096 100644
--- a/src/commands/publish.rs
+++ b/src/commands/publish.rs
@@ -17,7 +17,7 @@ pub struct PublishCommand {
     #[clap(flatten)]
     pub common: CommonOptions,
 
-    /// Build for the target triple (defaults to `wasm32-wasi`)
+    /// Build for the target triple (defaults to `wasm32-wasip1`)
     #[clap(long = "target", value_name = "TRIPLE")]
     pub target: Option<String>,
 
diff --git a/src/lib.rs b/src/lib.rs
index 54084d9a..5a4b701e 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -2,7 +2,7 @@
 
 #![deny(missing_docs)]
 
-use crate::target::install_wasm32_wasi;
+use crate::target::install_wasm32_wasip1;
 use anyhow::{bail, Context, Result};
 use bindings::BindingsGenerator;
 use bytes::Bytes;
@@ -48,7 +48,7 @@ mod registry;
 mod target;
 
 fn is_wasm_target(target: &str) -> bool {
-    target == "wasm32-wasi" || target == "wasm32-unknown-unknown"
+    target == "wasm32-wasi" || target == "wasm32-wasip1" || target == "wasm32-unknown-unknown"
 }
 
 /// Represents a cargo package paired with its component metadata.
@@ -192,11 +192,11 @@ pub async fn run_cargo_command(
 
     // Handle the target for buildable commands
     if command.buildable() {
-        install_wasm32_wasi(config)?;
+        install_wasm32_wasip1(config)?;
 
-        // Add an implicit wasm32-wasi target if there isn't a wasm target present
+        // Add an implicit wasm32-wasip1 target if there isn't a wasm target present
         if !cargo_args.targets.iter().any(|t| is_wasm_target(t)) {
-            cargo.arg("--target").arg("wasm32-wasi");
+            cargo.arg("--target").arg("wasm32-wasip1");
         }
 
         if let Some(format) = &cargo_args.message_format {
@@ -263,11 +263,11 @@ fn get_runner(serve: bool) -> Result<PathAndArgs> {
     let cargo_config = cargo_config2::Config::load()?;
 
     // We check here before we actually build that a runtime is present.
-    // We first check the runner for `wasm32-wasi` in the order from
+    // We first check the runner for `wasm32-wasip1` in the order from
     // cargo's convention for a user-supplied runtime (path or executable)
     // and use the default, namely `wasmtime`, if it is not set.
     let (runner, using_default) = cargo_config
-        .runner(TargetTripleRef::from("wasm32-wasi"))
+        .runner(TargetTripleRef::from("wasm32-wasip1"))
         .unwrap_or_default()
         .map(|runner_override| (runner_override, false))
         .unwrap_or_else(|| {
@@ -293,8 +293,8 @@ fn get_runner(serve: bool) -> Result<PathAndArgs> {
         // check if the override runner exists
         if !(runner.path.exists() || which::which(&runner.path).is_ok()) {
             bail!(
-                "failed to find `{wasi_runner}` specified by either the `CARGO_TARGET_WASM32_WASI_RUNNER`\
-                environment variable or as the `wasm32-wasi` runner in `.cargo/config.toml`"
+                "failed to find `{wasi_runner}` specified by either the `CARGO_TARGET_WASM32_WASIP1_RUNNER`\
+                environment variable or as the `wasm32-wasip1` runner in `.cargo/config.toml`"
             );
         }
     } else if which::which(&runner.path).is_err() {
diff --git a/src/target.rs b/src/target.rs
index 9fd09c5c..a820e171 100644
--- a/src/target.rs
+++ b/src/target.rs
@@ -7,35 +7,35 @@ use std::{
 
 use crate::config::Config;
 
-pub fn install_wasm32_wasi(config: &Config) -> Result<()> {
+pub fn install_wasm32_wasip1(config: &Config) -> Result<()> {
     let sysroot = get_sysroot()?;
-    if sysroot.join("lib/rustlib/wasm32-wasi").exists() {
+    if sysroot.join("lib/rustlib/wasm32-wasip1").exists() {
         return Ok(());
     }
 
     if env::var_os("RUSTUP_TOOLCHAIN").is_none() {
         bail!(
-            "failed to find the `wasm32-wasi` target \
+            "failed to find the `wasm32-wasip1` target \
              and `rustup` is not available. If you're using rustup \
              make sure that it's correctly installed; if not, make sure to \
-             install the `wasm32-wasi` target before using this command"
+             install the `wasm32-wasip1` target before using this command"
         );
     }
 
     config
         .terminal()
-        .status("Installing", "wasm32-wasi target")?;
+        .status("Installing", "wasm32-wasip1 target")?;
 
     let output = Command::new("rustup")
         .arg("target")
         .arg("add")
-        .arg("wasm32-wasi")
+        .arg("wasm32-wasip1")
         .stderr(Stdio::inherit())
         .stdout(Stdio::inherit())
         .output()?;
 
     if !output.status.success() {
-        bail!("failed to install the `wasm32-wasi` target");
+        bail!("failed to install the `wasm32-wasip1` target");
     }
 
     Ok(())
diff --git a/tests/run.rs b/tests/run.rs
index 5bf065b1..30d43eeb 100644
--- a/tests/run.rs
+++ b/tests/run.rs
@@ -99,7 +99,7 @@ bindings::export!(Component with_types_in bindings);
     project
         .cargo_component("run")
         .env(
-            "CARGO_TARGET_WASM32_WASI_RUNNER",
+            "CARGO_TARGET_WASM32_WASIP1_RUNNER",
             "wasmtime --env APP_NAME=CargoComponent -C cache=no -W component-model -S preview2 -S common",
         )
         .assert()
diff --git a/tests/support/mod.rs b/tests/support/mod.rs
index c9b6f4bc..86a0f325 100644
--- a/tests/support/mod.rs
+++ b/tests/support/mod.rs
@@ -290,14 +290,14 @@ impl Project {
 
     pub fn debug_wasm(&self, name: &str) -> PathBuf {
         self.build_dir()
-            .join("wasm32-wasi")
+            .join("wasm32-wasip1")
             .join("debug")
             .join(format!("{name}.wasm"))
     }
 
     pub fn release_wasm(&self, name: &str) -> PathBuf {
         self.build_dir()
-            .join("wasm32-wasi")
+            .join("wasm32-wasip1")
             .join("release")
             .join(format!("{name}.wasm"))
     }
diff --git a/tests/test.rs b/tests/test.rs
index dcea5af4..d18b0dc8 100644
--- a/tests/test.rs
+++ b/tests/test.rs
@@ -14,7 +14,7 @@ fn it_runs_test_with_command_component() -> Result<()> {
     fs::write(
         project.root().join(".cargo/config.toml"),
         r#"
-[target.wasm32-wasi]
+[target.wasm32-wasip1]
 runner = [
     "wasmtime",
     "-C",