diff --git a/CHANGELOG.md b/CHANGELOG.md
index 84ad77e..7d632bf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,16 @@
 # Changelog
 
-## v1.8.0 - 2023-04-18
+All notable changes to this project will be documented in this file.
+
+The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/).
+
+## [Unreleased]
+
+### Changed
+
+- **BREAKING CHANGE** #236/240 - Upgrade to Pydantic v2. 
+
+## [1.8.0] - 2023-04-18
 
 ### Added
 
@@ -13,7 +23,7 @@
 - #77/#188 - `sync_from()` and `sync_to()` now return the `Diff` that was applied.
 - #211 - Loosened `packaging` and `structlog` library dependency constraints for broader compatibility.
 
-## v1.7.0 - 2022-11-03
+## [1.7.0] - 2022-11-03
 
 ### Changed
 
@@ -31,15 +41,15 @@
 
 ### Fixed
 
-- #149 Limit redundant CI concurrency
+- #149 - Limit redundant CI concurrency
 
-## v1.6.0 - 2022-07-09
+## [1.6.0] - 2022-07-09
 
 ### Changed
 
 - #120 - Dropped support for Python 3.6, new minimum is Python 3.7
 
-## v1.5.1 - 2022-06-30
+## [1.5.1] - 2022-06-30
 
 ### Added
 
@@ -54,13 +64,13 @@
 - #115 - Fixed ReadTheDocs rendering pipeline
 - #118 - Fixed a regression in `DiffSync.get(modelname, identifiers)` introduced in 1.5.0
 
-## v1.5.0 - 2022-06-07
+## [1.5.0] - 2022-06-07
 
 ### Added
 
 - #106 - Add a new, optional, backend store based in Redis
 
-## v1.4.3 - 2022-03-03
+## [1.4.3] - 2022-03-03
 
 ### Fixed
 
@@ -70,9 +80,9 @@
 
 ### Changed
 
-- #103 Update development dependencies
+- #103 - Update development dependencies
 
-## v1.4.2 - 2022-02-28
+## [1.4.2] - 2022-02-28
 
 **WARNING** - #90 inadvertently introduced a breaking API change in DiffSync 1.4.0 through 1.4.2 (#101); this change was reverted in #102 for DiffSync 1.4.3 and later. We recommend not using this release, and moving to 1.4.3 instead.
 
@@ -80,7 +90,7 @@
 
 - #100 - Added explicit dependency on `packaging`.
 
-## v1.4.1 - 2022-01-26
+## [1.4.1] - 2022-01-26
 
 **WARNING** - #90 inadvertently introduced a breaking API change in DiffSync 1.4.0 through 1.4.2 (#101); this change was reverted in #102 for DiffSync 1.4.3 and later. We recommend not using this release, and moving to 1.4.3 instead.
 
@@ -88,7 +98,7 @@
 
 - #95 - Removed optional dependencies on `sphinx`, `m2r2`, `sphinx-rtd-theme`, `toml`.
 
-## v1.4.0 - 2022-01-24
+## [1.4.0] - 2022-01-24
 
 **WARNING** - #90 inadvertently introduced a breaking API change in DiffSync 1.4.0 through 1.4.2 (#101); this change was reverted in #102 for DiffSync 1.4.3 and later. We recommend not using this release, and moving to 1.4.3 instead.
 
@@ -117,19 +127,19 @@
 - #51 - Update minimum Pydantic version due to security advisory GHSA-5jqp-qgf6-3pvh
 - #63 - Fix type in Readme
 
-## v1.3.0 - 2021-04-07
+## [1.3.0] - 2021-04-07
 
 ### Added
 
 - #48 - added optional `callback` argument to `diff_from`/`diff_to`/`sync_from`/`sync_to` for use with progress reporting.
 
-## v1.2.0 - 2020-12-08
+## [1.2.0] - 2020-12-08
 
 ### Added
 
 - #45 - minimum Python version lowered from 3.7 to 3.6, also now tested against Python 3.9.
 
-## v1.1.0 - 2020-12-01
+## [1.1.0] - 2020-12-01
 
 ### Added
 
@@ -147,6 +157,6 @@
 
 - #44 - On CRUD failure, do not generate an extraneous "success" log message in addition to the "failed" message
 
-## v1.0.0 - 2020-10-23
+## [1.0.0] - 2020-10-23
 
 Initial release
diff --git a/diffsync/__init__.py b/diffsync/__init__.py
index 412270d..404cf8c 100644
--- a/diffsync/__init__.py
+++ b/diffsync/__init__.py
@@ -18,7 +18,7 @@
 from typing import Callable, ClassVar, Dict, List, Optional, Tuple, Type, Union, Any, Set
 from typing_extensions import Self
 
-from pydantic import BaseModel, PrivateAttr
+from pydantic import ConfigDict, BaseModel, PrivateAttr
 import structlog  # type: ignore
 
 from diffsync.diff import Diff
@@ -99,31 +99,26 @@ class DiffSyncModel(BaseModel):
 
     _status_message: str = PrivateAttr("")
     """Message, if any, associated with the create/update/delete status value."""
+    model_config = ConfigDict(arbitrary_types_allowed=True)
 
-    class Config:  # pylint: disable=too-few-public-methods
-        """Pydantic class configuration."""
-
-        # Let us have a DiffSync as an instance variable even though DiffSync is not a Pydantic model itself.
-        arbitrary_types_allowed = True
-
-    def __init_subclass__(cls) -> None:
+    @classmethod
+    def __pydantic_init_subclass__(cls, **kwargs: Any) -> None:
         """Validate that the various class attribute declarations correspond to actual instance fields.
 
         Called automatically on subclass declaration.
         """
-        variables = cls.__fields__.keys()
         # Make sure that any field referenced by name actually exists on the model
         for attr in cls._identifiers:
-            if attr not in variables and not hasattr(cls, attr):
+            if attr not in cls.model_fields and not hasattr(cls, attr):
                 raise AttributeError(f"_identifiers {cls._identifiers} references missing or un-annotated attr {attr}")
         for attr in cls._shortname:
-            if attr not in variables:
+            if attr not in cls.model_fields:
                 raise AttributeError(f"_shortname {cls._shortname} references missing or un-annotated attr {attr}")
         for attr in cls._attributes:
-            if attr not in variables:
+            if attr not in cls.model_fields:
                 raise AttributeError(f"_attributes {cls._attributes} references missing or un-annotated attr {attr}")
         for attr in cls._children.values():
-            if attr not in variables:
+            if attr not in cls.model_fields:
                 raise AttributeError(f"_children {cls._children} references missing or un-annotated attr {attr}")
 
         # Any given field can only be in one of (_identifiers, _attributes, _children)
@@ -147,7 +142,7 @@ def dict(self, **kwargs: Any) -> Dict:
         """Convert this DiffSyncModel to a dict, excluding the diffsync field by default as it is not serializable."""
         if "exclude" not in kwargs:
             kwargs["exclude"] = {"diffsync"}
-        return super().dict(**kwargs)
+        return super().model_dump(**kwargs)
 
     def json(self, **kwargs: Any) -> StrType:
         """Convert this DiffSyncModel to a JSON string, excluding the diffsync field by default as it is not serializable."""
@@ -155,7 +150,7 @@ def json(self, **kwargs: Any) -> StrType:
             kwargs["exclude"] = {"diffsync"}
         if "exclude_defaults" not in kwargs:
             kwargs["exclude_defaults"] = True
-        return super().json(**kwargs)
+        return super().model_dump_json(**kwargs)
 
     def str(self, include_children: bool = True, indent: int = 0) -> StrType:
         """Build a detailed string representation of this DiffSyncModel and optionally its children."""
@@ -855,4 +850,4 @@ def count(self, model: Union[StrType, "DiffSyncModel", Type["DiffSyncModel"], No
 
 
 # DiffSyncModel references DiffSync and DiffSync references DiffSyncModel. Break the typing loop:
-DiffSyncModel.update_forward_refs()
+DiffSyncModel.model_rebuild()
diff --git a/docs/source/getting_started/index.rst b/docs/source/getting_started/index.rst
index 2b0e096..9f461ee 100644
--- a/docs/source/getting_started/index.rst
+++ b/docs/source/getting_started/index.rst
@@ -1,5 +1,5 @@
-###############
-Getting Started
-###############
+#########
+Upgrading
+#########
 
 .. mdinclude:: 01-getting-started.md
diff --git a/docs/source/index.rst b/docs/source/index.rst
index 3b1a744..2c851f5 100644
--- a/docs/source/index.rst
+++ b/docs/source/index.rst
@@ -9,6 +9,7 @@ Welcome to DiffSync's documentation!
    getting_started/index
    core_engine/index
    examples/index
+   upgrading/index
    api/diffsync
    license/index
 
diff --git a/docs/source/upgrading/01-upgrading-to-2.0.md b/docs/source/upgrading/01-upgrading-to-2.0.md
new file mode 100644
index 0000000..10a7b08
--- /dev/null
+++ b/docs/source/upgrading/01-upgrading-to-2.0.md
@@ -0,0 +1,31 @@
+# Upgrading to 2.0
+
+With diffsync 2.0, there a couple of breaking changes. What they are and how to deal with them is described in this document.
+
+## Upgrade to Pydantic's major version 2
+
+A [migration guide](https://docs.pydantic.dev/latest/migration/) is available in the Pydantic documentation. Here are the key things that may apply to your usage of diffsync:
+
+- Any fields that are of type `Optional` now need to provide an explicit `None` default (you can use [bump-pydantic](https://github.com/pydantic/bump-pydantic) to deal with this automatically for the most part)
+
+```python
+from typing import Optional
+
+from diffsync import DiffSyncModel
+
+# Before
+class Person(DiffSyncModel):
+    _identifiers = ("name",)
+    _attributes = ("age",)
+
+    name: str
+    age: Optional[int]
+
+# After
+class BetterPerson(DiffSyncModel)
+    _identifiers = ("name",)
+    _attributes = ("age",)
+
+    name: str
+    age: Optional[int] = None
+```
\ No newline at end of file
diff --git a/docs/source/upgrading/index.rst b/docs/source/upgrading/index.rst
new file mode 100644
index 0000000..30b6e1e
--- /dev/null
+++ b/docs/source/upgrading/index.rst
@@ -0,0 +1,5 @@
+#########
+Upgrading
+#########
+
+.. mdinclude:: 01-upgrading-to-2.0.md
diff --git a/examples/01-multiple-data-sources/models.py b/examples/01-multiple-data-sources/models.py
index 2908515..625415a 100644
--- a/examples/01-multiple-data-sources/models.py
+++ b/examples/01-multiple-data-sources/models.py
@@ -40,8 +40,8 @@ class Device(DiffSyncModel):
     _children = {"interface": "interfaces"}
 
     name: str
-    site_name: Optional[str]  # note that this attribute is NOT included in _attributes
-    role: Optional[str]  # note that this attribute is NOT included in _attributes
+    site_name: Optional[str] = None  # note that this attribute is NOT included in _attributes
+    role: Optional[str] = None  # note that this attribute is NOT included in _attributes
     interfaces: List = []
 
 
@@ -56,4 +56,4 @@ class Interface(DiffSyncModel):
     name: str
     device_name: str
 
-    description: Optional[str]
+    description: Optional[str] = None
diff --git a/examples/03-remote-system/models.py b/examples/03-remote-system/models.py
index 6a1f85c..00fff0e 100644
--- a/examples/03-remote-system/models.py
+++ b/examples/03-remote-system/models.py
@@ -32,4 +32,4 @@ class Country(DiffSyncModel):
     slug: str
     name: str
     region: str
-    population: Optional[int]
+    population: Optional[int] = 0
diff --git a/examples/04-get-update-instantiate/models.py b/examples/04-get-update-instantiate/models.py
index 9a10599..b0f785d 100644
--- a/examples/04-get-update-instantiate/models.py
+++ b/examples/04-get-update-instantiate/models.py
@@ -38,8 +38,8 @@ class Device(DiffSyncModel):
     _children = {"interface": "interfaces", "site": "sites"}
 
     name: str
-    site_name: Optional[str]  # note that this attribute is NOT included in _attributes
-    role: Optional[str]  # note that this attribute is NOT included in _attributes
+    site_name: Optional[str] = None  # note that this attribute is NOT included in _attributes
+    role: Optional[str] = None  # note that this attribute is NOT included in _attributes
     interfaces: List = []
     sites: List = []
 
@@ -55,4 +55,4 @@ class Interface(DiffSyncModel):
     name: str
     device_name: str
 
-    description: Optional[str]
+    description: Optional[str] = None
diff --git a/examples/05-nautobot-peeringdb/models.py b/examples/05-nautobot-peeringdb/models.py
index 2fecb04..46c5807 100644
--- a/examples/05-nautobot-peeringdb/models.py
+++ b/examples/05-nautobot-peeringdb/models.py
@@ -21,8 +21,8 @@ class RegionModel(DiffSyncModel):
     # Data type declarations for all identifiers and attributes
     name: str
     slug: str
-    description: Optional[str]
-    parent_name: Optional[str]  # may be None
+    description: Optional[str] = None
+    parent_name: Optional[str] = None
     sites: List = []
 
     # Not in _attributes or _identifiers, hence not included in diff calculations
@@ -49,10 +49,10 @@ class SiteModel(DiffSyncModel):
     name: str
     slug: str
     status_slug: str
-    region_name: Optional[str]  # may be None
-    description: Optional[str]
-    latitude: Optional[float]
-    longitude: Optional[float]
+    region_name: Optional[str] = None
+    description: Optional[str] = None
+    latitude: Optional[float] = None
+    longitude: Optional[float] = None
 
     # Not in _attributes or _identifiers, hence not included in diff calculations
     pk: Optional[Union[UUID, int]]
diff --git a/examples/06-ip-prefixes/models.py b/examples/06-ip-prefixes/models.py
index 2fc4abd..cede29d 100644
--- a/examples/06-ip-prefixes/models.py
+++ b/examples/06-ip-prefixes/models.py
@@ -11,6 +11,6 @@ class Prefix(DiffSyncModel):
     _attributes = ("vrf", "vlan_id", "tenant")
 
     prefix: str
-    vrf: Optional[str]
-    vlan_id: Optional[int]
-    tenant: Optional[str]
+    vrf: Optional[str] = None
+    vlan_id: Optional[int] = None
+    tenant: Optional[str] = None
diff --git a/poetry.lock b/poetry.lock
index e639d21..2e3d375 100644
--- a/poetry.lock
+++ b/poetry.lock
@@ -11,6 +11,20 @@ files = [
     {file = "alabaster-0.7.13.tar.gz", hash = "sha256:a27a4a084d5e690e16e01e03ad2b2e552c61a65469419b907243193de1a84ae2"},
 ]
 
+[[package]]
+name = "annotated-types"
+version = "0.5.0"
+description = "Reusable constraint types to use with typing.Annotated"
+optional = false
+python-versions = ">=3.7"
+files = [
+    {file = "annotated_types-0.5.0-py3-none-any.whl", hash = "sha256:58da39888f92c276ad970249761ebea80ba544b77acddaa1a4d6cf78287d45fd"},
+    {file = "annotated_types-0.5.0.tar.gz", hash = "sha256:47cdc3490d9ac1506ce92c7aaa76c579dc3509ff11e098fc867e5130ab7be802"},
+]
+
+[package.dependencies]
+typing-extensions = {version = ">=4.0.0", markers = "python_version < \"3.9\""}
+
 [[package]]
 name = "astroid"
 version = "2.11.7"
@@ -993,55 +1007,140 @@ files = [
 
 [[package]]
 name = "pydantic"
-version = "1.10.5"
-description = "Data validation and settings management using python type hints"
+version = "2.2.0"
+description = "Data validation using Python type hints"
 optional = false
 python-versions = ">=3.7"
 files = [
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+    {file = "pydantic_core-2.6.0.tar.gz", hash = "sha256:e50513d8dd8ea67259d45986e314f545f219ebb2496eea52269e457cdc7419f4"},
+]
+
+[package.dependencies]
+typing-extensions = ">=4.6.0,<4.7.0 || >4.7.0"
 
 [[package]]
 name = "pydocstyle"
@@ -1636,13 +1735,13 @@ files = [
 
 [[package]]
 name = "typing-extensions"
-version = "4.5.0"
+version = "4.7.1"
 description = "Backported and Experimental Type Hints for Python 3.7+"
 optional = false
 python-versions = ">=3.7"
 files = [
-    {file = "typing_extensions-4.5.0-py3-none-any.whl", hash = "sha256:fb33085c39dd998ac16d1431ebc293a8b3eedd00fd4a32de0ff79002c19511b4"},
-    {file = "typing_extensions-4.5.0.tar.gz", hash = "sha256:5cb5f4a79139d699607b3ef622a1dedafa84e115ab0024e0d9c044a9479ca7cb"},
+    {file = "typing_extensions-4.7.1-py3-none-any.whl", hash = "sha256:440d5dd3af93b060174bf433bccd69b0babc3b15b1a8dca43789fd7f61514b36"},
+    {file = "typing_extensions-4.7.1.tar.gz", hash = "sha256:b75ddc264f0ba5615db7ba217daeb99701ad295353c45f9e95963337ceeeffb2"},
 ]
 
 [[package]]
@@ -1782,4 +1881,4 @@ redis = ["redis"]
 [metadata]
 lock-version = "2.0"
 python-versions = "^3.7"
-content-hash = "2213a75a00f27293bb23f2a74792c2f8e46b97148e9197ddf620c9239d88b634"
+content-hash = "d09a0c7c2f2b1d47cb25fce836511da80eba52ae9bf0706378edddf23a128f92"
diff --git a/pyproject.toml b/pyproject.toml
index 22e1066..df62f79 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -17,7 +17,7 @@ include = [
 
 [tool.poetry.dependencies]
 python = "^3.7"
-pydantic = "^1.7.4,!=1.8,!=1.8.1"
+pydantic = "^2.0.0"
 structlog = ">= 20.1.0, < 23.0.0"
 packaging = ">= 21.3, < 24.0"
 colorama = {version = "^0.4.3", optional = true}
diff --git a/tests/unit/conftest.py b/tests/unit/conftest.py
index e0dd85c..365ce4a 100644
--- a/tests/unit/conftest.py
+++ b/tests/unit/conftest.py
@@ -115,7 +115,7 @@ class Device(DiffSyncModel):
     _children = {"interface": "interfaces"}
 
     name: str
-    site_name: Optional[str]  # note this is not included in _attributes
+    site_name: Optional[str] = None  # note this is not included in _attributes
     role: str
     interfaces: List = []
 
@@ -143,7 +143,7 @@ class Interface(DiffSyncModel):
     name: str
 
     interface_type: str = "ethernet"
-    description: Optional[str]
+    description: Optional[str] = None
 
 
 @pytest.fixture
diff --git a/tests/unit/test_diffsync_model.py b/tests/unit/test_diffsync_model.py
index 90ecbc8..e7d6a6b 100644
--- a/tests/unit/test_diffsync_model.py
+++ b/tests/unit/test_diffsync_model.py
@@ -107,7 +107,7 @@ def test_diffsync_model_dict_with_data(make_interface):
 def test_diffsync_model_json_with_data(make_interface):
     intf = make_interface()
     # json() omits default values for brevity
-    assert intf.json() == '{"device_name": "device1", "name": "eth0"}'
+    assert intf.json() == '{"device_name":"device1","name":"eth0"}'
 
 
 def test_diffsync_model_str_with_data(make_interface):
@@ -182,7 +182,7 @@ def test_diffsync_model_json_with_children(generic_diffsync, make_site, make_dev
     generic_diffsync.add(site1)
     generic_diffsync.add(device1)
 
-    assert site1.json() == '{"name": "site1", "devices": ["device1"]}'
+    assert site1.json() == '{"name":"site1","devices":["device1"]}'
 
 
 def test_diffsync_model_str_with_children(generic_diffsync, make_site, make_device, make_interface):
@@ -294,7 +294,7 @@ class BadAttributes(DiffSyncModel):
 
             name: str
             # Note that short_name doesn't have a type annotation - making sure this works too
-            short_name = "short_name"
+            short_name: str = "short_name"
 
     assert "_attributes" in str(excinfo.value)
     assert "my_attr" in str(excinfo.value)
@@ -310,7 +310,7 @@ class BadChildren(DiffSyncModel):
             _children = {"device": "devices"}
 
             name: str
-            short_name = "short_name"
+            short_name: str = "short_name"
             my_attr: int = 0
 
     assert "_children" in str(excinfo.value)