diff --git a/conda/environments/all_cuda-118_arch-x86_64.yaml b/conda/environments/all_cuda-118_arch-x86_64.yaml
index 211437eb..88c2c774 100644
--- a/conda/environments/all_cuda-118_arch-x86_64.yaml
+++ b/conda/environments/all_cuda-118_arch-x86_64.yaml
@@ -31,7 +31,7 @@ dependencies:
 - numpydoc
 - packaging
 - pandoc<=2.0.0
-- panel>=1.0
+- panel>=1.0,<=1.3.4
 - pre-commit
 - pydata-sphinx-theme
 - pytest
diff --git a/conda/environments/all_cuda-120_arch-x86_64.yaml b/conda/environments/all_cuda-120_arch-x86_64.yaml
index dafb0eaa..78d2d02c 100644
--- a/conda/environments/all_cuda-120_arch-x86_64.yaml
+++ b/conda/environments/all_cuda-120_arch-x86_64.yaml
@@ -30,7 +30,7 @@ dependencies:
 - numpydoc
 - packaging
 - pandoc<=2.0.0
-- panel>=1.0
+- panel>=1.0,<=1.3.4
 - pre-commit
 - pydata-sphinx-theme
 - pytest
diff --git a/dependencies.yaml b/dependencies.yaml
index b4596909..1fd7ef4a 100644
--- a/dependencies.yaml
+++ b/dependencies.yaml
@@ -169,7 +169,7 @@ dependencies:
           - numba>=0.57
           - numpy>=1.21
           - packaging
-          - panel>=1.0
+          - panel>=1.0,<=1.3.4
       - output_types: conda
         packages:
           - cupy>=12.0.0
diff --git a/python/pyproject.toml b/python/pyproject.toml
index 0d6533d7..09fb0228 100644
--- a/python/pyproject.toml
+++ b/python/pyproject.toml
@@ -30,7 +30,7 @@ dependencies = [
     "numba>=0.57",
     "numpy>=1.21",
     "packaging",
-    "panel>=1.0",
+    "panel>=1.0,<=1.3.4",
 ] # This list was generated by `rapids-dependency-file-generator`. To make changes, edit ../dependencies.yaml and run `rapids-dependency-file-generator`.
 classifiers = [
     "Intended Audience :: Developers",