diff --git a/.changelog/dependency-bump-smithy-174.json b/.changelog/dependency-bump-smithy-174.json
new file mode 100644
index 00000000000..d162589c21b
--- /dev/null
+++ b/.changelog/dependency-bump-smithy-174.json
@@ -0,0 +1,6 @@
+{
+  "type": "dependency",
+  "category": "aws-cpp-sdk-core",
+  "contributor": "pulimsr",
+  "description": "Bump Smithy from 1.73.0 to 1.74.1 in the code generator"
+}
diff --git a/tools/code-generation/smithy/codegen/settings.gradle.kts b/tools/code-generation/smithy/codegen/settings.gradle.kts
index 6fa5c0acbd4..1cca99dd72a 100644
--- a/tools/code-generation/smithy/codegen/settings.gradle.kts
+++ b/tools/code-generation/smithy/codegen/settings.gradle.kts
@@ -14,7 +14,7 @@ dependencyResolutionManagement {
     versionCatalogs {
         create("codegen") {
             // Smithy dependencies
-            version("smithy", "1.73.0")  // Centralize the version for Smithy-related dependencies
+            version("smithy", "1.74.1")  // Centralize the version for Smithy-related dependencies
             library("model", "software.amazon.smithy", "smithy-model").versionRef("smithy")
             library("aws-traits", "software.amazon.smithy", "smithy-aws-traits").versionRef("smithy")
             library("codegen-core", "software.amazon.smithy", "smithy-codegen-core").versionRef("smithy")
diff --git a/tools/code-generation/smithy/cpp-codegen/build.gradle.kts b/tools/code-generation/smithy/cpp-codegen/build.gradle.kts
index 0f1df91a060..ac65e4dbe8c 100644
--- a/tools/code-generation/smithy/cpp-codegen/build.gradle.kts
+++ b/tools/code-generation/smithy/cpp-codegen/build.gradle.kts
@@ -6,7 +6,7 @@ import org.gradle.api.logging.Logging
 import kotlin.streams.toList
 
 val logger = Logging.getLogger("MyLogger")
-val smithyVersion = "1.73.0"
+val smithyVersion: String by project
 
 plugins {
     id("java-library")
@@ -19,8 +19,8 @@ repositories {
 }
 
 buildscript {
-    // buildscript is evaluated before script-body vals, so it keeps its own copy in sync
-    val smithyVersion = "1.73.0"
+    // buildscript is evaluated before script-body vals, so read the version from gradle.properties
+    val smithyVersion: String by project
     dependencies {
         classpath("software.amazon.smithy:smithy-model:$smithyVersion")
         classpath("software.amazon.smithy:smithy-aws-traits:$smithyVersion")
diff --git a/tools/code-generation/smithy/cpp-codegen/gradle.properties b/tools/code-generation/smithy/cpp-codegen/gradle.properties
index 5167bec761d..edb92da7a45 100644
--- a/tools/code-generation/smithy/cpp-codegen/gradle.properties
+++ b/tools/code-generation/smithy/cpp-codegen/gradle.properties
@@ -1,3 +1,6 @@
+# Smithy version for cpp-codegen and smithy-cpp-codegen (keep in sync with ../codegen/settings.gradle.kts)
+smithyVersion=1.74.1
+
 org.gradle.jvmargs=-Xmx6g
 
 # Set the socket timeout to 5 minutes
diff --git a/tools/code-generation/smithy/cpp-codegen/smithy-cpp-codegen/build.gradle.kts b/tools/code-generation/smithy/cpp-codegen/smithy-cpp-codegen/build.gradle.kts
index a4a4594d2e3..9e9dab7c0b7 100644
--- a/tools/code-generation/smithy/cpp-codegen/smithy-cpp-codegen/build.gradle.kts
+++ b/tools/code-generation/smithy/cpp-codegen/smithy-cpp-codegen/build.gradle.kts
@@ -2,7 +2,7 @@ plugins {
     `java-library`
 }
 
-val smithyVersion = "1.73.0"
+val smithyVersion: String by project
 
 java {
     sourceCompatibility = JavaVersion.VERSION_16