diff --git a/Android.bp b/Android.bp
index f7f86d156b0..35921e01277 100644
--- a/Android.bp
+++ b/Android.bp
@@ -115,7 +115,7 @@ cc_object {
 genrule {
     name: "version_numbers.hpp",
     srcs: [
-        "dependencies.list",
+        "dependencies.yml",
         "src/realm/version_numbers.hpp.in",
     ],
     out: ["realm/version_numbers.hpp"],
diff --git a/CHANGELOG.md b/CHANGELOG.md
index accecb82988..3fed1fd8bdf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -18,6 +18,7 @@
 
 ### Internals
 * Fix several crashes when running the object store benchmarks ([#7403](https://github.com/realm/realm-core/pull/7403)).
+* The `dependencies.list` file that defines the realm core library version and the versions of its dependencies is now a YAML file called `dependencies.yml` ([PR #7394](https://github.com/realm/realm-core/pull/7394)).
 * Remove SetElementEquals and SetElementLessThan, as Mixed now uses the same comparisons as Set did.
 
 ----------------------------------------------
diff --git a/Jenkinsfile b/Jenkinsfile
index a450d2b919f..3d0b8d849c5 100755
--- a/Jenkinsfile
+++ b/Jenkinsfile
@@ -28,8 +28,8 @@ jobWrapper {
             getSourceArchive()
             stash includes: '**', name: 'core-source', useDefaultExcludes: false
 
-            dependencies = readProperties file: 'dependencies.list'
-            echo "Version in dependencies.list: ${dependencies.VERSION}"
+            dependencies = readYaml file: 'dependencies.yml'
+            echo "Version in dependencies.yml: ${dependencies.VERSION}"
             gitTag = readGitTag()
             gitSha = sh(returnStdout: true, script: 'git rev-parse HEAD').trim().take(8)
             gitDescribeVersion = sh(returnStdout: true, script: 'git describe --tags').trim()
diff --git a/dependencies.list b/dependencies.list
deleted file mode 100644
index 07276c9bb74..00000000000
--- a/dependencies.list
+++ /dev/null
@@ -1,7 +0,0 @@
-PACKAGE_NAME=realm-core
-VERSION=14.1.0
-OPENSSL_VERSION=3.2.0
-ZLIB_VERSION=1.2.13
-# https://github.com/10gen/baas/commits
-# 5087f is 2024 Jan 13
-BAAS_VERSION=5087ffd5a0e4975e625f0fbcceed23107f611055
diff --git a/dependencies.yml b/dependencies.yml
new file mode 100644
index 00000000000..4d500b196c5
--- /dev/null
+++ b/dependencies.yml
@@ -0,0 +1,7 @@
+PACKAGE_NAME: realm-core
+VERSION: 14.1.0
+OPENSSL_VERSION: 3.2.0
+ZLIB_VERSION: 1.2.13
+# https://github.com/10gen/baas/commits
+# dd016 is 2024 Feb 22
+BAAS_VERSION: dd01629d83b86292af9c59ebe2a28673c2e559cf
diff --git a/evergreen/install_baas.sh b/evergreen/install_baas.sh
index 7e636cdfa31..aa009d10eb4 100755
--- a/evergreen/install_baas.sh
+++ b/evergreen/install_baas.sh
@@ -365,16 +365,16 @@ git config --global url."git@github.com:".insteadOf "https://github.com/"
 
 # If a baas branch or commit version was not provided use the one locked in our dependencies
 if [[ -z "${BAAS_VERSION}" ]]; then
-    dep_file="dependencies.list"
+    dep_file="dependencies.yml"
     test_path1="${BASE_PATH}/../${dep_file}"
     test_path2="${BASE_PATH}/${dep_file}"
     if [[ -f "${test_path1}" ]]; then
         # if this was run locally then check up a directory
-        get_var_from_file BAAS_VERSION "${test_path1}"
+        BAAS_VERSION=$(sed -rn 's/^BAAS_VERSION: (.*)/\1/p' < "${test_path1}")
     elif [[ -f "${test_path2}" ]]; then
         # if this is run from an evergreen remote host
-        # then the dependencies.list file has been copied over
-        get_var_from_file BAAS_VERSION "${test_path2}"
+        # then the dependencies.yml file has been copied over
+        BAAS_VERSION=$(sed -rn 's/^BAAS_VERSION: (.*)/\1/p' < "${test_path2}")
     else
         echo "could not find '${test_path1}' or '${test_path2}'"
         ls "${BASE_PATH}/.."
diff --git a/evergreen/setup_baas_host_local.sh b/evergreen/setup_baas_host_local.sh
index 35c24caf0db..d1cc4e907e4 100755
--- a/evergreen/setup_baas_host_local.sh
+++ b/evergreen/setup_baas_host_local.sh
@@ -223,9 +223,9 @@ echo "Transferring setup scripts to ${SSH_USER}:${FILE_DEST_DIR}"
 scp "${SSH_OPTIONS[@]}" -o ConnectTimeout=60 "${BAAS_HOST_VARS}" "${SSH_USER}:${FILE_DEST_DIR}/"
 # Copy the entire evergreen/ directory from the working copy of realm-core to the remote host
 # This ensures the remote host the latest copy, esp when running evergreen patches
-# dependencies.list contains the BAAS_VERSION to use
+# dependencies.yml contains the BAAS_VERSION to use
 echo "Transferring evergreen scripts to ${SSH_USER}:${FILE_DEST_DIR}"
-cp "${EVERGREEN_PATH}/../dependencies.list" "${EVERGREEN_PATH}/"
+cp "${EVERGREEN_PATH}/../dependencies.yml" "${EVERGREEN_PATH}/"
 scp -r "${SSH_OPTIONS[@]}" -o ConnectTimeout=60 "${EVERGREEN_PATH}/" "${SSH_USER}:${FILE_DEST_DIR}/"
 
 BAAS_TUNNELS=()
diff --git a/tools/cmake/GetVersion.cmake b/tools/cmake/GetVersion.cmake
index e0c5649f5f6..dde82d0ba55 100644
--- a/tools/cmake/GetVersion.cmake
+++ b/tools/cmake/GetVersion.cmake
@@ -1,13 +1,17 @@
-file(STRINGS "${RealmCore_SOURCE_DIR}/dependencies.list" DEPENDENCIES)
+file(STRINGS "${RealmCore_SOURCE_DIR}/dependencies.yml" DEPENDENCIES)
 set(VALID_DEPENDENCIES "")
 foreach(LINE IN LISTS DEPENDENCIES)
-    string(REGEX MATCHALL "([^=]+)" KEY_VALUE ${LINE})
+    string(REGEX MATCHALL "([^:]+)" KEY_VALUE ${LINE})
     list(LENGTH KEY_VALUE MATCH_SIZE)
     if (MATCH_SIZE GREATER_EQUAL 2)
         list(GET KEY_VALUE 0 KEY)
+        if ("${KEY}" MATCHES "^#")
+            continue()
+        endif()
         list(GET KEY_VALUE 1 VALUE)
-        set(DEP_${KEY} ${VALUE})
-	set(VALID_DEPENDENCIES "${VALID_DEPENDENCIES} ${LINE}")
+        string(STRIP "${VALUE}" STRIPPED_VALUE)
+        set(DEP_${KEY} ${STRIPPED_VALUE})
+        set(VALID_DEPENDENCIES "${VALID_DEPENDENCIES} ${KEY}=\"${STRIPPED_VALUE}\"")
     endif()
 endforeach()
 
diff --git a/tools/generate-version-numbers-for-soong.sh b/tools/generate-version-numbers-for-soong.sh
index 2f24d3ff228..1d53bccb1be 100755
--- a/tools/generate-version-numbers-for-soong.sh
+++ b/tools/generate-version-numbers-for-soong.sh
@@ -1,8 +1,7 @@
 #!/bin/bash
 
-source $1
-
-version_and_extra=( ${VERSION//-/ } )
+realm_version=$(sed -rn 's/^VERSION: (.*)/\1/p' < "$1")
+version_and_extra=( ${$realm_version//-/ } )
 version_only=${version_and_extra[0]}
 extra=${version_and_extra[1]}
 
diff --git a/tools/release-init.sh b/tools/release-init.sh
index d4628678ec2..aabfb7e8bae 100755
--- a/tools/release-init.sh
+++ b/tools/release-init.sh
@@ -17,9 +17,9 @@ git branch release/${realm_version}
 git push -u origin release/${realm_version}
 git checkout -b prepare-$realm_version
 
-# update dependencies.list
-sed -i.bak -e "s/^VERSION.*/VERSION=${realm_version}/" "${project_dir}/dependencies.list"
-rm "${project_dir}/dependencies.list.bak" || exit 1
+# update dependencies.yml
+sed -i.bak -e "s/^VERSION.*/VERSION: ${realm_version}/" "${project_dir}/dependencies.yml"
+rm "${project_dir}/dependencies.yml.bak" || exit 1
 
 # update Package.swift
 sed -i.bak -e "s/^let versionStr =.*/let versionStr = \"${realm_version}\"/" "${project_dir}/Package.swift"
diff --git a/tools/release-tag.sh b/tools/release-tag.sh
index a76611b451c..d6a7314a872 100755
--- a/tools/release-tag.sh
+++ b/tools/release-tag.sh
@@ -11,7 +11,7 @@ if [ $# != 1 ]; then
 fi
 
 project_dir=$(git rev-parse --show-toplevel)
-realm_version=$(grep ^VERSION "${project_dir}/dependencies.list" | cut -f 2 -d=)
+realm_version=$(sed -rn 's/^VERSION: (.*)/\1/p' < "${project_dir}/dependencies.yml")
 tag=v${realm_version}
 git tag -m \""$1"\" "${tag}"
 git push origin "${tag}"