diff --git a/devstack/settings b/devstack/settings
index 541d0f7d57..b7be68d03b 100644
--- a/devstack/settings
+++ b/devstack/settings
@@ -26,7 +26,7 @@ TROVE_API_PASTE_INI=${TROVE_API_PASTE_INI:-${TROVE_CONF_DIR}/api-paste.ini}
 
 TROVE_LOCAL_CONF_DIR=${TROVE_LOCAL_CONF_DIR:-${TROVE_DIR}/etc/trove}
 TROVE_LOCAL_API_PASTE_INI=${TROVE_LOCAL_API_PASTE_INI:-${TROVE_LOCAL_CONF_DIR}/api-paste.ini}
-TROVE_LOCAL_POLICY_JSON=${TROVE_LOCAL_POLICY_JSON:-${TROVE_LOCAL_CONF_DIR}/policy.json}
+TROVE_LOCAL_POLICY_JSON=${TROVE_LOCAL_POLICY_JSON:-${TROVE_LOCAL_CONF_DIR}/policy.yaml}
 
 TROVE_IMAGE_OS=${TROVE_IMAGE_OS:-"ubuntu"}
 TROVE_IMAGE_OS_RELEASE=${TROVE_IMAGE_OS_RELEASE:-"bionic"}
diff --git a/doc/source/admin/run_trove_in_production.rst b/doc/source/admin/run_trove_in_production.rst
index 5cfde6b3eb..94bbce24c4 100644
--- a/doc/source/admin/run_trove_in_production.rst
+++ b/doc/source/admin/run_trove_in_production.rst
@@ -257,11 +257,19 @@ database group
     ``mysql+pymysql://root:password@127.0.0.1/trove?charset=utf8``
 
 The cloud administrator also needs to provide a policy file
-``/etc/trove/policy.json`` if the default API access policies don't satisfy the
+``/etc/trove/policy.yaml`` if the default API access policies don't satisfy the
 requirement. To generate a sample policy file with all the default policies,
 run ``tox -egenpolicy`` in the repo folder and the new file will be located in
 ``etc/trove/policy.yaml.sample``.
 
+.. warning::
+
+   JSON formatted policy file is deprecated since Trove 15.0.0 (Wallaby).
+   This `oslopolicy-convert-json-to-yaml`__ tool will migrate your existing
+   JSON-formatted policy file to YAML in a backward-compatible way.
+
+.. __: https://docs.openstack.org/oslo.policy/latest/cli/oslopolicy-convert-json-to-yaml.html
+
 
 Initialize Trove Database
 ~~~~~~~~~~~~~~~~~~~~~~~~~
diff --git a/etc/trove/README-policy.generated.md b/etc/trove/README-policy.generated.md
index 1c8f0cfdd5..7baf433de0 100644
--- a/etc/trove/README-policy.generated.md
+++ b/etc/trove/README-policy.generated.md
@@ -12,7 +12,7 @@ Use customized policy file
 
 As Trove uses policy in code now, it's not necessary to add a policy file for
 Trove components to run. But when a customized policy is needed, Trove will
-take ``/etc/trove/policy.json`` by default. The location of the policy file
+take ``/etc/trove/policy.yaml`` by default. The location of the policy file
 can also be overridden by adding following lines in Trove config file:
 
     [oslo_policy]
diff --git a/lower-constraints.txt b/lower-constraints.txt
index 178c606fa0..fcc70cb9f6 100644
--- a/lower-constraints.txt
+++ b/lower-constraints.txt
@@ -73,18 +73,18 @@ os-service-types==1.2.0
 osc-lib==1.10.0
 oslo.cache==1.29.0
 oslo.concurrency==3.26.0
-oslo.config==5.2.0
-oslo.context==2.19.2
+oslo.config==6.8.0
+oslo.context==2.22.0
 oslo.db==4.27.0
 oslo.i18n==3.15.3
 oslo.log==3.36.0
 oslo.messaging==5.29.0
 oslo.middleware==3.31.0
-oslo.policy==1.30.0
+oslo.policy==3.6.0
 oslo.serialization==2.18.0
 oslo.service==1.24.0
-oslo.upgradecheck==0.1.0
-oslo.utils==3.33.0
+oslo.upgradecheck==1.3.0
+oslo.utils==3.40.0
 oslotest==3.2.0
 osprofiler==1.4.0
 packaging==17.1
@@ -124,14 +124,14 @@ python-subunit==1.2.0
 python-swiftclient==3.2.0
 python-troveclient==2.2.0
 pytz==2018.3
-PyYAML==3.12
+PyYAML==5.1
 redis==2.10.0
 reno==3.1.0
 repoze.lru==0.7
-requests==2.18.4
+requests==2.20.0
 requestsexceptions==1.4.0
 restructuredtext-lint==1.1.3
-rfc3986==1.1.0
+rfc3986==1.2.0
 Routes==2.3.1
 semantic-version==2.7.0
 simplejson==3.13.2
diff --git a/releasenotes/notes/wallaby-deprecate-json-formatted-policy-file-21c88ff2ad490a2e.yaml b/releasenotes/notes/wallaby-deprecate-json-formatted-policy-file-21c88ff2ad490a2e.yaml
new file mode 100644
index 0000000000..c9c5300045
--- /dev/null
+++ b/releasenotes/notes/wallaby-deprecate-json-formatted-policy-file-21c88ff2ad490a2e.yaml
@@ -0,0 +1,20 @@
+---
+upgrade:
+  - |
+    The default value of ``[oslo_policy] policy_file`` config option has
+    been changed from ``policy.json`` to ``policy.yaml``.
+    Operators who are utilizing customized or previously generated
+    static policy JSON files (which are not needed by default), should
+    generate new policy files or convert them in YAML format. Use the
+    `oslopolicy-convert-json-to-yaml
+    <https://docs.openstack.org/oslo.policy/latest/cli/oslopolicy-convert-json-to-yaml.html>`_
+    tool to convert a JSON to YAML formatted policy file in
+    backward compatible way.
+deprecations:
+  - |
+    Use of JSON policy files was deprecated by the ``oslo.policy`` library
+    during the Victoria development cycle. As a result, this deprecation is
+    being noted in the Wallaby cycle with an anticipated future removal of support
+    by ``oslo.policy``. As such operators will need to convert to YAML policy
+    files. Please see the upgrade notes for details on migration of any
+    custom policy files.
diff --git a/requirements.txt b/requirements.txt
index 7738bcfc50..33bd3e83db 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -27,14 +27,14 @@ iso8601>=0.1.11 # MIT
 jsonschema>=3.2.0 # MIT
 Jinja2>=2.10 # BSD License (3 clause)
 pexpect!=3.3,>=3.1 # ISC License
-oslo.config>=5.2.0 # Apache-2.0
-oslo.context>=2.19.2 # Apache-2.0
+oslo.config>=6.8.0 # Apache-2.0
+oslo.context>=2.22.0 # Apache-2.0
 oslo.i18n>=3.15.3 # Apache-2.0
 oslo.middleware>=3.31.0 # Apache-2.0
 oslo.serialization!=2.19.1,>=2.18.0 # Apache-2.0
 oslo.service!=1.28.1,>=1.24.0 # Apache-2.0
-oslo.upgradecheck>=0.1.0 # Apache-2.0
-oslo.utils>=3.33.0 # Apache-2.0
+oslo.upgradecheck>=1.3.0 # Apache-2.0
+oslo.utils>=3.40.0 # Apache-2.0
 oslo.concurrency>=3.26.0 # Apache-2.0
 PyMySQL>=0.7.6 # MIT License
 stevedore>=1.20.0 # Apache-2.0
@@ -44,7 +44,7 @@ oslo.log>=3.36.0 # Apache-2.0
 oslo.db>=4.27.0 # Apache-2.0
 xmltodict>=0.10.1 # MIT
 cryptography>=2.1.4  # BSD/Apache-2.0
-oslo.policy>=1.30.0 # Apache-2.0
+oslo.policy>=3.6.0 # Apache-2.0
 diskimage-builder!=1.6.0,!=1.7.0,!=1.7.1,>=1.1.2 # Apache-2.0
 docker>=4.2.0 # Apache-2.0
 psycopg2-binary>=2.6.2 # LGPL/ZPL
diff --git a/trove/cmd/status.py b/trove/cmd/status.py
index c17bcff8ab..275f0e6268 100644
--- a/trove/cmd/status.py
+++ b/trove/cmd/status.py
@@ -15,6 +15,7 @@
 import sys
 
 from oslo_config import cfg
+from oslo_upgradecheck import common_checks
 from oslo_upgradecheck import upgradecheck
 
 from trove.common.i18n import _
@@ -62,6 +63,8 @@ class Checks(upgradecheck.UpgradeCommands):
     _upgrade_checks = (
         (_("instances_with_running_tasks"),
          _check_instances_with_running_tasks),
+        (_('policy File JSON to YAML Migration'),
+         (common_checks.check_policy_json, {'conf': cfg.CONF})),
     )
 
 
diff --git a/trove/common/policy.py b/trove/common/policy.py
index e9a8ca96bd..12d8e9a511 100644
--- a/trove/common/policy.py
+++ b/trove/common/policy.py
@@ -15,6 +15,7 @@
 
 
 from oslo_config import cfg
+from oslo_policy import opts
 from oslo_policy import policy
 
 from trove.common import exception as trove_exceptions
@@ -23,6 +24,12 @@ from trove.common import policies
 CONF = cfg.CONF
 _ENFORCER = None
 
+# TODO(gmann): Remove setting the default value of config policy_file
+# once oslo_policy change the default value to 'policy.yaml'.
+# https://github.com/openstack/oslo.policy/blob/a626ad12fe5a3abd49d70e3e5b95589d279ab578/oslo_policy/opts.py#L49
+DEFAULT_POLICY_FILE = 'policy.yaml'
+opts.set_defaults(CONF, DEFAULT_POLICY_FILE)
+
 
 def get_enforcer():
     global _ENFORCER