diff --git a/Cargo.lock b/Cargo.lock
index dc7536767..b85960cf5 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2886,9 +2886,9 @@ dependencies = [
 
 [[package]]
 name = "semver"
-version = "1.0.19"
+version = "1.0.20"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ad977052201c6de01a8ef2aa3378c4bd23217a056337d1d6da40468d267a4fb0"
+checksum = "836fa6a3e1e547f9a2c4040802ec865b5d85f4014efe00555d7090a3dcaa1090"
 dependencies = [
  "serde",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 5f2ca15e2..9c08d3d59 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -76,7 +76,7 @@ rand = "0.8.5"
 rustfix = "0.6.1"
 same-file = "1.0.6"
 security-framework = "2.9.2"
-semver = { version = "1.0.19", features = ["serde"] }
+semver = { version = "1.0.20", features = ["serde"] }
 serde = "1.0.188"
 serde-untagged = "0.1.1"
 serde-value = "0.7.0"
diff --git a/src/cargo/core/package_id.rs b/src/cargo/core/package_id.rs
index 456e79cfb..92234da57 100644
--- a/src/cargo/core/package_id.rs
+++ b/src/cargo/core/package_id.rs
@@ -29,8 +29,7 @@ struct PackageIdInner {
     source_id: SourceId,
 }
 
-// Custom equality that uses full equality of SourceId, rather than its custom equality,
-// and Version, which usually ignores `build` metadata.
+// Custom equality that uses full equality of SourceId, rather than its custom equality.
 //
 // The `build` part of the version is usually ignored (like a "comment").
 // However, there are some cases where it is important. The download path from
@@ -40,11 +39,7 @@ struct PackageIdInner {
 impl PartialEq for PackageIdInner {
     fn eq(&self, other: &Self) -> bool {
         self.name == other.name
-            && self.version.major == other.version.major
-            && self.version.minor == other.version.minor
-            && self.version.patch == other.version.patch
-            && self.version.pre == other.version.pre
-            && self.version.build == other.version.build
+            && self.version == other.version
             && self.source_id.full_eq(other.source_id)
     }
 }
@@ -53,11 +48,7 @@ impl PartialEq for PackageIdInner {
 impl Hash for PackageIdInner {
     fn hash<S: hash::Hasher>(&self, into: &mut S) {
         self.name.hash(into);
-        self.version.major.hash(into);
-        self.version.minor.hash(into);
-        self.version.patch.hash(into);
-        self.version.pre.hash(into);
-        self.version.build.hash(into);
+        self.version.hash(into);
         self.source_id.full_hash(into);
     }
 }
@@ -237,6 +228,16 @@ impl fmt::Debug for PackageId {
     }
 }
 
+impl fmt::Debug for PackageIdInner {
+    fn fmt(&self, f: &mut Formatter<'_>) -> fmt::Result {
+        f.debug_struct("PackageIdInner")
+            .field("name", &self.name)
+            .field("version", &self.version.to_string())
+            .field("source", &self.source_id.to_string())
+            .finish()
+    }
+}
+
 #[cfg(test)]
 mod tests {
     use super::PackageId;
@@ -261,4 +262,14 @@ mod tests {
         let pkg_id = PackageId::new("foo", "1.0.0", SourceId::for_registry(&loc).unwrap()).unwrap();
         assert_eq!("foo v1.0.0", pkg_id.to_string());
     }
+
+    #[test]
+    fn unequal_build_metadata() {
+        let loc = CRATES_IO_INDEX.into_url().unwrap();
+        let repo = SourceId::for_registry(&loc).unwrap();
+        let first = PackageId::new("foo", "0.0.1+first", repo).unwrap();
+        let second = PackageId::new("foo", "0.0.1+second", repo).unwrap();
+        assert_ne!(first, second);
+        assert_ne!(first.inner, second.inner);
+    }
 }
diff --git a/src/cargo/ops/cargo_generate_lockfile.rs b/src/cargo/ops/cargo_generate_lockfile.rs
index 832261a41..cbacfd8a9 100644
--- a/src/cargo/ops/cargo_generate_lockfile.rs
+++ b/src/cargo/ops/cargo_generate_lockfile.rs
@@ -8,6 +8,7 @@ use crate::util::config::Config;
 use crate::util::style;
 use crate::util::CargoResult;
 use anstyle::Style;
+use std::cmp::Ordering;
 use std::collections::{BTreeMap, HashSet};
 use tracing::debug;
 
@@ -152,7 +153,11 @@ pub fn update_lockfile(ws: &Workspace<'_>, opts: &UpdateOptions<'_>) -> CargoRes
                 format!("{} -> v{}", removed[0], added[0].version())
             };
 
-            if removed[0].version() > added[0].version() {
+            // If versions differ only in build metadata, we call it an "update"
+            // regardless of whether the build metadata has gone up or down.
+            // This metadata is often stuff like git commit hashes, which are
+            // not meaningfully ordered.
+            if removed[0].version().cmp_precedence(added[0].version()) == Ordering::Greater {
                 print_change("Downgrading", msg, &style::WARN)?;
             } else {
                 print_change("Updating", msg, &style::GOOD)?;
diff --git a/src/cargo/sources/registry/index.rs b/src/cargo/sources/registry/index.rs
index 7a9ba0e15..617f0b09c 100644
--- a/src/cargo/sources/registry/index.rs
+++ b/src/cargo/sources/registry/index.rs
@@ -98,6 +98,7 @@ use cargo_util::{paths, registry::make_dep_path};
 use semver::Version;
 use serde::Deserialize;
 use std::borrow::Cow;
+use std::cmp::Ordering;
 use std::collections::BTreeMap;
 use std::collections::{HashMap, HashSet};
 use std::fs;
@@ -674,11 +675,8 @@ impl<'cfg> RegistryIndex<'cfg> {
                         (true, true) => s_vers == requested,
                         (true, false) => false,
                         (false, true) => {
-                            // Strip out the metadata.
-                            s_vers.major == requested.major
-                                && s_vers.minor == requested.minor
-                                && s_vers.patch == requested.patch
-                                && s_vers.pre == requested.pre
+                            // Compare disregarding the metadata.
+                            s_vers.cmp_precedence(requested) == Ordering::Equal
                         }
                         (false, false) => s_vers == requested,
                     }
diff --git a/src/cargo/util/semver_ext.rs b/src/cargo/util/semver_ext.rs
index bee3b2da3..0be5bca68 100644
--- a/src/cargo/util/semver_ext.rs
+++ b/src/cargo/util/semver_ext.rs
@@ -1,5 +1,6 @@
 use semver::{Comparator, Op, Version, VersionReq};
 use serde_untagged::UntaggedEnumVisitor;
+use std::cmp::Ordering;
 use std::fmt::{self, Display};
 
 #[derive(PartialEq, Eq, Hash, Clone, Debug)]
@@ -83,12 +84,7 @@ impl OptVersionReq {
         match self {
             OptVersionReq::Any => true,
             OptVersionReq::Req(req) => req.matches(version),
-            OptVersionReq::Locked(v, _) => {
-                v.major == version.major
-                    && v.minor == version.minor
-                    && v.patch == version.patch
-                    && v.pre == version.pre
-            }
+            OptVersionReq::Locked(v, _) => v.cmp_precedence(version) == Ordering::Equal,
         }
     }
 }
diff --git a/tests/testsuite/update.rs b/tests/testsuite/update.rs
index fe1d86bd7..8a58e4c80 100644
--- a/tests/testsuite/update.rs
+++ b/tests/testsuite/update.rs
@@ -391,6 +391,50 @@ fn update_precise() {
         .run();
 }
 
+#[cargo_test]
+fn update_precise_build_metadata() {
+    Package::new("serde", "0.0.1+first").publish();
+    Package::new("serde", "0.0.1+second").publish();
+
+    let p = project()
+        .file(
+            "Cargo.toml",
+            r#"
+                [package]
+                name = "foo"
+                version = "0.0.0"
+
+                [dependencies]
+                serde = "0.0.1"
+            "#,
+        )
+        .file("src/lib.rs", "")
+        .build();
+
+    p.cargo("generate-lockfile").run();
+    p.cargo("update serde --precise 0.0.1+first").run();
+
+    p.cargo("update serde --precise 0.0.1+second")
+        .with_stderr(
+            "\
+[UPDATING] `[..]` index
+[UPDATING] serde v0.0.1+first -> v0.0.1+second
+",
+        )
+        .run();
+
+    // This is not considered "Downgrading". Build metadata are not assumed to
+    // be ordered.
+    p.cargo("update serde --precise 0.0.1+first")
+        .with_stderr(
+            "\
+[UPDATING] `[..]` index
+[UPDATING] serde v0.0.1+second -> v0.0.1+first
+",
+        )
+        .run();
+}
+
 #[cargo_test]
 fn update_precise_do_not_force_update_deps() {
     Package::new("log", "0.1.0").publish();