diff --git a/changelog.d/20240528_110103_jjasonmok1_remove_version_argument.md b/changelog.d/20240528_110103_jjasonmok1_remove_version_argument.md
new file mode 100644
index 0000000..d9dbc2d
--- /dev/null
+++ b/changelog.d/20240528_110103_jjasonmok1_remove_version_argument.md
@@ -0,0 +1 @@
+- [Improvement]  Remove the obsolete `version` property from all Docker Compose files and remove the DOCKER_COMPOSE_VERSION config setting. This addresses the deprecation warning from docker-compose (version 1.27 and above) regarding `version` being obsolete. (by @jasonmokk)
\ No newline at end of file
diff --git a/docs/configuration.rst b/docs/configuration.rst
index d12620e..af8a4c8 100644
--- a/docs/configuration.rst
+++ b/docs/configuration.rst
@@ -117,10 +117,6 @@ You may want to pull/push images from/to a custom docker registry. For instance,
 Compose
 *******
 
-- ``DOCKER_COMPOSE_VERSION`` (default: ``"3.7"``)
-
-This configuration parameter sets the version of Docker Compose to be used to build all containers.
-
 - ``DEV_PROJECT_NAME`` (default: ``"{{ TUTOR_APP }}_dev"``)
 
 This configuration parameter sets the Development version of the Docker Compose project name.
diff --git a/docs/dev.rst b/docs/dev.rst
index 6b1f197..f67c53c 100644
--- a/docs/dev.rst
+++ b/docs/dev.rst
@@ -238,7 +238,6 @@ Adding items to the ``MOUNTS`` setting effectively adds new bind-mount volumes t
 
 You are then free to bind-mount any directory to any container. For instance, to mount your own edx-platform fork::
 
-    version: "3.7"
     services:
       lms:
         volumes:
diff --git a/tutor/templates/config/defaults.yml b/tutor/templates/config/defaults.yml
index c520585..109aa4e 100644
--- a/tutor/templates/config/defaults.yml
+++ b/tutor/templates/config/defaults.yml
@@ -8,7 +8,6 @@ CMS_OAUTH2_KEY_SSO: "cms-sso"
 CMS_OAUTH2_KEY_SSO_DEV: "cms-sso-dev"
 CONTACT_EMAIL: "contact@{{ LMS_HOST }}"
 DEV_PROJECT_NAME: "{{ TUTOR_APP }}_dev"
-DOCKER_COMPOSE_VERSION: "3.7"
 DOCKER_REGISTRY: "docker.io/"
 DOCKER_IMAGE_OPENEDX: "{{ DOCKER_REGISTRY }}overhangio/openedx:{{ TUTOR_VERSION }}"
 DOCKER_IMAGE_OPENEDX_DEV: "openedx-dev:{{ TUTOR_VERSION }}"
diff --git a/tutor/templates/dev/docker-compose.jobs.yml b/tutor/templates/dev/docker-compose.jobs.yml
index 5e82a45..130a801 100644
--- a/tutor/templates/dev/docker-compose.jobs.yml
+++ b/tutor/templates/dev/docker-compose.jobs.yml
@@ -1,5 +1,3 @@
-version: "{{ DOCKER_COMPOSE_VERSION }}"
-
 x-openedx-job-service:
   &openedx-job-service
   image: {{ DOCKER_IMAGE_OPENEDX_DEV }}
diff --git a/tutor/templates/dev/docker-compose.yml b/tutor/templates/dev/docker-compose.yml
index 4aa01ee..8edf922 100644
--- a/tutor/templates/dev/docker-compose.yml
+++ b/tutor/templates/dev/docker-compose.yml
@@ -1,5 +1,3 @@
-version: "{{ DOCKER_COMPOSE_VERSION }}"
-
 x-openedx-service:
   &openedx-service
   image: {{ DOCKER_IMAGE_OPENEDX_DEV }}
diff --git a/tutor/templates/local/docker-compose.jobs.yml b/tutor/templates/local/docker-compose.jobs.yml
index 2e1ad25..6155cd6 100644
--- a/tutor/templates/local/docker-compose.jobs.yml
+++ b/tutor/templates/local/docker-compose.jobs.yml
@@ -11,7 +11,6 @@
 # This is because jobs are often used for initialization tasks, which may need to
 # happen before the service can be successfully `start`ed.
 
-version: "{{ DOCKER_COMPOSE_VERSION }}"
 services:
 
     mysql-job:
diff --git a/tutor/templates/local/docker-compose.prod.yml b/tutor/templates/local/docker-compose.prod.yml
index f782a9e..9f24a4a 100644
--- a/tutor/templates/local/docker-compose.prod.yml
+++ b/tutor/templates/local/docker-compose.prod.yml
@@ -1,4 +1,3 @@
-version: "{{ DOCKER_COMPOSE_VERSION }}"
 services:
   # Web proxy for load balancing and SSL termination
   caddy:
diff --git a/tutor/templates/local/docker-compose.yml b/tutor/templates/local/docker-compose.yml
index 5580cba..9dc74cd 100644
--- a/tutor/templates/local/docker-compose.yml
+++ b/tutor/templates/local/docker-compose.yml
@@ -1,4 +1,3 @@
-version: "{{ DOCKER_COMPOSE_VERSION }}"
 services:
 
   # Set bind-mounted folder ownership