diff --git a/dist/index.js b/dist/index.js
index cd836d8e..c524924e 100644
--- a/dist/index.js
+++ b/dist/index.js
@@ -9995,6 +9995,8 @@ async function maybeInstallRebar3(rebar3Spec) {
 }
 
 async function getOTPVersion(otpSpec0, osVersion) {
+  otpSpec0 =
+    otpSpec0 == 'latest' ? await getLatestVersion('erlang', 'otp') : otpSpec0
   const otpVersions = await getOTPVersions(osVersion)
   let spec = otpSpec0.replace(/^OTP-/, '')
   const versions = otpVersions
@@ -10010,6 +10012,14 @@ async function getOTPVersion(otpSpec0, osVersion) {
 }
 
 async function getElixirVersion(exSpec0, otpVersion0) {
+  exSpec0 =
+    exSpec0 == 'latest'
+      ? await getLatestVersion('elixir-lang', 'elixir')
+      : exSpec0
+  otpVersion0 =
+    otpVersion0 == 'latest'
+      ? await getLatestVersion('erlang', 'otp')
+      : otpVersion0
   const otpVersion = otpVersion0.match(/^([^-]+-)?(.+)$/)[2]
   const otpVersionMajor = otpVersion.match(/^([^.]+).*$/)[1]
 
@@ -10052,6 +10062,10 @@ async function getElixirVersion(exSpec0, otpVersion0) {
 }
 
 async function getGleamVersion(gleamSpec0) {
+  gleamSpec0 =
+    gleamSpec0 == 'latest'
+      ? await getLatestVersion('gleam-lang', 'gleam')
+      : gleamSpec0
   const gleamVersions = await getGleamVersions()
   const spec = gleamSpec0
   const versions = gleamVersions
@@ -10067,6 +10081,8 @@ async function getGleamVersion(gleamSpec0) {
 }
 
 async function getRebar3Version(r3Spec) {
+  r3Spec =
+    r3Spec == 'latest' ? await getLatestVersion('erlang', 'rebar3') : r3Spec
   const rebar3Versions = await getRebar3Versions()
   const spec = r3Spec
   const versions = rebar3Versions
@@ -10205,6 +10221,14 @@ async function getRebar3Versions() {
   return rebar3VersionsListing
 }
 
+async function getLatestVersion(owner, repo) {
+  const response = await fetch(
+    `https://api.github.com/repos/${owner}/${repo}/releases/latest`,
+  )
+  const json = await response.json()
+  return json.tag_name
+}
+
 function isStrictVersion() {
   return getInput('version-type', false) === 'strict'
 }
diff --git a/src/setup-beam.js b/src/setup-beam.js
index 712aed1b..7e6b4daf 100644
--- a/src/setup-beam.js
+++ b/src/setup-beam.js
@@ -164,6 +164,8 @@ async function maybeInstallRebar3(rebar3Spec) {
 }
 
 async function getOTPVersion(otpSpec0, osVersion) {
+  otpSpec0 =
+    otpSpec0 == 'latest' ? await getLatestVersion('erlang', 'otp') : otpSpec0
   const otpVersions = await getOTPVersions(osVersion)
   let spec = otpSpec0.replace(/^OTP-/, '')
   const versions = otpVersions
@@ -179,6 +181,14 @@ async function getOTPVersion(otpSpec0, osVersion) {
 }
 
 async function getElixirVersion(exSpec0, otpVersion0) {
+  exSpec0 =
+    exSpec0 == 'latest'
+      ? await getLatestVersion('elixir-lang', 'elixir')
+      : exSpec0
+  otpVersion0 =
+    otpVersion0 == 'latest'
+      ? await getLatestVersion('erlang', 'otp')
+      : otpVersion0
   const otpVersion = otpVersion0.match(/^([^-]+-)?(.+)$/)[2]
   const otpVersionMajor = otpVersion.match(/^([^.]+).*$/)[1]
 
@@ -221,6 +231,10 @@ async function getElixirVersion(exSpec0, otpVersion0) {
 }
 
 async function getGleamVersion(gleamSpec0) {
+  gleamSpec0 =
+    gleamSpec0 == 'latest'
+      ? await getLatestVersion('gleam-lang', 'gleam')
+      : gleamSpec0
   const gleamVersions = await getGleamVersions()
   const spec = gleamSpec0
   const versions = gleamVersions
@@ -236,6 +250,8 @@ async function getGleamVersion(gleamSpec0) {
 }
 
 async function getRebar3Version(r3Spec) {
+  r3Spec =
+    r3Spec == 'latest' ? await getLatestVersion('erlang', 'rebar3') : r3Spec
   const rebar3Versions = await getRebar3Versions()
   const spec = r3Spec
   const versions = rebar3Versions
@@ -374,6 +390,14 @@ async function getRebar3Versions() {
   return rebar3VersionsListing
 }
 
+async function getLatestVersion(owner, repo) {
+  const response = await fetch(
+    `https://api.github.com/repos/${owner}/${repo}/releases/latest`,
+  )
+  const json = await response.json()
+  return json.tag_name
+}
+
 function isStrictVersion() {
   return getInput('version-type', false) === 'strict'
 }
diff --git a/test/setup-beam.test.js b/test/setup-beam.test.js
index ed5b11c9..a752fcde 100644
--- a/test/setup-beam.test.js
+++ b/test/setup-beam.test.js
@@ -196,6 +196,12 @@ async function testOTPVersions() {
     expected = 'master'
     got = await setupBeam.getOTPVersion(spec, osVersion, hexMirrors)
     assert.deepStrictEqual(got, expected)
+
+    spec = 'latest'
+    osVersion = 'ubuntu-22.04'
+    expected = 'OTP-26.2.5'
+    got = await setupBeam.getOTPVersion(spec, osVersion, hexMirrors)
+    assert.deepStrictEqual(got, expected)
   }
 
   if (process.platform === 'win32') {
@@ -216,6 +222,12 @@ async function testOTPVersions() {
     expected = '23.0.4'
     got = await setupBeam.getOTPVersion(spec, osVersion)
     assert.deepStrictEqual(got, expected)
+
+    spec = 'latest'
+    osVersion = 'windows-2019'
+    expected = '26.2.5'
+    got = await setupBeam.getOTPVersion(spec, osVersion)
+    assert.deepStrictEqual(got, expected)
   }
 
   simulateInput('hexpm-mirrors', hexMirrors, { multiline: true })
@@ -289,6 +301,18 @@ async function testElixirVersions() {
   assert.deepStrictEqual(got, expected)
   simulateInput('version-type', before)
 
+  spec = 'latest'
+  otpVersion = '24'
+  expected = 'v1.16.2-otp-24'
+  got = await setupBeam.getElixirVersion(spec, otpVersion)
+  assert.deepStrictEqual(got, expected)
+
+  spec = 'latest'
+  otpVersion = 'latest'
+  expected = 'v1.16.2-otp-26'
+  got = await setupBeam.getElixirVersion(spec, otpVersion)
+  assert.deepStrictEqual(got, expected)
+
   simulateInput('hexpm-mirrors', hexMirrors, { multiline: true })
 }
 
@@ -317,6 +341,12 @@ async function testGleamVersions() {
   got = await setupBeam.getGleamVersion(spec, otpVersion)
   assert.deepStrictEqual(got, expected)
   simulateInput('version-type', before)
+
+  spec = 'latest'
+  otpVersion = 'OTP-24'
+  expected = 'v1.1.0'
+  got = await setupBeam.getGleamVersion(spec, otpVersion)
+  assert.deepStrictEqual(got, expected)
 }
 
 async function testRebar3Versions() {
@@ -338,6 +368,11 @@ async function testRebar3Versions() {
   expected = '3.10.0'
   got = await setupBeam.getRebar3Version(spec)
   assert.deepStrictEqual(got, expected)
+
+  spec = 'latest'
+  expected = '3.23.0'
+  got = await setupBeam.getRebar3Version(spec)
+  assert.deepStrictEqual(got, expected)
 }
 
 async function testGetVersionFromSpec() {
@@ -528,7 +563,7 @@ async function testParseVersionFile() {
 erlang   ref:v${erlang}# comment, no space, and ref:v
 elixir ref:${elixir}  # comment, with space and ref:
  not-gleam 0.23 # not picked up
-gleam ${gleam} 
+gleam ${gleam}
 rebar ${rebar3}`
   const filename = 'test/.tool-versions'
   fs.writeFileSync(filename, toolVersions)