diff --git a/pkgs/development/python-modules/poetry/default.nix b/pkgs/development/python-modules/poetry/default.nix
index 22de7d71bcc8..07dcb96f4074 100644
--- a/pkgs/development/python-modules/poetry/default.nix
+++ b/pkgs/development/python-modules/poetry/default.nix
@@ -1,99 +1,104 @@
 { lib
+, backports-cached-property
 , buildPythonPackage
 , cachecontrol
 , cachy
 , cleo
-, clikit
 , crashtest
 , dataclasses
-, entrypoints
+, deepdiff
+, dulwich
 , fetchFromGitHub
-, fetchpatch
+, flatdict
 , html5lib
 , httpretty
 , importlib-metadata
+, installShellFiles
 , intreehooks
+, jsonschema
 , keyring
 , lockfile
 , packaging
 , pexpect
 , pkginfo
+, platformdirs
 , poetry-core
+, poetry-plugin-export
 , pytest-mock
+, pytest-xdist
 , pytestCheckHook
 , pythonAtLeast
 , pythonOlder
 , requests
 , requests-toolbelt
 , shellingham
+, stdenv
 , tomlkit
+, urllib3
 , virtualenv
+, xattr
 }:
 
 buildPythonPackage rec {
   pname = "poetry";
-  version = "1.1.14";
+  version = "1.2.0";
   format = "pyproject";
 
-  disabled = pythonOlder "3.6";
+  disabled = pythonOlder "3.7";
 
   src = fetchFromGitHub {
     owner = "python-poetry";
     repo = pname;
-    rev = version;
-    sha256 = "sha256-n/GZOUoIMxWlULDqOe59Gt7Hz/+Mc4QcZT+1+HtQovs=";
+    rev = "refs/tags/${version}";
+    hash = "sha256-+Nsg7oPh9tAHEKt1R9C+nY9UPy+9vbf/+A6vQWgTi+4=";
   };
 
-  postPatch = ''
-    substituteInPlace pyproject.toml \
-      --replace 'importlib-metadata = {version = "^1.6.0", python = "<3.8"}' \
-       'importlib-metadata = {version = ">=1.6", python = "<3.8"}' \
-      --replace 'version = "^21.2.0"' 'version = ">=21.2"' \
-      --replace 'packaging = "^20.4"' 'packaging = "*"'
-  '';
-
   nativeBuildInputs = [
-    intreehooks
+    installShellFiles
   ];
 
   propagatedBuildInputs = [
     cachecontrol
     cachy
     cleo
-    clikit
     crashtest
-    entrypoints
+    dulwich
     html5lib
+    jsonschema
     keyring
-    lockfile
     packaging
     pexpect
     pkginfo
+    platformdirs
     poetry-core
+    poetry-plugin-export
     requests
     requests-toolbelt
     shellingham
     tomlkit
     virtualenv
-  ] ++ lib.optionals (pythonOlder "3.7") [
-    dataclasses
-  ] ++ lib.optionals (pythonOlder "3.8") [
+  ] ++ lib.optionals (stdenv.isDarwin) [
+    xattr
+  ] ++ lib.optionals (pythonOlder "3.10") [
     importlib-metadata
-  ];
+  ] ++ lib.optionals (pythonOlder "3.8") [
+    backports-cached-property
+  ] ++ cachecontrol.optional-dependencies.filecache;
 
   postInstall = ''
-    mkdir -p "$out/share/bash-completion/completions"
-    "$out/bin/poetry" completions bash > "$out/share/bash-completion/completions/poetry"
-    mkdir -p "$out/share/zsh/vendor-completions"
-    "$out/bin/poetry" completions zsh > "$out/share/zsh/vendor-completions/_poetry"
-    mkdir -p "$out/share/fish/vendor_completions.d"
-    "$out/bin/poetry" completions fish > "$out/share/fish/vendor_completions.d/poetry.fish"
+    installShellCompletion --cmd poetry \
+      --bash <($out/bin/poetry completions bash) \
+      --fish <($out/bin/poetry completions fish) \
+      --zsh <($out/bin/poetry completions zsh) \
   '';
 
   checkInputs = [
+    deepdiff
+    flatdict
     pytestCheckHook
     httpretty
     pytest-mock
+    pytest-xdist
   ];
 
   preCheck = ''
@@ -119,16 +124,6 @@ buildPythonPackage rec {
     "test_info_setup_complex_pep517_error"
   ];
 
-  patches = [
-    # The following patch addresses a minor incompatibility with
-    # pytest-mock. This is addressed upstream in
-    # https://github.com/python-poetry/poetry/pull/3457
-    (fetchpatch {
-      url = "https://github.com/python-poetry/poetry/commit/8ddceb7c52b3b1f35412479707fa790e5d60e691.diff";
-      sha256 = "yHjFb9xJBLFOqkOZaJolKviTdtST9PMFwH9n8ud2Y+U=";
-    })
-  ];
-
   # Allow for package to use pep420's native namespaces
   pythonNamespaces = [
     "poetry"