diff --git a/Formula/m/mlx-c.rb b/Formula/m/mlx-c.rb
index a04e550872ab..eff45eecfd5e 100644
--- a/Formula/m/mlx-c.rb
+++ b/Formula/m/mlx-c.rb
@@ -4,13 +4,13 @@ class MlxC < Formula
   url "https://github.com/ml-explore/mlx-c/archive/refs/tags/v0.6.0.tar.gz"
   sha256 "6ec2eab86ed3ce661c0d9b834027870651546138b7b4470fa8ef5533498c79aa"
   license "MIT"
-  revision 3
+  revision 4
   compatibility_version 1
 
   bottle do
-    sha256 cellar: :any, arm64_tahoe:   "52a8f1aca73d431b5186e37a8b27ee72ef12f59955034fbaf77a4b7b1df85455"
-    sha256 cellar: :any, arm64_sequoia: "0c6d3cb05b3aec5e137193d3cba56aff68e42f9f522c89ee984c4e8061a367db"
-    sha256 cellar: :any, arm64_sonoma:  "c59d08f72fbf8a926ff3b4adcbad7098efbbdebfb0297db7682d3af2230a4c41"
+    sha256 cellar: :any, arm64_tahoe:   "856317588f1e0866678da73ee50ac191bc6aba472096b4bb021bafc582d1ee58"
+    sha256 cellar: :any, arm64_sequoia: "604afaea83fb354c7b487f975275c0fa30760da9a4e3f27cbeba93e70331ffc5"
+    sha256 cellar: :any, arm64_sonoma:  "cb36d918641b9fb2e8e26e70eb2676ffc35b3f46801b0639409d1212a90eecdd"
   end
 
   depends_on "cmake" => :build
@@ -59,6 +59,10 @@ class MlxC < Formula
     resolves "https://github.com/ml-explore/mlx-c/pull/114"
   end
 
+  # Fix compile cache API changes in MLX 0.32.1. Only uses a subset of the PR commit, so inlining.
+  # PR ref: https://github.com/ml-explore/mlx-c/pull/127
+  patch :DATA
+
   def install
     args = %w[
       -DCMAKE_CXX_STANDARD=20
@@ -78,3 +82,28 @@ def install
     assert_match "array([0, 0.5, 1, 1.5, 2, 2.5], dtype=float32)", shell_output("./test")
   end
 end
+
+__END__
+diff --git a/mlx/c/compile.cpp b/mlx/c/compile.cpp
+index bc7b864..c52b2d2 100644
+--- a/mlx/c/compile.cpp
++++ b/mlx/c/compile.cpp
+@@ -42,7 +42,7 @@ extern "C" int mlx_detail_compile(
+ }
+ extern "C" int mlx_detail_compile_clear_cache(void) {
+   try {
+-    mlx::core::detail::compile_clear_cache();
++    mlx::core::detail::compile_clear_cache(mlx::core::detail::compile_cache());
+   } catch (std::exception& e) {
+     mlx_error(e.what());
+     return 1;
+@@ -51,7 +51,8 @@ extern "C" int mlx_detail_compile_clear_cache(void) {
+ }
+ extern "C" int mlx_detail_compile_erase(uintptr_t fun_id) {
+   try {
+-    mlx::core::detail::compile_erase(fun_id);
++    mlx::core::detail::compile_erase(
++        mlx::core::detail::compile_cache(), fun_id);
+   } catch (std::exception& e) {
+     mlx_error(e.what());
+     return 1;
diff --git a/Formula/m/mlx.rb b/Formula/m/mlx.rb
index 90412c497a52..aae4928a224a 100644
--- a/Formula/m/mlx.rb
+++ b/Formula/m/mlx.rb
@@ -3,13 +3,13 @@ class Mlx < Formula
 
   desc "Array framework for Apple silicon"
   homepage "https://ml-explore.github.io/mlx/build/html/index.html"
-  url "https://github.com/ml-explore/mlx/archive/refs/tags/v0.32.0.tar.gz"
-  sha256 "8e74a0eb613861ce50c09402dd99dbc42b65a762e7fdd291caa39f611db978ec"
+  url "https://github.com/ml-explore/mlx/archive/refs/tags/v0.32.1.tar.gz"
+  sha256 "34fe1ec0e6baf886eee16c9a1d4c7bd26bbe74fe051225f0eb88a982fc9d2494"
   license all_of: [
     "MIT", # main license
     "Apache-2.0", # metal-cpp resource
   ]
-  compatibility_version 4
+  compatibility_version 5
   head "https://github.com/ml-explore/mlx.git", branch: "main"
 
   livecheck do
@@ -18,9 +18,9 @@ class Mlx < Formula
   end
 
   bottle do
-    sha256 cellar: :any, arm64_tahoe:   "9a2d67e6de12deab51d676a827aa2c81e399e9e246395b8c826429cfb2392786"
-    sha256 cellar: :any, arm64_sequoia: "3a5895a698a5739f601f3cce2c6395603a242f378efe720728ba261e032619d4"
-    sha256 cellar: :any, arm64_sonoma:  "91006da2921496b692df9d671d4c8f820ba3432bb636ac70d0d39fabc8e78f9d"
+    sha256 cellar: :any, arm64_tahoe:   "5077bbcacc880777a11e7c1288e8ba4f1a392b559b57ed4effb5add2b67877f1"
+    sha256 cellar: :any, arm64_sequoia: "5eb3cc2571ebca454931f6048202a8cda40eec62f2a89e69b1c6cdb6956c9af8"
+    sha256 cellar: :any, arm64_sonoma:  "1de4af659278713837dea58652d15845b7da04750e54c73c70500ac6ad2ed592"
   end
 
   depends_on "cmake" => :build