diff --git a/.vscode/settings.json b/.vscode/settings.json
index 0a40f9961ad..def38a1797a 100644
--- a/.vscode/settings.json
+++ b/.vscode/settings.json
@@ -58,6 +58,6 @@
   "clang-format.executable": "${workspaceRoot}/vnext/node_modules/.bin/clang-format",
   "typescript.tsdk": "node_modules\\typescript\\lib",
   "editor.codeActionsOnSave": {
-    "source.fixAll.eslint": true
+    "source.fixAll.eslint": "explicit"
   }
 }
diff --git a/change/react-native-windows-f607455e-1870-4fd5-81f5-94717effb241.json b/change/react-native-windows-f607455e-1870-4fd5-81f5-94717effb241.json
new file mode 100644
index 00000000000..7c4a59e0874
--- /dev/null
+++ b/change/react-native-windows-f607455e-1870-4fd5-81f5-94717effb241.json
@@ -0,0 +1,7 @@
+{
+  "type": "patch",
+  "comment": "[0.71] update fmt to 10.1.0",
+  "packageName": "react-native-windows",
+  "email": "mcota@microsoft.com",
+  "dependentChangeType": "patch"
+}
diff --git a/vnext/Directory.Build.props b/vnext/Directory.Build.props
index fc4c72b53da..491387a0477 100644
--- a/vnext/Directory.Build.props
+++ b/vnext/Directory.Build.props
@@ -19,8 +19,8 @@
     <FollyVersion>2022.11.28.00</FollyVersion>
     <FollyCommitHash>6ed36117cdc4831f3a3951e013ae76b405e88e15</FollyCommitHash>
     <!-- When bumping the fmt version, be sure to bump the git hash of that version's commit and build fmt.vcxproj (to update its cgmanifest.json) too. -->
-    <FmtVersion>8.0.0</FmtVersion>
-    <FmtCommitHash>9e8b86fd2d9806672cc73133d21780dd182bfd24</FmtCommitHash>
+    <FmtVersion>10.1.0</FmtVersion>
+    <FmtCommitHash>ca2e3685b160617d3d95fcd9e789c4e06ca88</FmtCommitHash>
     <!-- Commit hash for https://github.com/microsoft/node-api-jsi code. -->
     <NodeApiJsiCommitHash>53b897b03c1c7e57c3372acc6234447a44e150d6</NodeApiJsiCommitHash>
   </PropertyGroup>
diff --git a/vnext/PropertySheets/Warnings.props b/vnext/PropertySheets/Warnings.props
index e41bfa45b75..640a6a3ae7f 100644
--- a/vnext/PropertySheets/Warnings.props
+++ b/vnext/PropertySheets/Warnings.props
@@ -23,7 +23,7 @@
           C4324 - structure was padded due to __declspec(align())
           C5205 - delete of an abstract class that has a non-virtual destructor results in undefined behavior
       -->
-    <ExtraWarningsToDisable>4068;4100;4101;4127;4189;4290;4309;4324;5205;$(DisableSpecificWarnings)</ExtraWarningsToDisable>
+    <ExtraWarningsToDisable>4068;4100;4101;4127;4189;4290;4309;4324;5205;4251;$(DisableSpecificWarnings)</ExtraWarningsToDisable>
   </PropertyGroup>
 
   <ItemDefinitionGroup>
diff --git a/vnext/fmt/cgmanifest.json b/vnext/fmt/cgmanifest.json
index 8934ed79575..589095951a0 100644
--- a/vnext/fmt/cgmanifest.json
+++ b/vnext/fmt/cgmanifest.json
@@ -6,7 +6,7 @@
                 "Type": "git",
                 "Git": {
                   "RepositoryUrl": "https://github.com/fmtlib/fmt",
-                  "CommitHash": "9e8b86fd2d9806672cc73133d21780dd182bfd24"
+                  "CommitHash": "ca2e3685b160617d3d95fcd9e789c4e06ca88"
                 }
             },
             "DevelopmentDependency": false