diff --git a/fastapi/dependencies/utils.py b/fastapi/dependencies/utils.py
index 84dfa4d03..f1178a399 100644
--- a/fastapi/dependencies/utils.py
+++ b/fastapi/dependencies/utils.py
@@ -73,6 +73,12 @@ from starlette.responses import Response
 from starlette.websockets import WebSocket
 from typing_extensions import Annotated, get_args, get_origin
 
+try:
+    from typing_extensions import TypeAliasType
+except ImportError:  # pragma: no cover
+    TypeAliasType = None  # type: ignore[misc,assignment]
+
+
 multipart_not_installed_error = (
     'Form data requires "python-multipart" to be installed. \n'
     'You can install "python-multipart" with: \n\n'
@@ -356,6 +362,9 @@ def analyze_param(
     depends = None
     type_annotation: Any = Any
     use_annotation: Any = Any
+    if TypeAliasType is not None and isinstance(annotation, TypeAliasType):
+        # unpack in case py3.12 type syntax is used
+        annotation = annotation.__value__
     if annotation is not inspect.Signature.empty:
         use_annotation = annotation
         type_annotation = annotation
diff --git a/pyproject.toml b/pyproject.toml
index 1c540e2f6..2b57a8830 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -180,6 +180,7 @@ dynamic_context = "test_function"
 omit = [
     "docs_src/response_model/tutorial003_04.py",
     "docs_src/response_model/tutorial003_04_py310.py",
+    "tests/test_dependency_pep695_py312.py"  # syntax error for version < py312
 ]
 
 [tool.coverage.report]
diff --git a/tests/conftest.py b/tests/conftest.py
new file mode 100644
index 000000000..521e9f0f7
--- /dev/null
+++ b/tests/conftest.py
@@ -0,0 +1,4 @@
+import sys
+
+if sys.version_info < (3, 12):
+    collect_ignore_glob = ["*_py312.py"]
diff --git a/tests/test_dependency_pep695_py312.py b/tests/test_dependency_pep695_py312.py
new file mode 100644
index 000000000..378c9d3ee
--- /dev/null
+++ b/tests/test_dependency_pep695_py312.py
@@ -0,0 +1,29 @@
+from __future__ import annotations
+
+from typing import Annotated
+
+from fastapi import Depends, FastAPI
+from fastapi.testclient import TestClient
+
+from .utils import needs_py312
+
+
+async def some_value() -> int:
+    return 123
+
+
+type DependedValue = Annotated[int, Depends(some_value)]
+
+
+@needs_py312
+def test_pep695_type_dependencies():
+    app = FastAPI()
+
+    @app.get("/")
+    async def get_with_dep(value: DependedValue) -> str:  # noqa
+        return f"value: {value}"
+
+    client = TestClient(app)
+    response = client.get("/")
+    assert response.status_code == 200
+    assert response.text == '"value: 123"'
diff --git a/tests/utils.py b/tests/utils.py
index 460c028f7..72b39f6d9 100644
--- a/tests/utils.py
+++ b/tests/utils.py
@@ -7,5 +7,8 @@ needs_py39 = pytest.mark.skipif(sys.version_info < (3, 9), reason="requires pyth
 needs_py310 = pytest.mark.skipif(
     sys.version_info < (3, 10), reason="requires python3.10+"
 )
+needs_py312 = pytest.mark.skipif(
+    sys.version_info < (3, 12), reason="requires python3.12+"
+)
 needs_pydanticv2 = pytest.mark.skipif(not PYDANTIC_V2, reason="requires Pydantic v2")
 needs_pydanticv1 = pytest.mark.skipif(PYDANTIC_V2, reason="requires Pydantic v1")