diff --git a/python/ray/serve/api.py b/python/ray/serve/api.py
index 7601a7cd8..58181eff6 100644
--- a/python/ray/serve/api.py
+++ b/python/ray/serve/api.py
@@ -1309,6 +1309,9 @@ class Deployment:
         if version is None:
             version = self._version
 
+        if prev_version is None:
+            prev_version = self._prev_version
+
         if init_args is None:
             init_args = self._init_args
 
@@ -1350,6 +1353,61 @@ class Deployment:
             _internal=True,
         )
 
+    @PublicAPI(stability="alpha")
+    def set_options(
+        self,
+        func_or_class: Optional[Callable] = None,
+        name: Optional[str] = None,
+        version: Optional[str] = None,
+        prev_version: Optional[str] = None,
+        init_args: Optional[Tuple[Any]] = None,
+        init_kwargs: Optional[Dict[Any, Any]] = None,
+        route_prefix: Union[str, None, DEFAULT] = DEFAULT.VALUE,
+        num_replicas: Optional[int] = None,
+        ray_actor_options: Optional[Dict] = None,
+        user_config: Optional[Any] = None,
+        max_concurrent_queries: Optional[int] = None,
+        _autoscaling_config: Optional[Union[Dict, AutoscalingConfig]] = None,
+        _graceful_shutdown_wait_loop_s: Optional[float] = None,
+        _graceful_shutdown_timeout_s: Optional[float] = None,
+        _health_check_period_s: Optional[float] = None,
+        _health_check_timeout_s: Optional[float] = None,
+    ) -> None:
+        """Overwrite this deployment's options. Mutates the deployment.
+
+        Only those options passed in will be updated, all others will remain
+        unchanged.
+        """
+
+        validated = self.options(
+            func_or_class=func_or_class,
+            name=name,
+            version=version,
+            prev_version=prev_version,
+            init_args=init_args,
+            init_kwargs=init_kwargs,
+            route_prefix=route_prefix,
+            num_replicas=num_replicas,
+            ray_actor_options=ray_actor_options,
+            user_config=user_config,
+            max_concurrent_queries=max_concurrent_queries,
+            _autoscaling_config=_autoscaling_config,
+            _graceful_shutdown_wait_loop_s=_graceful_shutdown_wait_loop_s,
+            _graceful_shutdown_timeout_s=_graceful_shutdown_timeout_s,
+            _health_check_period_s=_health_check_period_s,
+            _health_check_timeout_s=_health_check_timeout_s,
+        )
+
+        self._func_or_class = validated._func_or_class
+        self._name = validated._name
+        self._version = validated._version
+        self._prev_version = validated._prev_version
+        self._init_args = validated._init_args
+        self._init_kwargs = validated._init_kwargs
+        self._route_prefix = validated._route_prefix
+        self._ray_actor_options = validated._ray_actor_options
+        self._config = validated._config
+
     def __eq__(self, other):
         return all(
             [
diff --git a/python/ray/serve/tests/test_api.py b/python/ray/serve/tests/test_api.py
index e8d5736dc..c9c1f4b3a 100644
--- a/python/ray/serve/tests/test_api.py
+++ b/python/ray/serve/tests/test_api.py
@@ -336,6 +336,44 @@ def test_shutdown_destructor(serve_instance):
     B.delete()
 
 
+class TestSetOptions:
+    def test_set_options_basic(self):
+        @serve.deployment(
+            num_replicas=4,
+            max_concurrent_queries=3,
+            prev_version="abcd",
+            ray_actor_options={"num_cpus": 2},
+            _health_check_timeout_s=17,
+        )
+        def f():
+            pass
+
+        f.set_options(
+            num_replicas=9,
+            prev_version="abcd",
+            version="efgh",
+            ray_actor_options={"num_gpus": 3},
+        )
+
+        assert f.num_replicas == 9
+        assert f.max_concurrent_queries == 3
+        assert f.prev_version == "abcd"
+        assert f.version == "efgh"
+        assert f.ray_actor_options == {"num_gpus": 3}
+        assert f._config.health_check_timeout_s == 17
+
+    def test_set_options_validation(self):
+        @serve.deployment
+        def f():
+            pass
+
+        with pytest.raises(TypeError):
+            f.set_options(init_args=-4)
+
+        with pytest.raises(ValueError):
+            f.set_options(max_concurrent_queries=-4)
+
+
 if __name__ == "__main__":
     import sys