diff --git a/litellm/proxy/_types.py b/litellm/proxy/_types.py
index 6ffd6816ca6..c6d4ee1120a 100644
--- a/litellm/proxy/_types.py
+++ b/litellm/proxy/_types.py
@@ -1169,7 +1169,6 @@ class GenerateKeyResponse(KeyRequestBase):
 class UpdateKeyRequest(KeyRequestBase):
     # Note: the defaults of all Params here MUST BE NONE
     # else they will get overwritten
-    key: str  # type: ignore
     duration: Optional[str] = None
     spend: Optional[float] = None
     metadata: Optional[dict] = None
@@ -1186,6 +1185,12 @@ class UpdateKeyRequest(KeyRequestBase):
                 raise ValueError("temp_budget_increase and temp_budget_expiry must be set together")
         return self
 
+    @model_validator(mode="after")
+    def validate_key_identifier(self) -> "UpdateKeyRequest":
+        if self.key is None and self.key_alias is None:
+            raise ValueError("either key or key_alias must be provided")
+        return self
+
 
 class RegenerateKeyRequest(GenerateKeyRequest):
     # This needs to be different from UpdateKeyRequest, because "key" is optional for this
diff --git a/litellm/proxy/management_endpoints/key_management_endpoints.py b/litellm/proxy/management_endpoints/key_management_endpoints.py
index e7ee5ffa849..a94a75fdfa3 100644
--- a/litellm/proxy/management_endpoints/key_management_endpoints.py
+++ b/litellm/proxy/management_endpoints/key_management_endpoints.py
@@ -2023,7 +2023,7 @@ def _validate_max_budget(max_budget: Optional[float]) -> None:
 
 
 async def _get_and_validate_existing_key(
-    token: str, prisma_client: Optional[PrismaClient]
+    token: str | None, prisma_client: Optional[PrismaClient], key_alias: str | None = None
 ) -> LiteLLM_VerificationToken:
     """
     Get existing key from database and validate it exists.
@@ -2031,12 +2031,13 @@ async def _get_and_validate_existing_key(
     Args:
         token: The key token to look up
         prisma_client: Prisma client instance
+        key_alias: Alias to look the key up by when token is not provided
 
     Returns:
         LiteLLM_VerificationToken: The existing key row
 
     Raises:
-        ProxyException: 404 if key is not found
+        ProxyException: 404 if key is not found, 400 if the alias matches multiple keys
     """
     if prisma_client is None:
         raise HTTPException(
@@ -2044,19 +2045,65 @@ async def _get_and_validate_existing_key(
             detail={"error": "Database not connected"},
         )
 
-    hashed_token = _hash_token_if_needed(token=token)
+    if token is not None:
+        hashed_token = _hash_token_if_needed(token=token)
 
-    existing_key_row = await VerificationTokenRepository(prisma_client).table.find_unique(where={"token": hashed_token})
+        existing_key_row: LiteLLM_VerificationToken | None = await VerificationTokenRepository(
+            prisma_client
+        ).table.find_unique(where={"token": hashed_token})
 
-    if existing_key_row is None:
+        if existing_key_row is None:
+            raise ProxyException(
+                message="Key not found.",
+                type=ProxyErrorTypes.not_found_error,
+                param="key",
+                code=status.HTTP_404_NOT_FOUND,
+            )
+
+        return existing_key_row
+
+    if key_alias is None:
+        raise ProxyException(
+            message="either key or key_alias must be provided",
+            type=ProxyErrorTypes.bad_request_error,
+            param="key",
+            code=status.HTTP_400_BAD_REQUEST,
+        )
+
+    rows: list[LiteLLM_VerificationToken] = await VerificationTokenRepository(prisma_client).table.find_many(
+        where={"key_alias": key_alias}, take=2
+    )
+
+    if len(rows) == 0:
+        raise ProxyException(
+            message=f"Key not found. No key with key_alias='{key_alias}'.",
+            type=ProxyErrorTypes.not_found_error,
+            param="key_alias",
+            code=status.HTTP_404_NOT_FOUND,
+        )
+
+    if len(rows) > 1:
+        raise ProxyException(
+            message=f"Multiple keys share key_alias='{key_alias}', so it cannot be used as an identifier.",
+            type=ProxyErrorTypes.bad_request_error,
+            param="key_alias",
+            code=status.HTTP_400_BAD_REQUEST,
+        )
+
+    return rows[0]
+
+
+def _resolve_token_to_update(data: UpdateKeyRequest, existing_key_row: LiteLLM_VerificationToken) -> str:
+    if data.key is not None:
+        return data.key
+    if existing_key_row.token is None:
         raise ProxyException(
             message="Key not found.",
             type=ProxyErrorTypes.not_found_error,
             param="key",
             code=status.HTTP_404_NOT_FOUND,
         )
-
-    return existing_key_row
+    return existing_key_row.token
 
 
 async def _process_single_key_update(
@@ -2508,8 +2555,8 @@ async def update_key_fn(
     Update an existing API key's parameters.
 
     Parameters:
-    - key: str - The key to update
-    - key_alias: Optional[str] - User-friendly key alias
+    - key: Optional[str] - The key to update. Either key or key_alias must be provided.
+    - key_alias: Optional[str] - User-friendly key alias. If key is omitted, also identifies the key to update (must match exactly one key, same as /key/delete's key_aliases)
     - user_id: Optional[str] - User ID associated with key
     - team_id: Optional[str] - Team ID associated with key
     - agent_id: Optional[str] - The agent id associated with the key.
@@ -2592,14 +2639,14 @@ async def update_key_fn(
                 detail={"error": f"max_budget must be a non-negative finite number. Received: {data.max_budget}"},
             )
 
-        data_json: dict = data.model_dump(exclude_unset=True)
-        key = data_json.pop("key")
-
         # get the row from db
         existing_key_row = await _get_and_validate_existing_key(
             token=data.key,
             prisma_client=prisma_client,
+            key_alias=data.key_alias,
         )
+        key = _resolve_token_to_update(data=data, existing_key_row=existing_key_row)
+        data.key = key
 
         await _validate_update_key_data(
             data=data,
diff --git a/tests/test_litellm/proxy/management_endpoints/test_key_management_endpoints.py b/tests/test_litellm/proxy/management_endpoints/test_key_management_endpoints.py
index 51f72f91dc3..867ef759fb3 100644
--- a/tests/test_litellm/proxy/management_endpoints/test_key_management_endpoints.py
+++ b/tests/test_litellm/proxy/management_endpoints/test_key_management_endpoints.py
@@ -2507,6 +2507,195 @@ async def test_update_key_nonexistent_key_returns_404(monkeypatch):
     assert "Authentication Error" not in str(exc_info.value.message)
 
 
+def _setup_update_key_mocks(monkeypatch, mock_prisma_client):
+    monkeypatch.setattr("litellm.proxy.proxy_server.prisma_client", mock_prisma_client)
+    monkeypatch.setattr("litellm.proxy.proxy_server.user_api_key_cache", AsyncMock())
+    monkeypatch.setattr("litellm.proxy.proxy_server.proxy_logging_obj", MagicMock())
+    monkeypatch.setattr("litellm.proxy.proxy_server.llm_router", None)
+    monkeypatch.setattr("litellm.proxy.proxy_server.premium_user", True)
+    monkeypatch.setattr("litellm.store_audit_logs", False)
+
+
+@pytest.mark.asyncio
+async def test_update_key_by_alias_only(monkeypatch):
+    """
+    /key/update identified by key_alias alone resolves the key row via
+    find_many on the alias and updates using the resolved token.
+    """
+    from litellm.proxy.management_endpoints.key_management_endpoints import (
+        update_key_fn,
+    )
+
+    hashed_token = "0d62f396c1317066f55a96086517047c737087c61eb2bf016b72e6298927b15b"
+    key_in_db = LiteLLM_VerificationToken(
+        token=hashed_token,
+        key_alias="prod-alias",
+        user_id="test-user",
+        max_budget=200.0,
+    )
+
+    mock_prisma_client = AsyncMock()
+    mock_prisma_client.db.litellm_verificationtoken.find_many = AsyncMock(
+        return_value=[key_in_db]
+    )
+    mock_prisma_client.db.litellm_verificationtoken.find_first = AsyncMock(
+        return_value=None
+    )
+    mock_prisma_client.update_data = AsyncMock(
+        return_value={"data": {"max_budget": 50.0}}
+    )
+    _setup_update_key_mocks(monkeypatch, mock_prisma_client)
+
+    user_api_key_dict = UserAPIKeyAuth(
+        user_role=LitellmUserRoles.PROXY_ADMIN, api_key="sk-admin", user_id="admin-user"
+    )
+
+    request_data = UpdateKeyRequest(key_alias="prod-alias", max_budget=50.0)
+
+    with patch(
+        "litellm.proxy.management_endpoints.key_management_endpoints._delete_cache_key_object"
+    ) as mock_delete_cache:
+        mock_delete_cache.return_value = None
+        result = await update_key_fn(
+            request=MagicMock(),
+            data=request_data,
+            user_api_key_dict=user_api_key_dict,
+            litellm_changed_by=None,
+        )
+
+    mock_prisma_client.db.litellm_verificationtoken.find_many.assert_called_once_with(
+        where={"key_alias": "prod-alias"}, take=2
+    )
+    assert request_data.key == hashed_token
+    mock_prisma_client.db.litellm_verificationtoken.find_unique.assert_not_called()
+    mock_prisma_client.update_data.assert_awaited_once()
+    assert mock_prisma_client.update_data.call_args.kwargs["token"] == hashed_token
+    assert (
+        mock_prisma_client.update_data.call_args.kwargs["data"]["token"] == hashed_token
+    )
+    assert result["key"] == hashed_token
+
+
+@pytest.mark.asyncio
+async def test_update_key_by_alias_not_found_returns_404(monkeypatch):
+    """
+    /key/update with a key_alias matching no key returns 404.
+    """
+    from litellm.proxy.management_endpoints.key_management_endpoints import (
+        update_key_fn,
+    )
+
+    mock_prisma_client = AsyncMock()
+    mock_prisma_client.db.litellm_verificationtoken.find_many = AsyncMock(
+        return_value=[]
+    )
+    _setup_update_key_mocks(monkeypatch, mock_prisma_client)
+
+    user_api_key_dict = UserAPIKeyAuth(
+        user_role=LitellmUserRoles.PROXY_ADMIN, api_key="sk-admin", user_id="admin-user"
+    )
+
+    with pytest.raises(ProxyException) as exc_info:
+        await update_key_fn(
+            request=MagicMock(),
+            data=UpdateKeyRequest(key_alias="no-such-alias", max_budget=50.0),
+            user_api_key_dict=user_api_key_dict,
+            litellm_changed_by=None,
+        )
+
+    assert str(exc_info.value.code) == "404"
+    assert "not found" in str(exc_info.value.message).lower()
+    mock_prisma_client.update_data.assert_not_called()
+
+
+@pytest.mark.asyncio
+async def test_update_key_by_duplicate_alias_returns_400(monkeypatch):
+    """
+    /key/update with a key_alias shared by multiple keys returns 400
+    instead of silently updating one of them.
+    """
+    from litellm.proxy.management_endpoints.key_management_endpoints import (
+        update_key_fn,
+    )
+
+    rows = [
+        LiteLLM_VerificationToken(token="hashed-token-1", key_alias="dup-alias"),
+        LiteLLM_VerificationToken(token="hashed-token-2", key_alias="dup-alias"),
+    ]
+    mock_prisma_client = AsyncMock()
+    mock_prisma_client.db.litellm_verificationtoken.find_many = AsyncMock(
+        return_value=rows
+    )
+    _setup_update_key_mocks(monkeypatch, mock_prisma_client)
+
+    user_api_key_dict = UserAPIKeyAuth(
+        user_role=LitellmUserRoles.PROXY_ADMIN, api_key="sk-admin", user_id="admin-user"
+    )
+
+    with pytest.raises(ProxyException) as exc_info:
+        await update_key_fn(
+            request=MagicMock(),
+            data=UpdateKeyRequest(key_alias="dup-alias", max_budget=50.0),
+            user_api_key_dict=user_api_key_dict,
+            litellm_changed_by=None,
+        )
+
+    assert str(exc_info.value.code) == "400"
+    assert "multiple keys" in str(exc_info.value.message).lower()
+    mock_prisma_client.update_data.assert_not_called()
+
+
+@pytest.mark.asyncio
+async def test_update_key_with_key_and_alias_selects_by_key(monkeypatch):
+    """
+    Regression: passing both key and key_alias keeps today's behavior. The key
+    identifies the row (find_unique, never find_many) and key_alias is the new
+    alias to set; the response echoes the caller-passed key.
+    """
+    from litellm.proxy.management_endpoints.key_management_endpoints import (
+        update_key_fn,
+    )
+
+    hashed_token = "0d62f396c1317066f55a96086517047c737087c61eb2bf016b72e6298927b15b"
+    key_in_db = LiteLLM_VerificationToken(
+        token=hashed_token,
+        key_alias="old-name",
+        user_id="test-user",
+    )
+
+    mock_prisma_client = AsyncMock()
+    mock_prisma_client.db.litellm_verificationtoken.find_unique = AsyncMock(
+        return_value=key_in_db
+    )
+    mock_prisma_client.db.litellm_verificationtoken.find_first = AsyncMock(
+        return_value=None
+    )
+    mock_prisma_client.update_data = AsyncMock(
+        return_value={"data": {"key_alias": "new-name"}}
+    )
+    _setup_update_key_mocks(monkeypatch, mock_prisma_client)
+
+    user_api_key_dict = UserAPIKeyAuth(
+        user_role=LitellmUserRoles.PROXY_ADMIN, api_key="sk-admin", user_id="admin-user"
+    )
+
+    with patch(
+        "litellm.proxy.management_endpoints.key_management_endpoints._delete_cache_key_object"
+    ) as mock_delete_cache:
+        mock_delete_cache.return_value = None
+        result = await update_key_fn(
+            request=MagicMock(),
+            data=UpdateKeyRequest(key="sk-test-key", key_alias="new-name"),
+            user_api_key_dict=user_api_key_dict,
+            litellm_changed_by=None,
+        )
+
+    mock_prisma_client.db.litellm_verificationtoken.find_many.assert_not_called()
+    mock_prisma_client.db.litellm_verificationtoken.find_unique.assert_called_once()
+    assert mock_prisma_client.update_data.call_args.kwargs["token"] == "sk-test-key"
+    assert result["key"] == "sk-test-key"
+
+
 @pytest.mark.asyncio
 async def test_block_key_existing_key_succeeds(monkeypatch):
     """
diff --git a/tests/test_litellm/proxy/test_proxy_types.py b/tests/test_litellm/proxy/test_proxy_types.py
index c8e0b3a730a..5354de182a0 100644
--- a/tests/test_litellm/proxy/test_proxy_types.py
+++ b/tests/test_litellm/proxy/test_proxy_types.py
@@ -139,3 +139,23 @@ def test_key_request_router_settings_keeps_enable_tag_filtering():
     dumped = req.router_settings.model_dump(exclude_none=True)
     assert dumped["enable_tag_filtering"] is True
     assert dumped["num_retries"] == 2
+
+
+def test_update_key_request_requires_key_or_key_alias():
+    """``/key/update`` can be addressed by ``key`` or by ``key_alias``;
+    a request with neither has no way to identify the target key and must
+    fail validation before hitting the endpoint."""
+    import pydantic
+
+    from litellm.proxy._types import UpdateKeyRequest
+
+    with pytest.raises(pydantic.ValidationError, match="either key or key_alias must be provided"):
+        UpdateKeyRequest(max_budget=10.0)
+
+    by_key = UpdateKeyRequest(key="sk-1234")
+    assert by_key.key == "sk-1234"
+    assert by_key.key_alias is None
+
+    by_alias = UpdateKeyRequest(key_alias="my-alias")
+    assert by_alias.key is None
+    assert by_alias.key_alias == "my-alias"
diff --git a/ui/litellm-dashboard/src/lib/http/schema.d.ts b/ui/litellm-dashboard/src/lib/http/schema.d.ts
index 541d7a17ae1..79f03978b12 100644
--- a/ui/litellm-dashboard/src/lib/http/schema.d.ts
+++ b/ui/litellm-dashboard/src/lib/http/schema.d.ts
@@ -6935,8 +6935,8 @@ export interface paths {
          * @description Update an existing API key's parameters.
          *
          *     Parameters:
-         *     - key: str - The key to update
-         *     - key_alias: Optional[str] - User-friendly key alias
+         *     - key: Optional[str] - The key to update. Either key or key_alias must be provided.
+         *     - key_alias: Optional[str] - User-friendly key alias. If key is omitted, also identifies the key to update (must match exactly one key, same as /key/delete's key_aliases)
          *     - user_id: Optional[str] - User ID associated with key
          *     - team_id: Optional[str] - Team ID associated with key
          *     - agent_id: Optional[str] - The agent id associated with the key.
@@ -32437,7 +32437,7 @@ export interface components {
             /** Guardrails */
             guardrails?: string[] | null;
             /** Key */
-            key: string;
+            key?: string | null;
             /** Key Alias */
             key_alias?: string | null;
             /** Max Budget */