diff --git a/lib/elixir/lib/dynamic_supervisor.ex b/lib/elixir/lib/dynamic_supervisor.ex
index 52e3ba7c1d8..c74e5af3f60 100644
--- a/lib/elixir/lib/dynamic_supervisor.ex
+++ b/lib/elixir/lib/dynamic_supervisor.ex
@@ -1136,15 +1136,6 @@ defmodule DynamicSupervisor do
     ]
   end
 
-  @impl true
-  def format_status(:terminate, [_pdict, state]) do
-    state
-  end
-
-  def format_status(_, [_pdict, %{mod: mod} = state]) do
-    [data: [{~c"State", state}], supervisor: [{~c"Callback", mod}]]
-  end
-
   ## Helpers
 
   @compile {:inline, call: 2}
diff --git a/lib/elixir/lib/gen_event.ex b/lib/elixir/lib/gen_event.ex
index e2ea969e1b8..38e655f43c7 100644
--- a/lib/elixir/lib/gen_event.ex
+++ b/lib/elixir/lib/gen_event.ex
@@ -507,6 +507,8 @@ defmodule GenEvent do
     {:ok, states, [name, handlers, hib]}
   end
 
+  # Keeping deprecated format_status/2 since the current implementation is not
+  # compatible with format_status/1 and GenEvent is deprecated anyway
   @doc false
   def format_status(opt, status_data) do
     [pdict, sys_state, parent, _debug, [name, handlers, _hib]] = status_data
diff --git a/lib/elixir/lib/gen_server.ex b/lib/elixir/lib/gen_server.ex
index 8bb29f8be9f..7f8a4be1186 100644
--- a/lib/elixir/lib/gen_server.ex
+++ b/lib/elixir/lib/gen_server.ex
@@ -759,22 +759,39 @@ defmodule GenServer do
             when old_vsn: term | {:down, term}
 
   @doc """
-  Invoked in some cases to retrieve a formatted version of the `GenServer` status:
+  This function is called by a `GenServer` process in the following situations:
 
-    * one of `:sys.get_status/1` or `:sys.get_status/2` is invoked to get the
-      status of the `GenServer`; in such cases, `reason` is `:normal`
+    * [`:sys.get_status/1,2`](`:sys.get_status/1`) is invoked to get the `GenServer` status.
+    * The `GenServer` process terminates abnormally and logs an error.
 
-    * the `GenServer` terminates abnormally and logs an error; in such cases,
-      `reason` is `:terminate`
+  This callback is used to limit the status of the process returned by
+  [`:sys.get_status/1,2`](`:sys.get_status/1`) or sent to logger.
 
-  This callback can be useful to control the *appearance* of the status of the
-  `GenServer`. For example, it can be used to return a compact representation of
-  the `GenServer`'s state to avoid having large state terms printed.
+  The callback gets a map `status` describing the current status and shall return
+  a map `new_status` with the same keys, but it may transform some values.
+
+  Two possible use cases for this callback is to remove sensitive information
+  from the state to prevent it from being printed in log files, or to compact
+  large irrelevant status items that would only clutter the logs.
+
+  ## Example
+
+      @impl GenServer
+      def format_status(status) do
+        Map.new(status, fn
+          {:state, state} -> {:state, Map.delete(state, :private_key)}
+          {:message, {:password, _}} -> {:message, {:password, "redacted"}}
+          key_value -> key_value
+        end)
+      end
 
-  `pdict_and_state` is a two-elements list `[pdict, state]` where `pdict` is a
-  list of `{key, value}` tuples representing the current process dictionary of
-  the `GenServer` and `state` is the current state of the `GenServer`.
   """
+  @doc since: "1.17.0"
+  @callback format_status(status :: :gen_server.format_status()) ::
+              new_status :: :gen_server.format_status()
+
+  # TODO: Remove this on v2.0
+  @doc deprecated: "Use format_status/1 callback instead"
   @callback format_status(reason, pdict_and_state :: list) :: term
             when reason: :normal | :terminate
 
@@ -783,6 +800,7 @@ defmodule GenServer do
                       handle_info: 2,
                       handle_cast: 2,
                       handle_call: 3,
+                      format_status: 1,
                       format_status: 2,
                       handle_continue: 2
 
diff --git a/lib/elixir/pages/references/typespecs.md b/lib/elixir/pages/references/typespecs.md
index e79fc66bc8e..a34bb09f55c 100644
--- a/lib/elixir/pages/references/typespecs.md
+++ b/lib/elixir/pages/references/typespecs.md
@@ -371,7 +371,7 @@ Optional callbacks can be defined through the `@optional_callbacks` module attri
       @optional_callbacks non_vital_fun: 0, non_vital_macro: 1
     end
 
-One example of optional callback in Elixir's standard library is `c:GenServer.format_status/2`.
+One example of optional callback in Elixir's standard library is `c:GenServer.format_status/1`.
 
 ### Inspecting behaviours
 
diff --git a/lib/elixir/test/elixir/dynamic_supervisor_test.exs b/lib/elixir/test/elixir/dynamic_supervisor_test.exs
index 32cf398eb44..5437352c281 100644
--- a/lib/elixir/test/elixir/dynamic_supervisor_test.exs
+++ b/lib/elixir/test/elixir/dynamic_supervisor_test.exs
@@ -140,14 +140,6 @@ defmodule DynamicSupervisorTest do
       {:ok, pid} = DynamicSupervisor.start_link(strategy: :one_for_one)
       assert :proc_lib.initial_call(pid) == {:supervisor, Supervisor.Default, [:Argument__1]}
     end
-
-    test "returns the callback module" do
-      {:ok, pid} = Supervisor.start_link([], strategy: :one_for_one)
-      assert :supervisor.get_callback_module(pid) == Supervisor.Default
-
-      {:ok, pid} = DynamicSupervisor.start_link(strategy: :one_for_one)
-      assert :supervisor.get_callback_module(pid) == Supervisor.Default
-    end
   end
 
   ## Code change