diff --git a/src/material/schematics/ng-generate/mdc-migration/rules/theming-styles.ts b/src/material/schematics/ng-generate/mdc-migration/rules/theming-styles.ts
index f2099dae7c5e..39767421f8d6 100644
--- a/src/material/schematics/ng-generate/mdc-migration/rules/theming-styles.ts
+++ b/src/material/schematics/ng-generate/mdc-migration/rules/theming-styles.ts
@@ -17,6 +17,10 @@ export class ThemingStylesMigration extends Migration<ComponentMigrator[], Schem
   namespace: string;
 
   override visitStylesheet(stylesheet: ResolvedResource) {
+    this.fileSystem.overwrite(stylesheet.filePath, this.migrateStyles(stylesheet.content));
+  }
+
+  migrateStyles(styles: string): string {
     const processor = new postcss.Processor([
       {
         postcssPlugin: 'theming-styles-migration-plugin',
@@ -28,8 +32,7 @@ export class ThemingStylesMigration extends Migration<ComponentMigrator[], Schem
       },
     ]);
 
-    const result = processor.process(stylesheet.content, {syntax: scss});
-    this.fileSystem.overwrite(stylesheet.filePath, result.toString());
+    return processor.process(styles, {syntax: scss}).toString();
   }
 
   atUseHandler(atRule: postcss.AtRule) {
diff --git a/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migration.ts b/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migration.ts
index f0a722fe211c..244cfbe7c985 100644
--- a/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migration.ts
+++ b/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migration.ts
@@ -10,11 +10,13 @@ import {Migration} from '@angular/cdk/schematics';
 import {SchematicContext} from '@angular-devkit/schematics';
 import {ComponentMigrator} from '../index';
 import * as ts from 'typescript';
+import {ThemingStylesMigration} from '../theming-styles';
 
 export class RuntimeCodeMigration extends Migration<ComponentMigrator[], SchematicContext> {
   enabled = true;
 
   private _printer = ts.createPrinter({newLine: ts.NewLineKind.LineFeed});
+  private _stylesMigration: ThemingStylesMigration;
 
   override visitNode(node: ts.Node): void {
     if (this._isImportExpression(node)) {
@@ -24,9 +26,86 @@ export class RuntimeCodeMigration extends Migration<ComponentMigrator[], Schemat
     } else if (ts.isImportDeclaration(node)) {
       // Note: TypeScript enforces the `moduleSpecifier` to be a string literal in its syntax.
       this._migrateModuleSpecifier(node.moduleSpecifier as ts.StringLiteral);
+    } else if (this._isComponentDecorator(node)) {
+      this._migrateTemplatesAndStyles(node);
     }
   }
 
+  private _migrateTemplatesAndStyles(node: ts.Node): void {
+    if (node.getChildCount() > 0) {
+      if (node.kind === ts.SyntaxKind.PropertyAssignment) {
+        // The first child node will always be the identifier for a property
+        // assignment node
+        const identifier = node.getChildAt(0);
+        if (identifier.getText() === 'styles') {
+          this._migrateStyles(node);
+        }
+      } else {
+        node.forEachChild(child => this._migrateTemplatesAndStyles(child));
+      }
+    }
+  }
+
+  private _migrateStyles(node: ts.Node) {
+    // Create styles migration if no styles have been migrated yet. Needs to be
+    // additionally created because the migrations run in isolation.
+    if (!this._stylesMigration) {
+      this._stylesMigration = new ThemingStylesMigration(
+        this.program,
+        this.typeChecker,
+        this.targetVersion,
+        this.context,
+        this.upgradeData,
+        this.fileSystem,
+        this.logger,
+      );
+    }
+
+    node.forEachChild(childNode => {
+      if (childNode.kind === ts.SyntaxKind.ArrayLiteralExpression) {
+        childNode.forEachChild(stringLiteralNode => {
+          if (stringLiteralNode.kind === ts.SyntaxKind.StringLiteral) {
+            let nodeText = stringLiteralNode.getText();
+            const trimmedNodeText = nodeText.trimStart().trimEnd();
+            // Remove quotation marks from string since not valid CSS to migrate
+            const nodeTextWithoutQuotes = trimmedNodeText.substring(1, trimmedNodeText.length - 1);
+            let migratedStyles = this._stylesMigration.migrateStyles(nodeTextWithoutQuotes);
+            const migratedStylesLines = migratedStyles.split('\n');
+            const isMultiline = migratedStylesLines.length > 1;
+
+            // If migrated text is now multiline, update quotes to avoid
+            // compilation errors
+            if (isMultiline) {
+              nodeText = nodeText.replace(trimmedNodeText, '`' + nodeTextWithoutQuotes + '`');
+            }
+
+            this._printAndUpdateNode(
+              stringLiteralNode.getSourceFile(),
+              stringLiteralNode,
+              ts.factory.createRegularExpressionLiteral(
+                nodeText.replace(
+                  nodeTextWithoutQuotes,
+                  migratedStylesLines
+                    .map((line, index) => {
+                      // Only need to worry about indentation when adding new lines
+                      if (isMultiline && index !== 0 && line != '\n') {
+                        const leadingWidth = stringLiteralNode.getLeadingTriviaWidth();
+                        if (leadingWidth > 0) {
+                          line = ' '.repeat(leadingWidth - 1) + line;
+                        }
+                      }
+                      return line;
+                    })
+                    .join('\n'),
+                ),
+              ),
+            );
+          }
+        });
+      }
+    });
+  }
+
   private _migrateModuleSpecifier(specifierLiteral: ts.StringLiteralLike) {
     const sourceFile = specifierLiteral.getSourceFile();
 
@@ -43,6 +122,11 @@ export class RuntimeCodeMigration extends Migration<ComponentMigrator[], Schemat
     }
   }
 
+  /** Gets whether the specified node is a component decorator for a class */
+  private _isComponentDecorator(node: ts.Node): boolean {
+    return node.kind === ts.SyntaxKind.Decorator && node.getText().startsWith('@Component');
+  }
+
   /** Gets whether the specified node is an import expression. */
   private _isImportExpression(
     node: ts.Node,
diff --git a/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migrator.spec.ts b/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migrator.spec.ts
index 72b787432a80..85510e17362d 100644
--- a/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migrator.spec.ts
+++ b/src/material/schematics/ng-generate/mdc-migration/rules/ts-migration/runtime-migrator.spec.ts
@@ -107,6 +107,58 @@ describe('button runtime code', () => {
       `,
       );
     });
+
+    it('should migrate styles for a component', async () => {
+      await runMigrationTest(
+        `
+        @Component({
+          selector: 'button-example',
+          template: '<button mat-button>Learn More</button>',
+          styles: ['.mat-button { background: lavender; }'],
+        })
+        class ButtonExample {}
+      `,
+        `
+        @Component({
+          selector: 'button-example',
+          template: '<button mat-button>Learn More</button>',
+          styles: ['.mat-mdc-button { background: lavender; }'],
+        })
+        class ButtonExample {}
+      `,
+      );
+    });
+
+    it('should migrate multiline styles for a component', async () => {
+      // Note: The spaces in the last style are to perserve indentation on the
+      // new line between the comment and rule
+      await runMigrationTest(
+        `
+        @Component({
+          selector: "button-example",
+          template: "<button mat-button>Learn More</button>",
+          styles: [
+            ".mat-button { padding: 12px; }",
+            "::ng-deep .mat-button-wrapper{ color: darkblue; }"
+          ],
+        })
+        class ButtonExample {}
+      `,
+        `
+        @Component({
+          selector: "button-example",
+          template: "<button mat-button>Learn More</button>",
+          styles: [
+            ".mat-mdc-button { padding: 12px; }",
+            \`
+            /* TODO: The following rule targets internal classes of button that may no longer apply for the MDC version. */
+            \n            ::ng-deep .mat-button-wrapper{ color: darkblue; }\`
+          ],
+        })
+        class ButtonExample {}
+      `,
+      );
+    });
   });
 
   describe('import expressions', () => {