diff --git a/src/common/transformations/include/transformations/op_conversions/convert_squeeze15_downgrade.hpp b/src/common/transformations/include/transformations/op_conversions/convert_squeeze15_downgrade.hpp
new file mode 100644
index 00000000000000..c2ebfbc0f3138b
--- /dev/null
+++ b/src/common/transformations/include/transformations/op_conversions/convert_squeeze15_downgrade.hpp
@@ -0,0 +1,23 @@
+// Copyright (C) 2018-2024 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#pragma once
+
+#include "openvino/pass/matcher_pass.hpp"
+#include "transformations_visibility.hpp"
+
+namespace ov {
+namespace pass {
+/**
+ * @ingroup ov_transformation_common_api
+ * @brief Converts Squeeze v15 to Squeeze v0.
+ */
+class TRANSFORMATIONS_API ConvertSqueeze15ToSqueeze0 : public MatcherPass {
+public:
+    OPENVINO_RTTI("ConvertSqueeze15ToSqueeze0", "0");
+    ConvertSqueeze15ToSqueeze0();
+};
+
+}  // namespace pass
+}  // namespace ov
diff --git a/src/common/transformations/src/transformations/common_optimizations/common_optimizations.cpp b/src/common/transformations/src/transformations/common_optimizations/common_optimizations.cpp
index 9d46b583a828f2..37ee2d12d9aebb 100644
--- a/src/common/transformations/src/transformations/common_optimizations/common_optimizations.cpp
+++ b/src/common/transformations/src/transformations/common_optimizations/common_optimizations.cpp
@@ -98,6 +98,7 @@
 #include "transformations/op_conversions/convert_softmax_downgrade.hpp"
 #include "transformations/op_conversions/convert_softmax_upgrade.hpp"
 #include "transformations/op_conversions/convert_space_to_depth.hpp"
+#include "transformations/op_conversions/convert_squeeze15_downgrade.hpp"
 #include "transformations/op_conversions/convert_subtract.hpp"
 #include "transformations/op_conversions/convert_topk11_downgrade.hpp"
 #include "transformations/op_conversions/convert_xor_to_logical_xor.hpp"
@@ -235,6 +236,7 @@ bool ov::pass::CommonOptimizations::run_on_model(const std::shared_ptr<ov::Model
     REGISTER_PASS(manager, ConvertEmbeddingBagPacked15ToEmbeddingBagPackedSum3)
     REGISTER_PASS(manager, ConvertScatterNDUpdate15ToScatterNDUpdate3)
     REGISTER_PASS(manager, ConvertSliceScatter)
+    REGISTER_PASS(manager, ConvertSqueeze15ToSqueeze0)
 
     auto fq_fusions = manager.register_pass<GraphRewrite>();
     ADD_MATCHER(fq_fusions, FakeQuantizeMulFusion)
diff --git a/src/common/transformations/src/transformations/op_conversions/convert_squeeze15_downgrade.cpp b/src/common/transformations/src/transformations/op_conversions/convert_squeeze15_downgrade.cpp
new file mode 100644
index 00000000000000..50701d3d6acd56
--- /dev/null
+++ b/src/common/transformations/src/transformations/op_conversions/convert_squeeze15_downgrade.cpp
@@ -0,0 +1,40 @@
+// Copyright (C) 2018-2024 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#include "transformations/op_conversions/convert_squeeze15_downgrade.hpp"
+
+#include "itt.hpp"
+#include "openvino/core/rt_info.hpp"
+#include "openvino/op/squeeze.hpp"
+#include "openvino/pass/pattern/op/wrap_type.hpp"
+#include "transformations/utils/utils.hpp"
+
+ov::pass::ConvertSqueeze15ToSqueeze0::ConvertSqueeze15ToSqueeze0() {
+    MATCHER_SCOPE(ConvertSqueeze15ToSqueeze0);
+
+    const auto& squeeze_v15_pattern = pattern::wrap_type<ov::op::v15::Squeeze>();
+
+    const matcher_pass_callback callback = [OV_CAPTURE_CPY_AND_THIS](pattern::Matcher& m) {
+        const auto& squeeze_v15 = ov::as_type_ptr<ov::op::v15::Squeeze>(m.get_match_root());
+        if (!squeeze_v15 || transformation_callback(squeeze_v15)) {
+            return false;
+        }
+        std::shared_ptr<op::v0::Squeeze> squeeze_v0;
+        if (squeeze_v15->get_input_size() == 1) {
+            squeeze_v0 = std::make_shared<op::v0::Squeeze>(squeeze_v15->input_value(0));
+        } else if (squeeze_v15->get_input_size() == 2 && !squeeze_v15->get_allow_axis_skip()) {
+            squeeze_v0 = std::make_shared<op::v0::Squeeze>(squeeze_v15->input_value(0), squeeze_v15->input_value(1));
+        } else {
+            return false;
+        }
+        squeeze_v0->set_friendly_name(squeeze_v15->get_friendly_name());
+        copy_runtime_info(squeeze_v15, squeeze_v0);
+        replace_node(squeeze_v15, squeeze_v0);
+
+        return true;
+    };
+
+    auto m = std::make_shared<pattern::Matcher>(squeeze_v15_pattern, matcher_name);
+    register_matcher(m, callback);
+}
diff --git a/src/common/transformations/tests/op_conversions/convert_squeeze15_downgrade_test.cpp b/src/common/transformations/tests/op_conversions/convert_squeeze15_downgrade_test.cpp
new file mode 100644
index 00000000000000..f3d90ab2c748bd
--- /dev/null
+++ b/src/common/transformations/tests/op_conversions/convert_squeeze15_downgrade_test.cpp
@@ -0,0 +1,112 @@
+// Copyright (C) 2018-2024 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#include "transformations/op_conversions/convert_squeeze15_downgrade.hpp"
+
+#include <gtest/gtest.h>
+
+#include <memory>
+
+#include "common_test_utils/ov_test_utils.hpp"
+#include "openvino/opsets/opset1.hpp"
+#include "openvino/opsets/opset15.hpp"
+#include "openvino/pass/manager.hpp"
+#include "transformations/utils/utils.hpp"
+using namespace ov;
+using namespace testing;
+
+namespace {
+
+enum class IndicesMode { NONE, CONST, PARAM };
+
+std::shared_ptr<ov::Model> create_v15_model(const IndicesMode indices_mode,
+                                            const std::vector<int> indices_const_val,
+                                            const bool allow_axis_skip) {
+    const PartialShape data_shape{-1, {2, 5}, 1, {1, 5}, 4};
+    const auto& data = std::make_shared<ov::opset15::Parameter>(ov::element::f32, data_shape);
+    ov::ParameterVector params = {data};
+    std::shared_ptr<op::v15::Squeeze> squeeze;
+    if (indices_mode == IndicesMode::NONE) {
+        squeeze = std::make_shared<ov::opset15::Squeeze>(data, allow_axis_skip);
+    } else if (indices_mode == IndicesMode::PARAM) {
+        const auto& indices =
+            std::make_shared<ov::opset15::Parameter>(ov::element::i32, PartialShape({data_shape.rank()}));
+        params.push_back(indices);
+        squeeze = std::make_shared<ov::opset15::Squeeze>(data, indices, allow_axis_skip);
+    } else if (indices_mode == IndicesMode::CONST) {
+        const auto& indices =
+            ov::opset15::Constant::create(ov::element::i32, Shape({indices_const_val.size()}), indices_const_val);
+        squeeze = std::make_shared<ov::opset15::Squeeze>(data, indices, allow_axis_skip);
+    }
+    squeeze->set_friendly_name("squeeze15");
+    return std::make_shared<ov::Model>(squeeze->outputs(), params);
+}
+
+std::shared_ptr<ov::Model> create_v1_model(const IndicesMode indices_mode, const std::vector<int> indices_const_val) {
+    const PartialShape data_shape{-1, {2, 5}, 1, {1, 5}, 4};
+    const auto& data = std::make_shared<ov::opset1::Parameter>(ov::element::f32, data_shape);
+    ov::ParameterVector params = {data};
+    std::shared_ptr<op::v0::Squeeze> squeeze;
+    if (indices_mode == IndicesMode::NONE) {
+        squeeze = std::make_shared<ov::opset1::Squeeze>(data);
+    } else if (indices_mode == IndicesMode::PARAM) {
+        const auto& indices =
+            std::make_shared<ov::opset1::Parameter>(ov::element::i32, PartialShape({data_shape.rank()}));
+        params.push_back(indices);
+        squeeze = std::make_shared<ov::opset1::Squeeze>(data, indices);
+    } else if (indices_mode == IndicesMode::CONST) {
+        const auto& indices =
+            ov::opset1::Constant::create(ov::element::i32, Shape({indices_const_val.size()}), indices_const_val);
+        squeeze = std::make_shared<ov::opset1::Squeeze>(data, indices);
+    }
+    squeeze->set_friendly_name("squeeze15");
+    return std::make_shared<ov::Model>(squeeze->outputs(), params);
+}
+
+}  // namespace
+
+TEST_F(TransformationTestsF, ConvertSqueeze15ToSqueeze1_no_indices_no_skip) {
+    manager.register_pass<ov::pass::ConvertSqueeze15ToSqueeze0>();
+    model = create_v15_model(IndicesMode::NONE, {}, false);
+    model_ref = create_v1_model(IndicesMode::NONE, {});
+    EXPECT_EQ(model->output(0).get_partial_shape(), model_ref->output(0).get_partial_shape());
+    comparator.enable(FunctionsComparator::CmpValues::CONST_VALUES);
+    comparator.enable(FunctionsComparator::CmpValues::ATTRIBUTES);
+    comparator.enable(FunctionsComparator::CmpValues::NAMES);
+}
+
+TEST_F(TransformationTestsF, ConvertSqueeze15ToSqueeze1_no_indices_skip) {
+    manager.register_pass<ov::pass::ConvertSqueeze15ToSqueeze0>();
+    model = create_v15_model(IndicesMode::NONE, {}, true);
+    model_ref = create_v1_model(IndicesMode::NONE, {});
+    EXPECT_EQ(model->output(0).get_partial_shape(), model_ref->output(0).get_partial_shape());
+    comparator.enable(FunctionsComparator::CmpValues::CONST_VALUES);
+    comparator.enable(FunctionsComparator::CmpValues::ATTRIBUTES);
+    comparator.enable(FunctionsComparator::CmpValues::NAMES);
+}
+
+TEST_F(TransformationTestsF, ConvertSqueeze15ToSqueeze1_const_indices_no_skip) {
+    manager.register_pass<ov::pass::ConvertSqueeze15ToSqueeze0>();
+    model = create_v15_model(IndicesMode::CONST, {0, -4, 3}, false);
+    model_ref = create_v1_model(IndicesMode::CONST, {0, -4, 3});
+    EXPECT_EQ(model->output(0).get_partial_shape(), model_ref->output(0).get_partial_shape());
+    comparator.enable(FunctionsComparator::CmpValues::CONST_VALUES);
+    comparator.enable(FunctionsComparator::CmpValues::ATTRIBUTES);
+    comparator.enable(FunctionsComparator::CmpValues::NAMES);
+}
+
+TEST_F(TransformationTestsF, ConvertSqueeze15ToSqueeze1_dynamic_indices_no_skip) {
+    manager.register_pass<ov::pass::ConvertSqueeze15ToSqueeze0>();
+    model = create_v15_model(IndicesMode::PARAM, {}, false);
+    model_ref = create_v1_model(IndicesMode::PARAM, {});
+    EXPECT_EQ(model->output(0).get_partial_shape(), model_ref->output(0).get_partial_shape());
+    comparator.enable(FunctionsComparator::CmpValues::CONST_VALUES);
+    comparator.enable(FunctionsComparator::CmpValues::ATTRIBUTES);
+    comparator.enable(FunctionsComparator::CmpValues::NAMES);
+}
+
+TEST_F(TransformationTestsF, ConvertSqueeze15ToSqueeze1_unsupported_skip) {
+    manager.register_pass<ov::pass::ConvertSqueeze15ToSqueeze0>();
+    model = create_v15_model(IndicesMode::PARAM, {}, true);
+}