diff --git a/onnxruntime/core/framework/allocation_planner.cc b/onnxruntime/core/framework/allocation_planner.cc
index d414f55641..455434628c 100644
--- a/onnxruntime/core/framework/allocation_planner.cc
+++ b/onnxruntime/core/framework/allocation_planner.cc
@@ -389,6 +389,9 @@ class PlannerImpl {
 
   // Find if freelist contains a buffer of the same size as output_arg
   bool FindReusableTensor(const onnxruntime::NodeArg& output_arg, OrtValueIndex* reusable_tensor) {
+    if(!context_.GetEnableMemoryReuse()) {
+      return false;
+    }
     auto p_required_buffer_shape = context_.GetShape(output_arg);
     if (nullptr == p_required_buffer_shape || p_required_buffer_shape->dim_size() == 0) return false;
     auto& required_memory_info = AllocPlan(output_arg.Name()).location;
diff --git a/onnxruntime/core/framework/allocation_planner.h b/onnxruntime/core/framework/allocation_planner.h
index 3cfe12b930..3bafc05a9d 100644
--- a/onnxruntime/core/framework/allocation_planner.h
+++ b/onnxruntime/core/framework/allocation_planner.h
@@ -30,13 +30,16 @@ class ISequentialPlannerContext {
   virtual bool IsParallelExecutionEnabled() const { return false; }
 
   virtual ExecutionOrder GetExecutionOrder() const { return ExecutionOrder::DEFAULT; }
+
+  virtual bool GetEnableMemoryReuse() const { return true; }
 };
 
 class SequentialPlannerContext : public ISequentialPlannerContext {
  public:
-  SequentialPlannerContext(ExecutionMode execution_mode, ExecutionOrder execution_order)
+  SequentialPlannerContext(ExecutionMode execution_mode, ExecutionOrder execution_order, bool enable_memory_reuse)
       : execution_mode_(execution_mode),
-        exection_order_(execution_order) {
+        exection_order_(execution_order),
+        enable_memory_reuse_(enable_memory_reuse) {
   }
 
   const ONNX_NAMESPACE::TensorShapeProto* GetShape(const onnxruntime::NodeArg& arg) const override {
@@ -47,9 +50,12 @@ class SequentialPlannerContext : public ISequentialPlannerContext {
 
   ExecutionOrder GetExecutionOrder() const override { return exection_order_; }
 
+  bool GetEnableMemoryReuse() const override { return enable_memory_reuse_; }
+
  private:
   ExecutionMode execution_mode_ = ExecutionMode::ORT_SEQUENTIAL;
   ExecutionOrder exection_order_ = ExecutionOrder::DEFAULT;
+  bool enable_memory_reuse_ = true;
 };
 
 class SequentialPlanner {
diff --git a/onnxruntime/core/framework/session_options.h b/onnxruntime/core/framework/session_options.h
index 055f2f6906..9e7592e844 100644
--- a/onnxruntime/core/framework/session_options.h
+++ b/onnxruntime/core/framework/session_options.h
@@ -64,6 +64,11 @@ struct SessionOptions {
   // See class 'OrtValuePatternPlanner'.
   bool enable_mem_pattern = true;
 
+  // Enable memory resue in memory planning. Allows to reuse tensor buffer between tensors if they are of
+  // the same size. The issue with this is it can lead to memory being held for longer than needed and 
+  // can impact peak memory consumption.
+  bool enable_mem_reuse = true;
+
   // enable the memory arena on CPU
   // Arena may pre-allocate memory for future usage.
   // set this option to false if you don't want it.
diff --git a/onnxruntime/core/framework/session_state.cc b/onnxruntime/core/framework/session_state.cc
index 69cb0377b4..6022e2968a 100644
--- a/onnxruntime/core/framework/session_state.cc
+++ b/onnxruntime/core/framework/session_state.cc
@@ -580,6 +580,8 @@ Status SessionState::UpdateMemoryPatternGroupCache(const std::vector<std::refere
 
 bool SessionState::GetEnableMemoryPattern() const { return enable_mem_pattern_; }
 
+bool SessionState::GetEnableMemoryReuse() const { return enable_mem_reuse_; }
+
 common::Status SessionState::AddInputNameToNodeInfoMapping(const std::string& input_name, const NodeInfo& node_info) {
   // Graph partitioning should ensure an input is only consumed from one device. Copy nodes should have been inserted
   // to handle a scenario where an input is required on different devices by different nodes. Validate that.
@@ -998,7 +1000,7 @@ Status SessionState::FinalizeSessionStateImpl(const std::basic_string<PATH_CHAR_
                   });
   }
 
-  SequentialPlannerContext context(session_options.execution_mode, session_options.execution_order);
+  SequentialPlannerContext context(session_options.execution_mode, session_options.execution_order, session_options.enable_mem_reuse);
   ORT_RETURN_IF_ERROR(SequentialPlanner::CreatePlan(parent_node, *graph_viewer_, valid_outer_scope_node_args,
                                                     execution_providers_, kernel_create_info_map_,
                                                     ort_value_name_idx_map_, context, p_seq_exec_plan_));
diff --git a/onnxruntime/core/framework/session_state.h b/onnxruntime/core/framework/session_state.h
index d22d304b82..8ec3df96ec 100644
--- a/onnxruntime/core/framework/session_state.h
+++ b/onnxruntime/core/framework/session_state.h
@@ -86,7 +86,8 @@ class SessionState {
                const DataTransferManager& data_transfer_mgr,
                const logging::Logger& logger,
                profiling::Profiler& profiler,
-               bool use_deterministic_compute = false)
+               bool use_deterministic_compute = false,
+               bool enable_mem_reuse = true)
       : graph_(graph),
         execution_providers_(execution_providers),
         logger_(logger),
@@ -95,7 +96,8 @@ class SessionState {
         thread_pool_(thread_pool),
         inter_op_thread_pool_(inter_op_thread_pool),
         data_transfer_mgr_(data_transfer_mgr),
-        use_deterministic_compute_(use_deterministic_compute) {
+        use_deterministic_compute_(use_deterministic_compute),
+        enable_mem_reuse_(enable_mem_reuse) {
     SetupAllocators();
   }
 
@@ -212,6 +214,12 @@ class SessionState {
   */
   bool GetEnableMemoryPattern() const;
 
+  /**
+  Get enable memory re-use flag.
+  */
+
+  bool GetEnableMemoryReuse() const;
+
   /**
   Update enable_mem_pattern_ flag according to the presence of graph inputs' shape
   If any one of the graph input is shapeless, enable_mem_pattern_ will be set to false
@@ -438,7 +446,7 @@ class SessionState {
   const DataTransferManager& data_transfer_mgr_;
 
   bool use_deterministic_compute_;
-
+  bool enable_mem_reuse_;
   std::unique_ptr<NodeIndexInfo> node_index_info_;
   std::multimap<int, std::unique_ptr<FeedsFetchesManager>> cached_feeds_fetches_managers_;
 
diff --git a/onnxruntime/core/session/inference_session.cc b/onnxruntime/core/session/inference_session.cc
index a3a2f93f1b..683e028b13 100644
--- a/onnxruntime/core/session/inference_session.cc
+++ b/onnxruntime/core/session/inference_session.cc
@@ -1186,7 +1186,8 @@ common::Status InferenceSession::Initialize() {
         data_transfer_mgr_,
         *session_logger_,
         session_profiler_,
-        session_options_.use_deterministic_compute);
+        session_options_.use_deterministic_compute,
+        session_options_.enable_mem_reuse);
 
     onnxruntime::Graph& graph = model_->MainGraph();
 
diff --git a/onnxruntime/python/onnxruntime_pybind_state.cc b/onnxruntime/python/onnxruntime_pybind_state.cc
index 64071a89bc..ebd296747a 100644
--- a/onnxruntime/python/onnxruntime_pybind_state.cc
+++ b/onnxruntime/python/onnxruntime_pybind_state.cc
@@ -1613,6 +1613,8 @@ Serialized model format will default to ONNX unless:
 )pbdoc")
       .def_readwrite("enable_mem_pattern", &PySessionOptions::enable_mem_pattern,
                      R"pbdoc(Enable the memory pattern optimization. Default is true.)pbdoc")
+      .def_readwrite("enable_mem_reuse", &PySessionOptions::enable_mem_reuse,
+                     R"pbdoc(Enable the memory reuse optimization. Default is true.)pbdoc")
       .def_readwrite("logid", &PySessionOptions::session_logid,
                      R"pbdoc(Logger id to use for session output.)pbdoc")
       .def_readwrite("log_severity_level", &PySessionOptions::session_log_severity_level,
diff --git a/orttraining/orttraining/models/bert/main.cc b/orttraining/orttraining/models/bert/main.cc
index dc4d3044c5..f639a43bb2 100644
--- a/orttraining/orttraining/models/bert/main.cc
+++ b/orttraining/orttraining/models/bert/main.cc
@@ -39,6 +39,7 @@ static SessionOptions session_options = {
     false,                             //enable_profiling
     ORT_TSTR(""),                      //optimized_model_filepath
     true,                              //enable_mem_pattern
+    true,                              //enable_mem_reuse
     true,                              //enable_cpu_mem_arena
     ORT_TSTR("onnxruntime_profile_"),  //profile_file_prefix
     "",                                //session_logid
diff --git a/orttraining/orttraining/models/pipeline_poc/main.cc b/orttraining/orttraining/models/pipeline_poc/main.cc
index 04a459f171..6d44578671 100644
--- a/orttraining/orttraining/models/pipeline_poc/main.cc
+++ b/orttraining/orttraining/models/pipeline_poc/main.cc
@@ -90,6 +90,7 @@ int main(int argc, char* argv[]) {
       false,                             //enable_profiling
       ORT_TSTR(""),                      //optimized_model_filepath
       true,                              //enable_mem_pattern
+      true,                              //enable_mem_reuse
       true,                              //enable_cpu_mem_arena
       ORT_TSTR("onnxruntime_profile_"),  //profile_file_prefix
       "",                                //session_logid
diff --git a/orttraining/orttraining/models/runner/training_runner.cc b/orttraining/orttraining/models/runner/training_runner.cc
index c908490066..090153b69e 100644
--- a/orttraining/orttraining/models/runner/training_runner.cc
+++ b/orttraining/orttraining/models/runner/training_runner.cc
@@ -39,6 +39,7 @@ static SessionOptions SESSION_OPTION = {
     false,                             //enable_profiling
     ORT_TSTR(""),                      //optimized_model_filepath
     true,                              //enable_mem_pattern
+    true,                              //enable_mem_reuse
     true,                              //enable_cpu_mem_arena
     ORT_TSTR("onnxruntime_profile_"),  //profile_file_prefix
     "",                                //session_logid
diff --git a/orttraining/orttraining/python/training/_ortmodule_graph_execution_manager.py b/orttraining/orttraining/python/training/_ortmodule_graph_execution_manager.py
index 2b71d39491..0623c092ad 100644
--- a/orttraining/orttraining/python/training/_ortmodule_graph_execution_manager.py
+++ b/orttraining/orttraining/python/training/_ortmodule_graph_execution_manager.py
@@ -168,6 +168,7 @@ class GraphExecutionManager(ABC):
 
         session_options = onnxruntime.SessionOptions()
         session_options.enable_mem_pattern = False
+        session_options.enable_mem_reuse = False
         session_options.use_deterministic_compute = False
         # default to PRIORITY_BASED execution order
         session_options.execution_order = onnxruntime.ExecutionOrder.PRIORITY_BASED