diff --git a/orttraining/tools/scripts/performance_investigation.py b/orttraining/tools/scripts/performance_investigation.py
new file mode 100644
index 0000000000..b8fb648c18
--- /dev/null
+++ b/orttraining/tools/scripts/performance_investigation.py
@@ -0,0 +1,85 @@
+import argparse
+import onnx
+
+parser = argparse.ArgumentParser(description='ONNX file analyzer for performance investigation.')
+parser.add_argument('onnx_file', type=str, help='ONNX file to analyze')
+args = parser.parse_args()
+
+
+
+def process_file(onnx_file):
+    model = onnx.load(onnx_file)
+
+    # Map from output arg to the producer of the output.
+    output_to_node = {}
+    for node in model.graph.node:
+        for o in node.output:
+            output_to_node[o] = node
+
+    aten_ops = []
+    python_ops = []
+    memcpu_ops = []
+    cast_ops = []
+    msgs = []
+
+    for node in model.graph.node:
+        if "Memcpy" in node.op_type:
+            memcpu_ops.append(f"{node.op_type} {node.name}")
+        if node.op_type == "Cast":
+            cast_ops.append(f"{node.name}")
+        if node.op_type == "ATenOp":
+            for attr in node.attribute:
+                if attr.name == "name":
+                    aten_ops.append(f"{node.name}: {attr.s.decode('utf-8')}")
+        if node.op_type == "PythonOp":
+            for attr in node.attribute:
+                if attr.name == "name":
+                    python_ops.append(f"{node.name}: {attr.s.decode('utf-8')}")
+
+        # Look for stand-alone Dropout node in *_execution_model_<mode>.onnx graph.
+        # Examine whether it should be fused with surrounding Add ops into BiasDropout node.
+        if node.op_type == "Dropout" and len(node.input) == 1:
+            prev = output_to_node[node.input[0]]
+            if prev.op_type == "Add":
+                msgs.append(f"Examine whether {node.name} should be fused with the leading {prev.name} op into BiasDropout node.")
+
+        # Look for stand-alone Softmax node in *_execution_model_<mode>.onnx graph.
+        # Examine whether it should be fused with the leading Add ops into BiasSoftmax node.
+        if node.op_type == "Softmax" and len(node.input) == 1:
+            prev = output_to_node[node.input[0]]
+            if prev.op_type == "Add":
+                msgs.append(f"Examine whether {node.name} should be fused with the leading {prev.name} op into BiasSoftmax node.")
+
+    if aten_ops:
+        print("ATenOp found:")
+        for line in aten_ops:
+            print(line)
+        print(10 * '-')
+
+    if python_ops:
+        print("PythonOp found:")
+        for line in python_ops:
+            print(line)
+        print(10 * '-')
+
+    if memcpu_ops:
+        print("Memcpu ops found:")
+        for line in memcpu_ops:
+            print(line)
+        print(10 * '-')
+
+    if cast_ops:
+        print("Cast ops found:")
+        for line in cast_ops:
+            print(line)
+        print(10 * '-')
+
+    for line in msgs:
+        print(line)
+
+
+def main():
+    process_file(args.onnx_file)
+
+if __name__ == "__main__":
+    main()