diff --git a/onnxruntime/core/providers/openvino/backends/basic_backend.cc b/onnxruntime/core/providers/openvino/backends/basic_backend.cc
index a88de64456..55539254f5 100644
--- a/onnxruntime/core/providers/openvino/backends/basic_backend.cc
+++ b/onnxruntime/core/providers/openvino/backends/basic_backend.cc
@@ -90,11 +90,11 @@ BasicBackend::BasicBackend(const ONNX_NAMESPACE::ModelProto& model_proto,
                                                            device_config,
                                                            subgraph_context_.subgraph_name);
         ie_cnn_network_ = exe_network_.Get().get_runtime_model();
-      } else if (!subgraph_context_.has_dynamic_input_shape &&
-                 global_context_.onnx_model_path_name.find(".onnx") != std::string ::npos) {
+      } else if (!subgraph_context_.has_dynamic_input_shape) {
         // Inputs with static dimenstions
         std::string prec_str = (global_context_.precision_str != "ACCURACY") ? global_context_.precision_str : global_context_.model_precision;
-        exe_network_ = global_context_.ie_core.CompileModel(global_context_.onnx_model_path_name,
+        const std::string model = model_proto.SerializeAsString();
+        exe_network_ = global_context_.ie_core.CompileModel(model,
                                                             hw_target,
                                                             prec_str,
                                                             global_context_.cache_dir,
diff --git a/onnxruntime/core/providers/openvino/ov_interface.cc b/onnxruntime/core/providers/openvino/ov_interface.cc
index 948bd480b4..e06cf12664 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.cc
+++ b/onnxruntime/core/providers/openvino/ov_interface.cc
@@ -88,7 +88,7 @@ OVExeNetwork OVCore::CompileModel(std::shared_ptr<const OVNetwork>& ie_cnn_netwo
   }
 }
 
-OVExeNetwork OVCore::CompileModel(const std::string onnx_model_path,
+OVExeNetwork OVCore::CompileModel(const std::string& onnx_model,
                                   std::string& hw_target,
                                   std::string precision,
                                   std::string cache_dir,
@@ -97,13 +97,13 @@ OVExeNetwork OVCore::CompileModel(const std::string onnx_model_path,
   ov::CompiledModel obj;
   try {
     if (hw_target == "AUTO:GPU,CPU") {
-      obj = oe.compile_model(onnx_model_path,
+      obj = oe.compile_model(onnx_model, ov::Tensor(),
                              "AUTO",
                              ov::device::priorities("GPU", "CPU"),
                              ov::device::properties("GPU", {ov::cache_dir(cache_dir),
                                                             ov::hint::inference_precision(precision)}));
     } else {
-      obj = oe.compile_model(onnx_model_path, hw_target, device_config);
+      obj = oe.compile_model(onnx_model, ov::Tensor(), hw_target, device_config);
     }
 #ifndef NDEBUG
     printDebugInfo(obj);
diff --git a/onnxruntime/core/providers/openvino/ov_interface.h b/onnxruntime/core/providers/openvino/ov_interface.h
index 07b47d2158..de6877a15b 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.h
+++ b/onnxruntime/core/providers/openvino/ov_interface.h
@@ -44,7 +44,7 @@ class OVCore {
                             std::string& hw_target,
                             ov::AnyMap& device_config,
                             std::string name);
-  OVExeNetwork CompileModel(const std::string onnx_model_path,
+  OVExeNetwork CompileModel(const std::string& onnx_model,
                             std::string& hw_target,
                             std::string precision,
                             std::string cache_dir,