diff --git a/CHANGELOG.md b/CHANGELOG.md
index a9a583161c..257daafa76 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -25,6 +25,8 @@ All notable changes to this project will be documented in this file.
   (<https://github.com/openvinotoolkit/training_extensions/pull/4053>)
 - Reduce tiling unittests resource consumption
   (<https://github.com/openvinotoolkit/training_extensions/pull/4073>)
+- Upgrade OpenVINO to 2024.5 and NNCF to 2.14.0
+  (<https://github.com/openvinotoolkit/training_extensions/pull/4123>)
 
 ### Bug fixes
 
diff --git a/pyproject.toml b/pyproject.toml
index f4c60f63c4..0f92eb238c 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -77,12 +77,12 @@ base = [
     "lightning==2.4.0",
     "pytorchcv==0.0.67",
     "timm==1.0.3",
-    "openvino==2024.4",
-    "openvino-dev==2024.4",
+    "openvino==2024.5",
+    "openvino-dev==2024.5",
     "openvino-model-api==0.2.5",
     "onnx==1.17.0",
     "onnxconverter-common==1.14.0",
-    "nncf==2.13.0",
+    "nncf==2.14.0",
     "anomalib[core]==1.1.0",
 ]
 
diff --git a/src/otx/core/exporter/exportable_code/demo/requirements.txt b/src/otx/core/exporter/exportable_code/demo/requirements.txt
index cb53552280..9e4e68ff91 100644
--- a/src/otx/core/exporter/exportable_code/demo/requirements.txt
+++ b/src/otx/core/exporter/exportable_code/demo/requirements.txt
@@ -1,3 +1,3 @@
-openvino==2024.4.0
+openvino==2024.5.0
 openvino-model-api==0.2.5
 numpy==1.26.4