diff --git a/onnxruntime/core/providers/openvino/backend_manager.cc b/onnxruntime/core/providers/openvino/backend_manager.cc
index 0ffde116f4efc..a0bcf953938d9 100644
--- a/onnxruntime/core/providers/openvino/backend_manager.cc
+++ b/onnxruntime/core/providers/openvino/backend_manager.cc
@@ -70,7 +70,10 @@ BackendManager::BackendManager(const GlobalContext& global_context,
     i++;
   }
   subgraph_context_.subgraph_name = fused_node.Name();
-  auto model_proto = GetModelProtoFromFusedNode(fused_node, subgraph, logger);
+  std::unique_ptr<onnx::ModelProto> model_proto;
+  if (!ep_ctx_handle_.IsValidOVEPCtxGraph()) {
+    model_proto = GetModelProtoFromFusedNode(fused_node, subgraph, logger);
+  }
   std::string device_type = openvino_ep::BackendManager::GetGlobalContext().device_type;
 
   if (ModelHasSymbolicInputDims(subgraph)) {
diff --git a/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.cc b/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.cc
index b0a7f46521cce..1409df2394d2f 100644
--- a/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.cc
+++ b/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.cc
@@ -98,7 +98,9 @@ Status EPCtxHandler::ImportBlobFromEPCtxModel(const GraphViewer& graph_viewer, b
   auto node = graph_viewer.GetNode(0);
   auto& attrs = node->GetAttributes();
   ORT_ENFORCE(attrs.count(EP_CACHE_CONTEXT) > 0);
-  model_stream_ = std::make_shared<std::istringstream>(attrs.at(EP_CACHE_CONTEXT).s());
+
+  ep_cache_context_attribute_ = &attrs.at(EP_CACHE_CONTEXT);
+
   ep_context_embed_mode = static_cast<bool>(attrs.at(EMBED_MODE).i());
   LOGS_DEFAULT(VERBOSE) << "[OpenVINO EP] Read blob from EPContext Node";
 
@@ -106,6 +108,15 @@ Status EPCtxHandler::ImportBlobFromEPCtxModel(const GraphViewer& graph_viewer, b
   return Status::OK();
 }
 
+const std::string &EPCtxHandler::GetModelBlobStream() const {
+  static std::string empty;
+  if (ep_cache_context_attribute_ != nullptr) {
+    return ep_cache_context_attribute_->s();
+  } else {
+    return empty;
+  }
+}
+
 bool EPCtxHandler::CheckForOVEPCtxNode(const GraphViewer& graph_viewer, std::string openvino_sdk_version) const {
   for (int i = 0; i < graph_viewer.MaxNodeIndex(); ++i) {
     auto node = graph_viewer.GetNode(i);
diff --git a/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.h b/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.h
index c7ee943dff761..cbbbe74cd056f 100644
--- a/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.h
+++ b/onnxruntime/core/providers/openvino/onnx_ctx_model_helper.h
@@ -23,7 +23,7 @@ static const char SOURCE[] = "source";
 class EPCtxHandler {
  public:
   EPCtxHandler() = default;
-  EPCtxHandler(const EPCtxHandler&) = default;
+  EPCtxHandler(const EPCtxHandler&) = delete;
   Status ExportEPCtxModel(const GraphViewer& graph_viewer,
                           const std::string& graph_name,
                           const logging::Logger& logger,
@@ -33,11 +33,11 @@ class EPCtxHandler {
   Status ImportBlobFromEPCtxModel(const GraphViewer& graph_viewer, bool& ep_context_embed_mode);
   bool CheckForOVEPCtxNode(const GraphViewer& graph_viewer, std::string openvino_sdk_version) const;
   bool IsValidOVEPCtxGraph() const { return is_valid_ep_ctx_graph_; }
-  [[nodiscard]] const std::shared_ptr<std::istringstream> GetModelBlobStream() const { return model_stream_; }
+  const std::string &GetModelBlobStream() const;
 
  private:
   bool is_valid_ep_ctx_graph_{false};
-  std::shared_ptr<std::istringstream> model_stream_;
+  const onnx::AttributeProto* ep_cache_context_attribute_;
 };
 
 }  // namespace openvino_ep
diff --git a/onnxruntime/core/providers/openvino/ov_interface.cc b/onnxruntime/core/providers/openvino/ov_interface.cc
index 7e8681d304abf..12ab7ecede031 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.cc
+++ b/onnxruntime/core/providers/openvino/ov_interface.cc
@@ -109,7 +109,7 @@ OVExeNetwork OVCore::CompileModel(const std::string& onnx_model,
   }
 }
 
-OVExeNetwork OVCore::ImportModel(std::shared_ptr<std::istringstream> model_stream,
+OVExeNetwork OVCore::ImportModel(const std::string& model_string,
                                  std::string hw_target,
                                  const ov::AnyMap& device_config,
                                  bool embed_mode,
@@ -117,10 +117,10 @@ OVExeNetwork OVCore::ImportModel(std::shared_ptr<std::istringstream> model_strea
   try {
     ov::CompiledModel obj;
     if (embed_mode) {
-      obj = oe.import_model(*model_stream, hw_target, device_config);
+      std::istringstream model_stream(model_string);
+      obj = oe.import_model(model_stream, hw_target, device_config);
     } else {
-      std::string blob_file_path = (*model_stream).str();
-      std::ifstream modelStream(blob_file_path, std::ios_base::binary | std::ios_base::in);
+      std::ifstream modelStream(model_string, std::ios_base::binary | std::ios_base::in);
       obj = oe.import_model(modelStream,
                             hw_target,
                             {});
diff --git a/onnxruntime/core/providers/openvino/ov_interface.h b/onnxruntime/core/providers/openvino/ov_interface.h
index f4da4ea3e3244..0110a0246ddd3 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.h
+++ b/onnxruntime/core/providers/openvino/ov_interface.h
@@ -54,7 +54,7 @@ class OVCore {
                             ov::AnyMap& device_config,
                             const std::string& name);
   // OV Interface for Import model Stream
-  OVExeNetwork ImportModel(std::shared_ptr<std::istringstream> model_stream,
+  OVExeNetwork ImportModel(const std::string &model_string,
                            std::string hw_target,
                            const ov::AnyMap& device_config,
                            bool embed_mode,