diff --git a/src/bindings/python/src/pyopenvino/CMakeLists.txt b/src/bindings/python/src/pyopenvino/CMakeLists.txt
index 7e645628278..c4c14077828 100644
--- a/src/bindings/python/src/pyopenvino/CMakeLists.txt
+++ b/src/bindings/python/src/pyopenvino/CMakeLists.txt
@@ -78,6 +78,8 @@ endif()
 target_include_directories(${PROJECT_NAME} PRIVATE "${CMAKE_CURRENT_SOURCE_DIR}/..")
 target_link_libraries(${PROJECT_NAME} PRIVATE openvino::runtime ${OFFLINE_TRANSFORMATIONS_LIB})
 
+addVersionDefines(pyopenvino.cpp CI_BUILD_NUMBER)
+
 # perform copy
 if(OpenVINO_SOURCE_DIR)
     add_custom_command(TARGET ${PROJECT_NAME}
diff --git a/src/bindings/python/src/pyopenvino/pyopenvino.cpp b/src/bindings/python/src/pyopenvino/pyopenvino.cpp
index 012a5bf6fc5..53ac0003301 100644
--- a/src/bindings/python/src/pyopenvino/pyopenvino.cpp
+++ b/src/bindings/python/src/pyopenvino/pyopenvino.cpp
@@ -69,6 +69,21 @@ std::string get_version() {
 
 PYBIND11_MODULE(pyopenvino, m) {
     m.doc() = "Package openvino.pyopenvino which wraps openvino C++ APIs";
+    std::string pyopenvino_version = CI_BUILD_NUMBER;
+    std::string runtime_version = get_version();
+    bool is_custom_pyopenvino_version = pyopenvino_version.empty() || pyopenvino_version.find("custom_") == 0;
+    bool is_custom_runtime_version = runtime_version.empty() || runtime_version.find("custom_") == 0;
+    auto versions_compatible =
+        is_custom_pyopenvino_version || is_custom_runtime_version || pyopenvino_version == runtime_version;
+    OPENVINO_ASSERT(versions_compatible,
+                    "OpenVINO Python version (",
+                    pyopenvino_version,
+                    ") mismatches with OpenVINO Runtime library version (",
+                    runtime_version,
+                    "). It can happen if you have 2 or more different versions of OpenVINO installed in system. "
+                    "Please ensure that environment variables (e.g. PATH, PYTHONPATH) are set correctly so that "
+                    "OpenVINO Runtime and Python libraries point to same release.");
+
     m.def("get_version", &get_version);
     m.def("get_batch", &ov::get_batch);
     m.def("set_batch", &ov::set_batch);