diff --git a/src/core/src/bound_evaluate.cpp b/src/core/src/bound_evaluate.cpp
index 306bc4f0bdb..5bc89f682ec 100644
--- a/src/core/src/bound_evaluate.cpp
+++ b/src/core/src/bound_evaluate.cpp
@@ -80,8 +80,17 @@ ov::Tensor evaluate_bound(const Output<Node>& output, bool is_upper, bool invali
             ov::TensorVector outputs;
             for (const auto& out : node->outputs()) {
                 const auto& out_shape = out.get_partial_shape();
-                auto shape = out_shape.is_static() ? out_shape.to_shape() : Shape(out_shape.rank().get_length());
-                outputs.emplace_back(out.get_element_type(), shape);
+                const auto& out_et = out.get_element_type();
+
+                if (out_et.is_dynamic()) {
+                    outputs.emplace_back();
+                } else if (out_shape.is_static()) {
+                    outputs.emplace_back(out_et, out_shape.to_shape());
+                } else if (out_shape.rank().is_static()) {
+                    outputs.emplace_back(out_et, Shape(out_shape.rank().get_length()));
+                } else {
+                    outputs.emplace_back(out_et, Shape{0});
+                }
             }
 
             if (is_upper ? node->evaluate_upper(outputs) : node->evaluate_lower(outputs)) {
diff --git a/src/core/tests/bound_evaluate.cpp b/src/core/tests/bound_evaluate.cpp
new file mode 100644
index 00000000000..cb855ddfa76
--- /dev/null
+++ b/src/core/tests/bound_evaluate.cpp
@@ -0,0 +1,53 @@
+// Copyright (C) 2018-2023 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#include "bound_evaluate.hpp"
+
+#include <gtest/gtest.h>
+
+#include "openvino/op/util/framework_node.hpp"
+#include "openvino/opsets/opset10.hpp"
+#include "type_prop.hpp"
+
+using namespace ov;
+using namespace ov::opset10;
+
+class EvaluateBoundTest : public TypePropOpTest<op::util::FrameworkNode> {
+protected:
+    void SetUp() override {
+        const auto c_inputs =
+            ParameterVector(2, std::make_shared<Parameter>(element::f32, PartialShape{-1, 24, {1, -1}, {1, -1}}));
+        const auto c = std::make_shared<Concat>(OutputVector(c_inputs.begin(), c_inputs.end()), 1);
+        const auto s = std::make_shared<ShapeOf>(c);
+        const auto s_res = std::make_shared<Result>(s);
+        const auto body = std::make_shared<Model>(OutputVector{s_res}, c_inputs);
+
+        fn_op = make_op(OutputVector{s}, 0, 2);
+
+        auto attrs = op::util::FrameworkNodeAttrs();
+        attrs.set_type_name("some_type");
+        fn_op->set_attrs(attrs);
+        fn_op->set_function(0, body);
+        fn_op->set_function(1, body);
+    }
+
+    std::shared_ptr<op::util::FrameworkNode> fn_op;
+};
+
+// Simulate scenarios in pytorch when eval bounds for node PtFrameworkNode which inherits from FrameworkNode
+TEST_F(EvaluateBoundTest, no_exception_when_node_has_output_with_dynamic_rank) {
+    fn_op->set_output_type(0, element::i32, PartialShape::dynamic());
+    fn_op->set_output_type(1, element::i32, PartialShape{{1, 4}});
+    fn_op->validate_and_infer_types();
+
+    EXPECT_NO_THROW(evaluate_both_bounds(fn_op));
+}
+
+TEST_F(EvaluateBoundTest, no_exception_when_node_has_output_with_dynamic_element_type) {
+    fn_op->set_output_type(0, element::dynamic, PartialShape{4});
+    fn_op->set_output_type(1, element::dynamic, PartialShape{4});
+    fn_op->validate_and_infer_types();
+
+    EXPECT_NO_THROW(evaluate_both_bounds(fn_op));
+}