diff --git a/inference-engine/tests/functional/inference_engine/serialization/single_layer/squeeze.cpp b/inference-engine/tests/functional/inference_engine/serialization/single_layer/squeeze.cpp
new file mode 100644
index 00000000000..126f01f2a0d
--- /dev/null
+++ b/inference-engine/tests/functional/inference_engine/serialization/single_layer/squeeze.cpp
@@ -0,0 +1,46 @@
+// Copyright (C) 2021 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#include <vector>
+
+#include "shared_test_classes/single_layer/squeeze_unsqueeze.hpp"
+#include "common_test_utils/test_constants.hpp"
+
+using namespace LayerTestsDefinitions;
+
+namespace {
+TEST_P(SqueezeUnsqueezeLayerTest, Serialize) {
+    Serialize();
+}
+
+std::map<std::vector<size_t>, std::vector<std::vector<int>>> axesVectors = {
+        {{1, 1, 1, 1}, {{}, {-1}, {0}, {1}, {2}, {3}, {0, 1}, {0, 2}, {0, 3}, {1, 2}, {2, 3}, {0, 1, 2}, {0, 2, 3}, {1, 2, 3}, {0, 1, 2, 3}}},
+        {{1, 2, 3, 4}, {{}, {0}}},
+        {{2, 1, 3, 4}, {{}, {1}}},
+        {{1}, {{}, {-1}, {0}}},
+        {{1, 2}, {{}, {0}}},
+        {{2, 1}, {{}, {1}, {-1}}},
+};
+
+const std::vector<InferenceEngine::Precision> netPrecisions = {
+    InferenceEngine::Precision::FP32,
+    InferenceEngine::Precision::FP16,
+    InferenceEngine::Precision::I32,
+    InferenceEngine::Precision::U32};
+
+const std::vector<ngraph::helpers::SqueezeOpType> opTypes = {
+    ngraph::helpers::SqueezeOpType::SQUEEZE};
+
+INSTANTIATE_TEST_CASE_P(smoke_Squeeze_Basic, SqueezeUnsqueezeLayerTest,
+                        ::testing::Combine(
+                            ::testing::ValuesIn(CommonTestUtils::combineParams(axesVectors)),
+                            ::testing::ValuesIn(opTypes),
+                            ::testing::ValuesIn(netPrecisions),
+                            ::testing::Values(InferenceEngine::Precision::UNSPECIFIED),
+                            ::testing::Values(InferenceEngine::Precision::UNSPECIFIED),
+                            ::testing::Values(InferenceEngine::Layout::ANY),
+                            ::testing::Values(InferenceEngine::Layout::ANY),
+                            ::testing::Values(CommonTestUtils::DEVICE_CPU)),
+                        SqueezeUnsqueezeLayerTest::getTestCaseName);
+} // namespace
diff --git a/inference-engine/tests/functional/plugin/cpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp b/inference-engine/tests/functional/plugin/cpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
index 486d0e20e47..1b1944f44f0 100644
--- a/inference-engine/tests/functional/plugin/cpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
+++ b/inference-engine/tests/functional/plugin/cpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
@@ -11,12 +11,12 @@ using namespace LayerTestsDefinitions;
 
 namespace {
 std::map<std::vector<size_t>, std::vector<std::vector<int>>> axesVectors = {
-        {{1, 1, 1, 1}, {{-1}, {0}, {1}, {2}, {3}, {0, 1}, {0, 2}, {0, 3}, {1, 2}, {2, 3}, {0, 1, 2}, {0, 2, 3}, {1, 2, 3}, {0, 1, 2, 3}}},
-        {{1, 2, 3, 4}, {{0}}},
-        {{2, 1, 3, 4}, {{1}}},
-        {{1}, {{-1}, {0}}},
-        {{1, 2}, {{0}}},
-        {{2, 1}, {{1}, {-1}}},
+        {{1, 1, 1, 1}, {{}, {-1}, {0}, {1}, {2}, {3}, {0, 1}, {0, 2}, {0, 3}, {1, 2}, {2, 3}, {0, 1, 2}, {0, 2, 3}, {1, 2, 3}, {0, 1, 2, 3}}},
+        {{1, 2, 3, 4}, {{}, {0}}},
+        {{2, 1, 3, 4}, {{}, {1}}},
+        {{1}, {{}, {-1}, {0}}},
+        {{1, 2}, {{}, {0}}},
+        {{2, 1}, {{}, {1}, {-1}}},
 };
 
 const std::vector<InferenceEngine::Precision> netPrecisions = {
diff --git a/inference-engine/tests/functional/plugin/gpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp b/inference-engine/tests/functional/plugin/gpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
index ab82ff49f12..365282fc772 100644
--- a/inference-engine/tests/functional/plugin/gpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
+++ b/inference-engine/tests/functional/plugin/gpu/shared_tests_instances/single_layer_tests/squeeze_unsqueeze.cpp
@@ -11,12 +11,12 @@ using namespace LayerTestsDefinitions;
 
 namespace {
 std::map<std::vector<size_t>, std::vector<std::vector<int>>> axesVectors = {
-        {{1, 1, 1, 1}, {{-1}, {0}, {1}, {2}, {3}, {0, 1}, {0, 2}, {0, 3}, {1, 2}, {2, 3}} },
-        {{1, 2, 3, 4}, {{0}}},
-        {{2, 1, 3, 4}, {{1}}},
-        {{1}, {{-1}, {0}}},
-        {{1, 2}, {{0}}},
-        {{2, 1}, {{1}, {-1}}},
+        {{1, 1, 1, 1}, {{}, {-1}, {0}, {1}, {2}, {3}, {0, 1}, {0, 2}, {0, 3}, {1, 2}, {2, 3}}},
+        {{1, 2, 3, 4}, {{}, {0}}},
+        {{2, 1, 3, 4}, {{}, {1}}},
+        {{1}, {{}, {-1}, {0}}},
+        {{1, 2}, {{}, {0}}},
+        {{2, 1}, {{}, {1}, {-1}}},
 };
 
 const std::vector<InferenceEngine::Precision> netPrecisions = {
diff --git a/inference-engine/tests/functional/shared_test_classes/include/shared_test_classes/single_layer/squeeze_unsqueeze.hpp b/inference-engine/tests/functional/shared_test_classes/include/shared_test_classes/single_layer/squeeze_unsqueeze.hpp
index 05dd7cfab3a..6dd1d0dad90 100644
--- a/inference-engine/tests/functional/shared_test_classes/include/shared_test_classes/single_layer/squeeze_unsqueeze.hpp
+++ b/inference-engine/tests/functional/shared_test_classes/include/shared_test_classes/single_layer/squeeze_unsqueeze.hpp
@@ -16,7 +16,7 @@ namespace LayerTestsDefinitions {
 using ShapeAxesTuple = std::pair<std::vector<size_t>, std::vector<int>>;
 
 typedef std::tuple<
-        ShapeAxesTuple,                 // InputShape, Squeeze indexes
+        ShapeAxesTuple,                 // InputShape (required), Squeeze indexes (if empty treated as non-existent)
         ngraph::helpers::SqueezeOpType, // OpType
         InferenceEngine::Precision,     // Net precision
         InferenceEngine::Precision,     // Input precision
diff --git a/inference-engine/tests/functional/shared_test_classes/src/single_layer/squeeze_unsqueeze.cpp b/inference-engine/tests/functional/shared_test_classes/src/single_layer/squeeze_unsqueeze.cpp
index 5ea46aee664..d5108a05515 100644
--- a/inference-engine/tests/functional/shared_test_classes/src/single_layer/squeeze_unsqueeze.cpp
+++ b/inference-engine/tests/functional/shared_test_classes/src/single_layer/squeeze_unsqueeze.cpp
@@ -18,7 +18,7 @@ std::string SqueezeUnsqueezeLayerTest::getTestCaseName(testing::TestParamInfo<sq
     const char separator = '_';
     result << "OpType=" << opType << separator;
     result << "IS=" << CommonTestUtils::vec2str(shapeItem.first) << separator;
-    result << "Axes=" << CommonTestUtils::vec2str(shapeItem.second) << separator;
+    result << "Axes=" << (shapeItem.second.empty() ? "default" : CommonTestUtils::vec2str(shapeItem.second)) << separator;
     result << "netPRC=" << netPrecision.name() << separator;
     result << "inPRC=" << inPrc.name() << separator;
     result << "outPRC=" << outPrc.name() << separator;
@@ -37,8 +37,15 @@ void SqueezeUnsqueezeLayerTest::SetUp() {
     std::tie(shapeItem, opType, netPrecision, inPrc, outPrc, inLayout, outLayout, targetDevice) = GetParam();
     std::tie(inputShapes, axesVector) = shapeItem;
     auto ngPrc = FuncTestUtils::PrecisionUtils::convertIE2nGraphPrc(netPrecision);
+
     auto params = ngraph::builder::makeParams(ngPrc, {inputShapes});
-    auto squeeze = ngraph::builder::makeSqueezeUnsqueeze(params.front(), ngraph::element::i64, axesVector, opType);
+    std::shared_ptr<ngraph::Node> squeeze;
+
+    if (!axesVector.empty()) {
+        squeeze = ngraph::builder::makeSqueezeUnsqueeze(params.front(), ngraph::element::i64, axesVector, opType);
+    } else {
+        squeeze = std::make_shared<ngraph::opset1::Squeeze>(params.front());
+    }
     const ngraph::ResultVector results{std::make_shared<ngraph::opset1::Result>(squeeze)};
     function = std::make_shared<ngraph::Function>(results, params, "Squeeze");
 }
diff --git a/inference-engine/tests/ie_test_utils/functional_test_utils/layer_tests_summary/utils/constants.py b/inference-engine/tests/ie_test_utils/functional_test_utils/layer_tests_summary/utils/constants.py
index 4c8bf8885e5..123ba098c7e 100644
--- a/inference-engine/tests/ie_test_utils/functional_test_utils/layer_tests_summary/utils/constants.py
+++ b/inference-engine/tests/ie_test_utils/functional_test_utils/layer_tests_summary/utils/constants.py
@@ -76,6 +76,7 @@ VERIFIED_OP_REFERENCES = [
     'SoftPlus-4',
     'Softmax-1',
     'Split-1',
+    'Squeeze-1',
     'StridedSlice-1',
     'Subtract-1',
     'Swish-4',
diff --git a/ngraph/test/CMakeLists.txt b/ngraph/test/CMakeLists.txt
index dd7f23d04d2..09f7e06011c 100644
--- a/ngraph/test/CMakeLists.txt
+++ b/ngraph/test/CMakeLists.txt
@@ -255,6 +255,7 @@ set(SRC
     visitors/op/space_to_depth.cpp
     visitors/op/split.cpp
     visitors/op/squared_difference.cpp
+    visitors/op/squeeze.cpp
     visitors/op/sqrt.cpp
     visitors/op/strided_slice.cpp
     visitors/op/topk.cpp
diff --git a/ngraph/test/visitors/op/squeeze.cpp b/ngraph/test/visitors/op/squeeze.cpp
new file mode 100644
index 00000000000..feed9fcdf9b
--- /dev/null
+++ b/ngraph/test/visitors/op/squeeze.cpp
@@ -0,0 +1,28 @@
+// Copyright (C) 2018-2021 Intel Corporation
+// SPDX-License-Identifier: Apache-2.0
+//
+
+#include "gtest/gtest.h"
+
+#include "ngraph/ngraph.hpp"
+#include "ngraph/op/util/attr_types.hpp"
+#include "ngraph/opsets/opset1.hpp"
+
+#include "util/visitor.hpp"
+
+using namespace std;
+using namespace ngraph;
+using ngraph::test::NodeBuilder;
+using ngraph::test::ValueMap;
+
+TEST(attributes, squeeze_op)
+{
+    NodeBuilder::get_ops().register_factory<opset1::Squeeze>();
+    const auto data_node = make_shared<op::Parameter>(element::f32, Shape{1});
+    const auto squeeze = make_shared<op::Squeeze>(data_node);
+
+    NodeBuilder builder(squeeze);
+    const auto expected_attr_count = 0;
+
+    EXPECT_EQ(builder.get_value_map_size(), expected_attr_count);
+}