diff --git a/src/core/src/pass/constant_folding.cpp b/src/core/src/pass/constant_folding.cpp
index 116f7fa33fa..5520098e39a 100644
--- a/src/core/src/pass/constant_folding.cpp
+++ b/src/core/src/pass/constant_folding.cpp
@@ -130,7 +130,7 @@ bool ov::pass::ConstantFolding::pre_calculated_values_folding(const std::shared_
             // propagation because we can't detect borders of shape_of sub-graphs, so we propagate can_be_folded
             // attribute through all nodes including nodes on data path. So to limit the spread of attribute to other
             // shape-of sub-graphs we do not propagate it through ShapeOf nodes.
-            can_be_folded = input_values.begin()->get_partial_shape().is_static();
+            can_be_folded = true;
         } else if (op::util::is_parameter(node) || op::util::is_output(node) || op::util::is_sink(node) ||
                    is_type<op::util::ReadValueBase>(node)) {
             can_be_folded = false;
diff --git a/src/core/tests/constant_folding.cpp b/src/core/tests/constant_folding.cpp
index 878c0bb52b5..d5ee167dc25 100644
--- a/src/core/tests/constant_folding.cpp
+++ b/src/core/tests/constant_folding.cpp
@@ -12,6 +12,7 @@
 #include "ngraph/opsets/opset1.hpp"
 #include "ngraph/opsets/opset5.hpp"
 #include "ngraph/pass/manager.hpp"
+#include "openvino/opsets/opset11.hpp"
 #include "util/all_close_f.hpp"
 #include "util/test_tools.hpp"
 
@@ -3584,3 +3585,50 @@ TEST(constant_folding, evaluate_on_tensor_vector) {
     ASSERT_EQ(data_shape, result_node->get_output_shape(0));
     ASSERT_EQ(add_expected, result_node->cast_vector<int>());
 }
+
+TEST(constant_folding, gather_with_dynamic_shapes_in_data_input) {
+    auto in_0 = std::make_shared<ov::opset11::Parameter>(ov::element::i64, ov::PartialShape{30});
+
+    // dynamic input to Gather
+    auto in_1 = std::make_shared<ov::opset11::Parameter>(ov::element::i32, ov::PartialShape{-1, 2});
+    in_1->set_friendly_name("in_1");
+    auto shape_of = std::make_shared<ov::opset11::ShapeOf>(in_1);
+    shape_of->set_friendly_name("shape_of");
+    auto indices = std::make_shared<ov::opset11::Constant>(ov::element::i32, ov::Shape{1}, std::vector<int>{1});
+    indices->set_friendly_name("indices");
+    auto axis = std::make_shared<ov::opset11::Constant>(ov::element::i32, ov::Shape{1}, std::vector<int>{0});
+    axis->set_friendly_name("axis");
+    auto gather = std::make_shared<ov::opset11::Gather>(shape_of, indices, axis);
+    gather->set_friendly_name("test");
+    auto in_2 = std::make_shared<ov::opset11::Constant>(ov::element::i32, ov::Shape{1}, std::vector<int>{10});
+    in_2->set_friendly_name("in_2");
+    auto in_3 = std::make_shared<ov::opset11::Constant>(ov::element::i32, ov::Shape{1}, std::vector<int>{1});
+    in_3->set_friendly_name("in_3");
+    auto strided_slice = std::make_shared<ov::opset11::StridedSlice>(in_0,
+                                                                     gather,
+                                                                     in_2,
+                                                                     in_3,
+                                                                     std::vector<int64_t>{0, 0},
+                                                                     std::vector<int64_t>{0, 0},
+                                                                     std::vector<int64_t>{0, 0},
+                                                                     std::vector<int64_t>{0, 1});
+    strided_slice->set_friendly_name("strided_slice");
+    auto res = std::make_shared<ov::opset11::Result>(strided_slice);
+    res->set_friendly_name("result");
+
+    auto model = std::make_shared<ov::Model>(ov::ResultVector{res}, ov::ParameterVector{in_0, in_1});
+
+    run_constant_folding(model);
+
+    ASSERT_EQ(count_ops_of_type<ov::opset11::Gather>(model), 0);
+    ASSERT_EQ(count_ops_of_type<ov::opset11::StridedSlice>(model), 1);
+
+    auto new_const = dynamic_pointer_cast<ov::opset11::Constant>(strided_slice->input_value(1).get_node_shared_ptr());
+    EXPECT_NE(new_const, nullptr);
+
+    check_names(new_const, {"shape_of", "indices", "axis", "test"});
+
+    // check that we are not copying unnecessary values
+    check_names(strided_slice, {"strided_slice"}, "strided_slice");
+    check_names(res, {"result"}, "result");
+}