diff --git a/docs/template_plugin/src/template_plugin.cpp b/docs/template_plugin/src/template_plugin.cpp
index 061d2c40d4d..6da16cce891 100644
--- a/docs/template_plugin/src/template_plugin.cpp
+++ b/docs/template_plugin/src/template_plugin.cpp
@@ -67,7 +67,7 @@ std::shared_ptr<ngraph::Function> TransformNetwork(const std::shared_ptr<const n
     // Example: register CommonOptimizations transformation from transformations library
     passManager.register_pass<ngraph::pass::CommonOptimizations>();
     // Template plugin handles only FP32 networks
-    passManager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+    passManager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ngraph::element::f16, ngraph::element::f32 }});
     // Example: register plugin specific transformation
     passManager.register_pass<ngraph::pass::DecomposeDivideMatcher>();
     passManager.register_pass<ngraph::pass::ReluReluFusionMatcher>();
diff --git a/inference-engine/src/cldnn_engine/cldnn_engine.cpp b/inference-engine/src/cldnn_engine/cldnn_engine.cpp
index b963d96a16f..0bea81eface 100644
--- a/inference-engine/src/cldnn_engine/cldnn_engine.cpp
+++ b/inference-engine/src/cldnn_engine/cldnn_engine.cpp
@@ -175,7 +175,7 @@ InferenceEngine::CNNNetwork clDNNEngine::CloneAndTransformNetwork(const Inferenc
             manager.register_pass<ngraph::pass::ConvertNMSToNMSIEInternal>();
             manager.register_pass<ngraph::pass::ConvertGather0D>();
 
-            std::vector<std::pair<ngraph::element::Type, ngraph::element::Type>> convert_precision_list {
+            static const precisions_array convert_precision_list {
                     {ngraph::element::i64, ngraph::element::i32},
                     {ngraph::element::u64, ngraph::element::i32},
                     {ngraph::element::u16, ngraph::element::i32},
@@ -185,9 +185,7 @@ InferenceEngine::CNNNetwork clDNNEngine::CloneAndTransformNetwork(const Inferenc
                     {ngraph::element::u4, ngraph::element::u8},
             };
 
-            for (auto& precision : convert_precision_list) {
-                manager.register_pass<ngraph::pass::ConvertPrecision>(precision.first, precision.second);
-            }
+            manager.register_pass<ngraph::pass::ConvertPrecision>(convert_precision_list);
 
             auto pass_config = manager.get_pass_config();
 
@@ -366,7 +364,7 @@ InferenceEngine::CNNNetwork clDNNEngine::CloneAndTransformNetwork(const Inferenc
             // Conversion to FP32 might be needed for quantized models that face any fp16 related issues (e.g. overflow) for non-quantized layers
             // With this key users can work-around such issues
             if (!config.enable_fp16_for_quantized_models) {
-                manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+                manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::f16, ngraph::element::f32 }});
             }
             auto lptPrerequisites = manager.register_pass<ngraph::pass::GraphRewrite>();
             const std::vector<ngraph::element::Type> supportedTypes = { ngraph::element::i8, ngraph::element::u8 };
diff --git a/inference-engine/src/mkldnn_plugin/mkldnn_plugin.cpp b/inference-engine/src/mkldnn_plugin/mkldnn_plugin.cpp
index a597a1233e4..162c3a530ba 100644
--- a/inference-engine/src/mkldnn_plugin/mkldnn_plugin.cpp
+++ b/inference-engine/src/mkldnn_plugin/mkldnn_plugin.cpp
@@ -13,6 +13,7 @@
 #include <ie_plugin_config.hpp>
 #include <vector>
 #include <tuple>
+#include <unordered_set>
 #include <ie_system_conf.h>
 #include <nodes/list.hpp>
 #include <ie_ngraph_utils.hpp>
@@ -65,6 +66,7 @@
 #include <ngraph/opsets/opset6.hpp>
 #include <ngraph/op/util/op_types.hpp>
 #include <ngraph/pass/manager.hpp>
+#include <ngraph/graph_util.hpp>
 
 #include <transformations/common_optimizations/lin_op_sequence_fusion.hpp>
 
@@ -122,6 +124,28 @@ static void Transformation(CNNNetwork& clonedNetwork, const Config& conf) {
             std::vector<ngraph::element::Type>{ ngraph::element::i8, ngraph::element::u8, ngraph::element::i4, ngraph::element::u4 });
     }
 
+    auto get_convert_precisions = []() {
+        precisions_array array = {
+            {ngraph::element::i64,     ngraph::element::i32},
+            {ngraph::element::u64,     ngraph::element::i32},
+            {ngraph::element::i16,     ngraph::element::i32},
+            {ngraph::element::u16,     ngraph::element::i32},
+            {ngraph::element::u32,     ngraph::element::i32},
+            {ngraph::element::f64,     ngraph::element::f32},
+            {ngraph::element::f16,     ngraph::element::f32},
+            {ngraph::element::boolean, ngraph::element::u8},
+            {ngraph::element::i4,      ngraph::element::i8},
+            {ngraph::element::u4,      ngraph::element::u8}
+        };
+
+        if (!with_cpu_x86_avx512_core())
+            array.push_back({ngraph::element::bf16, ngraph::element::f32});
+
+        return array;
+    };
+
+    static const auto precisions = get_convert_precisions();
+
     // WA: ConvertPriorBox must be executed before the 1st ConstantFolding pass
     manager.register_pass<ngraph::pass::CommonOptimizations>();
     manager.register_pass<ngraph::pass::ConvertRNNSequenceToTensorIterator>();
@@ -140,27 +164,7 @@ static void Transformation(CNNNetwork& clonedNetwork, const Config& conf) {
     manager.register_pass<ngraph::pass::ConvertNMS4ToNMS5>();
     manager.register_pass<ngraph::pass::ConvertNMSToNMSIEInternal>();
     manager.register_pass<ngraph::pass::ConstantFolding>();
-
-    std::vector<std::pair<ngraph::element::Type, ngraph::element::Type>> convert_precision_list{
-            {ngraph::element::i64,     ngraph::element::i32},
-            {ngraph::element::u64,     ngraph::element::i32},
-            {ngraph::element::i16,     ngraph::element::i32},
-            {ngraph::element::u16,     ngraph::element::i32},
-            {ngraph::element::u32,     ngraph::element::i32},
-            {ngraph::element::f64,     ngraph::element::f32},
-            {ngraph::element::f16,     ngraph::element::f32},
-            {ngraph::element::boolean, ngraph::element::u8},
-            {ngraph::element::i4, ngraph::element::i8},
-            {ngraph::element::u4, ngraph::element::u8},
-    };
-
-    // In case BF16 is not supported by the target CPU we explicitly convert it to FP32
-    if (!with_cpu_x86_avx512_core())
-        convert_precision_list.push_back({ngraph::element::bf16, ngraph::element::f32});
-
-    for (auto &precision : convert_precision_list) {
-        manager.register_pass<ngraph::pass::ConvertPrecision>(precision.first, precision.second);
-    }
+    manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
 
     auto pass_config = manager.get_pass_config();
 
diff --git a/inference-engine/src/mkldnn_plugin/ngraph_transformations/convert_to_cpu_specific_opset.hpp b/inference-engine/src/mkldnn_plugin/ngraph_transformations/convert_to_cpu_specific_opset.hpp
index 8496558e614..9f73446f95a 100644
--- a/inference-engine/src/mkldnn_plugin/ngraph_transformations/convert_to_cpu_specific_opset.hpp
+++ b/inference-engine/src/mkldnn_plugin/ngraph_transformations/convert_to_cpu_specific_opset.hpp
@@ -42,7 +42,7 @@ inline void ConvertToCPUSpecificOpset(std::shared_ptr<ngraph::Function> &nGraphF
         manager.register_pass<ReshapeFullyConnectedFusion>();
     }
     manager.register_pass<ngraph::pass::ConstantFolding>();
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
+    manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::i64, ngraph::element::i32 }});
     manager.run_passes(nGraphFunc);
 }
 
diff --git a/inference-engine/src/transformations/include/transformations/convert_precision.hpp b/inference-engine/src/transformations/include/transformations/convert_precision.hpp
index 41603f508d6..56ea4dba7b9 100644
--- a/inference-engine/src/transformations/include/transformations/convert_precision.hpp
+++ b/inference-engine/src/transformations/include/transformations/convert_precision.hpp
@@ -7,6 +7,7 @@
 #include <vector>
 #include <memory>
 #include <algorithm>
+#include <unordered_map>
 
 #include <transformations_visibility.hpp>
 
@@ -69,18 +70,24 @@ class NGRAPH_API ConvertPrecision;
  *     LessEqual
  */
 
-using type_to_fuse_map = std::map<ngraph::NodeTypeInfo, std::function<bool(const std::shared_ptr<ngraph::Node>&, ngraph::element::Type, size_t idx)>>;
+using type_to_fuse_map = std::unordered_map<ngraph::NodeTypeInfo, std::function<bool(const std::shared_ptr<ngraph::Node>&, ngraph::element::Type, size_t idx)>>;
+using precisions_array = std::vector<std::pair<ngraph::element::Type, ngraph::element::Type>>;
+
 class ngraph::pass::ConvertPrecision : public ngraph::pass::FunctionPass {
 public:
     NGRAPH_RTTI_DECLARATION;
     ConvertPrecision(ngraph::element::Type_t from, ngraph::element::Type_t to, type_to_fuse_map additional_type_to_fuse_map = {})
         : FunctionPass(),
-        m_from(from),
-        m_to(to),
+        m_precisions(precisions_array {{ from, to }}),
+        m_additional_type_to_fuse_map(additional_type_to_fuse_map) {}
+
+    ConvertPrecision(const precisions_array& precisions, const type_to_fuse_map & additional_type_to_fuse_map = {})
+        : FunctionPass(),
+        m_precisions(precisions),
         m_additional_type_to_fuse_map(additional_type_to_fuse_map) {}
 
     bool run_on_function(std::shared_ptr<Function> f) override;
 private:
-    element::Type m_from, m_to;
+    precisions_array m_precisions;
     type_to_fuse_map m_additional_type_to_fuse_map;
 };
diff --git a/inference-engine/src/vpu/common/include/vpu/ngraph/utilities.hpp b/inference-engine/src/vpu/common/include/vpu/ngraph/utilities.hpp
index bf37a6ea981..f5290534cbe 100644
--- a/inference-engine/src/vpu/common/include/vpu/ngraph/utilities.hpp
+++ b/inference-engine/src/vpu/common/include/vpu/ngraph/utilities.hpp
@@ -15,10 +15,11 @@
 #include "vpu/ngraph/operations/out_shape_of_reshape.hpp"
 #include <stack>
 #include <deque>
+#include <unordered_map>
 
 namespace vpu {
 
-using typeToFuseMap = std::map<ngraph::NodeTypeInfo, std::function<bool(const std::shared_ptr<ngraph::Node>&, ngraph::element::Type, size_t idx)>>;
+using typeToFuseMap = std::unordered_map<ngraph::NodeTypeInfo, std::function<bool(const std::shared_ptr<ngraph::Node>&, ngraph::element::Type, size_t idx)>>;
 
 bool fuseTypeToStaticShapeNonMaxSuppression(const std::shared_ptr<ngraph::Node>& node, ngraph::element::Type to, size_t idx);
 bool fuseTypeToStaticShapeNonZero(const std::shared_ptr<ngraph::Node>& node, ngraph::element::Type to, size_t idx);
diff --git a/inference-engine/src/vpu/graph_transformer/src/frontend/frontend.cpp b/inference-engine/src/vpu/graph_transformer/src/frontend/frontend.cpp
index 91e9be21adb..92e1448e127 100644
--- a/inference-engine/src/vpu/graph_transformer/src/frontend/frontend.cpp
+++ b/inference-engine/src/vpu/graph_transformer/src/frontend/frontend.cpp
@@ -192,14 +192,17 @@ ie::CNNNetwork FrontEnd::convertNetwork(ie::CNNNetwork& network) {
     manager.register_pass<ngraph::pass::ConvertOpSet3ToOpSet2>();
     manager.register_pass<ngraph::pass::ConvertOpSet2ToOpSet1>();
     // ConvertPrecision must be executed before ConvertOpSet1ToLegacy due to this pass works with operations from opsets only
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32, myriadTypeToFuseMap);
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::u64, ngraph::element::i32, myriadTypeToFuseMap);
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::u32, ngraph::element::i32, myriadTypeToFuseMap);
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::i32, myriadTypeToFuseMap);
+    static const precisions_array precisions = {
+        { ngraph::element::i64, ngraph::element::i32 },
+        { ngraph::element::u64, ngraph::element::i32 },
+        { ngraph::element::u32, ngraph::element::i32 },
+        { ngraph::element::boolean, ngraph::element::i32 }
+    };
+    manager.register_pass<ngraph::pass::ConvertPrecision>(precisions, myriadTypeToFuseMap);
 
     manager.register_pass<ngraph::pass::ConvertOpSet1ToLegacy>();
     //  ConvertOpSet1ToLegacy can produce constants with I64 precision
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32, myriadTypeToFuseMap);
+    manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::i64, ngraph::element::i32 }}, myriadTypeToFuseMap);
     manager.register_pass<vpu::MergeSubsequentDSROperations>();
 
     auto pass_config = manager.get_pass_config();
diff --git a/inference-engine/tests/functional/inference_engine/cnn_network/convert_ngraph_to_cnn_network_tests.cpp b/inference-engine/tests/functional/inference_engine/cnn_network/convert_ngraph_to_cnn_network_tests.cpp
index 5a298ed4f41..18a4f6ace4f 100644
--- a/inference-engine/tests/functional/inference_engine/cnn_network/convert_ngraph_to_cnn_network_tests.cpp
+++ b/inference-engine/tests/functional/inference_engine/cnn_network/convert_ngraph_to_cnn_network_tests.cpp
@@ -174,7 +174,7 @@ TEST(ConvertFunctionToCNNNetworkTests, ConvertTopKWithOneInput) {
     manager.register_pass<ngraph::pass::ConvertOpSet3ToOpSet2>();
     manager.register_pass<ngraph::pass::ConvertOpSet2ToOpSet1>();
 
-    std::vector<std::pair<ngraph::element::Type, ngraph::element::Type>> convert_precision_list {
+    static const precisions_array convert_precision_list {
             {ngraph::element::i64, ngraph::element::i32},
             {ngraph::element::u64, ngraph::element::i32},
             {ngraph::element::u16, ngraph::element::i32},
@@ -183,12 +183,9 @@ TEST(ConvertFunctionToCNNNetworkTests, ConvertTopKWithOneInput) {
             {ngraph::element::boolean, ngraph::element::u8},
     };
 
-    for (auto & precision : convert_precision_list) {
-        manager.register_pass<ngraph::pass::ConvertPrecision>(precision.first, precision.second);
-    }
-
+    manager.register_pass<ngraph::pass::ConvertPrecision>(convert_precision_list);
     manager.register_pass<ngraph::pass::ConvertOpSet1ToLegacy>();
-    manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
+    manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::i64, ngraph::element::i32 }});
 
     manager.run_passes(f);
 
diff --git a/inference-engine/tests/functional/inference_engine/transformations/convert_precision.cpp b/inference-engine/tests/functional/inference_engine/transformations/convert_precision.cpp
index ea9fda3016b..1bbe676543c 100644
--- a/inference-engine/tests/functional/inference_engine/transformations/convert_precision.cpp
+++ b/inference-engine/tests/functional/inference_engine/transformations/convert_precision.cpp
@@ -54,8 +54,13 @@ TEST(TransformationTests, ConvertPrecision_NMS3) {
         f = std::make_shared<Function>(NodeVector{nms}, ParameterVector{boxes, scores});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -77,8 +82,13 @@ TEST(TransformationTests, ConvertPrecision_NMS4) {
         f = std::make_shared<Function>(NodeVector{nms}, ParameterVector{boxes, scores});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -95,8 +105,13 @@ TEST(TransformationTests, ConvertPrecision_ShapeOf) {
         f = std::make_shared<Function>(NodeVector{shape_of}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -113,8 +128,13 @@ TEST(TransformationTests, ConvertPrecision_Convert) {
         f = std::make_shared<Function>(NodeVector{convert}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -132,7 +152,7 @@ TEST(TransformationTests, ConvertPrecision_ConvertElimination) {
         f = std::make_shared<Function>(NodeVector{convert}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::f16, ngraph::element::f32 }});
         manager.run_passes(f);
         ASSERT_FALSE(has_type<ngraph::element::Type_t::f16>(f));
     }
@@ -158,8 +178,13 @@ TEST(TransformationTests, ConvertPrecision_TopK) {
         f = std::make_shared<Function>(OutputVector{topk->output(0), topk->output(1)}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -176,8 +201,13 @@ TEST(TransformationTests, ConvertPrecision_NonZero) {
         f = std::make_shared<Function>(OutputVector{non_zero}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -195,8 +225,13 @@ TEST(TransformationTests, ConvertPrecision_Bucketize) {
         f = std::make_shared<Function>(OutputVector{b}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -223,8 +258,13 @@ TEST(TransformationTests, ConvertPrecision_Roundings) {
         f = std::make_shared<Function>(OutputVector{ss}, ParameterVector{input});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
 
         auto casted_end = std::dynamic_pointer_cast<opset1::Constant>(ss->input_value(2).get_node_shared_ptr());
@@ -279,8 +319,13 @@ TEST(TransformationTests, ConvertPrecision_TIBody) {
                                                ngraph::ParameterVector{X, Y});
 
         ngraph::pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i64, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::i64, ngraph::element::i32 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
 
         ASSERT_FALSE(has_type<ngraph::element::Type_t::f16>(f));
@@ -300,8 +345,13 @@ TEST(TransformationTests, ConvertPrecision_Equal) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -320,8 +370,13 @@ TEST(TransformationTests, ConvertPrecision_NotEqual) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -340,8 +395,13 @@ TEST(TransformationTests, ConvertPrecision_Greater) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -360,8 +420,13 @@ TEST(TransformationTests, ConvertPrecision_GreaterEqual) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -380,8 +445,13 @@ TEST(TransformationTests, ConvertPrecision_Less) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -400,8 +470,13 @@ TEST(TransformationTests, ConvertPrecision_LessEqual) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+
+        static const precisions_array precisions = {
+            { ngraph::element::boolean, ngraph::element::u8 },
+            { ngraph::element::f16, ngraph::element::f32 }
+        };
+
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions);
         manager.run_passes(f);
     }
 
@@ -420,7 +495,7 @@ TEST(TransformationTests, ConvertPrecision_LogicalAnd) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::u8 }});
         manager.run_passes(f);
     }
 
@@ -438,7 +513,7 @@ TEST(TransformationTests, ConvertPrecision_LogicalOr) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::u8 }});
         manager.run_passes(f);
     }
 
@@ -456,7 +531,7 @@ TEST(TransformationTests, ConvertPrecision_LogicalXor) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1, input2});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::u8 }});
         manager.run_passes(f);
     }
 
@@ -473,7 +548,7 @@ TEST(TransformationTests, ConvertPrecision_LogicalNot) {
         f = std::make_shared<Function>(OutputVector{node}, ParameterVector{input1});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::u8 }});
         manager.run_passes(f);
     }
 
@@ -491,7 +566,7 @@ TEST(TransformationTests, ConvertPrecision_Select) {
         f = std::make_shared<Function>(OutputVector{select}, ParameterVector{input1});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::u8);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::u8 }});
         manager.run_passes(f);
     }
 
@@ -509,8 +584,8 @@ TEST(TransformationTests, ConvertPrecision_TypeRelaxedWithSelect) {
         f = std::make_shared<Function>(OutputVector{select}, ParameterVector{input1});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i32, ngraph::element::i64);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::i32 }});
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::i32, ngraph::element::i64 }});
         manager.run_passes(f);
     }
 
@@ -529,8 +604,8 @@ TEST(TransformationTests, ConvertPrecision_TypeRelaxed) {
         f = std::make_shared<Function>(OutputVector{type_relaxed}, ParameterVector{input1});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::boolean, ngraph::element::i32);
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::i32, ngraph::element::i64);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::boolean, ngraph::element::i32 }});
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::i32, ngraph::element::i64 }});
         manager.run_passes(f);
 
         ASSERT_FALSE(has_type<ngraph::element::Type_t::boolean>(f));
@@ -555,7 +630,7 @@ TEST(TransformationTests, ConvertPrecision_Variables) {
         f = std::make_shared<Function>(NodeVector{mul}, ParameterVector{inp});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f16, ngraph::element::f32);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ ngraph::element::f16, ngraph::element::f32 }});
         manager.run_passes(f);
     }
 
@@ -573,7 +648,7 @@ void constant_convert_test(element::Type type_from, element::Type type_to, const
         f = std::make_shared<Function>(NodeVector{c}, ParameterVector{});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(type_from, type_to);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ type_from, type_to }});
         manager.run_passes(f);
     }
     auto ops = f->get_ordered_ops();
@@ -603,7 +678,7 @@ void constant_convert_test(element::Type_t type_from, element::Type_t type_to, F
         f = std::make_shared<Function>(NodeVector{c}, ParameterVector{});
 
         pass::Manager manager;
-        manager.register_pass<ngraph::pass::ConvertPrecision>(type_from, type_to);
+        manager.register_pass<ngraph::pass::ConvertPrecision>(precisions_array {{ type_from, type_to }});
         manager.run_passes(f);
     }
     auto ops = f->get_ordered_ops();
diff --git a/ngraph/core/reference/include/ngraph/runtime/reference/convert.hpp b/ngraph/core/reference/include/ngraph/runtime/reference/convert.hpp
index 8591f88c794..ecaf92ffd61 100644
--- a/ngraph/core/reference/include/ngraph/runtime/reference/convert.hpp
+++ b/ngraph/core/reference/include/ngraph/runtime/reference/convert.hpp
@@ -28,6 +28,10 @@ namespace ngraph
             void convert<uint8_t, float16>(const uint8_t* arg, float16* out, size_t count);
             template <>
             void convert<float16, float>(const float16* arg, float* out, size_t count);
+            template <>
+            void convert<float, int8_t>(const float* arg, int8_t* out, size_t count);
+            template <>
+            void convert<float16, int8_t>(const float16* arg, int8_t* out, size_t count);
 
             // overload to handle ngraph::boolean (it is stored as char)
             template <typename TI, typename TO>
@@ -39,7 +43,6 @@ namespace ngraph
                     out[i] = static_cast<char>(static_cast<bool>(arg[i]));
                 }
             }
-
         } // namespace reference
 
     } // namespace runtime
diff --git a/ngraph/core/reference/src/runtime/reference/convert.cpp b/ngraph/core/reference/src/runtime/reference/convert.cpp
index 809c9ca3dc5..78625f38c9e 100644
--- a/ngraph/core/reference/src/runtime/reference/convert.cpp
+++ b/ngraph/core/reference/src/runtime/reference/convert.cpp
@@ -16,6 +16,11 @@ namespace ngraph
                 template <typename src_t, typename dst_t>
                 void jit_convert_vec(jit::Generator&, const Xbyak::RegExp&, const Xbyak::RegExp&);
 
+                template <typename src_t, typename dst_t>
+                void jit_convert_vec_prepare(jit::Generator&)
+                {
+                }
+
                 template <>
                 void jit_convert_vec<uint8_t, float16>(jit::Generator& gen,
                                                        const Xbyak::RegExp& src,
@@ -47,6 +52,61 @@ namespace ngraph
                     gen.vmovups(gen.yword[dst], f32vec);
                 }
 
+                template <>
+                void jit_convert_vec_prepare<float, int8_t>(jit::Generator& gen)
+                {
+                    auto order = gen.ymm1;
+                    auto addr = gen.r15;
+
+                    static const int8_t offsets[32] = {0,  4,  8,  12, -1, -1, -1, -1, -1, -1, -1,
+                                                       -1, -1, -1, -1, -1, -1, -1, -1, -1, 0,  4,
+                                                       8,  12, -1, -1, -1, -1, -1, -1, -1, -1};
+
+                    gen.mov(addr, (size_t)offsets);      // get offsets[] address
+                    gen.vmovdqu(order, gen.yword[addr]); // save offsets[] to ymm register
+                }
+
+                template <>
+                void jit_convert_vec<float, int8_t>(jit::Generator& gen,
+                                                    const Xbyak::RegExp& src,
+                                                    const Xbyak::RegExp& dst)
+                {
+                    auto order = gen.ymm1;
+                    auto p32vec = gen.ymm2;
+                    auto p32vec_lo = gen.xmm2;
+                    auto p32vec_hi = gen.xmm3;
+
+                    gen.vcvtps2dq(p32vec, gen.yword[src]); // convert 8 floats to 8 ints
+                    gen.vpshufb(p32vec, p32vec, order); // Shuffle the bytes according to the order
+                    gen.vextracti128(p32vec_hi, p32vec, 1);    // extract upper part of p32vec
+                    gen.vpor(p32vec_lo, p32vec_lo, p32vec_hi); // p32vec_lo = p32vec_lo | p32vec_hi
+                    gen.movq(gen.qword[dst], p32vec_lo);       // save the result
+                }
+
+                template <>
+                void jit_convert_vec_prepare<float16, int8_t>(jit::Generator& gen)
+                {
+                    jit_convert_vec_prepare<float, int8_t>(gen);
+                }
+
+                template <>
+                void jit_convert_vec<float16, int8_t>(jit::Generator& gen,
+                                                      const Xbyak::RegExp& src,
+                                                      const Xbyak::RegExp& dst)
+                {
+                    auto order = gen.ymm1;
+                    auto p32vec = gen.ymm2;
+                    auto p32vec_lo = gen.xmm2;
+                    auto p32vec_hi = gen.xmm3;
+
+                    gen.vcvtph2ps(p32vec, gen.xword[src]); // convert 8 fp16's to 8 floats
+                    gen.vcvtps2dq(p32vec, p32vec);         // convert 8 floats to 8 ints
+                    gen.vpshufb(p32vec, p32vec, order); // Shuffle the bytes according to the order
+                    gen.vextracti128(p32vec_hi, p32vec, 1);    // extract upper part of p32vec
+                    gen.vpor(p32vec_lo, p32vec_lo, p32vec_hi); // p32vec_lo = p32vec_lo | p32vec_hi
+                    gen.movq(gen.qword[dst], p32vec_lo);       // save the result
+                }
+
                 class jit_convert_array : public jit::Generator
                 {
                     typedef struct context
@@ -61,6 +121,7 @@ namespace ngraph
                         void (*convert_vec)(jit::Generator&,
                                             const Xbyak::RegExp&,
                                             const Xbyak::RegExp&);
+                        void (*prepare)(jit::Generator&);
                     } context_t;
 
                     jit_convert_array(const context_t& ctx)
@@ -77,6 +138,8 @@ namespace ngraph
 
                         preamble();
 
+                        ctx.prepare(*this);
+
                         mov(reg_src, ptr[param + offsetof(args_t, src)]);
                         mov(reg_dst, ptr[param + offsetof(args_t, out)]);
                         mov(reg_sz, ptr[param + offsetof(args_t, count)]);
@@ -137,7 +200,8 @@ namespace ngraph
                             static const jit_convert_array::context_t context{
                                 {sizeof(src_t), &jit::Generator::copy<src_t>},
                                 {sizeof(dst_t), &jit::Generator::copy<dst_t>},
-                                jit_convert_vec<src_t, dst_t>};
+                                jit_convert_vec<src_t, dst_t>,
+                                jit_convert_vec_prepare<src_t, dst_t>};
 
                             static jit_convert_array generator(context);
 
@@ -146,44 +210,49 @@ namespace ngraph
                         return nullptr;
                     }
                 };
+
+                template <typename TI, typename TO>
+                void convert_impl(const TI* arg, TO* out, size_t count)
+                {
+                    auto converter = jit_convert_array::get<TI, TO>();
+
+                    if (converter)
+                    {
+                        jit_convert_array::args_t args = {arg, out, count};
+                        converter(&args);
+                    }
+                    else
+                    {
+                        for (size_t i = 0; i < count; ++i)
+                        {
+                            out[i] = static_cast<TO>(arg[i]);
+                        }
+                    }
+                }
             } // namespace
 
             template <>
             void convert<uint8_t, float16>(const uint8_t* arg, float16* out, size_t count)
             {
-                auto converter = jit_convert_array::get<uint8_t, float16>();
-
-                if (converter)
-                {
-                    jit_convert_array::args_t args = {arg, out, count};
-                    converter(&args);
-                }
-                else
-                {
-                    for (size_t i = 0; i < count; ++i)
-                    {
-                        out[i] = static_cast<float16>(arg[i]);
-                    }
-                }
+                convert_impl(arg, out, count);
             }
 
             template <>
             void convert<float16, float>(const float16* arg, float* out, size_t count)
             {
-                auto converter = jit_convert_array::get<float16, float>();
+                convert_impl(arg, out, count);
+            }
 
-                if (converter)
-                {
-                    jit_convert_array::args_t args = {arg, out, count};
-                    converter(&args);
-                }
-                else
-                {
-                    for (size_t i = 0; i < count; ++i)
-                    {
-                        out[i] = static_cast<float>(arg[i]);
-                    }
-                }
+            template <>
+            void convert<float, int8_t>(const float* arg, int8_t* out, size_t count)
+            {
+                convert_impl(arg, out, count);
+            }
+
+            template <>
+            void convert<float16, int8_t>(const float16* arg, int8_t* out, size_t count)
+            {
+                convert_impl(arg, out, count);
             }
         } // namespace reference
     }     // namespace runtime
diff --git a/ngraph/core/reference/src/runtime/reference/jit_generator.cpp b/ngraph/core/reference/src/runtime/reference/jit_generator.cpp
index 783fa6a715d..0f4d5a26f53 100644
--- a/ngraph/core/reference/src/runtime/reference/jit_generator.cpp
+++ b/ngraph/core/reference/src/runtime/reference/jit_generator.cpp
@@ -158,6 +158,26 @@ namespace ngraph
                 pop(rsi);
             }
 
+            template <>
+            void Generator::copy<int8_t>(const Xbyak::Reg64& dst,
+                                         const Xbyak::Reg64& src,
+                                         const Xbyak::Reg64& size)
+            {
+                push(rsi);
+                push(r15);
+
+                xor_(rsi, rsi);
+
+                foreach (rsi, 1, size, [&, this](const Xbyak::Reg64& idx) {
+                    mov(r15b, byte[src + idx * sizeof(int8_t)]);
+                    mov(byte[dst + idx * sizeof(int8_t)], r15b);
+                })
+                    ;
+
+                pop(r15);
+                pop(rsi);
+            }
+
             template <>
             void Generator::copy<uint16_t>(const Xbyak::Reg64& dst,
                                            const Xbyak::Reg64& src,
diff --git a/ngraph/core/src/pass/convert_fp32_to_fp16.cpp b/ngraph/core/src/pass/convert_fp32_to_fp16.cpp
index 077b36593da..c841852a2f3 100644
--- a/ngraph/core/src/pass/convert_fp32_to_fp16.cpp
+++ b/ngraph/core/src/pass/convert_fp32_to_fp16.cpp
@@ -15,7 +15,8 @@ NGRAPH_RTTI_DEFINITION(ngraph::pass::ConvertFP32ToFP16, "ConvertFP32ToFP16", 0);
 bool ngraph::pass::ConvertFP32ToFP16::run_on_function(std::shared_ptr<ngraph::Function> f)
 {
     ngraph::pass::Manager m(get_pass_config());
-    m.register_pass<ngraph::pass::ConvertPrecision>(ngraph::element::f32, ngraph::element::f16);
+    m.register_pass<ngraph::pass::ConvertPrecision>(
+        precisions_array{{ngraph::element::f32, ngraph::element::f16}});
     m.run_passes(f);
     return false;
 }
diff --git a/ngraph/core/src/pass/convert_precision.cpp b/ngraph/core/src/pass/convert_precision.cpp
index 2d5a0ab5eae..8fdef4c9356 100644
--- a/ngraph/core/src/pass/convert_precision.cpp
+++ b/ngraph/core/src/pass/convert_precision.cpp
@@ -125,6 +125,194 @@ bool fuse_type_to_reduce_logical(const std::shared_ptr<ngraph::Node>& node,
     return false;
 }
 
+namespace
+{
+    void validate_nodes_and_infer_types(const std::vector<std::shared_ptr<Node>>& ops)
+    {
+        for (auto& node : ops)
+        {
+            node->revalidate_and_infer_types();
+        }
+    }
+
+    bool convert_precision(pass::PassBase& pass,
+                           const std::shared_ptr<ngraph::Function>& f,
+                           const type_to_fuse_map& type_to_fuse,
+                           const type_to_fuse_map& type_to_extend,
+                           element::Type from,
+                           element::Type to)
+    {
+        // As Constant operations can be shared between multiple nGraph Functions so before
+        // changing precision we need to understand which Constant consumers belongs
+        // to the current nGraph Function
+        std::unordered_map<const ngraph::Node*, std::vector<Input<Node>>> const_to_internal_output;
+
+        auto register_constants =
+            [&const_to_internal_output](const std::vector<std::shared_ptr<Node>>& ops) {
+                for (auto& node : ops)
+                {
+                    for (auto& input : node->inputs())
+                    {
+                        if (auto const_node = std::dynamic_pointer_cast<opset4::Constant>(
+                                input.get_source_output().get_node_shared_ptr()))
+                        {
+                            const_to_internal_output[const_node.get()].emplace_back(input);
+                        }
+                    }
+                }
+            };
+
+        auto convert_node_output_precision = [&](const std::shared_ptr<ngraph::Node>& node) {
+            for (auto output : node->outputs())
+            {
+                if (output.get_element_type() == from)
+                {
+                    // Handle case with Constants as they can have consumers from other nGraph
+                    // Function object
+                    auto it = const_to_internal_output.find(node.get());
+                    if (it != const_to_internal_output.end())
+                    {
+                        return fuse_type_to_constant(node, to, it->second);
+                    }
+
+                    // Check that node type exists in map and we can fuse type into node
+                    auto t2f_it = type_to_fuse.find(node->get_type_info());
+                    if (t2f_it != type_to_fuse.end() &&
+                        t2f_it->second(node, to, output.get_index()))
+                    {
+                        // We need to break if original node was replaced
+                        return true;
+                    }
+                }
+            }
+            return false;
+        };
+
+        auto convert_node_input_precision = [&](const std::shared_ptr<ngraph::Node>& node) {
+            for (auto input : node->inputs())
+            {
+                if (input.get_element_type() == from)
+                {
+                    // For some operations we need to extend their input types to support new type
+                    auto it = type_to_extend.find(node->get_type_info());
+                    if (it != type_to_extend.end() && it->second(node, to, input.get_index()))
+                    {
+                        return true;
+                    }
+                }
+            }
+            return false;
+        };
+
+        std::function<bool(const std::shared_ptr<Function>&, bool)> convert_function_precision =
+            [&](const std::shared_ptr<Function>& f, bool is_subgraph) {
+                bool is_changed = false;
+
+                auto ops = f->get_ordered_ops();
+
+                // Iterate over all nodes in topological order and then iterate over node outputs.
+                // If output type mismatch given type we try to fuse type into this operation
+                // otherwise we insert Convert operation.
+                for (auto& node : ops)
+                {
+                    pass.transformation_callback(node);
+                    // Recursively apply transformation for sub-graph based operations
+                    if (auto sub_graph_node = std::dynamic_pointer_cast<op::util::SubGraphOp>(node))
+                    {
+                        if (auto sub_graph = sub_graph_node->get_function())
+                        {
+                            is_changed |= convert_function_precision(sub_graph, true);
+                        }
+                    }
+                    is_changed |= convert_node_input_precision(node);
+                }
+
+                if (is_changed)
+                    ops = f->get_ordered_ops();
+
+                // Register internal constants only after fixing input type that could lead to nodes
+                // replacement
+                register_constants(ops);
+
+                bool is_output_precision_changed = false;
+
+                for (auto& node : ops)
+                {
+                    is_output_precision_changed |= convert_node_output_precision(node);
+                }
+
+                if (is_output_precision_changed)
+                {
+                    ops = f->get_ordered_ops();
+                    is_changed |= is_output_precision_changed;
+                }
+
+                if (!is_subgraph)
+                {
+                    if (is_changed)
+                        validate_nodes_and_infer_types(ops);
+
+                    // TODO: we need to split NopElimination pass to separate MatcherPasses and call
+                    // Convert elimination here
+                    for (auto& node : ops)
+                    {
+                        if (auto convert = std::dynamic_pointer_cast<opset4::Convert>(node))
+                        {
+                            // WA for topK, dont remove fake convert
+                            if (convert->input(0).get_element_type() ==
+                                    convert->get_convert_element_type() &&
+                                convert->input_value(0).get_node_shared_ptr()->get_output_size() ==
+                                    1)
+                            {
+                                replace_output_update_name(convert->output(0),
+                                                           convert->input_value(0));
+                            }
+                        }
+                    }
+                }
+
+                return is_changed;
+            };
+
+        return convert_function_precision(f, false);
+    }
+
+    struct EnumClassHash
+    {
+        template <class T>
+        std::size_t operator()(T t) const
+        {
+            return static_cast<size_t>(t);
+        }
+    };
+
+    using precisions_set_t = std::unordered_set<ngraph::element::Type_t, EnumClassHash>;
+
+    precisions_set_t find_all_used_precisions(const std::shared_ptr<ngraph::Function>& fn)
+    {
+        precisions_set_t used_precisions;
+
+        ngraph::traverse_nodes(fn, [&](std::shared_ptr<ngraph::Node> node) {
+            for (auto output : node->outputs())
+            {
+                used_precisions.emplace(output.get_element_type());
+            }
+            if (auto sub_graph_node = std::dynamic_pointer_cast<ngraph::op::util::SubGraphOp>(node))
+            {
+                if (auto sub_graph = sub_graph_node->get_function())
+                {
+                    auto sub_graph_precisions = find_all_used_precisions(sub_graph);
+                    used_precisions.insert(sub_graph_precisions.begin(),
+                                           sub_graph_precisions.end());
+                }
+            }
+        });
+
+        return used_precisions;
+    }
+
+} // namespace
+
 NGRAPH_RTTI_DEFINITION(ngraph::pass::ConvertPrecision, "ConvertPrecision", 0);
 
 bool ngraph::pass::ConvertPrecision::run_on_function(std::shared_ptr<ngraph::Function> f)
@@ -161,117 +349,25 @@ bool ngraph::pass::ConvertPrecision::run_on_function(std::shared_ptr<ngraph::Fun
         {opset4::Select::type_info, extend_select_type},
     };
 
-    // As Constant operations can be shared between multiple nGraph Functions so before
-    // changing precision we need to understand which Constant consumers belongs
-    // to the current nGraph Function
-    std::map<const std::shared_ptr<ngraph::Node>, std::vector<Input<Node>>>
-        const_to_internal_output;
+    bool is_changed = false;
 
-    std::function<void(const std::shared_ptr<Function>&)> register_constants =
-        [&const_to_internal_output](const std::shared_ptr<Function>& f) {
-            for (auto& node : f->get_ordered_ops())
-            {
-                for (auto& input : node->inputs())
-                {
-                    if (auto const_node = std::dynamic_pointer_cast<opset4::Constant>(
-                            input.get_source_output().get_node_shared_ptr()))
-                    {
-                        const_to_internal_output[const_node].emplace_back(input);
-                    }
-                }
-            }
-        };
+    auto const used_precisions = find_all_used_precisions(f);
 
-    auto convert_node_output_precision = [this, &const_to_internal_output, &type_to_fuse](
-                                             const std::shared_ptr<ngraph::Node>& node) {
-        for (auto output : node->outputs())
-        {
-            if (output.get_element_type() == m_from)
-            {
-                // Handle case with Constants as they can have consumers from other nGraph Function
-                // object
-                if (ngraph::op::is_constant(node) && const_to_internal_output.count(node))
-                {
-                    fuse_type_to_constant(node, m_to, const_to_internal_output.at(node));
-                    break;
-                }
-
-                // Check that node type exists in map and we can fuse type into node
-                if (type_to_fuse.count(node->get_type_info()) &&
-                    type_to_fuse.at(node->get_type_info())(node, m_to, output.get_index()))
-                {
-                    // We need to break if original node was replaced
-                    break;
-                }
-            }
-        }
-    };
-
-    auto convert_node_input_precision = [this](const std::shared_ptr<ngraph::Node>& node) {
-        for (auto input : node->inputs())
-        {
-            if (input.get_element_type() == m_from)
-            {
-                // For some operations we need to extend their input types to support new type
-                if (type_to_extend.count(node->get_type_info()) &&
-                    type_to_extend.at(node->get_type_info())(node, m_to, input.get_index()))
-                {
-                    break;
-                }
-            }
-        }
-    };
-
-    std::function<void(const std::shared_ptr<Function>&)> convert_function_precision =
-        [this,
-         &register_constants,
-         &convert_node_output_precision,
-         &convert_node_input_precision,
-         &convert_function_precision](const std::shared_ptr<Function>& f) {
-            // Iterate over all nodes in topological order and then iterate over node outputs.
-            // If output type mismatch given type we try to fuse type into this operation
-            // otherwise we insert Convert operation.
-            for (auto& node : f->get_ordered_ops())
-            {
-                transformation_callback(node);
-                // Recursively apply transformation for sub-graph based operations
-                if (auto sub_graph_node = std::dynamic_pointer_cast<op::util::SubGraphOp>(node))
-                {
-                    if (auto sub_graph = sub_graph_node->get_function())
-                    {
-                        convert_function_precision(sub_graph);
-                    }
-                }
-                convert_node_input_precision(node);
-            }
-            // Register internal constants only after fixing input type that could lead to nodes
-            // replacement
-            register_constants(f);
-
-            for (auto& node : f->get_ordered_ops())
-            {
-                convert_node_output_precision(node);
-            }
-        };
-
-    convert_function_precision(f);
-    f->validate_nodes_and_infer_types();
-
-    // TODO: we need to split NopElimination pass to separate MatcherPasses and call Convert
-    // elimination here
-    for (auto& node : f->get_ordered_ops())
+    for (auto const& p : m_precisions)
     {
-        if (auto convert = std::dynamic_pointer_cast<opset4::Convert>(node))
-        {
-            // WA for topK, dont remove fake convert
-            if (convert->input(0).get_element_type() == convert->get_convert_element_type() &&
-                convert->input_value(0).get_node_shared_ptr()->get_output_size() == 1)
-            {
-                replace_output_update_name(convert->output(0), convert->input_value(0));
-            }
-        }
+        if (used_precisions.count(p.first))
+            is_changed =
+                is_changed |
+                convert_precision(*this, f, type_to_fuse, type_to_extend, p.first, p.second);
     }
-    return true;
+
+    (void)is_changed; // ignored
+
+    // Returning value is false because pass::Manager always apply Validation pass
+    // if function was changed. This helps to avoid excess Validations after applying
+    // this pass. In future when we will return more meaningful status code it will be
+    // replaced with real status reported by manager.run_passes() method call.
+    return false;
 }
 
 bool fuse_type_to_shapeof(const std::shared_ptr<ngraph::Node>& node, element::Type to, size_t idx)
@@ -532,15 +628,6 @@ namespace
         return new_constant;
     }
 
-    struct EnumClassHash
-    {
-        template <class T>
-        std::size_t operator()(T t) const
-        {
-            return static_cast<size_t>(t);
-        }
-    };
-
     /**
      * @brief Method converts low precision integer types
      * The method uses the next logic for conversion:
@@ -631,8 +718,8 @@ namespace
                                                      element::Type to)
     {
         // Supported integer precisions
-        static const std::unordered_set<element::Type_t, EnumClassHash>
-            supported_integer_precisions = {element::i4, element::u4, element::u1};
+        static const precisions_set_t supported_integer_precisions = {
+            element::i4, element::u4, element::u1};
         // Get source element type and source data
         auto src_type = constant->get_element_type();
         const auto* src_data = reinterpret_cast<const uint8_t*>(constant->get_data_ptr());
diff --git a/ngraph/test/backend/convert.in.cpp b/ngraph/test/backend/convert.in.cpp
index 46159d0cbc2..730fc13cd50 100644
--- a/ngraph/test/backend/convert.in.cpp
+++ b/ngraph/test/backend/convert.in.cpp
@@ -439,3 +439,22 @@ NGRAPH_TEST(${BACKEND_NAME}, convert_u8_to_u64)
 
     ConvertTest(input, input_shape, input_type, expected_output, expected_output_type);
 }
+
+NGRAPH_TEST(${BACKEND_NAME}, convert_float32_int8)
+{
+    std::vector<float> f32vec = {-100.5, -20.5, -15, -10.5, -0.5, 0, 0.5, 10.5, 15, 20.5, 100.5};
+    std::vector<int8_t> result(f32vec.size());
+    std::vector<int8_t> i8vec(std::begin(f32vec), std::end(f32vec));
+    runtime::reference::convert(f32vec.data(), result.data(), f32vec.size());
+    EXPECT_EQ(result, i8vec);
+}
+
+NGRAPH_TEST(${BACKEND_NAME}, convert_fp16_int8)
+{
+    std::vector<float> f32vec = {-100.5, -20.5, -15, -10.5, -0.5, 0, 0.5, 10.5, 15, 20.5, 100.5};
+    std::vector<float16> f16vec(std::begin(f32vec), std::end(f32vec));
+    std::vector<int8_t> i8vec(std::begin(f16vec), std::end(f16vec));
+    std::vector<int8_t> result(i8vec.size());
+    runtime::reference::convert(f16vec.data(), result.data(), f16vec.size());
+    EXPECT_EQ(result, i8vec);
+}