diff --git a/src/plugins/intel_cpu/src/nodes/eltwise.cpp b/src/plugins/intel_cpu/src/nodes/eltwise.cpp
index 746e560e44b..759501023a3 100644
--- a/src/plugins/intel_cpu/src/nodes/eltwise.cpp
+++ b/src/plugins/intel_cpu/src/nodes/eltwise.cpp
@@ -1584,7 +1584,7 @@ public:
     EltwiseRefExecutor(Eltwise::EltwiseData opData,
                        const VectorDims& outBlkDims,
                        std::vector<VectorDims> inpDims)
-    : _opData(std::move(opData)) {
+    : _opData(std::move(opData)), _inpDims(inpDims) {
         if (inpDims.empty()) {
             IE_THROW() << "Can not make Eltwise executor from empty input dims array";
         } else if (inpDims.front().empty()) {
@@ -1634,6 +1634,44 @@ public:
             });
             return;
         }
+        if (_opData.algo == Algorithm::EltwisePowerStatic) {
+            const float* src_ptr_f = reinterpret_cast<const float*>(args_ptrs.src_ptr[0]);
+            float* dst_ptr_f = reinterpret_cast<float*>(args_ptrs.dst_ptr);
+            if (_opData.alpha == 2) {
+                parallel_for(_fullWorkAmount, [&](size_t i) {
+                    dst_ptr_f[i] = (_opData.beta * src_ptr_f[i] + _opData.gamma) *
+                                   (_opData.beta * src_ptr_f[i] + _opData.gamma);
+                });
+            } else {
+                parallel_for(_fullWorkAmount, [&](size_t i) {
+                    dst_ptr_f[i] = powf(_opData.beta * src_ptr_f[i] + _opData.gamma, _opData.alpha);
+                });
+            }
+            return;
+        }
+        if (_opData.algo == Algorithm::EltwisePowerDynamic) {
+            const float* src_ptr_f = reinterpret_cast<const float*>(args_ptrs.src_ptr[0]);
+            const float* src_ptr_f_pow = reinterpret_cast<const float*>(args_ptrs.src_ptr[1]);
+            float* dst_ptr_f = reinterpret_cast<float*>(args_ptrs.dst_ptr);
+
+            uint32_t count_of_power_values = 1;
+            for (unsigned long i : _inpDims[1]) {
+                count_of_power_values *= i;
+            }
+
+            if (count_of_power_values == 1) {
+                if (src_ptr_f_pow[0] != 2) {
+                    parallel_for(_fullWorkAmount, [&](size_t i) {
+                        dst_ptr_f[i] = powf(src_ptr_f[i], src_ptr_f_pow[0]);
+                    });
+                } else {
+                    parallel_for(_fullWorkAmount, [&](size_t i) {
+                        dst_ptr_f[i] = src_ptr_f[i] * src_ptr_f[i];
+                    });
+                }
+                return;
+            }
+        }
 
         std::shared_ptr<ref_eltwise_scalar_fwd_t> ref_eltwise_injector = nullptr;
         if (_opData.onednnAlgorithm != dnnl::algorithm::undef) {
@@ -1716,7 +1754,6 @@ public:
                     case Algorithm::EltwiseLogicalOr:         *dst_ptr_f = src_f[0] || src_f[1]; break;
                     case Algorithm::EltwiseLogicalXor:        *dst_ptr_f = (src_f[0] || src_f[1]) - (src_f[0] && src_f[1]); break;
                     case Algorithm::EltwiseLogicalNot:        *dst_ptr_f = !src_f[0]; break;
-                    case Algorithm::EltwisePowerStatic:       *dst_ptr_f = powf(_opData.beta * src_f[0] + _opData.gamma, _opData.alpha); break;
                     case Algorithm::EltwisePrelu:             *dst_ptr_f = src_f[0] > 0 ? src_f[0] : src_f[0] * src_f[1]; break;
                     case Algorithm::EltwiseErf:               *dst_ptr_f = std::erf(src_f[0]); break;
                     case Algorithm::EltwiseSoftSign:          *dst_ptr_f = src_f[0] / (1 + std::fabs(src_f[0])); break;
@@ -1749,6 +1786,7 @@ private:
     size_t _fullWorkAmount = 0;
     size_t _inputNum = 0;
     size_t _batchDimIdx = 0;
+    std::vector<VectorDims> _inpDims;
 };
 
 } // namespace
diff --git a/src/plugins/intel_cpu/src/nodes/executors/acl/acl_eltwise.cpp b/src/plugins/intel_cpu/src/nodes/executors/acl/acl_eltwise.cpp
index dca217ef2b1..77a86d2f6b1 100644
--- a/src/plugins/intel_cpu/src/nodes/executors/acl/acl_eltwise.cpp
+++ b/src/plugins/intel_cpu/src/nodes/executors/acl/acl_eltwise.cpp
@@ -48,7 +48,6 @@ bool AclEltwiseExecutorBuilder::isSupported(const EltwiseAttrs& eltwiseAttrs,
         case Algorithm::EltwiseElu:
         case Algorithm::EltwiseTanh:
         case Algorithm::EltwiseSigmoid:
-//            case Algorithm::EltwisePowerDynamic: // TODO: CVS-111880
         case Algorithm::EltwiseSoftRelu:
         case Algorithm::EltwiseClamp:
         case Algorithm::EltwiseSwish: // TODO: CVS-109354: efficientdet-d0 accuracy drops if ACL Swish is used
@@ -258,15 +257,6 @@ bool AclEltwiseExecutor::init(const EltwiseAttrs &eltwiseAttrs, const std::vecto
                 acl_op->run();
             };
             break;
-        case Algorithm::EltwisePowerDynamic:
-            if (!NEElementwisePower::validate(&srcTensorsInfo[0], &srcTensorsInfo[1], &dstTensorsInfo[0]))
-                return false;
-            exec_func = [this]{
-                auto acl_op = std::make_unique<NEElementwisePower>();
-                acl_op->configure(&srcTensors[0], &srcTensors[1], &dstTensors[0]);
-                acl_op->run();
-            };
-            break;
         case Algorithm::EltwiseEqual:
             if (!NEElementwiseComparison::validate(&srcTensorsInfo[0], &srcTensorsInfo[1], &dstTensorsInfo[0], ComparisonOperation::Equal))
                 return false;
diff --git a/src/plugins/intel_cpu/tests/functional/single_layer_tests/classes/eltwise.cpp b/src/plugins/intel_cpu/tests/functional/single_layer_tests/classes/eltwise.cpp
index 7544ff31bab..d81de3af743 100644
--- a/src/plugins/intel_cpu/tests/functional/single_layer_tests/classes/eltwise.cpp
+++ b/src/plugins/intel_cpu/tests/functional/single_layer_tests/classes/eltwise.cpp
@@ -42,6 +42,7 @@ ov::Tensor EltwiseLayerCPUTest::generate_eltwise_input(const ov::element::Type&
         if (type.is_real()) {
             switch (eltwiseType) {
                 case ngraph::helpers::EltwiseTypes::POWER:
+                    params = gen_params(6, -3);
                 case ngraph::helpers::EltwiseTypes::MOD:
                 case ngraph::helpers::EltwiseTypes::FLOOR_MOD:
                     params = gen_params(2, 2, 8);
@@ -93,6 +94,11 @@ void EltwiseLayerCPUTest::SetUp() {
         std::tie(postOpMgrPtr, fusedOps) = fusingParams;
 
         selectedType = makeSelectedTypeStr(getPrimitiveType(), netType);
+        #if defined(OPENVINO_ARCH_ARM) || defined(OPENVINO_ARCH_ARM64)
+            if (eltwiseType == POWER) {
+                selectedType = std::regex_replace(selectedType, std::regex("acl"), "ref");
+            }
+        #endif
 
         shapes.resize(2);
         switch (opType) {
@@ -189,9 +195,7 @@ const std::vector<ngraph::helpers::EltwiseTypes>& eltwiseOpTypesBinInp() {
 
 const std::vector<ngraph::helpers::EltwiseTypes>& eltwiseOpTypesDiffInp() {
         static const std::vector<ngraph::helpers::EltwiseTypes> eltwiseOpTypesDiffInp = { // Different number of input nodes depending on optimizations
-        #if defined(OPENVINO_ARCH_X86) || defined(OPENVINO_ARCH_X86_64)
-                ngraph::helpers::EltwiseTypes::POWER,                   //TODO: Fix CVS-111880
-        #endif
+                ngraph::helpers::EltwiseTypes::POWER,
                 // ngraph::helpers::EltwiseTypes::MOD // Does not execute because of transformations
         };
         return eltwiseOpTypesDiffInp;