diff --git a/scripts/setupvars/setupvars.bat b/scripts/setupvars/setupvars.bat
index a8e31c5f599..bfe84310b6e 100644
--- a/scripts/setupvars/setupvars.bat
+++ b/scripts/setupvars/setupvars.bat
@@ -50,14 +50,14 @@ set "ngraph_DIR=%INTEL_OPENVINO_DIR%\deployment_tools\ngraph\cmake"
 )
 
 :: Check if Python is installed
-python3 --version 2>NUL
+python --version 2>NUL
 if errorlevel 1 (
-   echo Error^: Python is not installed. Please install Python 3.6 or higher ^(64-bit^) from https://www.python.org/downloads/
+   echo Error^: Python is not installed. Please install one of Python 3.6 - 3.8 ^(64-bit^) from https://www.python.org/downloads/
    exit /B 1
 )
 
 :: Check Python version
-for /F "tokens=* USEBACKQ" %%F IN (`python3 --version 2^>^&1`) DO (
+for /F "tokens=* USEBACKQ" %%F IN (`python --version 2^>^&1`) DO (
    set version=%%F
 )
 
@@ -73,12 +73,12 @@ if "%Major%" geq "3" (
 )
 
 if not "%python_ver%"=="okay" (
-   echo Unsupported Python version. Please install Python 3.6 or higher ^(64-bit^) from https://www.python.org/downloads/
+   echo Unsupported Python version. Please install one of Python 3.6 - 3.8 ^(64-bit^) from https://www.python.org/downloads/
    exit /B 1
 )
 
 :: Check Python bitness
-python3 -c "import sys; print(64 if sys.maxsize > 2**32 else 32)" 2 > NUL
+python -c "import sys; print(64 if sys.maxsize > 2**32 else 32)" 2 > NUL
 if errorlevel 1 (
    echo Error^: Error during installed Python bitness detection
    exit /B 1
@@ -89,7 +89,7 @@ for /F "tokens=* USEBACKQ" %%F IN (`python -c "import sys; print(64 if sys.maxsi
 )
 
 if not "%bitness%"=="64" (
-   echo Unsupported Python bitness. Please install Python 3.6 or higher ^(64-bit^) from https://www.python.org/downloads/
+   echo Unsupported Python bitness. Please install one of Python 3.6 - 3.8 ^(64-bit^) from https://www.python.org/downloads/
    exit /B 1
 )
 
diff --git a/scripts/setupvars/setupvars.sh b/scripts/setupvars/setupvars.sh
index cd927ef01f1..5a1e6e4a26f 100755
--- a/scripts/setupvars/setupvars.sh
+++ b/scripts/setupvars/setupvars.sh
@@ -107,17 +107,24 @@ if [ "$python_bitness" != "" ] && [ "$python_bitness" != "64" ] && [ "$OS_NAME"
     echo "[setupvars.sh] 64 bitness for Python" $python_version "is requred"
 fi
 
-MINIMUM_REQUIRED_PYTHON_VERSION="3.6"    
+MINIMUM_REQUIRED_PYTHON_VERSION="3.6"
+MAX_SUPPORTED_PYTHON_VERSION=$([[ "$OSTYPE" == "darwin"* ]] && echo '3.7' || echo '3.8') 
 if [[ ! -z "$python_version" && "$(printf '%s\n' "$python_version" "$MINIMUM_REQUIRED_PYTHON_VERSION" | sort -V | head -n 1)" != "$MINIMUM_REQUIRED_PYTHON_VERSION" ]]; then
-    echo "[setupvars.sh] Unsupported Python version. Please install Python 3.6 or higher (64-bit) from https://www.python.org/downloads/"
+    echo "[setupvars.sh] ERROR: Unsupported Python version. Please install one of Python 3.6-${MAX_SUPPORTED_PYTHON_VERSION} (64-bit) from https://www.python.org/downloads/"
+    return 1
 fi
 
+
 if [ ! -z "$python_version" ]; then
     # add path to OpenCV API for Python 3.x
     export PYTHONPATH="$INTEL_OPENVINO_DIR/python/python3:$PYTHONPATH"
-    if [[ -e $INTEL_OPENVINO_DIR/python/python$python_version ]]; then
+    pydir=$INTEL_OPENVINO_DIR/python/python$python_version
+    if [[ -d $pydir ]]; then
         # add path to Inference Engine Python API
-        export PYTHONPATH="$INTEL_OPENVINO_DIR/python/python$python_version:$PYTHONPATH"
+        export PYTHONPATH="${pydir}:${PYTHONPATH}"
+    else
+        echo "[setupvars.sh] ERROR: Can not find OpenVINO Python module for python${python_version} by path ${pydir}"
+        return 1
     fi
 fi