diff --git a/onnxruntime/core/providers/openvino/backends/basic_backend.cc b/onnxruntime/core/providers/openvino/backends/basic_backend.cc
index e6c093d584031..0779940983aea 100644
--- a/onnxruntime/core/providers/openvino/backends/basic_backend.cc
+++ b/onnxruntime/core/providers/openvino/backends/basic_backend.cc
@@ -70,10 +70,13 @@ BasicBackend::BasicBackend(const ONNX_NAMESPACE::ModelProto& model_proto,
         LOGS_DEFAULT(INFO) << log_tag << "Loaded model to the plugin";
       }
 #else
-      if (global_context_.disable_dynamic_shapes && dev_prec != "CPU_FP16") {
-        const std::string model = model_proto.SerializeAsString();
-        exe_network_ = global_context_.ie_core.LoadNetwork(
-            model, hw_target, device_config, subgraph_context_.subgraph_name);
+      if (!subgraph_context_.has_dynamic_input_shape &&
+          global_context_.onnx_model_path_name != "" &&
+          dev_prec != "CPU_FP16") {
+        exe_network_ = global_context_.ie_core.LoadNetwork(global_context_.onnx_model_path_name,
+                                                           hw_target,
+                                                           device_config,
+                                                           subgraph_context_.subgraph_name);
         LOGS_DEFAULT(INFO) << log_tag << "Loaded model to the plugin";
       } else {
         ie_cnn_network_ = CreateOVModel(model_proto, global_context_, subgraph_context_, const_outputs_map_);
diff --git a/onnxruntime/core/providers/openvino/ov_interface.cc b/onnxruntime/core/providers/openvino/ov_interface.cc
index 931173fd7ef47..ea481791111fc 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.cc
+++ b/onnxruntime/core/providers/openvino/ov_interface.cc
@@ -87,13 +87,13 @@ OVExeNetwork OVCore::LoadNetwork(std::shared_ptr<OVNetwork>& ie_cnn_network,
   }
 }
 
-OVExeNetwork OVCore::LoadNetwork(const std::string& model,
+OVExeNetwork OVCore::LoadNetwork(const std::string onnx_model_path,
                                  std::string& hw_target,
                                  ov::AnyMap& device_config,
                                  std::string name) {
   ov::CompiledModel obj;
   try {
-    obj = oe.compile_model(model, ov::Tensor(), hw_target, device_config);
+    obj = oe.compile_model(onnx_model_path, hw_target, device_config);
     OVExeNetwork exe(obj);
     return exe;
   } catch (const Exception& e) {
diff --git a/onnxruntime/core/providers/openvino/ov_interface.h b/onnxruntime/core/providers/openvino/ov_interface.h
index 3db19463809cf..cf4d867d4df55 100644
--- a/onnxruntime/core/providers/openvino/ov_interface.h
+++ b/onnxruntime/core/providers/openvino/ov_interface.h
@@ -45,7 +45,7 @@ class OVCore {
                            std::string& hw_target,
                            ov::AnyMap& device_config,
                            std::string name);
-  OVExeNetwork LoadNetwork(const std::string& model_stream,
+  OVExeNetwork LoadNetwork(const std::string model_path,
                            std::string& hw_target,
                            ov::AnyMap& device_config,
                            std::string name);
diff --git a/onnxruntime/core/session/provider_bridge_ort.cc b/onnxruntime/core/session/provider_bridge_ort.cc
index bb8732784945d..3bec9aa146f76 100644
--- a/onnxruntime/core/session/provider_bridge_ort.cc
+++ b/onnxruntime/core/session/provider_bridge_ort.cc
@@ -1682,7 +1682,11 @@ ProviderOptions OrtOpenVINOProviderOptionsToOrtOpenVINOProviderOptionsV2(const O
   if (legacy_ov_options->device_type != nullptr)
     ov_options_converted_map["device_type"] = legacy_ov_options->device_type;
 
-  ov_options_converted_map["enable_npu_fast_compile"] = legacy_ov_options->enable_npu_fast_compile;
+  if (legacy_ov_options->enable_npu_fast_compile) {
+    ov_options_converted_map["enable_npu_fast_compile"] = "false";
+  } else {
+    ov_options_converted_map["enable_npu_fast_compile"] = "true";
+  }
 
   if (legacy_ov_options->device_id != nullptr)
     ov_options_converted_map["device_id"] = legacy_ov_options->device_id;
@@ -1701,14 +1705,12 @@ ProviderOptions OrtOpenVINOProviderOptionsToOrtOpenVINOProviderOptionsV2(const O
 
   ov_options_converted_map["enable_opencl_throttling"] = legacy_ov_options->enable_opencl_throttling;
 
-  if (legacy_ov_options->enable_dynamic_shapes != '\0') {
-    std::string enable_dynamic_shapes = reinterpret_cast<const char*>(legacy_ov_options->enable_dynamic_shapes);
-    if (enable_dynamic_shapes == "true" || enable_dynamic_shapes == "True") {
-      ov_options_converted_map["disable_dynamic_shapes"] = "false";
-    } else if (enable_dynamic_shapes == "false" || enable_dynamic_shapes == "False") {
-      ov_options_converted_map["disable_dynamic_shapes"] = "true";
-    }
+  if (legacy_ov_options->enable_dynamic_shapes) {
+    ov_options_converted_map["disable_dynamic_shapes"] = "false";
+  } else {
+    ov_options_converted_map["disable_dynamic_shapes"] = "true";
   }
+
   // Add new provider option below
   ov_options_converted_map["num_streams"] = "1";
   return ov_options_converted_map;