diff --git a/cmake/developer_package/compile_flags/os_flags.cmake b/cmake/developer_package/compile_flags/os_flags.cmake
index 0fdbf79e9ec7f2..0dcf3a6761656c 100644
--- a/cmake/developer_package/compile_flags/os_flags.cmake
+++ b/cmake/developer_package/compile_flags/os_flags.cmake
@@ -331,7 +331,6 @@ else()
     if(APPLE)
         set(CMAKE_SHARED_LINKER_FLAGS "${CMAKE_SHARED_LINKER_FLAGS} -Wl,-dead_strip")
         set(CMAKE_MODULE_LINKER_FLAGS "${CMAKE_MODULE_LINKER_FLAGS} -Wl,-dead_strip")
-        set(CMAKE_EXE_LINKER_FLAGS "${CMAKE_EXE_LINKER_FLAGS} -Wl,-dead_strip")
     elseif(LINUX)
         set(CMAKE_SHARED_LINKER_FLAGS "${CMAKE_SHARED_LINKER_FLAGS} -Wl,--gc-sections -Wl,--exclude-libs,ALL")
         set(CMAKE_MODULE_LINKER_FLAGS "${CMAKE_MODULE_LINKER_FLAGS} -Wl,--gc-sections -Wl,--exclude-libs,ALL")
diff --git a/ngraph/frontend/onnx/onnx_common/CMakeLists.txt b/ngraph/frontend/onnx/onnx_common/CMakeLists.txt
index 3eaf88f0c13f20..ec31841e12cccc 100644
--- a/ngraph/frontend/onnx/onnx_common/CMakeLists.txt
+++ b/ngraph/frontend/onnx/onnx_common/CMakeLists.txt
@@ -2,8 +2,6 @@
 # SPDX-License-Identifier: Apache-2.0
 #
 
-set(CMAKE_INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
-
 set(TARGET_NAME "onnx_common")
 
 file(GLOB_RECURSE LIBRARY_SRC ${CMAKE_CURRENT_SOURCE_DIR}/src/*.cpp)
diff --git a/ngraph/frontend/onnx/onnx_import/CMakeLists.txt b/ngraph/frontend/onnx/onnx_import/CMakeLists.txt
index b8eab155d9784c..61df1f6443d9ff 100644
--- a/ngraph/frontend/onnx/onnx_import/CMakeLists.txt
+++ b/ngraph/frontend/onnx/onnx_import/CMakeLists.txt
@@ -2,7 +2,6 @@
 # SPDX-License-Identifier: Apache-2.0
 #
 
-set(CMAKE_INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
 set(ONNX_OPSET_VERSION 13 CACHE INTERNAL "Supported version of ONNX operator set")
 
 file(GLOB_RECURSE LIBRARY_SRC ${CMAKE_CURRENT_SOURCE_DIR}/src/*.cpp)
diff --git a/ngraph/test/CMakeLists.txt b/ngraph/test/CMakeLists.txt
index a526f19e54ff5b..9cbf15c9fe5225 100644
--- a/ngraph/test/CMakeLists.txt
+++ b/ngraph/test/CMakeLists.txt
@@ -642,6 +642,11 @@ if (NGRAPH_ONNX_IMPORT_ENABLE)
     target_include_directories(unit-test PRIVATE ${ONNX_IMPORTER_SRC_DIR}/src)
 
     target_link_libraries(unit-test PRIVATE onnx_importer)
+    if (LINUX)
+        target_link_options(unit-test PRIVATE -Wl,--exclude-libs,ALL)
+    elseif(APPLE)
+        target_link_options(unit-test PRIVATE -Wl,-dead_strip)
+    endif()
 endif()
 
 install(TARGETS unit-test
diff --git a/thirdparty/CMakeLists.txt b/thirdparty/CMakeLists.txt
index 24e10be9f079c5..fa89cefc5c74c3 100644
--- a/thirdparty/CMakeLists.txt
+++ b/thirdparty/CMakeLists.txt
@@ -134,11 +134,10 @@ if(NGRAPH_PDPD_FRONTEND_ENABLE OR NGRAPH_ONNX_IMPORT_ENABLE)
         endif()
         find_package(Protobuf 3.9.0 REQUIRED)
         set(Protobuf_LITE_LIBRARIES protobuf::libprotobuf-lite)
-        set(Protobuf_LIBRARIES protobuf::libprotobuf)
         set(SYSTEM_PROTOC protobuf::protoc)
         set(PROTOC_EXECUTABLE ${SYSTEM_PROTOC})
 
-        foreach(target ${SYSTEM_PROTOC} ${Protobuf_LIBRARIES} ${Protobuf_LITE_LIBRARIES})
+        foreach(target ${SYSTEM_PROTOC} ${Protobuf_LITE_LIBRARIES})
             set_property(TARGET ${target} PROPERTY IMPORTED_GLOBAL TRUE)
         endforeach()
     else()
@@ -148,12 +147,11 @@ if(NGRAPH_PDPD_FRONTEND_ENABLE OR NGRAPH_ONNX_IMPORT_ENABLE)
     # forward variables used in the other places
     set(SYSTEM_PROTOC ${SYSTEM_PROTOC} PARENT_SCOPE)
     set(PROTOC_EXECUTABLE ${PROTOC_EXECUTABLE} PARENT_SCOPE)
-    set(Protobuf_LIBRARIES ${Protobuf_LIBRARIES} PARENT_SCOPE)
     set(Protobuf_LITE_LIBRARIES ${Protobuf_LITE_LIBRARIES} PARENT_SCOPE)
     set(Protobuf_INCLUDE_DIRS ${Protobuf_INCLUDE_DIRS} PARENT_SCOPE)
 
     # set public / interface compile options
-    foreach(target IN LISTS Protobuf_LITE_LIBRARIES Protobuf_LIBRARIES)
+    foreach(target IN LISTS Protobuf_LITE_LIBRARIES)
         set(link_type PUBLIC)
         if(NGRAPH_USE_SYSTEM_PROTOBUF)
             set(link_type INTERFACE)
diff --git a/thirdparty/onnx/CMakeLists.txt b/thirdparty/onnx/CMakeLists.txt
index 1196ab8dac0ddd..7915f5c4c71eae 100644
--- a/thirdparty/onnx/CMakeLists.txt
+++ b/thirdparty/onnx/CMakeLists.txt
@@ -2,12 +2,11 @@
 # SPDX-License-Identifier: Apache-2.0
 #
 
-set(CMAKE_INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
-
 #------------------------------------------------------------------------------
 # Configure and install libonnx ...
 #------------------------------------------------------------------------------
 
+set(CMAKE_INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
 set(NGRAPH_ONNX_NAMESPACE ngraph_onnx)
 set(BUILD_SHARED_LIBS OFF)
 
diff --git a/thirdparty/protobuf/CMakeLists.txt b/thirdparty/protobuf/CMakeLists.txt
index 7cab74c6831330..821c6764666ea2 100644
--- a/thirdparty/protobuf/CMakeLists.txt
+++ b/thirdparty/protobuf/CMakeLists.txt
@@ -6,7 +6,6 @@
 # Configure Google Protobuf ...
 #------------------------------------------------------------------------------
 
-set(CMAKE_INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
 set(BUILD_SHARED_LIBS OFF)
 
 if(SUGGEST_OVERRIDE_SUPPORTED)
@@ -58,32 +57,22 @@ target_include_directories(libprotobuf-lite SYSTEM PRIVATE "${Protobuf_INCLUDE_D
 if(CMAKE_COMPILER_IS_GNUCXX OR OV_COMPILER_IS_CLANG OR
    CMAKE_CXX_COMPILER_ID STREQUAL "Intel")
     if(protobuf_BUILD_PROTOC_BINARIES)
-        set_target_properties(protoc libprotoc PROPERTIES
+        list(APPEND _protoc_libs protoc libprotoc libprotobuf)
+        set_target_properties(${_protoc_libs} PROPERTIES
             CXX_VISIBILITY_PRESET default
             C_VISIBILITY_PRESET default
-            VISIBILITY_INLINES_HIDDEN OFF)
-        list(APPEND _protobuf_libs protoc libprotoc)
+            VISIBILITY_INLINES_HIDDEN OFF
+            INTERPROCEDURAL_OPTIMIZATION_RELEASE OFF)
     endif()
-    ov_disable_all_warnings(${_protobuf_libs} libprotobuf libprotobuf-lite)
-endif()
-
-if(NGRAPH_USE_PROTOBUF_LITE)
-    # if only libprotobuf-lite is used, both libprotobuf and libprotobuf-lite are built
-    # libprotoc target needs symbols from libprotobuf, even in libprotobuf-lite configuration
-    set_target_properties(libprotobuf PROPERTIES
-        CXX_VISIBILITY_PRESET default
-        C_VISIBILITY_PRESET default
-        VISIBILITY_INLINES_HIDDEN OFF)
+    ov_disable_all_warnings(${_protoc_libs} libprotobuf-lite)
+    set_target_properties(libprotobuf-lite PROPERTIES
+        INTERPROCEDURAL_OPTIMIZATION_RELEASE ${ENABLE_LTO})
 endif()
 
 if(protobuf_VERSION VERSION_LESS "3.9" AND NGRAPH_USE_PROTOBUF_LITE)
     message(FATAL_ERROR "Minimum supported version of protobuf-lite library is 3.9.0 (provided ${protobuf_VERSION})")
 endif()
 
-if(ENABLE_LTO AND protobuf_VERSION VERSION_GREATER_EQUAL "3.8")
-    message(WARNING "Protobuf in version 3.8.0+ can throw runtime exceptions if LTO is enabled.")
-endif()
-
 if(CMAKE_CROSSCOMPILING AND NOT PROTOC_VERSION VERSION_EQUAL protobuf_VERSION)
     message(WARNING "system protobuf version does not match with the compiled one, please update system protobuf or submodule")
 endif()
@@ -98,5 +87,4 @@ endif()
 
 set(protobuf_VERSION ${protobuf_VERSION} PARENT_SCOPE)
 set(Protobuf_LITE_LIBRARIES libprotobuf-lite PARENT_SCOPE)
-set(Protobuf_LIBRARIES libprotobuf-lite PARENT_SCOPE)
 set(Protobuf_INCLUDE_DIRS ${Protobuf_INCLUDE_DIRS} PARENT_SCOPE)