diff --git a/.github/workflows/linux_riscv.yml b/.github/workflows/linux_riscv.yml
index d764c1f96c1645..eab5e4ffed1555 100644
--- a/.github/workflows/linux_riscv.yml
+++ b/.github/workflows/linux_riscv.yml
@@ -193,7 +193,6 @@ jobs:
             -DENABLE_PYTHON=ON \
             -DENABLE_WHEEL=ON \
             -DPYTHON_MODULE_EXTENSION=$(riscv64-linux-gnu-python3-config --extension-suffix) \
-            -DPYBIND11_PYTHON_EXECUTABLE_LAST=${OPENVINO_BUILD_DIR}/env/bin/python3.10 \
             -DENABLE_TESTS=ON \
             -DENABLE_PYTHON_PACKAGING=ON \
             -DENABLE_SYSTEM_PROTOBUF=ON \
diff --git a/cmake/developer_package/OpenVINODeveloperScriptsConfig.cmake b/cmake/developer_package/OpenVINODeveloperScriptsConfig.cmake
index 6197d664cff7b6..acbb3574dbf14f 100644
--- a/cmake/developer_package/OpenVINODeveloperScriptsConfig.cmake
+++ b/cmake/developer_package/OpenVINODeveloperScriptsConfig.cmake
@@ -222,6 +222,8 @@ set(CMAKE_POLICY_DEFAULT_CMP0111 NEW)
 set(CMAKE_POLICY_DEFAULT_CMP0127 NEW)
 # CMake 3.24+ :prefers to set the timestamps of all extracted contents to the time of the extraction
 set(CMAKE_POLICY_DEFAULT_CMP0135 NEW)
+# CMake 3.27+ :The FindPythonInterp and FindPythonLibs modules are removed.
+set(CMAKE_POLICY_DEFAULT_CMP0148 NEW)
 
 set(CMAKE_WARN_DEPRECATED OFF CACHE BOOL "Don't warn about obsolete cmake versions in 3rdparty")
 set(CMAKE_WARN_ON_ABSOLUTE_INSTALL_DESTINATION ON CACHE BOOL "Warn about absolute paths in destination")
diff --git a/conan.lock b/conan.lock
index 19142643d16ad3..3abcbc534daabd 100644
--- a/conan.lock
+++ b/conan.lock
@@ -4,7 +4,7 @@
         "xbyak/6.73#250bc3bc73379f90f255876c1c00a4cd%1691853024.351",
         "snappy/1.1.10#916523630083f6d855cb2977de8eefb6%1689780661.062",
         "rapidjson/cci.20220822#8ca51918340f3a21127822258e95ec0f%1663194355.698",
-        "pybind11/2.10.4#dd44c80a5ed6a2ef11194380daae1248%1682692198.909",
+        "pybind11/2.12.0#1bf487c19d580200ba9b74afcc4174b4%1682692198.909",
         "pugixml/1.13#f615c1fcec55122b2e177d17061276e7%1691917296.869",
         "protobuf/3.21.12#d9f5f4e3b86552552dda4c0a2e928eeb%1685218275.69",
         "opencl-icd-loader/2023.04.17#5f73dd9f0c023d416a7f162e320b9c77%1692732261.088",
diff --git a/conanfile.txt b/conanfile.txt
index 5d9920874a629b..7cbc98e354dc20 100644
--- a/conanfile.txt
+++ b/conanfile.txt
@@ -8,7 +8,7 @@ rapidjson/[>=1.1.0]
 xbyak/[>=6.62]
 snappy/[>=1.1.7]
 onnx/1.15.0
-pybind11/[>=2.10.1]
+pybind11/[>=2.12.0]
 flatbuffers/[>=22.9.24]
 
 [tool_requires]
diff --git a/src/bindings/python/CMakeLists.txt b/src/bindings/python/CMakeLists.txt
index 83e03d4390f6f0..57a26e5c08c844 100644
--- a/src/bindings/python/CMakeLists.txt
+++ b/src/bindings/python/CMakeLists.txt
@@ -201,6 +201,9 @@ if(Python3_VERSION_MINOR GREATER_EQUAL 11)
 else()
     set(pybind11_min_version 2.8.0)
 endif()
+if(CMAKE_CROSSCOMPILING)
+    set(pybind11_min_version 2.12.0)
+endif()
 
 find_package(Python3 REQUIRED COMPONENTS Interpreter ${python3_development_component})
 find_package(pybind11 ${pybind11_min_version} QUIET)
diff --git a/src/bindings/python/thirdparty/pybind11 b/src/bindings/python/thirdparty/pybind11
index 2965fa8de3cf9e..3e9dfa28669416 160000
--- a/src/bindings/python/thirdparty/pybind11
+++ b/src/bindings/python/thirdparty/pybind11
@@ -1 +1 @@
-Subproject commit 2965fa8de3cf9e82c789f906a525a76197b186c1
+Subproject commit 3e9dfa2866941655c56877882565e7577de6fc7b
diff --git a/tools/mo/unit_tests/mock_mo_frontend/mock_mo_python_api/CMakeLists.txt b/tools/mo/unit_tests/mock_mo_frontend/mock_mo_python_api/CMakeLists.txt
index 75b793f045e7ac..463c6c8ab19e12 100644
--- a/tools/mo/unit_tests/mock_mo_frontend/mock_mo_python_api/CMakeLists.txt
+++ b/tools/mo/unit_tests/mock_mo_frontend/mock_mo_python_api/CMakeLists.txt
@@ -30,6 +30,9 @@ if(Python3_VERSION_MINOR GREATER_EQUAL 11)
 else()
     set(pybind11_min_version 2.8.0)
 endif()
+if(CMAKE_CROSSCOMPILING)
+    set(pybind11_min_version 2.12.0)
+endif()
 
 find_package(pybind11 ${pybind11_min_version} QUIET)