diff --git a/src/common/transformations/src/transformations/convert_precision.cpp b/src/common/transformations/src/transformations/convert_precision.cpp
index d9d506bbd0660e..65387086310830 100644
--- a/src/common/transformations/src/transformations/convert_precision.cpp
+++ b/src/common/transformations/src/transformations/convert_precision.cpp
@@ -201,6 +201,8 @@ bool convert_function_precision(const std::shared_ptr<Model>& f,
     }
 
     for (const auto& param : f->get_parameters()) {
+        if (skip_precision_sensitive && fp16_compression_is_disabled(param) && has_fp16_compression)
+            continue;
         is_changed |= fuse_type_to_parameter(param, precisions, convert_input_output_precision);
     }
 
diff --git a/src/common/transformations/tests/utils/convert_precision.cpp b/src/common/transformations/tests/utils/convert_precision.cpp
index cab235a94591af..8ace0561225b4c 100644
--- a/src/common/transformations/tests/utils/convert_precision.cpp
+++ b/src/common/transformations/tests/utils/convert_precision.cpp
@@ -15,12 +15,12 @@
 #include "openvino/core/model.hpp"
 #include "openvino/opsets/opset1.hpp"
 #include "openvino/opsets/opset10.hpp"
+#include "openvino/pass/visualize_tree.hpp"
 #include "openvino/opsets/opset3.hpp"
 #include "openvino/opsets/opset4.hpp"
 #include "openvino/opsets/opset5.hpp"
 #include "openvino/opsets/opset8.hpp"
 #include "openvino/pass/manager.hpp"
-#include "openvino/pass/visualize_tree.hpp"
 #include "ov_ops/type_relaxed.hpp"
 #include "transformations/common_optimizations/disable_shapeof_constant_folding.hpp"
 #include "transformations/rt_info/disable_fp16_compression.hpp"
@@ -2136,3 +2136,93 @@ TEST(TransformationTests, ConvertPrecisionExplicitConvertsMultiSubgraphs) {
     const auto& results = model->get_results();
     ASSERT_EQ("if_result", results[0]->get_input_node_ptr(0)->get_friendly_name());
 }
+
+TEST(TransformationTests, align_mixed_fp16_fp32_with_parameter_for_shape_1) {
+    shared_ptr<Model> model, model_ref;
+    pass::Manager manager;
+    {
+        auto input_1 = make_shared<ov::op::v0::Parameter>(element::f32, Shape{1, 3, 224, 224});
+        auto shape_input = make_shared<ov::op::v0::Parameter>(element::f32, Shape{2});
+
+        auto upscale_const = ov::op::v0::Constant::create(element::f32, Shape{1}, {2.0f});
+        auto mul_1 = make_shared<ov::op::v1::Multiply>(shape_input, upscale_const);
+        auto axis_const = ov::op::v0::Constant::create(element::i64, Shape{1}, {0});
+        auto final_float_shape = make_shared<ov::op::v1::ReduceProd>(mul_1, axis_const);
+        auto final_int_shape = make_shared<ov::op::v0::Convert>(final_float_shape, element::i64);
+        auto reshape_1 = make_shared<ov::op::v1::Reshape>(input_1, final_int_shape, false);
+
+        model = make_shared<Model>(NodeVector{reshape_1}, ParameterVector{input_1, shape_input});
+
+        type_to_fuse_map empty_type_to_fuse_map = {};
+        bool keep_precision_sensitive_in_fp32 = true;
+        manager.register_pass<pass::ConvertPrecision>(precisions_map{{element::f32, element::f16}},
+                                                      empty_type_to_fuse_map,
+                                                      keep_precision_sensitive_in_fp32);
+        manager.run_passes(model);
+    }
+
+    {
+        auto input_1 = make_shared<ov::op::v0::Parameter>(element::f16, Shape{1, 3, 224, 224});
+        auto shape_input = make_shared<ov::op::v0::Parameter>(element::f32, Shape{2});
+
+        // even for FP16 compressed model shape subgraph should be kept in fp32
+        auto upscale_const = ov::op::v0::Constant::create(element::f32, Shape{1}, {2.0f});
+        auto mul_1 = make_shared<ov::op::v1::Multiply>(shape_input, upscale_const);
+        auto axis_const = ov::op::v0::Constant::create(element::i64, Shape{1}, {0});
+        auto final_float_shape = make_shared<ov::op::v1::ReduceProd>(mul_1, axis_const);
+        auto final_int_shape = make_shared<ov::op::v0::Convert>(final_float_shape, element::i64);
+        auto reshape_1 = make_shared<ov::op::v1::Reshape>(input_1, final_int_shape, false);
+
+        model_ref = make_shared<Model>(NodeVector{reshape_1}, ParameterVector{input_1, shape_input});
+    }
+    const FunctionsComparator func_comparator = FunctionsComparator::with_default();
+    FunctionsComparator::Result result = func_comparator(model_ref, model);
+    ASSERT_TRUE(result.valid) << result.message;
+}
+
+TEST(TransformationTests, align_mixed_fp16_fp32_with_parameter_for_shape_2) {
+    shared_ptr<Model> model, model_ref;
+    pass::Manager manager;
+    {
+        auto input_1 = make_shared<ov::op::v0::Parameter>(element::f32, Shape{1, 3, 224, 224});
+        auto shape_input = make_shared<ov::op::v0::Parameter>(element::f32, Shape{2});
+
+        auto upscale_const = ov::op::v0::Constant::create(element::f32, Shape{1}, {2.0f});
+        auto mul_1 = make_shared<ov::op::v1::Multiply>(shape_input, upscale_const);
+        auto axis_const = ov::op::v0::Constant::create(element::i64, Shape{1}, {0});
+        auto final_float_shape = make_shared<ov::op::v1::ReduceProd>(mul_1, axis_const);
+        auto final_int_shape = make_shared<ov::op::v0::Convert>(final_float_shape, element::i64);
+        auto reshape_1 = make_shared<ov::op::v1::Reshape>(input_1, final_int_shape, false);
+
+        model = make_shared<Model>(NodeVector{reshape_1}, ParameterVector{input_1, shape_input});
+
+        type_to_fuse_map empty_type_to_fuse_map = {};
+        bool keep_precision_sensitive_in_fp32 = true;
+        const bool convert_input_output_precision = false;
+        manager.register_pass<pass::ConvertPrecision>(precisions_map{{element::f32, element::f16}},
+                                                      empty_type_to_fuse_map,
+                                                      keep_precision_sensitive_in_fp32,
+                                                      convert_input_output_precision);
+        manager.run_passes(model);
+    }
+
+    {
+        auto input_1 = make_shared<ov::op::v0::Parameter>(element::f32, Shape{1, 3, 224, 224});
+        auto convert_to_f16 = make_shared<ov::op::v0::Convert>(input_1, element::f16);
+        auto shape_input = make_shared<ov::op::v0::Parameter>(element::f32, Shape{2});
+
+        // even for FP16 compressed model shape subgraph should be kept in fp32
+        auto upscale_const = ov::op::v0::Constant::create(element::f32, Shape{1}, {2.0f});
+        auto mul_1 = make_shared<ov::op::v1::Multiply>(shape_input, upscale_const);
+        auto axis_const = ov::op::v0::Constant::create(element::i64, Shape{1}, {0});
+        auto final_float_shape = make_shared<ov::op::v1::ReduceProd>(mul_1, axis_const);
+        auto final_int_shape = make_shared<ov::op::v0::Convert>(final_float_shape, element::i64);
+        auto reshape_1 = make_shared<ov::op::v1::Reshape>(convert_to_f16, final_int_shape, false);
+        auto convert_to_f32 = make_shared<ov::op::v0::Convert>(reshape_1, element::f32);
+
+        model_ref = make_shared<Model>(NodeVector{convert_to_f32}, ParameterVector{input_1, shape_input});
+    }
+    const FunctionsComparator func_comparator = FunctionsComparator::with_default();
+    FunctionsComparator::Result result = func_comparator(model_ref, model);
+    ASSERT_TRUE(result.valid) << result.message;
+}