diff --git a/assets/training/scripts/_component_upgrade/README.md b/assets/training/scripts/_component_upgrade/README.md
new file mode 100644
index 0000000000..2b5ae799e4
--- /dev/null
+++ b/assets/training/scripts/_component_upgrade/README.md
@@ -0,0 +1,8 @@
+# Introduction 
+This doc talks about the pre-requisites for component release:
+
+- From the root of this repo, run the following to install the dependencies: `conda env create -f assets/training/scripts/_component_upgrade/dev_conda_env.yaml`.
+- From the root of this repo, run the following to upgrade the components: `python assets/training/scripts/_component_upgrade/main.py`.
+- After successful completion, the script will:
+    - print the regular expression, copy this since this wil be required in the build pipeline.
+    - generate changes. Create a PR and merge your changes into main branch. Wait for 10 minutes after PR merge and then kick off the build pipeline.
diff --git a/assets/training/scripts/_component_upgrade/components.yaml b/assets/training/scripts/_component_upgrade/components.yaml
new file mode 100644
index 0000000000..c83a40d3fc
--- /dev/null
+++ b/assets/training/scripts/_component_upgrade/components.yaml
@@ -0,0 +1,72 @@
+# This file contains the list of component's name from spec.yaml that needs to be auto upgraded.
+
+# Instructions:
+# - Add the component name from the spec.yaml file that needs to be auto upgraded.
+# - pipeline component must be mentioned after all of its sub-components have been mentioned.
+
+component:
+  # Forecasting
+  - automl_hts_inference_setup_step
+  - automl_hts_prs_inference_step
+  - automl_hts_inference_collect_step
+  - automl_hts_inference
+  - automl_hts_training_setup_step
+  - automl_hts_automl_training_step
+  - automl_hts_data_aggregation_step
+  - automl_hts_training_collect_step
+  - automl_hts_training
+  - automl_many_models_inference_setup_step
+  - automl_many_models_inference_step
+  - automl_many_models_inference_collect_step
+  - automl_many_models_inference
+  - automl_many_models_training_setup_step
+  - automl_many_models_training_step
+  - automl_many_models_training_collection_step
+  - automl_many_models_training
+  - automl_tabular_data_partitioning
+  - automl_forecasting_inference
+
+  # FT Common
+  - finetune_common_validation
+
+  # FT Vision
+  - transformers_image_classification_finetune
+  - mmdetection_image_objectdetection_instancesegmentation_finetune
+  - image_framework_selector
+  - transformers_image_classification_model_import
+  - mmdetection_image_objectdetection_instancesegmentation_model_import
+  - image_model_output_selector
+  - train_image_classification_model
+  - train_instance_segmentation_model
+  - train_object_detection_model
+  - image_classification_pipeline
+  - transformers_image_classification_pipeline
+  - image_instance_segmentation_pipeline
+  - mmdetection_image_objectdetection_instancesegmentation_pipeline
+  - image_object_detection_pipeline
+
+  # FT NLP
+  - text_classification_finetune
+  - token_classification_finetune
+  - text_classification_model_import
+  - token_classification_model_import
+  - nlp_multiclass_datapreprocessing
+  - nlp_multilabel_datapreprocessing
+  - nlp_ner_datapreprocessing
+  - nlp_textclassification_multiclass
+  - nlp_textclassification_multilabel
+  - nlp_textclassification_ner
+
+  # Distillation
+  - batch_benchmark_config_generator
+  - batch_score_oss
+  - oss_distillation_generate_data
+  - oss_distillation_generate_data_batch_preprocess
+  - oss_distillation_generate_data_batch_postprocess
+  - oss_distillation_data_generation_batch_scoring_selector
+  - oss_distillation_data_generation_file_selector
+  - oss_distillation_data_generation_validation_file_checker
+  - oss_distillation_validate_pipeline
+  - oss_distillation_batchscoring_datagen_pipeline
+  - oss_distillation_seq_scoring_pipeline
+  - oss_distillation_pipeline
\ No newline at end of file
diff --git a/assets/training/scripts/_component_upgrade/dev_conda_env.yaml b/assets/training/scripts/_component_upgrade/dev_conda_env.yaml
new file mode 100644
index 0000000000..3452c5298f
--- /dev/null
+++ b/assets/training/scripts/_component_upgrade/dev_conda_env.yaml
@@ -0,0 +1,13 @@
+channels:
+  - conda-forge
+dependencies:
+  - python=3.11.0
+  - pip
+  - pip:
+    ## src requirements
+    - azure-ai-ml
+    - azure-identity
+    - azure-core
+    - tqdm
+    - pyyaml
+name: component_upgrade
diff --git a/assets/training/scripts/_component_upgrade/main.py b/assets/training/scripts/_component_upgrade/main.py
new file mode 100644
index 0000000000..b6d8613453
--- /dev/null
+++ b/assets/training/scripts/_component_upgrade/main.py
@@ -0,0 +1,245 @@
+# Copyright (c) Microsoft Corporation.
+# Licensed under the MIT License.
+
+"""
+Script to upgrade components before release.
+
+This script updates all the required parts in a component and finally
+prints the regular expression to be used in the release. Components
+are read from components.yaml file.
+"""
+
+import os
+import re
+from typing import List, Union, Dict, Any, Tuple, Optional, Set
+from concurrent.futures import ThreadPoolExecutor
+from pathlib import Path
+import time
+
+from tqdm import tqdm
+from yaml import safe_load
+from azure.ai.ml.constants._common import AzureMLResourceType
+from azure.ai.ml.constants._component import NodeType
+from azure.ai.ml import MLClient
+from azure.identity import DefaultAzureCredential
+from azure.core.exceptions import ResourceNotFoundError
+
+
+ASSETS_DIR = Path(__file__).resolve().parents[3]
+REG_ML_CLIENT = MLClient(credential=DefaultAzureCredential(), registry_name="azureml")
+FIRST_VERSION = "0.0.1"
+CACHE: Dict[str, str] = {}
+
+_components_yaml_path = Path(__file__).resolve().parents[0] / "components.yaml"
+with open(_components_yaml_path, "r") as file:
+    OWNED_COMPONENT_NAMES: Set[str] = set(safe_load(file)["component"])
+
+
+def _get_components_spec_path() -> List[str]:
+    """Get all components spec path that requires update."""
+    # get required components' spec paths
+    component_paths = []
+    for root, _, files in os.walk(ASSETS_DIR):
+        if "spec.yaml" in files:
+            asset_path = os.path.join(root, "spec.yaml")
+            with open(asset_path, "r") as file:
+                spec = safe_load(file)
+            if spec.get("name", None) not in OWNED_COMPONENT_NAMES:
+                continue
+            component_paths.append(asset_path)
+    return component_paths
+
+
+def _get_bumped_version(version: str, increment: bool = True) -> str:
+    """
+    Return bumped version.
+
+    :param version: Version to bump.
+    :param increment: If True, increment the last part of the version. Else, decrement the last part of the version.
+    :return: Bumped version.
+    """
+    version_arr = list(map(int, version.split(".")))
+    if increment:
+        version_arr[-1] += 1
+    else:
+        version_arr[-1] -= 1
+    return ".".join(map(str, version_arr))
+
+
+def _get_asset_latest_version(
+    asset_name: str,
+    asset_type: Union[AzureMLResourceType.COMPONENT, AzureMLResourceType.ENVIRONMENT],
+) -> Optional[str]:
+    """Get component latest version."""
+    global CACHE
+    if asset_name in CACHE:
+        return str(CACHE[asset_name])
+    try:
+        if asset_type == AzureMLResourceType.COMPONENT:
+            asset = REG_ML_CLIENT.components.get(name=asset_name, label="latest")
+        elif asset_type == AzureMLResourceType.ENVIRONMENT:
+            asset = REG_ML_CLIENT.environments.get(name=asset_name, label="latest")
+    except ResourceNotFoundError:
+        return None
+    CACHE[asset_name] = asset.version
+    return asset.version
+
+
+def __replace_pipeline_comp_job_version(match: re.Match) -> str:
+    """Replace version for job in pipeline component."""
+    component_name_with_registry = match.group(1)
+    _component_name = component_name_with_registry.split(":")[-1]
+    latest_version = _get_asset_latest_version(
+        asset_name=_component_name,
+        asset_type=AzureMLResourceType.COMPONENT,
+    )
+    if latest_version is None:
+        new_version = match.group(2)
+        new_version = new_version if new_version is not None else FIRST_VERSION
+    else:
+        if _component_name in OWNED_COMPONENT_NAMES:
+            new_version = _get_bumped_version(latest_version)
+        else:
+            new_version = latest_version
+    return f"component: {component_name_with_registry}:{new_version}"
+
+
+def _upgrade_component_env(spec: Dict[str, Any], spec_str: str) -> str:
+    """Upgrade component's environment."""
+    type = spec["type"]
+
+    if type == NodeType.COMMAND or type == NodeType.PARALLEL:
+        if type == NodeType.COMMAND:
+            env_arr = spec["environment"].split("/")
+        elif type == NodeType.PARALLEL:
+            env_arr = spec["task"]["environment"].split("/")
+        else:
+            raise ValueError(f"Invalid type {type}.")
+
+        latest_version = _get_asset_latest_version(
+            asset_name=env_arr[-3],
+            asset_type=AzureMLResourceType.ENVIRONMENT,
+        )
+        if latest_version is None:
+            latest_version = env_arr[-1]
+
+        if env_arr[-1] == "latest":
+            env_arr[-2] = "versions"
+        env_arr[-1] = latest_version
+        spec_str = re.sub(
+            pattern=r"environment: .*",
+            repl=f"environment: {'/'.join(env_arr)}",
+            string=spec_str,
+        )
+
+    elif type == NodeType.PIPELINE:
+        spec_str = re.sub(
+            pattern=r"component: ([^:@\s]+:[^:@\s]+)(?::(\d+\.\d+\.\d+)|@latest)?",
+            repl=__replace_pipeline_comp_job_version,
+            string=spec_str,
+        )
+
+    return spec_str
+
+
+def _upgrade_component(
+    component_path: str,
+) -> Tuple[bool, Union[str, None], str, Optional[str]]:
+    """Upgrade component spec.
+
+    :param component_path: Path to component spec.
+    :return: Tuple of (error, error_message, component_path, component_name).
+    """
+    is_error = False
+    error = None
+    name = None
+    try:
+        with open(component_path, "r") as file:
+            spec = safe_load(file)
+            file.seek(0)
+            spec_str = file.read()
+        name = spec["name"]
+
+        # bump component version
+        latest_version = _get_asset_latest_version(
+            asset_name=name,
+            asset_type=AzureMLResourceType.COMPONENT,
+        )
+        if latest_version is None:
+            new_version = FIRST_VERSION
+        else:
+            new_version = _get_bumped_version(latest_version)
+        spec["version"] = new_version
+        spec_str = re.sub(
+            pattern=r"version: .*", repl=f"version: {new_version}", string=spec_str
+        )
+
+        # bump component's environment only where version is hardcoded
+        spec_str = _upgrade_component_env(spec, spec_str)
+
+        with open(component_path, "w") as file:
+            file.write(spec_str)
+    except Exception as e:
+        is_error = True
+        error = str(e)
+    return is_error, error, component_path, name
+
+
+def main() -> None:
+    """Entry function."""
+    component_spec_paths = _get_components_spec_path()
+
+    max_allowed_threads = 1
+    print(
+        f"\nUpgrading {len(component_spec_paths)} components with {max_allowed_threads} thread(s)... "
+        "\nPlease wait and check for errors."
+    )
+
+    start_time = time.time()
+    with ThreadPoolExecutor(max_workers=max_allowed_threads) as executor:
+        results = list(
+            tqdm(
+                executor.map(_upgrade_component, component_spec_paths),
+                total=len(component_spec_paths),
+            )
+        )
+    end_time = time.time()
+
+    # check for errors
+    error_count = 0
+    error_mssgs = []
+    regex = "component/("
+    for is_error, error_mssg, _, comp_name in results:
+        if is_error:
+            error_count += 1
+            mssg = (
+                f"#{error_count}. Error in upgrading component '{comp_name}'. "
+                f"Error details: \n\n{error_mssg}"
+            )
+            error_mssgs.append(mssg)
+        else:
+            regex += f"{comp_name}|"
+    # remove the last "|" and add the end of the regex
+    regex = regex[:-1] + ")/.+"
+
+    # print errors
+    if error_count > 0:
+        print(f"\U0001F61E Errors found {error_count}:")
+        print(
+            "------------------------------------ERRORS------------------------------------"
+        )
+        print("\n".join(error_mssgs))
+        print(
+            "\n\nPlease fix the errors and re-run the script to get the regular expression."
+        )
+    else:
+        print(
+            "\U0001F603 No errors found! Took {:.2f} seconds.".format(
+                end_time - start_time
+            )
+        )
+        print(f"\n\nRegular Expression: {regex}")
+
+
+if __name__ == "__main__":
+    main()