diff --git a/ngraph/core/src/node.cpp b/ngraph/core/src/node.cpp
index 60cc0f7ccc8..c04fb69c65d 100644
--- a/ngraph/core/src/node.cpp
+++ b/ngraph/core/src/node.cpp
@@ -155,12 +155,13 @@ void ov::Node::set_arguments(const NodeVector& arguments) {
 }
 
 void ov::Node::set_arguments(const OutputVector& arguments) {
+    // Remove existing inputs of this node
+    m_inputs.clear();
+
     // Add this node as a user of each argument.
     size_t i = 0;
     for (auto& output : arguments) {
-        auto output_node = output.get_node();
-        auto& output_descriptor = output_node->m_outputs.at(output.get_index());
-        m_inputs.emplace_back(this, i++, output_descriptor);
+        set_argument(i++, output);
     }
 }
 
diff --git a/ngraph/test/node_input_output.cpp b/ngraph/test/node_input_output.cpp
index 0b99f8fb207..ec4c1182e48 100644
--- a/ngraph/test/node_input_output.cpp
+++ b/ngraph/test/node_input_output.cpp
@@ -96,3 +96,27 @@ TEST(node_input_output, output_create_const) {
 
     EXPECT_THROW(add->output(1), std::out_of_range);
 }
+
+TEST(node_input_output, input_set_argument) {
+    auto x = make_shared<op::Parameter>(element::f32, Shape{1});
+    auto y = make_shared<op::Parameter>(element::f32, Shape{2});
+    auto z = make_shared<op::Parameter>(element::f32, Shape{3});
+
+    auto add = make_shared<op::v1::Add>(x, y);
+
+    EXPECT_EQ(add->get_input_size(), 2);
+    EXPECT_EQ(add->input(0).get_shape(), Shape{1});
+    EXPECT_EQ(add->input(1).get_shape(), Shape{2});
+
+    add->set_argument(1, z);
+
+    EXPECT_EQ(add->get_input_size(), 2);
+    EXPECT_EQ(add->input(0).get_shape(), Shape{1});
+    EXPECT_EQ(add->input(1).get_shape(), Shape{3});
+
+    add->set_arguments(NodeVector{z, x});
+
+    EXPECT_EQ(add->get_input_size(), 2);
+    EXPECT_EQ(add->input(0).get_shape(), Shape{3});
+    EXPECT_EQ(add->input(1).get_shape(), Shape{1});
+}
diff --git a/runtime/bindings/python/src/compatibility/pyngraph/node.cpp b/runtime/bindings/python/src/compatibility/pyngraph/node.cpp
index 3c7436d2dc8..ee0a96ee82c 100644
--- a/runtime/bindings/python/src/compatibility/pyngraph/node.cpp
+++ b/runtime/bindings/python/src/compatibility/pyngraph/node.cpp
@@ -257,6 +257,14 @@ void regclass_pyngraph_Node(py::module m) {
                     Operation version.
              )");
 
+    node.def("set_argument", &ngraph::Node::set_argument);
+    node.def("set_arguments", [](const std::shared_ptr<ngraph::Node>& self, const ngraph::NodeVector& args) {
+        self->set_arguments(args);
+    });
+    node.def("set_arguments", [](const std::shared_ptr<ngraph::Node>& self, const ngraph::OutputVector& args) {
+        self->set_arguments(args);
+    });
+
     node.def_property_readonly("shape", &ngraph::Node::get_shape);
     node.def_property_readonly("name", &ngraph::Node::get_name);
     node.def_property_readonly("rt_info",
diff --git a/runtime/bindings/python/tests/test_ngraph/test_basic.py b/runtime/bindings/python/tests/test_ngraph/test_basic.py
index af6d9bb57ce..2ec656a800b 100644
--- a/runtime/bindings/python/tests/test_ngraph/test_basic.py
+++ b/runtime/bindings/python/tests/test_ngraph/test_basic.py
@@ -253,6 +253,44 @@ def test_constant_get_data_unsigned_integer(data_type):
     assert np.allclose(input_data, retrieved_data)
 
 
+def test_set_argument():
+    runtime = get_runtime()
+
+    data1 = np.array([1, 2, 3])
+    data2 = np.array([4, 5, 6])
+    data3 = np.array([7, 8, 9])
+
+    node1 = ng.constant(data1, dtype=np.float32)
+    node2 = ng.constant(data2, dtype=np.float32)
+    node3 = ng.constant(data3, dtype=np.float32)
+    node_add = ng.add(node1, node2)
+
+    # Original arguments
+    computation = runtime.computation(node_add)
+    output = computation()
+    assert np.allclose(data1 + data2, output)
+
+    # Arguments changed by set_argument
+    node_add.set_argument(1, node3.output(0))
+    output = computation()
+    assert np.allclose(data1 + data3, output)
+
+    # Arguments changed by set_argument
+    node_add.set_argument(0, node3.output(0))
+    output = computation()
+    assert np.allclose(data3 + data3, output)
+
+    # Arguments changed by set_argument(OutputVector)
+    node_add.set_arguments([node2.output(0), node3.output(0)])
+    output = computation()
+    assert np.allclose(data2 + data3, output)
+
+    # Arguments changed by set_arguments(NodeVector)
+    node_add.set_arguments([node1, node2])
+    output = computation()
+    assert np.allclose(data1 + data2, output)
+
+
 def test_result():
     node = np.array([[11, 10], [1, 8], [3, 4]])
     result = run_op_node([node], ng.result)