diff --git a/src/bindings/python/src/pyopenvino/core/core.cpp b/src/bindings/python/src/pyopenvino/core/core.cpp
index 4d3e2f3b298abd..3d0b7c6add2e18 100644
--- a/src/bindings/python/src/pyopenvino/core/core.cpp
+++ b/src/bindings/python/src/pyopenvino/core/core.cpp
@@ -14,6 +14,7 @@
 #include <random>
 
 #include "common.hpp"
+#include "openvino/runtime/shared_buffer.hpp"
 #include "pyopenvino/core/remote_context.hpp"
 #include "pyopenvino/graph/op_extension.hpp"
 #include "pyopenvino/utils/utils.hpp"
@@ -554,8 +555,8 @@ void regclass_Core(py::module m) {
                 info = py::buffer(model_stream).request();
             }
 
-            Common::utils::MemoryBuffer mb(reinterpret_cast<char*>(info.ptr), info.size);
-            std::istream stream(&mb);
+            ov::SharedStreamBuffer mb{info.ptr, static_cast<size_t>(info.size)};
+            std::istream stream{&mb};
 
             ConditionalGILScopedRelease release;
             return self.import_model(stream, device_name, _properties);
diff --git a/src/bindings/python/src/pyopenvino/frontend/frontend.cpp b/src/bindings/python/src/pyopenvino/frontend/frontend.cpp
index 5182b829dd1591..cbccc065055c88 100644
--- a/src/bindings/python/src/pyopenvino/frontend/frontend.cpp
+++ b/src/bindings/python/src/pyopenvino/frontend/frontend.cpp
@@ -12,6 +12,7 @@
 #include "openvino/frontend/exception.hpp"
 #include "openvino/frontend/extension/telemetry.hpp"
 #include "openvino/frontend/manager.hpp"
+#include "openvino/runtime/shared_buffer.hpp"
 #include "openvino/util/file_util.hpp"
 #include "pyopenvino/graph/model.hpp"
 #include "pyopenvino/utils/utils.hpp"
@@ -50,8 +51,8 @@ void regclass_frontend_FrontEnd(py::module m) {
             } else if (py::isinstance(py_obj, pybind11::module::import("io").attr("BytesIO"))) {
                 // support of BytesIO
                 py::buffer_info info = py::buffer(py_obj.attr("getbuffer")()).request();
-                Common::utils::MemoryBuffer mb(reinterpret_cast<char*>(info.ptr), info.size);
-                std::istream _istream(&mb);
+                ov::SharedStreamBuffer mb{info.ptr, static_cast<size_t>(info.size)};
+                std::istream _istream{&mb};
                 return self.load(&_istream, enable_mmap);
             } else {
                 // Extended for one argument only for this time
diff --git a/src/bindings/python/src/pyopenvino/utils/utils.hpp b/src/bindings/python/src/pyopenvino/utils/utils.hpp
index f28a4faa8c0c54..4aee27ed27a74a 100644
--- a/src/bindings/python/src/pyopenvino/utils/utils.hpp
+++ b/src/bindings/python/src/pyopenvino/utils/utils.hpp
@@ -96,38 +96,6 @@ class OutPyBuffer : public std::streambuf {
     py::object m_py_stream;
 };
 
-class MemoryBuffer : public std::streambuf {
-public:
-    MemoryBuffer(char* data, std::size_t size) {
-        setg(data, data, data + size);
-    }
-
-protected:
-    pos_type seekoff(off_type off,
-                     std::ios_base::seekdir dir,
-                     std::ios_base::openmode which = std::ios_base::in) override {
-        switch (dir) {
-        case std::ios_base::beg:
-            setg(eback(), eback() + off, egptr());
-            break;
-        case std::ios_base::end:
-            setg(eback(), egptr() + off, egptr());
-            break;
-        case std::ios_base::cur:
-            setg(eback(), gptr() + off, egptr());
-            break;
-        default:
-            return pos_type(off_type(-1));
-    }
-        return (gptr() < eback() || gptr() > egptr()) ? pos_type(off_type(-1)) : pos_type(gptr() - eback());
-    }
-
-    pos_type seekpos(pos_type pos, std::ios_base::openmode which) override {
-        return seekoff(pos, std::ios_base::beg, which);
-    }
-
-};
-
     enum class PY_TYPE : int { UNKNOWN = 0, STR, INT, FLOAT, BOOL, PARTIAL_SHAPE, MODEL_DISTRIBUTION_POLICY };
 
     struct EmptyList {};