diff --git a/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Utils/ModelPreset.h b/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Utils/ModelPreset.h
index 8bd494dfde..2dd4bed264 100644
--- a/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Utils/ModelPreset.h
+++ b/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Utils/ModelPreset.h
@@ -30,7 +30,6 @@ namespace AZ
 
             AZStd::string m_displayName;
             AZ::Data::Asset<AZ::RPI::ModelAsset> m_modelAsset;
-            AZ::Data::Asset<AZ::RPI::StreamingImageAsset> m_previewImageAsset;
         };
 
         using ModelPresetPtr = AZStd::shared_ptr<ModelPreset>;
diff --git a/Gems/Atom/Feature/Common/Code/Source/Utils/EditorModelPreset.cpp b/Gems/Atom/Feature/Common/Code/Source/Utils/EditorModelPreset.cpp
index 63c2fc7150..d636fde2fe 100644
--- a/Gems/Atom/Feature/Common/Code/Source/Utils/EditorModelPreset.cpp
+++ b/Gems/Atom/Feature/Common/Code/Source/Utils/EditorModelPreset.cpp
@@ -29,7 +29,6 @@ namespace AZ
                             ->Attribute(AZ::Edit::Attributes::AutoExpand, true)
                         ->DataElement(AZ::Edit::UIHandlers::Default, &ModelPreset::m_displayName, "Display Name", "Identifier used for display and selection")
                         ->DataElement(AZ::Edit::UIHandlers::Default, &ModelPreset::m_modelAsset, "Model Asset", "Model asset reference")
-                        ->DataElement(AZ::Edit::UIHandlers::Default, &ModelPreset::m_previewImageAsset, "Preview Image Asset", "Preview image asset reference")
                         ;
                 }
             }
diff --git a/Gems/Atom/Feature/Common/Code/Source/Utils/ModelPreset.cpp b/Gems/Atom/Feature/Common/Code/Source/Utils/ModelPreset.cpp
index c684b3cc89..ce8a1680a9 100644
--- a/Gems/Atom/Feature/Common/Code/Source/Utils/ModelPreset.cpp
+++ b/Gems/Atom/Feature/Common/Code/Source/Utils/ModelPreset.cpp
@@ -24,10 +24,9 @@ namespace AZ
             if (auto serializeContext = azrtti_cast<AZ::SerializeContext*>(context))
             {
                 serializeContext->Class<ModelPreset>()
-                    ->Version(3)
+                    ->Version(4)
                     ->Field("displayName", &ModelPreset::m_displayName)
                     ->Field("modelAsset", &ModelPreset::m_modelAsset)
-                    ->Field("previewImageAsset", &ModelPreset::m_previewImageAsset)
                     ;
             }
 
@@ -41,7 +40,6 @@ namespace AZ
                     ->Constructor<const ModelPreset&>()
                     ->Property("displayName", BehaviorValueProperty(&ModelPreset::m_displayName))
                     ->Property("modelAsset", BehaviorValueProperty(&ModelPreset::m_modelAsset))
-                    ->Property("previewImageAsset", BehaviorValueProperty(&ModelPreset::m_previewImageAsset))
                     ;
             }
         }
diff --git a/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt b/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt
index 460341532d..e7e8208722 100644
--- a/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt
+++ b/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt
@@ -42,6 +42,7 @@ ly_add_target(
             Gem::Atom_RHI.Reflect
             Gem::Atom_Feature_Common.Static
             Gem::Atom_Bootstrap.Headers
+            Gem::ImageProcessingAtom.Headers
 )
 
 ly_add_target(
@@ -60,6 +61,8 @@ ly_add_target(
     BUILD_DEPENDENCIES
         PRIVATE
             Gem::AtomToolsFramework.Static
+    RUNTIME_DEPENDENCIES
+        Gem::ImageProcessingAtom.Editor
 )
 
 ################################################################################
diff --git a/Gems/Atom/Tools/AtomToolsFramework/Code/Include/AtomToolsFramework/Util/Util.h b/Gems/Atom/Tools/AtomToolsFramework/Code/Include/AtomToolsFramework/Util/Util.h
index 1ad6f69961..ab2b8b46c0 100644
--- a/Gems/Atom/Tools/AtomToolsFramework/Code/Include/AtomToolsFramework/Util/Util.h
+++ b/Gems/Atom/Tools/AtomToolsFramework/Code/Include/AtomToolsFramework/Util/Util.h
@@ -8,8 +8,9 @@
 
 #pragma once
 
-#include <AzCore/PlatformDef.h>
 #include <AzCore/Asset/AssetManager.h>
+#include <AzCore/PlatformDef.h>
+#include <AzCore/Settings/SettingsRegistry.h>
 #include <AzCore/std/containers/vector.h>
 
 AZ_PUSH_DISABLE_WARNING(4251 4800, "-Wunknown-warning-option") // disable warnings spawned by QT
@@ -18,11 +19,24 @@ AZ_PUSH_DISABLE_WARNING(4251 4800, "-Wunknown-warning-option") // disable warnin
 #include <QStringList>
 AZ_POP_DISABLE_WARNING
 
+class QImage;
+
 namespace AtomToolsFramework
 {
+    template<typename T>
+    T GetSettingOrDefault(AZStd::string_view path, const T& defaultValue)
+    {
+        T result;
+        auto settingsRegistry = AZ::SettingsRegistry::Get();
+        return (settingsRegistry && settingsRegistry->Get(result, path)) ? result : defaultValue;
+    }
+
+    using LoadImageAsyncCallback = AZStd::function<void(const QImage&)>;
+    void LoadImageAsync(const AZStd::string& path, LoadImageAsyncCallback callback);
+
     QFileInfo GetSaveFileInfo(const QString& initialPath);
     QFileInfo GetOpenFileInfo(const AZStd::vector<AZ::Data::AssetType>& assetTypes);
     QFileInfo GetUniqueFileInfo(const QString& initialPath);
     QFileInfo GetDuplicationFileInfo(const QString& initialPath);
     bool LaunchTool(const QString& baseName, const QString& extension, const QStringList& arguments);
-}
+} // namespace AtomToolsFramework
diff --git a/Gems/Atom/Tools/AtomToolsFramework/Code/Source/Util/Util.cpp b/Gems/Atom/Tools/AtomToolsFramework/Code/Source/Util/Util.cpp
index d3bce34af3..cd50c10e23 100644
--- a/Gems/Atom/Tools/AtomToolsFramework/Code/Source/Util/Util.cpp
+++ b/Gems/Atom/Tools/AtomToolsFramework/Code/Source/Util/Util.cpp
@@ -6,15 +6,18 @@
  *
  */
 
+#include <Atom/ImageProcessing/ImageObject.h>
+#include <Atom/ImageProcessing/ImageProcessingBus.h>
 #include <AtomToolsFramework/Util/Util.h>
 #include <AzCore/IO/SystemFile.h>
+#include <AzCore/Jobs/JobFunction.h>
 #include <AzCore/StringFunc/StringFunc.h>
 #include <AzCore/Utils/Utils.h>
 #include <AzFramework/API/ApplicationAPI.h>
 #include <AzQtComponents/Components/Widgets/FileDialog.h>
+#include <AzToolsFramework/AssetBrowser/AssetBrowserBus.h>
 #include <AzToolsFramework/AssetBrowser/AssetBrowserEntry.h>
 #include <AzToolsFramework/AssetBrowser/AssetSelectionModel.h>
-#include <AzToolsFramework/AssetBrowser/AssetBrowserBus.h>
 
 AZ_PUSH_DISABLE_WARNING(4251 4800, "-Wunknown-warning-option") // disable warnings spawned by QT
 #include <QApplication>
@@ -24,6 +27,36 @@ AZ_POP_DISABLE_WARNING
 
 namespace AtomToolsFramework
 {
+    void LoadImageAsync(const AZStd::string& path, LoadImageAsyncCallback callback)
+    {
+        AZ::Job* job = AZ::CreateJobFunction(
+            [path, callback]()
+            {
+                ImageProcessingAtom::IImageObjectPtr imageObject;
+                ImageProcessingAtom::ImageProcessingRequestBus::BroadcastResult(
+                    imageObject, &ImageProcessingAtom::ImageProcessingRequests::LoadImagePreview, path);
+
+                if (imageObject)
+                {
+                    AZ::u8* imageBuf = nullptr;
+                    AZ::u32 pitch = 0;
+                    AZ::u32 mip = 0;
+                    imageObject->GetImagePointer(mip, imageBuf, pitch);
+                    const AZ::u32 width = imageObject->GetWidth(mip);
+                    const AZ::u32 height = imageObject->GetHeight(mip);
+
+                    QImage image(imageBuf, width, height, pitch, QImage::Format_RGBA8888);
+
+                    if (callback)
+                    {
+                        callback(image);
+                    }
+                }
+            },
+            true);
+        job->Start();
+    }
+
     QFileInfo GetSaveFileInfo(const QString& initialPath)
     {
         const QFileInfo initialFileInfo(initialPath);
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/CMakeLists.txt b/Gems/Atom/Tools/MaterialEditor/Code/CMakeLists.txt
index d585e81162..99beb721d6 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/CMakeLists.txt
+++ b/Gems/Atom/Tools/MaterialEditor/Code/CMakeLists.txt
@@ -60,7 +60,6 @@ ly_add_target(
             Gem::AtomToolsFramework.Editor
             Gem::Atom_RPI.Public
             Gem::Atom_Feature_Common.Public
-            Gem::ImageProcessingAtom.Headers
 )
 
 ly_add_target(
@@ -113,7 +112,6 @@ ly_add_target(
     RUNTIME_DEPENDENCIES
         Gem::AtomToolsFramework.Editor
         Gem::EditorPythonBindings.Editor
-        Gem::ImageProcessingAtom.Editor
 )
 
 ly_set_gem_variant_to_load(TARGETS MaterialEditor VARIANTS Tools)
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Include/Atom/Viewport/MaterialViewportRequestBus.h b/Gems/Atom/Tools/MaterialEditor/Code/Include/Atom/Viewport/MaterialViewportRequestBus.h
index e859d6a433..e37512127c 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Include/Atom/Viewport/MaterialViewportRequestBus.h
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Include/Atom/Viewport/MaterialViewportRequestBus.h
@@ -62,15 +62,6 @@ namespace MaterialEditor
         //! Get set of lighting preset names
         virtual MaterialViewportPresetNameSet GetLightingPresetNames() const = 0;
 
-        //! Set lighting preset preview image
-        //! @param preset used to set preview image
-        //! @param preview image
-        virtual void SetLightingPresetPreview(AZ::Render::LightingPresetPtr preset, const QImage& image) = 0;
-
-        //! Get lighting preset preview image
-        //! @param preset used to find preview image
-        virtual QImage GetLightingPresetPreview(AZ::Render::LightingPresetPtr preset) const = 0;
-
         //! Get model preset last save path
         //! @param preset to lookup last save path
         virtual AZStd::string GetLightingPresetLastSavePath(AZ::Render::LightingPresetPtr preset) const = 0;
@@ -108,15 +99,6 @@ namespace MaterialEditor
         //! Get set of model preset names
         virtual MaterialViewportPresetNameSet GetModelPresetNames() const = 0;
 
-        //! Set model preset preview image
-        //! @param preset used to set preview image
-        //! @param preview image
-        virtual void SetModelPresetPreview(AZ::Render::ModelPresetPtr preset, const QImage& image) = 0;
-
-        //! Get model preset preview image
-        //! @param preset used to find preview image
-        virtual QImage GetModelPresetPreview(AZ::Render::ModelPresetPtr preset) const = 0;
-
         //! Get model preset last save path
         //! @param preset to lookup last save path
         virtual AZStd::string GetModelPresetLastSavePath(AZ::Render::ModelPresetPtr preset) const = 0;
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.cpp b/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.cpp
index a8f41917f9..c8df123d0d 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.cpp
@@ -6,61 +6,26 @@
  *
  */
 
+#include <Atom/RPI.Edit/Common/AssetUtils.h>
+#include <Atom/RPI.Edit/Common/JsonUtils.h>
+#include <Atom/RPI.Reflect/Asset/AssetUtils.h>
+#include <Atom/RPI.Reflect/System/AnyAsset.h>
+#include <Atom/Viewport/MaterialViewportNotificationBus.h>
+#include <Atom/Viewport/MaterialViewportSettings.h>
 #include <AzCore/Component/TickBus.h>
-#include <AzCore/Serialization/SerializeContext.h>
-#include <AzCore/Serialization/EditContext.h>
 #include <AzCore/RTTI/BehaviorContext.h>
-#include <AzCore/Jobs/JobFunction.h>
-
+#include <AzCore/Serialization/EditContext.h>
+#include <AzCore/Serialization/Json/JsonUtils.h>
+#include <AzCore/Serialization/SerializeContext.h>
 #include <AzFramework/Asset/AssetSystemBus.h>
-#include <AzFramework/StringFunc/StringFunc.h>
 #include <AzFramework/IO/LocalFileIO.h>
+#include <AzFramework/StringFunc/StringFunc.h>
 #include <AzToolsFramework/API/EditorAssetSystemAPI.h>
 #include <AzToolsFramework/AssetBrowser/AssetBrowserEntry.h>
-
 #include <Viewport/MaterialViewportComponent.h>
-#include <Atom/Viewport/MaterialViewportNotificationBus.h>
-#include <Atom/Viewport/MaterialViewportSettings.h>
-
-#include <Atom/ImageProcessing/ImageObject.h>
-#include <Atom/ImageProcessing/ImageProcessingBus.h>
-
-#include <AzCore/Serialization/Json/JsonUtils.h>
-
-#include <Atom/RPI.Reflect/Asset/AssetUtils.h>
-#include <Atom/RPI.Reflect/System/AnyAsset.h>
-#include <Atom/RPI.Edit/Common/AssetUtils.h>
-#include <Atom/RPI.Edit/Common/JsonUtils.h>
 
 namespace MaterialEditor
 {
-    using LoadImageAsyncCallback = AZStd::function<void(const QImage&)>;
-    void LoadImageAsync(const AZStd::string& path, LoadImageAsyncCallback callback)
-    {
-        AZ::Job* job = AZ::CreateJobFunction([path, callback]() {
-            ImageProcessingAtom::IImageObjectPtr imageObject;
-            ImageProcessingAtom::ImageProcessingRequestBus::BroadcastResult(imageObject, &ImageProcessingAtom::ImageProcessingRequests::LoadImagePreview, path);
-
-            if (imageObject)
-            {
-                AZ::u8* imageBuf = nullptr;
-                AZ::u32 pitch = 0;
-                AZ::u32 mip = 0;
-                imageObject->GetImagePointer(mip, imageBuf, pitch);
-                const AZ::u32 width = imageObject->GetWidth(mip);
-                const AZ::u32 height = imageObject->GetHeight(mip);
-
-                QImage image(imageBuf, width, height, pitch, QImage::Format_RGBA8888);
-
-                if (callback)
-                {
-                    callback(image);
-                }
-            }
-            }, true);
-        job->Start();
-    }
-
     MaterialViewportComponent::MaterialViewportComponent()
     {
     }
@@ -162,12 +127,6 @@ namespace MaterialEditor
         m_viewportSettings =
             AZ::UserSettings::CreateFind<MaterialViewportSettings>(AZ::Crc32("MaterialViewportSettings"), AZ::UserSettings::CT_GLOBAL);
 
-        m_lightingPresetPreviewImageDefault = QImage(180, 90, QImage::Format::Format_RGBA8888);
-        m_lightingPresetPreviewImageDefault.fill(Qt::GlobalColor::black);
-
-        m_modelPresetPreviewImageDefault = QImage(90, 90, QImage::Format::Format_RGBA8888);
-        m_modelPresetPreviewImageDefault.fill(Qt::GlobalColor::black);
-
         MaterialViewportRequestBus::Handler::BusConnect();
         AzFramework::AssetCatalogEventBus::Handler::BusConnect();
     }
@@ -177,12 +136,10 @@ namespace MaterialEditor
         AzFramework::AssetCatalogEventBus::Handler::BusDisconnect();
         MaterialViewportRequestBus::Handler::BusDisconnect();
 
-        m_lightingPresetPreviewImages.clear();
         m_lightingPresetVector.clear();
         m_lightingPresetLastSavePathMap.clear();
         m_lightingPresetSelection.reset();
 
-        m_modelPresetPreviewImages.clear();
         m_modelPresetVector.clear();
         m_modelPresetLastSavePathMap.clear();
         m_modelPresetSelection.reset();
@@ -286,14 +243,6 @@ namespace MaterialEditor
             SelectLightingPreset(presetPtr);
         }
 
-        const auto& imagePath = AZ::RPI::AssetUtils::GetSourcePathByAssetId(presetPtr->m_skyboxImageAsset.GetId());
-        LoadImageAsync(imagePath, [presetPtr](const QImage& image) {
-            QImage imageScaled = image.scaled(180, 90, Qt::AspectRatioMode::KeepAspectRatio);
-            AZ::TickBus::QueueFunction([presetPtr, imageScaled]() {
-                MaterialViewportRequestBus::Broadcast(&MaterialViewportRequestBus::Events::SetLightingPresetPreview, presetPtr, imageScaled);
-                });
-            });
-
         return presetPtr;
     }
 
@@ -353,17 +302,6 @@ namespace MaterialEditor
         return names;
     }
 
-    void MaterialViewportComponent::SetLightingPresetPreview(AZ::Render::LightingPresetPtr preset, const QImage& image)
-    {
-        m_lightingPresetPreviewImages[preset] = image;
-    }
-
-    QImage MaterialViewportComponent::GetLightingPresetPreview(AZ::Render::LightingPresetPtr preset) const
-    {
-        auto imageItr = m_lightingPresetPreviewImages.find(preset);
-        return imageItr != m_lightingPresetPreviewImages.end() ? imageItr->second : m_lightingPresetPreviewImageDefault;
-    }
-
     AZStd::string MaterialViewportComponent::GetLightingPresetLastSavePath(AZ::Render::LightingPresetPtr preset) const
     {
         auto pathItr = m_lightingPresetLastSavePathMap.find(preset);
@@ -382,14 +320,6 @@ namespace MaterialEditor
             SelectModelPreset(presetPtr);
         }
 
-        const auto& imagePath = AZ::RPI::AssetUtils::GetSourcePathByAssetId(presetPtr->m_previewImageAsset.GetId());
-        LoadImageAsync(imagePath, [presetPtr](const QImage& image) {
-            QImage imageScaled = image.scaled(90, 90, Qt::AspectRatioMode::KeepAspectRatio);
-            AZ::TickBus::QueueFunction([presetPtr, imageScaled]() {
-                MaterialViewportRequestBus::Broadcast(&MaterialViewportRequestBus::Events::SetModelPresetPreview, presetPtr, imageScaled);
-                });
-            });
-
         return presetPtr;
     }
 
@@ -449,17 +379,6 @@ namespace MaterialEditor
         return names;
     }
 
-    void MaterialViewportComponent::SetModelPresetPreview(AZ::Render::ModelPresetPtr preset, const QImage& image)
-    {
-        m_modelPresetPreviewImages[preset] = image;
-    }
-
-    QImage MaterialViewportComponent::GetModelPresetPreview(AZ::Render::ModelPresetPtr preset) const
-    {
-        auto imageItr = m_modelPresetPreviewImages.find(preset);
-        return imageItr != m_modelPresetPreviewImages.end() ? imageItr->second : m_modelPresetPreviewImageDefault;
-    }
-
     AZStd::string MaterialViewportComponent::GetModelPresetLastSavePath(AZ::Render::ModelPresetPtr preset) const
     {
         auto pathItr = m_modelPresetLastSavePathMap.find(preset);
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.h b/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.h
index 12475bb113..a4f94c3546 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.h
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.h
@@ -58,8 +58,6 @@ namespace MaterialEditor
         void SelectLightingPreset(AZ::Render::LightingPresetPtr preset) override;
         void SelectLightingPresetByName(const AZStd::string& name) override;
         MaterialViewportPresetNameSet GetLightingPresetNames() const override;
-        void SetLightingPresetPreview(AZ::Render::LightingPresetPtr preset, const QImage& image) override;
-        QImage GetLightingPresetPreview(AZ::Render::LightingPresetPtr preset) const override;
         AZStd::string GetLightingPresetLastSavePath(AZ::Render::LightingPresetPtr preset) const override;
 
         AZ::Render::ModelPresetPtr AddModelPreset(const AZ::Render::ModelPreset& preset) override;
@@ -70,8 +68,6 @@ namespace MaterialEditor
         void SelectModelPreset(AZ::Render::ModelPresetPtr preset) override;
         void SelectModelPresetByName(const AZStd::string& name) override;
         MaterialViewportPresetNameSet GetModelPresetNames() const override;
-        void SetModelPresetPreview(AZ::Render::ModelPresetPtr preset, const QImage& image) override;
-        QImage GetModelPresetPreview(AZ::Render::ModelPresetPtr preset) const override;
         AZStd::string GetModelPresetLastSavePath(AZ::Render::ModelPresetPtr preset) const override;
 
         void SetShadowCatcherEnabled(bool enable) override;
@@ -97,12 +93,6 @@ namespace MaterialEditor
         AZ::Render::ModelPresetPtrVector m_modelPresetVector;
         AZ::Render::ModelPresetPtr m_modelPresetSelection;
 
-        AZStd::map<AZ::Render::LightingPresetPtr, QImage> m_lightingPresetPreviewImages;
-        AZStd::map<AZ::Render::ModelPresetPtr, QImage> m_modelPresetPreviewImages;
-
-        QImage m_lightingPresetPreviewImageDefault;
-        QImage m_modelPresetPreviewImageDefault;
-
         mutable AZStd::map<AZ::Render::LightingPresetPtr, AZStd::string> m_lightingPresetLastSavePathMap;
         mutable AZStd::map<AZ::Render::ModelPresetPtr, AZStd::string> m_modelPresetLastSavePathMap;
 
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp
index 72bf7fe003..f8ad038a85 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp
@@ -7,6 +7,7 @@
  */
 
 #include <Atom/Feature/Utils/LightingPreset.h>
+#include <Atom/RPI.Edit/Common/AssetUtils.h>
 #include <Atom/Viewport/MaterialViewportRequestBus.h>
 #include <AtomToolsFramework/Util/Util.h>
 #include <AzFramework/Application/Application.h>
@@ -27,13 +28,16 @@ namespace MaterialEditor
         MaterialViewportRequestBus::BroadcastResult(presets, &MaterialViewportRequestBus::Events::GetLightingPresets);
         AZStd::sort(presets.begin(), presets.end(), [](const auto& a, const auto& b) { return a->m_displayName < b->m_displayName; });
 
+        const int itemSize = aznumeric_cast<int>(
+            AtomToolsFramework::GetSettingOrDefault<AZ::u64>("/O3DE/Atom/MaterialEditor/PresetBrowserDialog/LightingItemSize", 180));
+
         QListWidgetItem* selectedItem = nullptr;
         for (const auto& preset : presets)
         {
-            QImage image;
-            MaterialViewportRequestBus::BroadcastResult(image, &MaterialViewportRequestBus::Events::GetLightingPresetPreview, preset);
-
-            QListWidgetItem* item = CreateListItem(preset->m_displayName.c_str(), image);
+            AZStd::string path;
+            MaterialViewportRequestBus::BroadcastResult(path, &MaterialViewportRequestBus::Events::GetLightingPresetLastSavePath, preset);
+            QListWidgetItem* item = CreateListItem(
+                preset->m_displayName.c_str(), AZ::RPI::AssetUtils::MakeAssetId(path, 0).GetValue(), QSize(itemSize, itemSize));
 
             m_listItemToPresetMap[item] = preset;
 
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp
index c1936cde35..f5a1677462 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp
@@ -27,13 +27,13 @@ namespace MaterialEditor
         MaterialViewportRequestBus::BroadcastResult(presets, &MaterialViewportRequestBus::Events::GetModelPresets);
         AZStd::sort(presets.begin(), presets.end(), [](const auto& a, const auto& b) { return a->m_displayName < b->m_displayName; });
 
+        const int itemSize = aznumeric_cast<int>(
+            AtomToolsFramework::GetSettingOrDefault<AZ::u64>("/O3DE/Atom/MaterialEditor/PresetBrowserDialog/ModelItemSize", 90));
+
         QListWidgetItem* selectedItem = nullptr;
         for (const auto& preset : presets)
         {
-            QImage image;
-            MaterialViewportRequestBus::BroadcastResult(image, &MaterialViewportRequestBus::Events::GetModelPresetPreview, preset);
-
-            QListWidgetItem* item = CreateListItem(preset->m_displayName.c_str(), image);
+            QListWidgetItem* item = CreateListItem(preset->m_displayName.c_str(), preset->m_modelAsset.GetId(), QSize(itemSize, itemSize));
 
             m_listItemToPresetMap[item] = preset;
 
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp
index d3aa6350f0..f2bb84dff6 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp
@@ -12,11 +12,16 @@
 #include <AzQtComponents/Components/Widgets/ElidingLabel.h>
 #include <AzQtComponents/Components/Widgets/LineEdit.h>
 #include <AzQtComponents/Components/Widgets/Text.h>
+#include <AzToolsFramework/AssetBrowser/Thumbnails/ProductThumbnail.h>
+#include <AzToolsFramework/Thumbnails/ThumbnailContext.h>
+#include <AzToolsFramework/Thumbnails/ThumbnailWidget.h>
+#include <AzToolsFramework/Thumbnails/ThumbnailerBus.h>
 #include <Window/PresetBrowserDialogs/PresetBrowserDialog.h>
 
 #include <QLabel>
 #include <QLineEdit>
 #include <QMenu>
+#include <QVBoxLayout>
 
 namespace MaterialEditor
 {
@@ -41,35 +46,51 @@ namespace MaterialEditor
         m_ui->m_presetList->setGridSize(QSize(0, 0));
         m_ui->m_presetList->setWrapping(true);
 
-        QObject::connect(m_ui->m_presetList, &QListWidget::currentItemChanged, [this]() { SelectCurrentPreset(); });
+        QObject::connect(m_ui->m_presetList, &QListWidget::currentItemChanged, [this](){ SelectCurrentPreset(); });
     }
 
-    QListWidgetItem* PresetBrowserDialog::CreateListItem(const QString& title, const QImage& image)
+    QListWidgetItem* PresetBrowserDialog::CreateListItem(const QString& title, const AZ::Data::AssetId& assetId, const QSize& size)
     {
+        const int itemBorder = aznumeric_cast<int>(
+            AtomToolsFramework::GetSettingOrDefault<AZ::u64>("/O3DE/Atom/MaterialEditor/PresetBrowserDialog/ItemBorder", 4));
+        const int itemSpacing = aznumeric_cast<int>(
+            AtomToolsFramework::GetSettingOrDefault<AZ::u64>("/O3DE/Atom/MaterialEditor/PresetBrowserDialog/ItemSpacing", 10));
+        const int headerHeight = aznumeric_cast<int>(
+            AtomToolsFramework::GetSettingOrDefault<AZ::u64>("/O3DE/Atom/MaterialEditor/PresetBrowserDialog/HeaderHeight", 15));
+
         const QSize gridSize = m_ui->m_presetList->gridSize();
-        m_ui->m_presetList->setGridSize(
-            QSize(AZStd::max(gridSize.width(), image.width() + 10), AZStd::max(gridSize.height(), image.height() + 10)));
+        m_ui->m_presetList->setGridSize(QSize(
+            AZStd::max(gridSize.width(), size.width() + itemSpacing),
+            AZStd::max(gridSize.height(), size.height() + itemSpacing + headerHeight)));
 
         QListWidgetItem* item = new QListWidgetItem(m_ui->m_presetList);
         item->setData(Qt::UserRole, title);
-        item->setSizeHint(image.size() + QSize(4, 4));
+        item->setSizeHint(size + QSize(itemBorder, itemBorder + headerHeight));
         m_ui->m_presetList->addItem(item);
 
-        QLabel* previewImage = new QLabel(m_ui->m_presetList);
-        previewImage->setFixedSize(image.size());
-        previewImage->setMargin(0);
-        previewImage->setPixmap(QPixmap::fromImage(image));
-        previewImage->updateGeometry();
-
-        AzQtComponents::ElidingLabel* previewLabel = new AzQtComponents::ElidingLabel(previewImage);
-        previewLabel->setText(title);
-        previewLabel->setFixedSize(QSize(image.width(), 15));
-        previewLabel->setMargin(0);
-        previewLabel->setStyleSheet("background-color: rgb(35, 35, 35)");
-        AzQtComponents::Text::addPrimaryStyle(previewLabel);
-        AzQtComponents::Text::addLabelStyle(previewLabel);
-
-        m_ui->m_presetList->setItemWidget(item, previewImage);
+        QWidget* itemWidget = new QWidget(m_ui->m_presetList);
+        itemWidget->setLayout(new QVBoxLayout(itemWidget));
+        itemWidget->layout()->setSpacing(0);
+        itemWidget->layout()->setMargin(0);
+
+        AzQtComponents::ElidingLabel* header = new AzQtComponents::ElidingLabel(itemWidget);
+        header->setText(title);
+        header->setFixedSize(QSize(size.width(), headerHeight));
+        header->setMargin(0);
+        header->setStyleSheet("background-color: rgb(35, 35, 35)");
+        AzQtComponents::Text::addPrimaryStyle(header);
+        AzQtComponents::Text::addLabelStyle(header);
+        itemWidget->layout()->addWidget(header);
+
+        AzToolsFramework::Thumbnailer::ThumbnailWidget* thumbnail = new AzToolsFramework::Thumbnailer::ThumbnailWidget(itemWidget);
+        thumbnail->setFixedSize(size);
+        thumbnail->SetThumbnailKey(
+            MAKE_TKEY(AzToolsFramework::AssetBrowser::ProductThumbnailKey, assetId),
+            AzToolsFramework::Thumbnailer::ThumbnailContext::DefaultContext);
+        thumbnail->updateGeometry();
+        itemWidget->layout()->addWidget(thumbnail);
+
+        m_ui->m_presetList->setItemWidget(item, itemWidget);
 
         return item;
     }
@@ -79,15 +100,15 @@ namespace MaterialEditor
         m_ui->m_searchWidget->setReadOnly(false);
         m_ui->m_searchWidget->setContextMenuPolicy(Qt::CustomContextMenu);
         AzQtComponents::LineEdit::applySearchStyle(m_ui->m_searchWidget);
-        connect(m_ui->m_searchWidget, &QLineEdit::textChanged, this, [this]() { ApplySearchFilter(); });
-        connect(m_ui->m_searchWidget, &QWidget::customContextMenuRequested, this, [this](const QPoint& pos) { ShowSearchMenu(pos); });
+        connect(m_ui->m_searchWidget, &QLineEdit::textChanged, this, [this](){ ApplySearchFilter(); });
+        connect(m_ui->m_searchWidget, &QWidget::customContextMenuRequested, this, [this](const QPoint& pos){ ShowSearchMenu(pos); });
     }
 
     void PresetBrowserDialog::SetupDialogButtons()
     {
         connect(m_ui->m_buttonBox, &QDialogButtonBox::accepted, this, &QDialog::accept);
         connect(m_ui->m_buttonBox, &QDialogButtonBox::rejected, this, &QDialog::reject);
-        connect(this, &QDialog::rejected, this, [this]() { SelectInitialPreset(); });
+        connect(this, &QDialog::rejected, this, [this](){ SelectInitialPreset(); });
     }
 
     void PresetBrowserDialog::ApplySearchFilter()
diff --git a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.h b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.h
index ee01737352..20e049f6f8 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.h
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.h
@@ -9,12 +9,12 @@
 #pragma once
 
 #if !defined(Q_MOC_RUN)
+#include <AzCore/Asset/AssetCommon.h>
 #include <AzCore/std/containers/vector.h>
-
 #include <QDialog>
 #endif
 
-#include <Source/Window/PresetBrowserDialogs/ui_PresetBrowserDialog.h>
+#include <Window/PresetBrowserDialogs/ui_PresetBrowserDialog.h>
 
 class QImage;
 class QListWidgetItem;
@@ -32,7 +32,7 @@ namespace MaterialEditor
 
 protected:
         void SetupPresetList();
-        QListWidgetItem* CreateListItem(const QString& title, const QImage& image);
+        QListWidgetItem* CreateListItem(const QString& title, const AZ::Data::AssetId& assetId, const QSize& size);
 
         void SetupSearchWidget();
         void SetupDialogButtons();
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.cpp
index 91b6d2b02a..8bc9c5ac7d 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.cpp
@@ -163,9 +163,9 @@ namespace AZ
                 m_modelAsset->GetAabb().GetAsSphere(center, radius);
             }
 
-            const auto distance = radius + NearDist;
-            const auto cameraRotation = Quaternion::CreateFromAxisAngle(Vector3::CreateAxisZ(), CameraRotationAngle);
-            const auto cameraPosition = center + cameraRotation.TransformVector(Vector3(0.0f, distance, 0.0f));
+            const auto distance = fabsf(radius / sinf(FieldOfView)) + NearDist;
+            const auto cameraRotation = Quaternion::CreateFromAxisAngle(Vector3::CreateAxisX(), -CameraRotationAngle);
+            const auto cameraPosition = center + cameraRotation.TransformVector(-Vector3::CreateAxisY() * distance);
             const auto cameraTransform = Transform::CreateLookAt(cameraPosition, center);
             m_view->SetCameraTransform(Matrix3x4::CreateFromTransform(cameraTransform));
         }
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h
index 7308aa19bc..dfab7a8630 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h
@@ -51,7 +51,7 @@ namespace AZ
             static constexpr float NearDist = 0.001f;
             static constexpr float FarDist = 100.0f;
             static constexpr float FieldOfView = Constants::HalfPi;
-            static constexpr float CameraRotationAngle = Constants::QuarterPi / 2.0f;
+            static constexpr float CameraRotationAngle = Constants::QuarterPi / 3.0f;
 
             RPI::ScenePtr m_scene;
             RPI::ViewPtr m_view;
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.cpp
index c2988cf53d..d0e288d239 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.cpp
@@ -9,9 +9,11 @@
 #include <API/EditorAssetSystemAPI.h>
 #include <AssetBrowser/Thumbnails/ProductThumbnail.h>
 #include <AssetBrowser/Thumbnails/SourceThumbnail.h>
+#include <Atom/RPI.Reflect/Asset/AssetUtils.h>
 #include <Atom/RPI.Reflect/Material/MaterialAsset.h>
 #include <Atom/RPI.Reflect/Model/ModelAsset.h>
 #include <Atom/RPI.Reflect/System/AnyAsset.h>
+#include <AtomToolsFramework/Util/Util.h>
 #include <SharedPreview/SharedPreviewUtils.h>
 
 namespace AZ
@@ -20,45 +22,64 @@ namespace AZ
     {
         namespace SharedPreviewUtils
         {
-            Data::AssetId GetAssetId(
-                AzToolsFramework::Thumbnailer::SharedThumbnailKey key,
-                const Data::AssetType& assetType,
-                const Data::AssetId& defaultAssetId)
+            AZStd::unordered_set<AZ::Uuid> GetSupportedAssetTypes()
+            {
+                return { RPI::AnyAsset::RTTI_Type(), RPI::MaterialAsset::RTTI_Type(), RPI::ModelAsset::RTTI_Type() };
+            }
+
+            bool IsSupportedAssetType(AzToolsFramework::Thumbnailer::SharedThumbnailKey key)
             {
+                return GetSupportedAssetInfo(key).m_assetId.IsValid();
+            }
+
+            AZ::Data::AssetInfo GetSupportedAssetInfo(AzToolsFramework::Thumbnailer::SharedThumbnailKey key)
+            {
+                const auto& supportedTypeIds = GetSupportedAssetTypes();
+
                 // if it's a source thumbnail key, find first product with a matching asset type
                 auto sourceKey = azrtti_cast<const AzToolsFramework::AssetBrowser::SourceThumbnailKey*>(key.data());
                 if (sourceKey)
                 {
                     bool foundIt = false;
-                    AZStd::vector<Data::AssetInfo> productsAssetInfo;
+                    AZStd::vector<AZ::Data::AssetInfo> productsAssetInfo;
                     AzToolsFramework::AssetSystemRequestBus::BroadcastResult(
                         foundIt, &AzToolsFramework::AssetSystemRequestBus::Events::GetAssetsProducedBySourceUUID,
                         sourceKey->GetSourceUuid(), productsAssetInfo);
-                    if (!foundIt)
+
+                    for (const auto& assetInfo : productsAssetInfo)
                     {
-                        return defaultAssetId;
-                    }
-                    auto assetInfoIt = AZStd::find_if(
-                        productsAssetInfo.begin(), productsAssetInfo.end(),
-                        [&assetType](const Data::AssetInfo& assetInfo)
+                        if (supportedTypeIds.find(assetInfo.m_assetType) != supportedTypeIds.end())
                         {
-                            return assetInfo.m_assetType == assetType;
-                        });
-                    if (assetInfoIt == productsAssetInfo.end())
-                    {
-                        return defaultAssetId;
+                            return assetInfo;
+                        }
                     }
-
-                    return assetInfoIt->m_assetId;
+                    return AZ::Data::AssetInfo();
                 }
 
                 // if it's a product thumbnail key just return its assetId
+                AZ::Data::AssetInfo assetInfo;
                 auto productKey = azrtti_cast<const AzToolsFramework::AssetBrowser::ProductThumbnailKey*>(key.data());
-                if (productKey && productKey->GetAssetType() == assetType)
+                if (productKey && supportedTypeIds.find(productKey->GetAssetType()) != supportedTypeIds.end())
                 {
-                    return productKey->GetAssetId();
+                    AZ::Data::AssetCatalogRequestBus::BroadcastResult(
+                        assetInfo, &AZ::Data::AssetCatalogRequestBus::Events::GetAssetInfoById, productKey->GetAssetId());
                 }
-                return defaultAssetId;
+                return assetInfo;
+            }
+
+            AZ::Data::AssetId GetSupportedAssetId(AzToolsFramework::Thumbnailer::SharedThumbnailKey key, const AZ::Data::AssetId& defaultAssetId)
+            {
+                const AZ::Data::AssetInfo assetInfo = GetSupportedAssetInfo(key);
+                return assetInfo.m_assetId.IsValid() ? assetInfo.m_assetId : defaultAssetId;
+            }
+
+            AZ::Data::AssetId GetAssetIdForProductPath(const AZStd::string_view productPath)
+            {
+                if (!productPath.empty())
+                {
+                    return AZ::RPI::AssetUtils::GetAssetIdForProductPath(productPath.data());
+                }
+                return AZ::Data::AssetId();
             }
 
             QString WordWrap(const QString& string, int maxLength)
@@ -85,32 +106,6 @@ namespace AZ
                 }
                 return result;
             }
-
-            AZStd::unordered_set<AZ::Uuid> GetSupportedAssetTypes()
-            {
-                return { RPI::AnyAsset::RTTI_Type(), RPI::MaterialAsset::RTTI_Type(), RPI::ModelAsset::RTTI_Type() };
-            }
-
-            bool IsSupportedAssetType(AzToolsFramework::Thumbnailer::SharedThumbnailKey key)
-            {
-                for (const AZ::Uuid& typeId : SharedPreviewUtils::GetSupportedAssetTypes())
-                {
-                    const AZ::Data::AssetId& assetId = SharedPreviewUtils::GetAssetId(key, typeId);
-                    if (assetId.IsValid())
-                    {
-                        if (typeId == RPI::AnyAsset::RTTI_Type())
-                        {
-                            AZ::Data::AssetInfo assetInfo;
-                            AZ::Data::AssetCatalogRequestBus::BroadcastResult(
-                                assetInfo, &AZ::Data::AssetCatalogRequestBus::Events::GetAssetInfoById, assetId);
-                            return AzFramework::StringFunc::EndsWith(assetInfo.m_relativePath.c_str(), "lightingpreset.azasset");
-                        }
-                        return true;
-                    }
-                }
-
-                return false;
-            }
         } // namespace SharedPreviewUtils
     } // namespace LyIntegration
 } // namespace AZ
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.h b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.h
index 6c5d83d22a..28c9809d6d 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.h
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewUtils.h
@@ -8,9 +8,9 @@
 
 #pragma once
 
-#include <AzCore/Asset/AssetCommon.h>
-
 #if !defined(Q_MOC_RUN)
+#include <AzCore/Asset/AssetCommon.h>
+#include <AzCore/Asset/AssetManagerBus.h>
 #include <AzToolsFramework/Thumbnails/Thumbnail.h>
 #endif
 
@@ -20,21 +20,25 @@ namespace AZ
     {
         namespace SharedPreviewUtils
         {
-            //! Get assetId by assetType that belongs to either source or product thumbnail key
-            Data::AssetId GetAssetId(
-                AzToolsFramework::Thumbnailer::SharedThumbnailKey key,
-                const Data::AssetType& assetType,
-                const Data::AssetId& defaultAssetId = {});
-
-            //! Word wrap function for previewer QLabel, since by default it does not break long words such as filenames, so manual word
-            //! wrap needed
-            QString WordWrap(const QString& string, int maxLength);
-
             //! Get the set of all asset types supported by the shared preview
             AZStd::unordered_set<AZ::Uuid> GetSupportedAssetTypes();
 
             //! Determine if a thumbnail key has an asset supported by the shared preview
             bool IsSupportedAssetType(AzToolsFramework::Thumbnailer::SharedThumbnailKey key);
+
+            //! Get assetInfo of source or product thumbnail key if asset type is supported by the shared preview
+            AZ::Data::AssetInfo GetSupportedAssetInfo(AzToolsFramework::Thumbnailer::SharedThumbnailKey key);
+
+            //! Get assetId of source or product thumbnail key if asset type is supported by the shared preview
+            AZ::Data::AssetId GetSupportedAssetId(
+                AzToolsFramework::Thumbnailer::SharedThumbnailKey key, const AZ::Data::AssetId& defaultAssetId = {});
+
+            //! Wraps AZ::RPI::AssetUtils::GetAssetIdForProductPath to handle empty productPath
+            AZ::Data::AssetId GetAssetIdForProductPath(const AZStd::string_view productPath);
+
+            //! Inserts new line characters into a string whenever the maximum number of characters per line is exceeded
+            QString WordWrap(const QString& string, int maxLength);
+
         } // namespace SharedPreviewUtils
     } // namespace LyIntegration
 } // namespace AZ
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.cpp
index 5d82bac139..d07c4577e8 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.cpp
@@ -22,18 +22,13 @@ namespace AZ
         //////////////////////////////////////////////////////////////////////////
         SharedThumbnail::SharedThumbnail(AzToolsFramework::Thumbnailer::SharedThumbnailKey key)
             : Thumbnail(key)
+            , m_assetInfo(SharedPreviewUtils::GetSupportedAssetInfo(key))
         {
-            for (const AZ::Uuid& typeId : SharedPreviewUtils::GetSupportedAssetTypes())
+            if (m_assetInfo.m_assetId.IsValid())
             {
-                const AZ::Data::AssetId& assetId = SharedPreviewUtils::GetAssetId(key, typeId);
-                if (assetId.IsValid())
-                {
-                    m_assetId = assetId;
-                    m_typeId = typeId;
-                    AzToolsFramework::Thumbnailer::ThumbnailerRendererNotificationBus::Handler::BusConnect(key);
-                    AzFramework::AssetCatalogEventBus::Handler::BusConnect();
-                    return;
-                }
+                AzToolsFramework::Thumbnailer::ThumbnailerRendererNotificationBus::Handler::BusConnect(key);
+                AzFramework::AssetCatalogEventBus::Handler::BusConnect();
+                return;
             }
 
             AZ_Error("SharedThumbnail", false, "Failed to find matching assetId for the thumbnailKey.");
@@ -43,7 +38,9 @@ namespace AZ
         void SharedThumbnail::LoadThread()
         {
             AzToolsFramework::Thumbnailer::ThumbnailerRendererRequestBus::QueueEvent(
-                m_typeId, &AzToolsFramework::Thumbnailer::ThumbnailerRendererRequests::RenderThumbnail, m_key, SharedThumbnailSize);
+                m_assetInfo.m_assetType, &AzToolsFramework::Thumbnailer::ThumbnailerRendererRequests::RenderThumbnail, m_key,
+                SharedThumbnailSize);
+
             // wait for response from thumbnail renderer
             m_renderWait.acquire();
         }
@@ -68,7 +65,7 @@ namespace AZ
 
         void SharedThumbnail::OnCatalogAssetChanged([[maybe_unused]] const AZ::Data::AssetId& assetId)
         {
-            if (m_assetId == assetId && m_state == State::Ready)
+            if (m_assetInfo.m_assetId == assetId && m_state == State::Ready)
             {
                 m_state = State::Unloaded;
                 Load();
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.h b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.h
index dee433e0bb..2d4b17a09e 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.h
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnail.h
@@ -43,8 +43,7 @@ namespace AZ
             void OnCatalogAssetChanged(const AZ::Data::AssetId& assetId) override;
 
             AZStd::binary_semaphore m_renderWait;
-            Data::AssetId m_assetId;
-            AZ::Uuid m_typeId;
+            Data::AssetInfo m_assetInfo;
         };
 
         //! Cache configuration for shared thumbnails
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.cpp
index c43ba5f1cf..4ee75e3436 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.cpp
@@ -8,6 +8,7 @@
 
 #include <AtomToolsFramework/PreviewRenderer/PreviewRendererCaptureRequest.h>
 #include <AtomToolsFramework/PreviewRenderer/PreviewRendererInterface.h>
+#include <AtomToolsFramework/Util/Util.h>
 #include <AzToolsFramework/AssetBrowser/AssetBrowserBus.h>
 #include <AzToolsFramework/Thumbnails/ThumbnailerBus.h>
 #include <SharedPreview/SharedPreviewContent.h>
@@ -20,9 +21,9 @@ namespace AZ
     {
         SharedThumbnailRenderer::SharedThumbnailRenderer()
         {
-            m_defaultModelAsset.Create(DefaultModelAssetId, true);
-            m_defaultMaterialAsset.Create(DefaultMaterialAssetId, true);
-            m_defaultLightingPresetAsset.Create(DefaultLightingPresetAssetId, true);
+            m_defaultModelAsset.Create(SharedPreviewUtils::GetAssetIdForProductPath(DefaultModelPath), true);
+            m_defaultMaterialAsset.Create(SharedPreviewUtils::GetAssetIdForProductPath(DefaultMaterialPath), true);
+            m_defaultLightingPresetAsset.Create(SharedPreviewUtils::GetAssetIdForProductPath(DefaultLightingPresetPath), true);
 
             for (const AZ::Uuid& typeId : SharedPreviewUtils::GetSupportedAssetTypes())
             {
@@ -37,17 +38,66 @@ namespace AZ
             SystemTickBus::Handler::BusDisconnect();
         }
 
+        SharedThumbnailRenderer::ThumbnailConfig SharedThumbnailRenderer::GetThumbnailConfig(
+            AzToolsFramework::Thumbnailer::SharedThumbnailKey thumbnailKey)
+        {
+            ThumbnailConfig thumbnailConfig;
+
+            const auto assetInfo = SharedPreviewUtils::GetSupportedAssetInfo(thumbnailKey);
+            if (assetInfo.m_assetType == RPI::ModelAsset::RTTI_Type())
+            {
+                static constexpr const char* MaterialAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/ModelAssetType/MaterialAssetPath";
+                static constexpr const char* LightingAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/ModelAssetType/LightingAssetPath";
+
+                thumbnailConfig.m_modelId = assetInfo.m_assetId;
+                thumbnailConfig.m_materialId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(MaterialAssetPathSetting, DefaultMaterialPath));
+                thumbnailConfig.m_lightingId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(LightingAssetPathSetting, DefaultLightingPresetPath));
+            }
+            else if (assetInfo.m_assetType == RPI::MaterialAsset::RTTI_Type())
+            {
+                static constexpr const char* ModelAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/MaterialAssetType/ModelAssetPath";
+                static constexpr const char* LightingAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/MaterialAssetType/LightingAssetPath";
+
+                thumbnailConfig.m_modelId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(ModelAssetPathSetting, DefaultModelPath));
+                thumbnailConfig.m_materialId = assetInfo.m_assetId;
+                thumbnailConfig.m_lightingId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(LightingAssetPathSetting, DefaultLightingPresetPath));
+            }
+            else if (assetInfo.m_assetType == RPI::AnyAsset::RTTI_Type())
+            {
+                static constexpr const char* ModelAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/LightingAssetType/ModelAssetPath";
+                static constexpr const char* MaterialAssetPathSetting =
+                    "/O3DE/Atom/CommonFeature/SharedPreview/LightingAssetType/MaterialAssetPath";
+
+                thumbnailConfig.m_modelId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(ModelAssetPathSetting, DefaultModelPath));
+                thumbnailConfig.m_materialId = SharedPreviewUtils::GetAssetIdForProductPath(
+                    AtomToolsFramework::GetSettingOrDefault<AZStd::string>(MaterialAssetPathSetting, "materials/reflectionprobe/reflectionprobevisualization.azmaterial"));
+                thumbnailConfig.m_lightingId = assetInfo.m_assetId;
+            }
+
+            return thumbnailConfig;
+        }
+
         void SharedThumbnailRenderer::RenderThumbnail(AzToolsFramework::Thumbnailer::SharedThumbnailKey thumbnailKey, int thumbnailSize)
         {
             if (auto previewRenderer = AZ::Interface<AtomToolsFramework::PreviewRendererInterface>::Get())
             {
+                const auto& thumbnailConfig = GetThumbnailConfig(thumbnailKey);
+
                 previewRenderer->AddCaptureRequest(
                     { thumbnailSize,
                       AZStd::make_shared<SharedPreviewContent>(
                           previewRenderer->GetScene(), previewRenderer->GetView(), previewRenderer->GetEntityContextId(),
-                          SharedPreviewUtils::GetAssetId(thumbnailKey, RPI::ModelAsset::RTTI_Type(), DefaultModelAssetId),
-                          SharedPreviewUtils::GetAssetId(thumbnailKey, RPI::MaterialAsset::RTTI_Type(), DefaultMaterialAssetId),
-                          SharedPreviewUtils::GetAssetId(thumbnailKey, RPI::AnyAsset::RTTI_Type(), DefaultLightingPresetAssetId),
+                          thumbnailConfig.m_modelId, thumbnailConfig.m_materialId, thumbnailConfig.m_lightingId,
                           Render::MaterialPropertyOverrideMap()),
                       [thumbnailKey]()
                       {
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.h b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.h
index 4db7728109..2166ac49e7 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.h
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedThumbnailRenderer.h
@@ -33,6 +33,15 @@ namespace AZ
             ~SharedThumbnailRenderer();
 
         private:
+            struct ThumbnailConfig
+            {
+                Data::AssetId m_modelId;
+                Data::AssetId m_materialId;
+                Data::AssetId m_lightingId;
+            };
+
+            ThumbnailConfig GetThumbnailConfig(AzToolsFramework::Thumbnailer::SharedThumbnailKey thumbnailKey);
+
             //! ThumbnailerRendererRequestsBus::Handler interface overrides...
             void RenderThumbnail(AzToolsFramework::Thumbnailer::SharedThumbnailKey thumbnailKey, int thumbnailSize) override;
             bool Installed() const override;
@@ -42,15 +51,12 @@ namespace AZ
 
             // Default assets to be kept loaded and used for rendering if not overridden
             static constexpr const char* DefaultLightingPresetPath = "lightingpresets/thumbnail.lightingpreset.azasset";
-            const Data::AssetId DefaultLightingPresetAssetId = AZ::RPI::AssetUtils::GetAssetIdForProductPath(DefaultLightingPresetPath);
             Data::Asset<RPI::AnyAsset> m_defaultLightingPresetAsset;
 
             static constexpr const char* DefaultModelPath = "models/sphere.azmodel";
-            const Data::AssetId DefaultModelAssetId = AZ::RPI::AssetUtils::GetAssetIdForProductPath(DefaultModelPath);
             Data::Asset<RPI::ModelAsset> m_defaultModelAsset;
 
             static constexpr const char* DefaultMaterialPath = "";
-            const Data::AssetId DefaultMaterialAssetId;
             Data::Asset<RPI::MaterialAsset> m_defaultMaterialAsset;
         };
     } // namespace LyIntegration