diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponent.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponent.cpp
index e307bfcd07..80de8b03e4 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponent.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponent.cpp
@@ -32,7 +32,7 @@ namespace AZ
 {
     namespace Render
     {
-        const char* EditorMaterialComponent::GenerateMaterialsButtonText = "Generate Source Materials...";
+        const char* EditorMaterialComponent::GenerateMaterialsButtonText = "Generate/Manage Source Materials...";
         const char* EditorMaterialComponent::GenerateMaterialsToolTipText = "Generate editable source material files from materials provided by the model.";
 
         const char* EditorMaterialComponent::ResetMaterialsButtonText = "Reset Materials";
@@ -228,10 +228,13 @@ namespace AZ
             action = menu->addAction(GenerateMaterialsButtonText, [this]() { OpenMaterialExporter(); });
             action->setToolTip(GenerateMaterialsToolTipText);
 
+            menu->addSeparator();
+
             action = menu->addAction(ResetMaterialsButtonText, [this]() { ResetMaterialSlots(); });
             action->setToolTip(ResetMaterialsToolTipText);
 
             menu->addSeparator();
+
             action = menu->addAction("Clear Model Materials", [this]() {
                 AzToolsFramework::ScopedUndoBatch undoBatch("Clearing model materials.");
                 SetDirty();
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentExporter.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentExporter.cpp
index 34cc53a326..3a23c9be55 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentExporter.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentExporter.cpp
@@ -104,7 +104,7 @@ namespace AZ
 
                 // Constructing a dialog with a table to display all configurable material export items
                 QDialog dialog(activeWindow);
-                dialog.setWindowTitle("Generate Source Materials");
+                dialog.setWindowTitle("Generate/Manage Source Materials");
 
                 const QStringList headerLabels = { "Material Slot", "Material Filename", "Overwrite" };
                 const int MaterialSlotColumn = 0;
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
index 65fa7bc286..cbde73962d 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
@@ -273,32 +273,24 @@ namespace AZ
 
             QAction* action = nullptr;
 
-            action = menu.addAction("Open Material Editor...", [this]() { EditorMaterialSystemComponentRequestBus::Broadcast(&EditorMaterialSystemComponentRequestBus::Events::OpenInMaterialEditor, ""); });
-            action->setVisible(!m_materialAsset.GetId().IsValid());
-
-            action = menu.addAction("Clear", [this]() { Clear(); });
-            action->setEnabled(m_materialAsset.GetId().IsValid() || !m_propertyOverrides.empty() || !m_matModUvOverrides.empty());
-
-            action = menu.addAction("Set Default Asset", [this]() { SetDefaultAsset(); });
+            action = menu.addAction("Generate/Manage Source Material...", [this]() { OpenMaterialExporter(); });
             action->setEnabled(m_id.m_materialAssetId.IsValid());
 
             menu.addSeparator();
 
-            action = menu.addAction("Generate Source Material...", [this]() { OpenMaterialExporter(); });
-            action->setEnabled(m_id.m_materialAssetId.IsValid());
-
-            menu.addSeparator();
-
-            const auto instanceAssetId = m_materialAsset.GetId().IsValid() ? m_materialAsset.GetId() : m_id.m_materialAssetId;
+            action = menu.addAction("Edit Source Material...", [this]() { OpenMaterialEditor(); });
+            action->setEnabled(HasSourceData());
 
             action = menu.addAction("Edit Material Instance...", [this]() { OpenMaterialInspector(); });
             action->setEnabled(m_materialAsset.GetId().IsValid());
 
-            action = menu.addAction("Edit Material Model UV Map...", [this]() { OpenUvNameMapInspector(); });
+            action = menu.addAction("Edit Material Instance UV Map...", [this]() { OpenUvNameMapInspector(); });
             action->setEnabled(m_materialAsset.GetId().IsValid());
 
-            action = menu.addAction("Edit Material in Material Editor...", [this]() { OpenMaterialEditor(); });
-            action->setEnabled(HasSourceData());
+            menu.addSeparator();
+
+            action = menu.addAction("Clear Material Instance Overrides", [this]() { m_propertyOverrides = {}; m_matModUvOverrides = {}; });
+            action->setEnabled(!m_propertyOverrides.empty() || !m_matModUvOverrides.empty());
 
             menu.exec(QCursor::pos());
         }