diff --git a/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt b/Gems/Atom/Tools/AtomToolsFramework/Code/CMakeLists.txt
index 40c8d7956e..49eb94e1e7 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/Source/Viewport/MaterialViewportComponent.cpp b/Gems/Atom/Tools/MaterialEditor/Code/Source/Viewport/MaterialViewportComponent.cpp
index fb8639977d..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()
     {
     }
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 5cf867618d..f8ad038a85 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/LightingPresetBrowserDialog.cpp
@@ -28,13 +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)
         {
             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(180, 180));
+            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 4e9c42575b..f5a1677462 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/ModelPresetBrowserDialog.cpp
@@ -27,10 +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)
         {
-            QListWidgetItem* item = CreateListItem(preset->m_displayName.c_str(), preset->m_modelAsset.GetId(), QSize(90, 90));
+            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 3bda426b07..f2bb84dff6 100644
--- a/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp
+++ b/Gems/Atom/Tools/MaterialEditor/Code/Source/Window/PresetBrowserDialogs/PresetBrowserDialog.cpp
@@ -51,13 +51,21 @@ namespace MaterialEditor
 
     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(), size.width() + 10), AZStd::max(gridSize.height(), size.height() + 10 + 15)));
+        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(size + QSize(4, 19));
+        item->setSizeHint(size + QSize(itemBorder, itemBorder + headerHeight));
         m_ui->m_presetList->addItem(item);
 
         QWidget* itemWidget = new QWidget(m_ui->m_presetList);
@@ -67,7 +75,7 @@ namespace MaterialEditor
 
         AzQtComponents::ElidingLabel* header = new AzQtComponents::ElidingLabel(itemWidget);
         header->setText(title);
-        header->setFixedSize(QSize(size.width(), 15));
+        header->setFixedSize(QSize(size.width(), headerHeight));
         header->setMargin(0);
         header->setStyleSheet("background-color: rgb(35, 35, 35)");
         AzQtComponents::Text::addPrimaryStyle(header);
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/SharedPreview/SharedPreviewContent.h
index 140ef88ebd..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::HalfPi / 6.0f;
+            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