diff --git a/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Material/MaterialAssignmentId.h b/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Material/MaterialAssignmentId.h
index d9ae8099da..e58a8397db 100644
--- a/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Material/MaterialAssignmentId.h
+++ b/Gems/Atom/Feature/Common/Code/Include/Atom/Feature/Material/MaterialAssignmentId.h
@@ -31,6 +31,7 @@ namespace AZ
             AZ_RTTI(AZ::Render::MaterialAssignmentId, "{EB603581-4654-4C17-B6DE-AE61E79EDA97}");
             AZ_CLASS_ALLOCATOR(AZ::Render::MaterialAssignmentId, SystemAllocator, 0);
             static void Reflect(ReflectContext* context);
+            static bool ConvertVersion(AZ::SerializeContext& context, AZ::SerializeContext::DataElementNode& classElement);
 
             MaterialAssignmentId() = default;
 
diff --git a/Gems/Atom/Feature/Common/Code/Source/Material/MaterialAssignmentId.cpp b/Gems/Atom/Feature/Common/Code/Source/Material/MaterialAssignmentId.cpp
index 8b6b0be237..5db6c4c15c 100644
--- a/Gems/Atom/Feature/Common/Code/Source/Material/MaterialAssignmentId.cpp
+++ b/Gems/Atom/Feature/Common/Code/Source/Material/MaterialAssignmentId.cpp
@@ -14,12 +14,37 @@ namespace AZ
 {
     namespace Render
     {
+        bool MaterialAssignmentId::ConvertVersion(AZ::SerializeContext& context, AZ::SerializeContext::DataElementNode& classElement)
+        {
+            if (classElement.GetVersion() < 2)
+            {
+                constexpr AZ::u32 materialAssetIdCrc = AZ_CRC("materialAssetId");
+
+                AZ::Data::AssetId materialAssetId;
+                if (!classElement.GetChildData(materialAssetIdCrc, materialAssetId))
+                {
+                    AZ_Error("AZ::Render::MaterialAssignmentId::ConvertVersion", false, "Failed to get AssetId element");
+                    return false;
+                }
+
+                if (!classElement.RemoveElementByName(materialAssetIdCrc))
+                {
+                    AZ_Error("AZ::Render::MaterialAssignmentId::ConvertVersion", false, "Failed to remove deprecated element materialAssetId");
+                    // No need to early-return, the object will still load successfully, it will just report more errors about the unrecognized element.
+                }
+
+                classElement.AddElementWithData(context, "materialSlotStableId", materialAssetId.m_subId);
+            }
+
+            return true;
+        }
+
         void MaterialAssignmentId::Reflect(ReflectContext* context)
         {
             if (auto serializeContext = azrtti_cast<AZ::SerializeContext*>(context))
             {
                 serializeContext->Class<MaterialAssignmentId>()
-                    ->Version(2)
+                    ->Version(2, &MaterialAssignmentId::ConvertVersion)
                     ->Field("lodIndex", &MaterialAssignmentId::m_lodIndex)
                     ->Field("materialSlotStableId", &MaterialAssignmentId::m_materialSlotStableId)
                     ;
diff --git a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
index c8a2024b39..0a32f9b125 100644
--- a/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
+++ b/Gems/AtomLyIntegration/CommonFeatures/Code/Source/Material/EditorMaterialComponentSlot.cpp
@@ -80,7 +80,7 @@ namespace AZ
             if (AZ::SerializeContext* serializeContext = azrtti_cast<AZ::SerializeContext*>(context))
             {
                 serializeContext->Class<EditorMaterialComponentSlot>()
-                    ->Version(5, &EditorMaterialComponentSlot::ConvertVersion)
+                    ->Version(6, &EditorMaterialComponentSlot::ConvertVersion)
                     ->Field("id", &EditorMaterialComponentSlot::m_id)
                     ->Field("materialAsset", &EditorMaterialComponentSlot::m_materialAsset)
                     ->Field("defaultMaterialAsset", &EditorMaterialComponentSlot::m_defaultMaterialAsset)