diff --git a/Gems/Atom/RPI/Code/Source/RPI.Edit/Material/MaterialSourceData.cpp b/Gems/Atom/RPI/Code/Source/RPI.Edit/Material/MaterialSourceData.cpp
index 9d44963942..5aed6b2993 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Edit/Material/MaterialSourceData.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Edit/Material/MaterialSourceData.cpp
@@ -119,7 +119,7 @@ namespace AZ
             if (changesWereApplied)
             {
                 AZ_Warning("MaterialSourceData", false,
-                    "This material is based on version %u of '%s', but the material type is now at version %u. "
+                    "This material is based on version '%u' of '%s', but the material type is now at version '%u'. "
                     "Automatic updates are available. Consider updating the .material source file.",
                     m_materialTypeVersion, m_materialType.c_str(), materialTypeSourceData.m_version);
             }
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Material/MaterialAsset.cpp b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Material/MaterialAsset.cpp
index 2b7c1c58c7..e9d8a42641 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Material/MaterialAsset.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Material/MaterialAsset.cpp
@@ -208,6 +208,8 @@ namespace AZ
                 return;
             }
 
+            const uint32_t originalVersion = m_materialTypeVersion;
+
             bool changesWereApplied = false;
 
             for (const MaterialVersionUpdate& versionUpdate : m_materialTypeAsset->GetMaterialVersionUpdateList())
@@ -225,9 +227,9 @@ namespace AZ
             if (changesWereApplied)
             {
                 AZ_Warning("MaterialAsset", false,
-                    "This material is based on version %u of '%s', but the material type is now at version %u. "
+                    "This material is based on version '%u' of %s, but the material type is now at version '%u'. "
                     "Automatic updates are available. Consider updating the .material source file.",
-                    m_materialTypeVersion, m_materialTypeAsset.ToString<AZStd::string>().c_str(), m_materialTypeAsset->GetVersion());
+                    originalVersion, m_materialTypeAsset.ToString<AZStd::string>().c_str(), m_materialTypeAsset->GetVersion());
             }
 
             m_materialTypeVersion = m_materialTypeAsset->GetVersion();
diff --git a/Gems/Atom/RPI/Code/Tests/Material/MaterialAssetTests.cpp b/Gems/Atom/RPI/Code/Tests/Material/MaterialAssetTests.cpp
index cf8b55d581..58a852f176 100644
--- a/Gems/Atom/RPI/Code/Tests/Material/MaterialAssetTests.cpp
+++ b/Gems/Atom/RPI/Code/Tests/Material/MaterialAssetTests.cpp
@@ -264,6 +264,8 @@ namespace UnitTest
         // This can find errors and warnings, we are looking for a warning when the version update is applied
         ErrorMessageFinder warningFinder; 
         warningFinder.AddExpectedErrorMessage("Automatic updates are available. Consider updating the .material source file");
+        warningFinder.AddExpectedErrorMessage("This material is based on version '1'");
+        warningFinder.AddExpectedErrorMessage("material type is now at version '2'");
 
         // Even though this material was created using the old version of the material type, it's property values should get automatically
         // updated to align with the new property layout in the latest MaterialTypeAsset.
diff --git a/Gems/Atom/RPI/Code/Tests/Material/MaterialSourceDataTests.cpp b/Gems/Atom/RPI/Code/Tests/Material/MaterialSourceDataTests.cpp
index 6a6947e7c7..acce52ae8e 100644
--- a/Gems/Atom/RPI/Code/Tests/Material/MaterialSourceDataTests.cpp
+++ b/Gems/Atom/RPI/Code/Tests/Material/MaterialSourceDataTests.cpp
@@ -728,6 +728,8 @@ namespace UnitTest
         // Then we force the material data to update to the latest material type version specification
         ErrorMessageFinder warningFinder; // Note this finds errors and warnings, and we're looking for a warning.
         warningFinder.AddExpectedErrorMessage("Automatic updates are available. Consider updating the .material source file");
+        warningFinder.AddExpectedErrorMessage("This material is based on version '1'");
+        warningFinder.AddExpectedErrorMessage("material type is now at version '10'");
         material.ApplyVersionUpdates();
         warningFinder.CheckExpectedErrorsFound();