diff --git a/.github/workflows/job_python_unit_tests.yml b/.github/workflows/job_python_unit_tests.yml
index e740525a7f2542..274aaaacea3223 100644
--- a/.github/workflows/job_python_unit_tests.yml
+++ b/.github/workflows/job_python_unit_tests.yml
@@ -121,7 +121,7 @@ jobs:
       # Tests
       #
 
-      - name: Python API 2.0 Tests
+      - name: Python API Tests
         # if: ${{ fromJSON(inputs.affected-components).Python_API.test && runner.arch != 'ARM64' }} # Ticket: 126380, 127101
         run: |
           # for 'template' extension
diff --git a/.github/workflows/py_checks.yml b/.github/workflows/py_checks.yml
index 56b58faacf0c16..7dbe07752766db 100644
--- a/.github/workflows/py_checks.yml
+++ b/.github/workflows/py_checks.yml
@@ -53,12 +53,12 @@ jobs:
           name: samples_diff
           path: samples_diff.diff
 
-      # Python API 2.0 Flake code-style
-      - name: Run flake8 on Python API 2.0
+      # Python API Flake code-style
+      - name: Run flake8 on Python API
         run: python -m flake8 ./src/openvino --config=setup.cfg
         working-directory: src/bindings/python
 
-      - name: Create code style diff for Python API 2.0
+      - name: Create code style diff for Python API
         if: failure()
         run: |
           python -m black -l 160 -S ./
@@ -89,14 +89,14 @@ jobs:
           name: wheel_diff
           path: wheel_diff.diff
 
-      # Python API 2.0 tests Flake code-style
+      # Python API tests Flake code-style
       - name: Run flake8 on python tests
         # ignore lack of docs in tests
         run: python -m flake8 tests/ --config=setup.cfg
         working-directory: src/bindings/python
 
-      # Python API 2.0 mypy check
-      - name: Run mypy on Python API 2.0
+      # Python API mypy check
+      - name: Run mypy on Python API
         run: python -m mypy ./src/openvino --config-file ./setup.cfg
         working-directory: src/bindings/python
 
diff --git a/.github/workflows/windows.yml b/.github/workflows/windows.yml
index 06b36f7725d1ca..e25ff48ca31128 100644
--- a/.github/workflows/windows.yml
+++ b/.github/workflows/windows.yml
@@ -428,7 +428,7 @@ jobs:
           # TODO: replace with Python API tests requirements
           python3 -m pip install -r ${{ env.INSTALL_TEST_DIR }}/mo/requirements_dev.txt
 
-      - name: Python API 2.0 Tests
+      - name: Python API Tests
         #if: fromJSON(needs.smart_ci.outputs.affected_components).Python_API.test # Ticket: 127101
         shell: cmd
         run: |
diff --git a/src/bindings/python/CMakeLists.txt b/src/bindings/python/CMakeLists.txt
index 2e2d6786bfa476..efd9c2ea664502 100644
--- a/src/bindings/python/CMakeLists.txt
+++ b/src/bindings/python/CMakeLists.txt
@@ -267,9 +267,7 @@ endmacro()
 macro(ov_define_setup_py_dependencies)
     foreach(_target
             # Python API dependencies
-            _pyngraph pyopenvino py_ov_frontends
-            # legacy Python API 1.0 dependencies (remove before 2024.0 release)
-            ie_api constants
+            _pyopenvino py_ov_frontends
             # plugins
             ov_plugins
             # frontends
diff --git a/src/bindings/python/docs/test_examples.md b/src/bindings/python/docs/test_examples.md
index c7078c08cc8bd1..661db4c738a89f 100644
--- a/src/bindings/python/docs/test_examples.md
+++ b/src/bindings/python/docs/test_examples.md
@@ -18,7 +18,7 @@ export PYTHONPATH=PYTHONPATH:<openvino_repo>/bin/intel64/Release/python
 cd .../openvino/src/bindings/python/
 ```
 
-To run OpenVINO Python API 2.0 tests:
+To run OpenVINO Python API tests:
 ```shell
 pytest tests/
 ```
@@ -54,22 +54,12 @@ tox
 There are two packages used in the project to check the codestyle of python code: *mypy* and *flake8*.
 Besides, OpenVINO™ uses a [custom configuration file](./../setup.cfg) to exclude some strict rules.
 
-To check the codestyle of the Python API 2.0, run the following commands:
+To check the codestyle of the Python API, run the following commands:
 ```
 python -m flake8 ./src/openvino/ --config=setup.cfg
 python -m mypy ./src/openvino --config-file ./setup.cfg
 ```
-To check the codestyle of the nGraph Python API, run the following commands:
-```
-python -m flake8 ./src/compatibility/ngraph/ --config=setup.cfg
-python -m mypy ./src/compatibility/ngraph --config-file ./setup.cfg
-```
-To check the codestyle of the InferenceEngine Python API, run the following commands:
-```
-cd src/compatibility/openvino
-python -m flake8 ./ --config=setup.cfg
-python -m mypy ./ --config-file ./setup.cfg
-```
+
 It's recommended to run the mentioned codestyle check whenever new tests are added.
 This check should be executed from the main Python API folder:
 ```
@@ -94,7 +84,6 @@ Note that name of the file is connected to the class/module to be tested. This i
     tests/test_frontend           <-- frontend manager and extensions
     tests/test_runtime            <-- runtime classes such as Core and Tensor
     tests/test_graph              <-- operators and their implementation
-    tests/test_onnx               <-- ONNX Frontend tests and validation
     tests/test_transformations    <-- optimization passes for OV Models 
 
 ### Writing of the test itself