diff --git a/frame/alliance/src/lib.rs b/frame/alliance/src/lib.rs
index 1f9186431d084..32afd11c119cd 100644
--- a/frame/alliance/src/lib.rs
+++ b/frame/alliance/src/lib.rs
@@ -301,8 +301,7 @@ pub mod pallet {
 		#[pallet::constant]
 		type MaxAnnouncementsCount: Get<u32>;
 
-		/// The maximum number of members per member role. Should not exceed the sum of
-		/// `MaxFellows` and `MaxAllies`.
+		/// The maximum number of members per member role.
 		#[pallet::constant]
 		type MaxMembersCount: Get<u32>;
 
diff --git a/frame/alliance/src/migration.rs b/frame/alliance/src/migration.rs
index 8f98484240061..ea07f8c1279b1 100644
--- a/frame/alliance/src/migration.rs
+++ b/frame/alliance/src/migration.rs
@@ -20,7 +20,7 @@ use frame_support::{pallet_prelude::*, storage::migration, traits::OnRuntimeUpgr
 use log;
 
 /// The current storage version.
-pub const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
+pub const STORAGE_VERSION: StorageVersion = StorageVersion::new(2);
 
 /// Wrapper for all migrations of this pallet.
 pub fn migrate<T: Config<I>, I: 'static>() -> Weight {
@@ -31,6 +31,10 @@ pub fn migrate<T: Config<I>, I: 'static>() -> Weight {
 		weight = weight.saturating_add(v0_to_v1::migrate::<T, I>());
 	}
 
+	if onchain_version < 2 {
+		weight = weight.saturating_add(v1_to_v2::migrate::<T, I>());
+	}
+
 	STORAGE_VERSION.put::<Pallet<T, I>>();
 	weight = weight.saturating_add(T::DbWeight::get().writes(1));
 
@@ -77,3 +81,99 @@ mod v0_to_v1 {
 		T::DbWeight::get().writes(res.unique.into())
 	}
 }
+
+/// v1_to_v2: `Members` storage map collapses `Founder` and `Fellow` keys into one `Fellow`.
+/// Total number of `Founder`s and `Fellow`s must not be higher than `T::MaxMembersCount`.
+pub(crate) mod v1_to_v2 {
+	use super::*;
+	use crate::{MemberRole, Members};
+
+	/// V1 Role set.
+	#[derive(Copy, Clone, PartialEq, Eq, Encode, Decode, TypeInfo, MaxEncodedLen)]
+	pub enum MemberRoleV1 {
+		Founder,
+		Fellow,
+		Ally,
+		Retiring,
+	}
+
+	pub fn migrate<T: Config<I>, I: 'static>() -> Weight {
+		log::info!(target: LOG_TARGET, "Running migration v1_to_v2: `Members` storage map collapses `Founder` and `Fellow` keys into one `Fellow`.");
+		// fetch into the scope all members.
+		let founders_vec = take_members::<T, I>(MemberRoleV1::Founder).into_inner();
+		let mut fellows_vec = take_members::<T, I>(MemberRoleV1::Fellow).into_inner();
+		let allies = take_members::<T, I>(MemberRoleV1::Ally);
+		let retiring = take_members::<T, I>(MemberRoleV1::Retiring);
+		if founders_vec
+			.len()
+			.saturating_add(fellows_vec.len())
+			.saturating_add(allies.len())
+			.saturating_add(retiring.len()) ==
+			0
+		{
+			return T::DbWeight::get().reads(4)
+		}
+		log::info!(
+			target: LOG_TARGET,
+			"Members storage v1 contains, '{}' founders, '{}' fellows, '{}' allies, '{}' retiring members.",
+			founders_vec.len(),
+			fellows_vec.len(),
+			allies.len(),
+			retiring.len(),
+		);
+		// merge founders with fellows and sort.
+		fellows_vec.extend(founders_vec);
+		fellows_vec.sort();
+		if fellows_vec.len() as u32 > T::MaxMembersCount::get() {
+			log::error!(
+				target: LOG_TARGET,
+				"Merged list of founders and fellows do not fit into `T::MaxMembersCount` bound. Truncating the merged set into max members count."
+			);
+			fellows_vec.truncate(T::MaxMembersCount::get() as usize);
+		}
+		let fellows: BoundedVec<T::AccountId, T::MaxMembersCount> =
+			fellows_vec.try_into().unwrap_or_default();
+		// insert members with new storage map key.
+		Members::<T, I>::insert(&MemberRole::Fellow, fellows.clone());
+		Members::<T, I>::insert(&MemberRole::Ally, allies.clone());
+		Members::<T, I>::insert(&MemberRole::Retiring, retiring.clone());
+		log::info!(
+			target: LOG_TARGET,
+			"Members storage updated with, '{}' fellows, '{}' allies, '{}' retiring members.",
+			fellows.len(),
+			allies.len(),
+			retiring.len(),
+		);
+		T::DbWeight::get().reads_writes(4, 4)
+	}
+
+	fn take_members<T: Config<I>, I: 'static>(
+		role: MemberRoleV1,
+	) -> BoundedVec<T::AccountId, T::MaxMembersCount> {
+		migration::take_storage_item::<
+			MemberRoleV1,
+			BoundedVec<T::AccountId, T::MaxMembersCount>,
+			Twox64Concat,
+		>(<Pallet<T, I>>::name().as_bytes(), b"Members", role)
+		.unwrap_or_default()
+	}
+}
+
+#[cfg(test)]
+mod test {
+	use super::*;
+	use crate::{mock::*, MemberRole};
+
+	#[test]
+	fn migration_v1_to_v2_works() {
+		new_test_ext().execute_with(|| {
+			assert_ok!(Alliance::join_alliance(RuntimeOrigin::signed(4)));
+			assert_eq!(Alliance::members(MemberRole::Ally), vec![4]);
+			assert_eq!(Alliance::members(MemberRole::Fellow), vec![1, 2, 3]);
+			v1_to_v2::migrate::<Test, ()>();
+			assert_eq!(Alliance::members(MemberRole::Fellow), vec![1, 2, 3, 4]);
+			assert_eq!(Alliance::members(MemberRole::Ally), vec![]);
+			assert_eq!(Alliance::members(MemberRole::Retiring), vec![]);
+		});
+	}
+}