diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 3c59e1ff550..0a5141a6eec 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -468,3 +468,4 @@ erpnext.patches.v15_0.replace_http_with_https_in_sales_partner
 erpnext.patches.v15_0.delete_quotation_lost_record_detail
 erpnext.patches.v16_0.add_portal_redirects
 erpnext.patches.v16_0.complete_onboarding_steps_for_older_sites #2
+erpnext.patches.v16_0.migrate_asset_type_checkboxes_to_select
diff --git a/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py b/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py
new file mode 100644
index 00000000000..868d53b8985
--- /dev/null
+++ b/erpnext/patches/v16_0/migrate_asset_type_checkboxes_to_select.py
@@ -0,0 +1,15 @@
+import frappe
+from frappe.query_builder import Case
+
+
+def execute():
+	Asset = frappe.qb.DocType("Asset")
+
+	frappe.qb.update(Asset).set(
+		Asset.asset_type,
+		Case()
+		.when(Asset.is_existing_asset == 1, "Existing Asset")
+		.when(Asset.is_composite_asset == 1, "Composite Asset")
+		.when(Asset.is_composite_component == 1, "Composite Component")
+		.else_(""),
+	).run()