diff --git a/erpnext/controllers/item_variant.py b/erpnext/controllers/item_variant.py
index 7c5db01c835..b125b15fe55 100644
--- a/erpnext/controllers/item_variant.py
+++ b/erpnext/controllers/item_variant.py
@@ -7,6 +7,7 @@ import json
 
 import frappe
 from frappe import _
+from frappe.query_builder import Case
 from frappe.utils import cstr, flt
 
 from erpnext.utilities.product import get_item_codes_by_attributes
@@ -135,6 +136,53 @@ def validate_is_incremental(numeric_attribute, attribute, value, item):
 		)
 
 
+def get_attribute_value_renames(item_attribute):
+	"""Return old to new attribute value mappings for renamed Item Attribute Value rows."""
+	if item_attribute.numeric_values:
+		return {}
+
+	db_value = item_attribute.get_doc_before_save()
+	if not db_value:
+		return {}
+
+	old_values = {d.name: d.attribute_value for d in db_value.item_attribute_values}
+	renames = {}
+
+	for row in item_attribute.item_attribute_values:
+		if row.name in old_values and old_values[row.name] != row.attribute_value:
+			renames[old_values[row.name]] = row.attribute_value
+
+	return renames
+
+
+def update_variant_attribute_values(item_attribute):
+	"""Propagate renamed Item Attribute Values to Item Variant Attribute on variant items."""
+	value_map = get_attribute_value_renames(item_attribute)
+	if not value_map:
+		return
+
+	item_variant_table = frappe.qb.DocType("Item Variant Attribute")
+	item_table = frappe.qb.DocType("Item")
+	attribute_value = item_variant_table.attribute_value
+	attribute_value_case = Case()
+
+	for old_value, new_value in value_map.items():
+		attribute_value_case = attribute_value_case.when(attribute_value == old_value, new_value)
+
+	(
+		frappe.qb.update(item_variant_table)
+		.join(item_table)
+		.on(item_table.name == item_variant_table.parent)
+		.set(attribute_value, attribute_value_case.else_(attribute_value))
+		.where(item_table.variant_of.isnotnull())
+		.where(item_table.variant_of != "")
+		.where(item_variant_table.attribute == item_attribute.name)
+		.where(attribute_value.isin(list(value_map)))
+	).run()
+
+	frappe.flags.attribute_values = None
+
+
 def validate_item_attribute_value(attributes_list, attribute, attribute_value, item, from_variant=True):
 	allow_rename_attribute_value = frappe.db.get_single_value(
 		"Item Variant Settings", "allow_rename_attribute_value"
diff --git a/erpnext/stock/doctype/item/test_item.py b/erpnext/stock/doctype/item/test_item.py
index eb67a776f1d..fcfa5d50075 100644
--- a/erpnext/stock/doctype/item/test_item.py
+++ b/erpnext/stock/doctype/item/test_item.py
@@ -411,6 +411,89 @@ class TestItem(ERPNextTestSuite):
 
 		self.assertRaises(InvalidItemAttributeValueError, attribute.save)
 
+	def test_rename_attribute_value_updates_variants(self):
+		frappe.delete_doc_if_exists("Item", "_Test Variant Item-L", force=1)
+
+		variant = create_variant("_Test Variant Item", {"Test Size": "Large"})
+		variant.save()
+
+		attribute = frappe.get_doc("Item Attribute", "Test Size")
+		for row in attribute.item_attribute_values:
+			if row.attribute_value == "Large":
+				row.attribute_value = "Larger"
+				break
+
+		def restore_test_size_large():
+			doc = frappe.get_doc("Item Attribute", "Test Size")
+			for row in doc.item_attribute_values:
+				if row.attribute_value == "Larger":
+					row.attribute_value = "Large"
+					break
+			frappe.flags.attribute_values = None
+			doc.save()
+
+		self.addCleanup(restore_test_size_large)
+
+		frappe.flags.attribute_values = None
+		attribute.save()
+
+		self.assertEqual(
+			frappe.db.get_value(
+				"Item Variant Attribute",
+				{"parent": variant.name, "attribute": "Test Size"},
+				"attribute_value",
+			),
+			"Larger",
+		)
+
+	def test_swapped_attribute_value_renames_update_variants(self):
+		frappe.delete_doc_if_exists("Item", "_Test Variant Item-L", force=1)
+		frappe.delete_doc_if_exists("Item", "_Test Variant Item-S", force=1)
+
+		large_variant = create_variant("_Test Variant Item", {"Test Size": "Large"})
+		large_variant.save()
+
+		small_variant = create_variant("_Test Variant Item", {"Test Size": "Small"})
+		small_variant.save()
+
+		attribute = frappe.get_doc("Item Attribute", "Test Size")
+		original_values = {row.name: row.attribute_value for row in attribute.item_attribute_values}
+
+		def restore_test_size_values():
+			doc = frappe.get_doc("Item Attribute", "Test Size")
+			for row in doc.item_attribute_values:
+				row.attribute_value = original_values[row.name]
+			frappe.flags.attribute_values = None
+			doc.save()
+
+		self.addCleanup(restore_test_size_values)
+
+		for row in attribute.item_attribute_values:
+			if row.attribute_value == "Large":
+				row.attribute_value = "Small"
+			elif row.attribute_value == "Small":
+				row.attribute_value = "Large"
+
+		frappe.flags.attribute_values = None
+		attribute.save()
+
+		self.assertEqual(
+			frappe.db.get_value(
+				"Item Variant Attribute",
+				{"parent": large_variant.name, "attribute": "Test Size"},
+				"attribute_value",
+			),
+			"Small",
+		)
+		self.assertEqual(
+			frappe.db.get_value(
+				"Item Variant Attribute",
+				{"parent": small_variant.name, "attribute": "Test Size"},
+				"attribute_value",
+			),
+			"Large",
+		)
+
 	def test_make_item_variant(self):
 		frappe.delete_doc_if_exists("Item", "_Test Variant Item-L", force=1)
 
diff --git a/erpnext/stock/doctype/item_attribute/item_attribute.py b/erpnext/stock/doctype/item_attribute/item_attribute.py
index 2878a19de48..2e50479b409 100644
--- a/erpnext/stock/doctype/item_attribute/item_attribute.py
+++ b/erpnext/stock/doctype/item_attribute/item_attribute.py
@@ -8,6 +8,8 @@ from frappe.model.document import Document
 from frappe.utils import flt
 
 from erpnext.controllers.item_variant import (
+	InvalidItemAttributeValueError,
+	update_variant_attribute_values,
 	validate_is_incremental,
 	validate_item_attribute_value,
 )
@@ -43,6 +45,7 @@ class ItemAttribute(Document):
 		self.validate_duplication()
 
 	def on_update(self):
+		update_variant_attribute_values(self)
 		self.validate_exising_items()
 		self.set_enabled_disabled_in_items()