diff --git a/cgmanifests/submodules/cgmanifest.json b/cgmanifests/submodules/cgmanifest.json
index 4d61c1f44a0b8..3f894e468903a 100644
--- a/cgmanifests/submodules/cgmanifest.json
+++ b/cgmanifests/submodules/cgmanifest.json
@@ -242,7 +242,7 @@
       "component": {
         "type": "git",
         "git": {
-          "commitHash": "174de7d086a768cba29374a56a7461eff87cfdb3",
+          "commitHash": "237926eab41de21fb9addc4b03b751fd6a3343ec",
           "repositoryUrl": "https://github.com/onnx/onnx"
         },
         "comments": "git submodule at cmake/external/onnx"
diff --git a/cmake/external/onnx b/cmake/external/onnx
index 174de7d086a76..237926eab41de 160000
--- a/cmake/external/onnx
+++ b/cmake/external/onnx
@@ -1 +1 @@
-Subproject commit 174de7d086a768cba29374a56a7461eff87cfdb3
+Subproject commit 237926eab41de21fb9addc4b03b751fd6a3343ec
diff --git a/onnxruntime/core/graph/graph.cc b/onnxruntime/core/graph/graph.cc
index 038aaa41e78c6..e9b5225fa5337 100644
--- a/onnxruntime/core/graph/graph.cc
+++ b/onnxruntime/core/graph/graph.cc
@@ -2265,6 +2265,9 @@ Status Graph::VerifyNodeAndOpMatch(const ResolveOptions& options) {
   ctx.set_ir_version(gsl::narrow_cast<int>(IrVersion()));
   ctx.set_opset_imports(DomainToVersionMap());
   ctx.set_schema_registry(schema_registry_.get());
+  // Set the parent directory of model path to load external tensors if exist
+  ctx.set_model_dir(ToMBString(ModelPath().ParentPath().ToPathString()));
+
 
   LexicalScopeContext lsc;
   lsc.output_names.insert(resolve_context_.inputs_and_initializers.cbegin(),
diff --git a/tools/ci_build/github/linux/docker/scripts/manylinux/requirements.txt b/tools/ci_build/github/linux/docker/scripts/manylinux/requirements.txt
index 6812cd3953fe9..9587e535542b5 100644
--- a/tools/ci_build/github/linux/docker/scripts/manylinux/requirements.txt
+++ b/tools/ci_build/github/linux/docker/scripts/manylinux/requirements.txt
@@ -3,7 +3,7 @@ mypy
 pytest
 setuptools>=41.4.0
 wheel
-git+http://github.com/onnx/onnx.git@174de7d086a768cba29374a56a7461eff87cfdb3#egg=onnx
+git+http://github.com/onnx/onnx.git@237926eab41de21fb9addc4b03b751fd6a3343ec#egg=onnx
 protobuf
 sympy==1.1.1
 flake8
diff --git a/tools/ci_build/github/linux/docker/scripts/requirements.txt b/tools/ci_build/github/linux/docker/scripts/requirements.txt
index aa33c41908d1e..b5eec6ca4a615 100644
--- a/tools/ci_build/github/linux/docker/scripts/requirements.txt
+++ b/tools/ci_build/github/linux/docker/scripts/requirements.txt
@@ -4,7 +4,7 @@ mypy
 pytest
 setuptools>=41.4.0
 wheel
-git+http://github.com/onnx/onnx.git@174de7d086a768cba29374a56a7461eff87cfdb3#egg=onnx
+git+http://github.com/onnx/onnx.git@237926eab41de21fb9addc4b03b751fd6a3343ec#egg=onnx
 argparse
 sympy==1.1.1
 flake8