diff --git a/.github/workflows/e2e_ppo_trainer_megatron.yml b/.github/workflows/e2e_ppo_trainer_megatron.yml
index 34d996e8624..b932657e699 100644
--- a/.github/workflows/e2e_ppo_trainer_megatron.yml
+++ b/.github/workflows/e2e_ppo_trainer_megatron.yml
@@ -65,7 +65,7 @@ jobs:
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (Qwen) with validation and saving
         run: |
           ray stop --force
-          VAL_BEFORE_TRAIN=True TEST_FREQ=1 SAVE_FREQ=1 bash tests/e2e/run_ppo_trainer_megatron.sh
+          ALL_OFFLOAD=True VAL_BEFORE_TRAIN=True TEST_FREQ=1 SAVE_FREQ=1 bash tests/e2e/run_ppo_trainer_megatron.sh
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (Qwen) after resuming
         run: |
           ray stop --force
@@ -107,7 +107,7 @@ jobs:
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (DeepSeek)
         run: |
           ray stop --force
-          SAVE_FREQ=1 MODEL_ID=deepseek-ai/deepseek-coder-1.3b-instruct bash tests/e2e/run_ppo_trainer_megatron.sh
+          ALL_OFFLOAD=True SAVE_FREQ=1 MODEL_ID=deepseek-ai/deepseek-coder-1.3b-instruct bash tests/e2e/run_ppo_trainer_megatron.sh
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (DeepSeek)
         run: |
           ray stop --force
@@ -149,7 +149,7 @@ jobs:
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (Qwen3) with validation and saving
         run: |
           ray stop --force
-          VAL_BEFORE_TRAIN=True TEST_FREQ=1 SAVE_FREQ=1 MODEL_ID=Qwen/Qwen3-0.6B bash tests/e2e/run_ppo_trainer_megatron.sh
+          ALL_OFFLOAD=True VAL_BEFORE_TRAIN=True TEST_FREQ=1 SAVE_FREQ=1 MODEL_ID=Qwen/Qwen3-0.6B bash tests/e2e/run_ppo_trainer_megatron.sh
       - name: Running GSM8K E2E training tests with 3D parallelism on 8 L20 GPUs with Megatron (Qwen3) after resuming
         run: |
           ray stop --force
@@ -306,3 +306,4 @@ jobs:
         run: |
           rm -rf checkpoints
 
+
diff --git a/tests/e2e/run_ppo_trainer_megatron.sh b/tests/e2e/run_ppo_trainer_megatron.sh
index a70db50ad99..82b0582c3da 100644
--- a/tests/e2e/run_ppo_trainer_megatron.sh
+++ b/tests/e2e/run_ppo_trainer_megatron.sh
@@ -55,6 +55,20 @@ RM_VPP=${RM_VPP:-$COMMON_VPP}
 RM_CP=${RM_CP:-$COMMON_CP}
 RM_TP=${RM_TP:-$TRAIN_TP}
 
+ALL_OFFLOAD=${ALL_OFFLOAD:-False}
+COMMON_PARAM_OFFLOAD=${COMMON_PARAM_OFFLOAD:-$ALL_OFFLOAD}
+COMMON_GRAD_OFFLOAD=${COMMON_GRAD_OFFLOAD:-$ALL_OFFLOAD}
+COMMON_OPTIMIZER_OFFLOAD=${COMMON_OPTIMIZER_OFFLOAD:-$ALL_OFFLOAD}
+
+ACTOR_PARAM_OFFLOAD=${ACTOR_PARAM_OFFLOAD:-$COMMON_PARAM_OFFLOAD}
+ACTOR_GRAD_OFFLOAD=${ACTOR_GRAD_OFFLOAD:-$COMMON_GRAD_OFFLOAD}
+ACTOR_OPTIMIZER_OFFLOAD=${ACTOR_OPTIMIZER_OFFLOAD:-$COMMON_OPTIMIZER_OFFLOAD}
+REF_PARAM_OFFLOAD=${REF_PARAM_OFFLOAD:-$COMMON_PARAM_OFFLOAD}
+CRITIC_PARAM_OFFLOAD=${CRITIC_PARAM_OFFLOAD:-$COMMON_PARAM_OFFLOAD}
+CRITIC_GRAD_OFFLOAD=${CRITIC_GRAD_OFFLOAD:-$COMMON_GRAD_OFFLOAD}
+CRITIC_OPTIMIZER_OFFLOAD=${CRITIC_OPTIMIZER_OFFLOAD:-$COMMON_OPTIMIZER_OFFLOAD}
+RM_PARAM_OFFLOAD=${RM_PARAM_OFFLOAD:-$COMMON_PARAM_OFFLOAD}
+
 CHECKPOINT_CONTENTS=['model','hf_model','optimizer','extra']
 SKIP_SAVE_HF_MODEL=${SKIP_SAVE_HF_MODEL:-0}
 if [ $SKIP_SAVE_HF_MODEL -eq 1 ]; then
@@ -81,6 +95,9 @@ python3 -m verl.trainer.main_ppo --config-path=config \
     actor_rollout_ref.actor.megatron.virtual_pipeline_model_parallel_size=$ACTOR_VPP \
     actor_rollout_ref.actor.megatron.context_parallel_size=$ACTOR_CP \
     actor_rollout_ref.actor.megatron.tensor_model_parallel_size=$ACTOR_TP \
+    actor_rollout_ref.actor.megatron.param_offload=${ACTOR_PARAM_OFFLOAD} \
+    actor_rollout_ref.actor.megatron.optimizer_offload=${ACTOR_OPTIMIZER_OFFLOAD} \
+    actor_rollout_ref.actor.megatron.grad_offload=${ACTOR_GRAD_OFFLOAD} \
     actor_rollout_ref.actor.use_kl_loss=True \
     actor_rollout_ref.actor.kl_loss_coef=0.001 \
     actor_rollout_ref.actor.kl_loss_type=low_var_kl \
@@ -95,6 +112,7 @@ python3 -m verl.trainer.main_ppo --config-path=config \
     actor_rollout_ref.ref.megatron.context_parallel_size=$REF_CP \
     actor_rollout_ref.ref.megatron.tensor_model_parallel_size=$REF_TP \
     actor_rollout_ref.ref.log_prob_micro_batch_size_per_gpu=${train_traj_micro_bsz_per_gpu} \
+    actor_rollout_ref.ref.megatron.param_offload=${REF_PARAM_OFFLOAD} \
     critic.optim.lr=2e-5 \
     critic.model.path="${MODEL_PATH}" \
     critic.model.enable_gradient_checkpointing=False \
@@ -104,6 +122,9 @@ python3 -m verl.trainer.main_ppo --config-path=config \
     critic.megatron.context_parallel_size=$CRITIC_CP \
     critic.megatron.tensor_model_parallel_size=$CRITIC_TP \
     critic.checkpoint.contents=$CHECKPOINT_CONTENTS \
+    critic.megatron.param_offload=${CRITIC_PARAM_OFFLOAD} \
+    critic.megatron.optimizer_offload=${CRITIC_OPTIMIZER_OFFLOAD} \
+    critic.megatron.grad_offload=${CRITIC_GRAD_OFFLOAD} \
     reward_model.enable=True \
     reward_model.model.path="${MODEL_PATH}" \
     reward_model.micro_batch_size_per_gpu=${train_traj_micro_bsz_per_gpu} \
@@ -111,6 +132,7 @@ python3 -m verl.trainer.main_ppo --config-path=config \
     reward_model.megatron.virtual_pipeline_model_parallel_size=$RM_VPP \
     reward_model.megatron.context_parallel_size=$RM_CP \
     reward_model.megatron.tensor_model_parallel_size=$RM_TP \
+    reward_model.megatron.param_offload=${RM_PARAM_OFFLOAD} \
     algorithm.use_kl_in_reward=False \
     algorithm.kl_penalty=kl \
     algorithm.kl_ctrl.kl_coef=0.001 \
diff --git a/verl/trainer/config/ppo_megatron_trainer.yaml b/verl/trainer/config/ppo_megatron_trainer.yaml
index 2b1a0941594..636e287b8b7 100644
--- a/verl/trainer/config/ppo_megatron_trainer.yaml
+++ b/verl/trainer/config/ppo_megatron_trainer.yaml
@@ -227,8 +227,6 @@ reward_model:
   strategy: megatron
   megatron:
     param_offload: False
-    grad_offload: False
-    optimizer_offload: False
     tensor_model_parallel_size: 1
     expert_model_parallel_size: 1
     expert_tensor_parallel_size: null
diff --git a/verl/utils/megatron_utils.py b/verl/utils/megatron_utils.py
index 841d1315a82..ed0a1453ee8 100644
--- a/verl/utils/megatron_utils.py
+++ b/verl/utils/megatron_utils.py
@@ -25,7 +25,7 @@
 from megatron.core.distributed import DistributedDataParallel as DDP
 from megatron.core.distributed import DistributedDataParallelConfig
 from megatron.core.enums import ModelType
-from megatron.core.optimizer import OptimizerConfig
+from megatron.core.optimizer import ChainedOptimizer, OptimizerConfig
 from megatron.core.transformer import TransformerConfig
 from megatron.core.transformer.module import Float16Module
 from megatron.core.utils import get_attr_wrapped_model
@@ -296,12 +296,18 @@ def load_megatron_model_to_gpu(models, load_grad=True):
 @torch.no_grad()
 def offload_megatron_copy_params(optimizers):
     """
-    Offload optimizer parameters to CPU
+    Offload optimizer parameters to CPU. Supports both Megatron optimizers
+    and `ChainedOptimizer`, which wraps a list of underlying optimizers.
 
     Args:
-        optimizers: The optimizer containing parameter groups to offload
+        optimizers: The optimizer or ChainedOptimizer instance.
     """
 
+    def _iter_opts(opt):
+        if isinstance(opt, ChainedOptimizer):
+            return opt.chained_optimizers
+        return [opt]
+
     def offload_tensor_to_cpu(tensor):
         if tensor is None:
             return
@@ -321,21 +327,27 @@ def offload_group_to_cpu(group):
         else:
             offload_tensor_to_cpu(group)
 
-    # Offload all parameter groups to CPU
+    # Offload all parameter groups to CPU for each underlying optimizer
 
-    if hasattr(optimizers, "shard_fp32_from_float16_groups"):
-        offload_group_to_cpu(optimizers.shard_fp32_from_float16_groups)
+    for _opt in _iter_opts(optimizers):
+        if hasattr(_opt, "shard_fp32_from_float16_groups"):
+            offload_group_to_cpu(_opt.shard_fp32_from_float16_groups)
 
 
 @torch.no_grad()
 def load_megatron_copy_params(optimizers):
     """
-    Load optimizer parameters back to GPU
+    Load optimizer parameters back to GPU. Handles ChainedOptimizer.
 
     Args:
-        optimizers: The optimizer containing parameter groups to load
+        optimizers: Optimizer or ChainedOptimizer instance.
     """
 
+    def _iter_opts(opt):
+        if isinstance(opt, ChainedOptimizer):
+            return opt.chained_optimizers
+        return [opt]
+
     def load_tensor_to_gpu(tensor):
         if tensor is None:
             return
@@ -356,36 +368,49 @@ def load_group_to_gpu(group):
         else:
             load_tensor_to_gpu(group)
 
-    # Load all parameter groups to GPU
+    # Load all parameter groups to GPU for each underlying optimizer
 
-    if hasattr(optimizers, "shard_fp32_from_float16_groups"):
-        load_group_to_gpu(optimizers.shard_fp32_from_float16_groups)
+    for _opt in _iter_opts(optimizers):
+        if hasattr(_opt, "shard_fp32_from_float16_groups"):
+            load_group_to_gpu(_opt.shard_fp32_from_float16_groups)
 
 
 @torch.no_grad()
 def offload_megatron_optimizer(optimizers):
-    offload_megatron_copy_params(optimizers)
-    opt_state_dict_values = optimizers.optimizer.state.values()
-    for v in opt_state_dict_values:
-        if "exp_avg" in v:
-            v["exp_avg"] = v["exp_avg"].to("cpu", non_blocking=True)
-        if "exp_avg_sq" in v:
-            v["exp_avg_sq"] = v["exp_avg_sq"].to("cpu", non_blocking=True)
-    gc.collect()
-    torch.cuda.empty_cache()
+    def _iter_opts(opt):
+        if isinstance(opt, ChainedOptimizer):
+            return opt.chained_optimizers
+        return [opt]
+
+    for _opt in _iter_opts(optimizers):
+        offload_megatron_copy_params(_opt)
+        opt_state_dict_values = _opt.optimizer.state.values()
+        for v in opt_state_dict_values:
+            if "exp_avg" in v:
+                v["exp_avg"] = v["exp_avg"].to("cpu", non_blocking=True)
+            if "exp_avg_sq" in v:
+                v["exp_avg_sq"] = v["exp_avg_sq"].to("cpu", non_blocking=True)
+        gc.collect()
+        torch.cuda.empty_cache()
 
 
 @torch.no_grad()
 def load_megatron_optimizer(optimizers):
-    load_megatron_copy_params(optimizers)
-    opt_state_dict_values = optimizers.optimizer.state.values()
-    for v in opt_state_dict_values:
-        if "exp_avg" in v:
-            v["exp_avg"] = v["exp_avg"].to(torch.cuda.current_device(), non_blocking=True)
-        if "exp_avg_sq" in v:
-            v["exp_avg_sq"] = v["exp_avg_sq"].to(torch.cuda.current_device(), non_blocking=True)
-    gc.collect()
-    torch.cuda.empty_cache()
+    def _iter_opts(opt):
+        if isinstance(opt, ChainedOptimizer):
+            return opt.chained_optimizers
+        return [opt]
+
+    for _opt in _iter_opts(optimizers):
+        load_megatron_copy_params(_opt)
+        opt_state_dict_values = _opt.optimizer.state.values()
+        for v in opt_state_dict_values:
+            if "exp_avg" in v:
+                v["exp_avg"] = v["exp_avg"].to(torch.cuda.current_device(), non_blocking=True)
+            if "exp_avg_sq" in v:
+                v["exp_avg_sq"] = v["exp_avg_sq"].to(torch.cuda.current_device(), non_blocking=True)
+        gc.collect()
+        torch.cuda.empty_cache()
 
 
 def print_rank_0(message):