diff --git a/platform/mellanox/fw.mk b/platform/mellanox/fw.mk
index 6dff408031..1791df3c1b 100644
--- a/platform/mellanox/fw.mk
+++ b/platform/mellanox/fw.mk
@@ -25,24 +25,24 @@ SIMX_VERSION = 5.1-1065
 
 FW_FROM_URL = y
 
-MLNX_FW_ASSETS_RELEASE_TAG = fw-2010.4150
+MLNX_FW_ASSETS_RELEASE_TAG = fw-2010.4204
 MLNX_FW_ASSETS_URL = $(MLNX_ASSETS_GITHUB_URL)/releases/download/$(MLNX_FW_ASSETS_RELEASE_TAG)
 
 ifeq ($(MLNX_FW_BASE_URL), )
 MLNX_FW_BASE_URL = $(MLNX_FW_ASSETS_URL)
 endif
 
-MLNX_SPC_FW_VERSION = 13.2010.4150
+MLNX_SPC_FW_VERSION = 13.2010.4204
 MLNX_SPC_FW_FILE = fw-SPC-rel-$(subst .,_,$(MLNX_SPC_FW_VERSION))-EVB.mfa
 $(MLNX_SPC_FW_FILE)_PATH = $(MLNX_FW_BASE_PATH)
 $(MLNX_SPC_FW_FILE)_URL = $(MLNX_FW_BASE_URL)/$(MLNX_SPC_FW_FILE)
 
-MLNX_SPC2_FW_VERSION = 29.2010.4150
+MLNX_SPC2_FW_VERSION = 29.2010.4204
 MLNX_SPC2_FW_FILE = fw-SPC2-rel-$(subst .,_,$(MLNX_SPC2_FW_VERSION))-EVB.mfa
 $(MLNX_SPC2_FW_FILE)_PATH = $(MLNX_FW_BASE_PATH)
 $(MLNX_SPC2_FW_FILE)_URL = $(MLNX_FW_BASE_URL)/$(MLNX_SPC2_FW_FILE)
 
-MLNX_SPC3_FW_VERSION = 30.2010.4150
+MLNX_SPC3_FW_VERSION = 30.2010.4204
 MLNX_SPC3_FW_FILE = fw-SPC3-rel-$(subst .,_,$(MLNX_SPC3_FW_VERSION))-EVB.mfa
 $(MLNX_SPC3_FW_FILE)_PATH = $(MLNX_FW_BASE_PATH)
 $(MLNX_SPC3_FW_FILE)_URL = $(MLNX_FW_BASE_URL)/$(MLNX_SPC3_FW_FILE)
diff --git a/platform/mellanox/mlnx-sai.mk b/platform/mellanox/mlnx-sai.mk
index 2881940adc..8f42982454 100644
--- a/platform/mellanox/mlnx-sai.mk
+++ b/platform/mellanox/mlnx-sai.mk
@@ -1,6 +1,6 @@
 # Mellanox SAI
 
-MLNX_SAI_VERSION = SAIBuild2205.23.1.0
+MLNX_SAI_VERSION = SAIBuild2205.24.0.2
 
 export MLNX_SAI_VERSION
 
diff --git a/platform/mellanox/mlnx-sai/SAI-Implementation b/platform/mellanox/mlnx-sai/SAI-Implementation
index 13cb39bf24..c02fe1a65b 160000
--- a/platform/mellanox/mlnx-sai/SAI-Implementation
+++ b/platform/mellanox/mlnx-sai/SAI-Implementation
@@ -1 +1 @@
-Subproject commit 13cb39bf247e543553caed07cd1b394ff6e897a3
+Subproject commit c02fe1a65ba9f078f3ebc3140e87babf395d896a
diff --git a/platform/mellanox/sdk.mk b/platform/mellanox/sdk.mk
index 26a8e5dfe0..7a1f453cec 100644
--- a/platform/mellanox/sdk.mk
+++ b/platform/mellanox/sdk.mk
@@ -14,7 +14,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 #
-MLNX_SDK_VERSION = 4.5.4150
+MLNX_SDK_VERSION = 4.5.4206
 MLNX_SDK_ISSU_VERSION = 101
 
 MLNX_ASSETS_GITHUB_URL = https://github.com/Mellanox/Spectrum-SDK-Drivers-SONiC-Bins