diff --git a/contracts/oracle/osmosis/Cargo.toml b/contracts/oracle/osmosis/Cargo.toml
index 6950a9118..9cb816041 100644
--- a/contracts/oracle/osmosis/Cargo.toml
+++ b/contracts/oracle/osmosis/Cargo.toml
@@ -19,9 +19,11 @@ doctest = false
 backtraces = ["cosmwasm-std/backtraces"]
 
 [dependencies]
+cosmwasm-schema     = { workspace = true }
 cosmwasm-std        = { workspace = true }
 cw2                 = { workspace = true }
 cw-storage-plus     = { workspace = true }
+mars-owner          = { workspace = true }
 mars-oracle-base    = { workspace = true }
 mars-osmosis        = { workspace = true }
 mars-red-bank-types = { workspace = true }
diff --git a/contracts/oracle/osmosis/src/contract.rs b/contracts/oracle/osmosis/src/contract.rs
index edf584b39..ab7627d9d 100644
--- a/contracts/oracle/osmosis/src/contract.rs
+++ b/contracts/oracle/osmosis/src/contract.rs
@@ -48,6 +48,6 @@ pub mod entry {
 
     #[entry_point]
     pub fn migrate(deps: DepsMut, _env: Env, _msg: Empty) -> ContractResult<Response> {
-        migrations::v1_0_0::migrate(deps)
+        migrations::v1_0_1::migrate(deps)
     }
 }
diff --git a/contracts/oracle/osmosis/src/migrations.rs b/contracts/oracle/osmosis/src/migrations.rs
index 93a88f7b2..67ecd6176 100644
--- a/contracts/oracle/osmosis/src/migrations.rs
+++ b/contracts/oracle/osmosis/src/migrations.rs
@@ -1,7 +1,8 @@
-/// Migration logic for Oracle contract with version: 1.0.0
-pub mod v1_0_0 {
+/// Migration logic for Oracle contract with version: 1.0.1
+pub mod v1_0_1 {
     use cosmwasm_std::{DepsMut, Response};
     use mars_oracle_base::ContractResult;
+    use mars_owner::{Owner, OwnerInit};
 
     use crate::contract::{CONTRACT_NAME, CONTRACT_VERSION};
 
@@ -11,6 +12,25 @@ pub mod v1_0_0 {
         // make sure we're migrating the correct contract and from the correct version
         cw2::assert_contract_version(deps.as_ref().storage, CONTRACT_NAME, FROM_VERSION)?;
 
+        // map old owner struct to new one
+        let old_owner = old_state::OWNER.load(deps.storage)?;
+        let owner = match old_owner {
+            old_state::OwnerState::B(state) => state.owner.to_string(),
+            old_state::OwnerState::C(state) => state.owner.to_string(),
+        };
+
+        // clear old owner state
+        old_state::OWNER.remove(deps.storage);
+
+        // initalize owner with new struct
+        Owner::new("owner").initialize(
+            deps.storage,
+            deps.api,
+            OwnerInit::SetInitialOwner {
+                owner,
+            },
+        )?;
+
         // update contract version
         cw2::set_contract_version(deps.storage, CONTRACT_NAME, CONTRACT_VERSION)?;
 
@@ -20,18 +40,60 @@ pub mod v1_0_0 {
             .add_attribute("to_version", CONTRACT_VERSION))
     }
 
+    pub mod old_state {
+        use cosmwasm_schema::cw_serde;
+        use cosmwasm_std::Addr;
+        use cw_storage_plus::Item;
+
+        pub const OWNER: Item<OwnerState> = Item::new("owner");
+
+        /// Old OwnerState variants:
+        /// A(OwnerUninitialized)
+        /// B(OwnerSetNoneProposed)
+        /// C(OwnerSetWithProposed)
+        /// D(OwnerRoleAbolished)
+        ///
+        /// Oracle contract can be in B or C state. Emergency owner is not supported for this contract.
+        /// We can only read `owner` value and omit `proposed` if exist.
+        #[cw_serde]
+        pub enum OwnerState {
+            B(OwnerSetNoneProposed),
+            C(OwnerSetWithProposed),
+        }
+
+        #[cw_serde]
+        pub struct OwnerSetNoneProposed {
+            pub owner: Addr,
+        }
+
+        #[cw_serde]
+        pub struct OwnerSetWithProposed {
+            pub owner: Addr,
+        }
+    }
+
     #[cfg(test)]
     mod tests {
-        use cosmwasm_std::{attr, testing::mock_dependencies};
+        use cosmwasm_std::{attr, testing::mock_dependencies, Addr};
 
         use super::*;
+        use crate::migrations::v1_0_1::old_state::{OwnerSetNoneProposed, OwnerSetWithProposed};
 
         #[test]
-        fn proper_migration() {
+        fn migration_owner_from_state_b() {
             let mut deps = mock_dependencies();
 
             cw2::set_contract_version(deps.as_mut().storage, CONTRACT_NAME, FROM_VERSION).unwrap();
 
+            old_state::OWNER
+                .save(
+                    deps.as_mut().storage,
+                    &old_state::OwnerState::B(OwnerSetNoneProposed {
+                        owner: Addr::unchecked("xyz"),
+                    }),
+                )
+                .unwrap();
+
             let res = migrate(deps.as_mut()).unwrap();
             assert_eq!(res.messages, vec![]);
             assert_eq!(
@@ -42,6 +104,39 @@ pub mod v1_0_0 {
                     attr("to_version", "1.1.0")
                 ]
             );
+
+            let new_owner = Owner::new("owner").query(&deps.storage).unwrap();
+            assert_eq!(new_owner.owner.unwrap(), "xyz".to_string());
+        }
+
+        #[test]
+        fn migration_owner_from_state_c() {
+            let mut deps = mock_dependencies();
+
+            cw2::set_contract_version(deps.as_mut().storage, CONTRACT_NAME, FROM_VERSION).unwrap();
+
+            old_state::OWNER
+                .save(
+                    deps.as_mut().storage,
+                    &old_state::OwnerState::C(OwnerSetWithProposed {
+                        owner: Addr::unchecked("xyz"),
+                    }),
+                )
+                .unwrap();
+
+            let res = migrate(deps.as_mut()).unwrap();
+            assert_eq!(res.messages, vec![]);
+            assert_eq!(
+                res.attributes,
+                vec![
+                    attr("action", "migrate"),
+                    attr("from_version", "1.0.1"),
+                    attr("to_version", "1.1.0")
+                ]
+            );
+
+            let new_owner = Owner::new("owner").query(&deps.storage).unwrap();
+            assert_eq!(new_owner.owner.unwrap(), "xyz".to_string());
         }
     }
 }