diff --git a/onnxscript/backend/onnx_export.py b/onnxscript/backend/onnx_export.py
index c8a6a9a640..b3f695d700 100644
--- a/onnxscript/backend/onnx_export.py
+++ b/onnxscript/backend/onnx_export.py
@@ -247,11 +247,11 @@ def _cond_is_used_in_loop_body(graph: GraphProto) -> bool:
     return False
 
 
-class Exporter:
+class _Exporter:
     """Class used for recursive traversal of Proto structures."""
 
     def __init__(
-        self, rename: bool, use_operators: bool = False, inline_const: bool = False
+        self, *, rename: bool, use_operators: bool, inline_const: bool, skip_initializers: bool
     ) -> None:
         self.use_operators = use_operators
         if rename:
@@ -266,6 +266,8 @@ def __init__(
         # _name_remappings: used to undo the SSA-renaming in ONNX control-flow ops.
         # We map the multiple SSA-variants back to the same Python variable name.
         self._name_remappings: list[dict[str, str]] = []
+        self.skip_initializers = skip_initializers
+        self.skipped_initializers: dict[str, onnx.TensorProto] = {}
 
     def _handle_attrname_conflict(self, renamer):
         """Add ref-attr-name-conflict handling logic to renaming function."""
@@ -338,6 +340,14 @@ def _translate_graph_body(self, graph, opsets, indent=0):
         code = []
         if hasattr(graph, "initializer"):
             for init in graph.initializer:
+                if self.skip_initializers:
+                    init_py_name = self._translate_onnx_var(init.name)
+                    if init_py_name in self.skipped_initializers:
+                        raise RuntimeError(
+                            f"Initializer {init.name!r} is already present in skipped_initializers."
+                        )
+                    self.skipped_initializers[init_py_name] = init
+                    continue
                 node = make_node(
                     "Constant",
                     [],
@@ -684,15 +694,61 @@ def _translate_graph(self, model: onnx.ModelProto, function_name: Optional[str])
         def add(line: str) -> None:
             result.append(line)
 
-        add("@script()")
-        add(f"def {function_name}{_translate_signature(graph.input, graph.output)}")
+        if self.skip_initializers:
+            indent_level = 2
+            indent = _SINGLE_INDENT
+        else:
+            indent_level = 1
+            indent = ""
+        add(f"{indent}@script()")
+        add(f"{indent}def {function_name}{_translate_signature(graph.input, graph.output)}")
+        indent = indent + _SINGLE_INDENT
         doc = graph.doc_string
         if doc:
-            add(f'    """{doc}"""')
-        add(self._translate_graph_body(graph, opsets, indent=1))
+            add(f'{indent}"""{doc}"""')
+        add(self._translate_graph_body(graph, opsets, indent=indent_level))
         return_values = ", ".join(self._translate_onnx_var(x) for x in graph.output)
-        add(f"    return {return_values}")
-        return "\n".join(result)
+        add(f"{indent}return {return_values}")
+        script = "\n".join(result)
+        if self.skipped_initializers:
+            return self._substitute_initializers(script, function_name)
+        return script
+
+    def _substitute_initializers(self, script: str, script_function_name: str) -> str:
+        init_names = self.skipped_initializers.keys()
+        # Formal parameters representing initializers (single level indentation)
+        __ = _SINGLE_INDENT
+        initializers_as_params = "\n".join(f"{__}{x}," for x in init_names)
+
+        def generate_rand(name: str, value: TensorProto) -> str:
+            shape = ",".join(str(d) for d in value.dims)
+            if value.data_type != TensorProto.FLOAT:
+                raise NotImplementedError(
+                    f"Unable to generate random initializer for data type {value.data_type}."
+                )
+            return f"{__}{name} = numpy.random.rand({shape}).astype(numpy.float32)"
+
+        random_initializer_values = "\n".join(
+            generate_rand(key, value) for key, value in self.skipped_initializers.items()
+        )
+        # Actual parameter values for initializers (double level indentation)
+        indented_initializers_as_params = "\n".join(f"{__}{__}{x}," for x in init_names)
+        return f"""
+def make_model(
+{initializers_as_params}
+):
+{script}
+
+{__}model = {script_function_name}.to_model_proto()
+{__}return model
+
+def make_model_with_random_weights():
+{random_initializer_values}
+{__}model = make_model(
+{indented_initializers_as_params}
+{__})
+{__}return model
+"""
 
     def _import_onnx_types(
         self, proto: onnx.ModelProto | onnx.GraphProto | onnx.FunctionProto
@@ -778,9 +834,11 @@ def visit_graph(graph: onnx.GraphProto) -> None:
 def export2python(
     model_onnx,
     function_name: Optional[str] = None,
+    *,
     rename: bool = False,
     use_operators: bool = False,
     inline_const: bool = False,
+    skip_initializers: bool = False,
 ):
     """Exports an ONNX model to the *python* syntax.
 
@@ -790,6 +848,9 @@ def export2python(
         function_name: main function name
         use_operators: use Python operators.
         inline_const: replace ONNX constants inline if compact
+        skip_initializers: generated script will not include initializers.
+          Instead, a function that generates the model, given initializer values, is generated,
+          along with one that generates random values for the initializers.
 
     Returns:
         python code
@@ -815,5 +876,10 @@ def export2python(
     if not isinstance(model_onnx, (ModelProto, FunctionProto)):
         raise TypeError(f"The function expects a ModelProto not {type(model_onnx)!r}.")
 
-    exporter = Exporter(rename, use_operators, inline_const)
+    exporter = _Exporter(
+        rename=rename,
+        use_operators=use_operators,
+        inline_const=inline_const,
+        skip_initializers=skip_initializers,
+    )
     return exporter.export(model_onnx, function_name)
diff --git a/tools/onnx2external.py b/tools/onnx2external.py
new file mode 100644
index 0000000000..1685458251
--- /dev/null
+++ b/tools/onnx2external.py
@@ -0,0 +1,29 @@
+# Copyright (c) Microsoft Corporation.
+# Licensed under the MIT License.
+
+import argparse
+import os
+
+import onnx
+import onnx.external_data_helper
+
+
+def convert2external(input_file_name: str) -> None:
+    dir_name = os.path.dirname(input_file_name)
+    base_name, _suffix = os.path.splitext(os.path.basename(input_file_name))
+    model = onnx.load(input_file_name)
+    os.makedirs(os.path.join(dir_name, base_name), exist_ok=True)
+    onnx.external_data_helper.convert_model_to_external_data(
+        model, location="external_data.onnx", size_threshold=128
+    )
+    onnx.save(model, os.path.join(dir_name, base_name, "model.onnx"))
+
+
+if __name__ == "__main__":
+    parser = argparse.ArgumentParser(
+        description="Convert ONNX model file to external data format"
+    )
+    parser.add_argument("input", help="ONNX model file to convert")
+    args = parser.parse_args()
+
+    convert2external(args.input)
diff --git a/tools/onnx2script.py b/tools/onnx2script.py
index 02b220799a..7b57bf91d6 100644
--- a/tools/onnx2script.py
+++ b/tools/onnx2script.py
@@ -28,11 +28,14 @@
 
 
 def convert2script(
-    input_file_name: str, output_file_name: Optional[str], verbose: bool
+    input_file_name: str, output_file_name: Optional[str], verbose: bool, initializers: bool
 ) -> None:
     model = onnx.load(input_file_name, load_external_data=False)
     python_code = onnxscript.proto2python(
-        model, use_operators=not verbose, inline_const=not verbose
+        model,
+        use_operators=not verbose,
+        inline_const=not verbose,
+        skip_initializers=not initializers,
     )
 
     # If output file name is not provided, use the input file name with .py extension
@@ -55,6 +58,13 @@ def convert2script(
         help="Verbose mode, suppresses use of overloaded operators and inline constants",
         default=False,
     )
+    parser.add_argument(
+        "-i",
+        "--initializers",
+        action="store_true",
+        help="Include initializers in the generated script",
+        default=False,
+    )
 
     args = parser.parse_args()
-    convert2script(args.input, args.output, args.verbose)
+    convert2script(args.input, args.output, args.verbose, args.initializers)