diff --git a/packages/react-native/scripts/hermes/__tests__/hermes-utils-test.js b/packages/react-native/scripts/hermes/__tests__/hermes-utils-test.js
index f295569ab721..7c7d02186a2a 100644
--- a/packages/react-native/scripts/hermes/__tests__/hermes-utils-test.js
+++ b/packages/react-native/scripts/hermes/__tests__/hermes-utils-test.js
@@ -22,6 +22,7 @@ const {
   getHermesTagSHA,
   getHermesTarballDownloadPath,
   readHermesTag,
+  readHermesV1Tag,
   setHermesTag,
   shouldUsePrebuiltHermesC,
 } = require('../hermes-utils');
@@ -31,6 +32,7 @@ const os = require('os');
 
 const hermesTag =
   'hermes-2022-04-28-RNv0.69.0-15d07c2edd29a4ea0b8f15ab0588a0c1adb1200f';
+const hermesV1Tag = '250829098.0.0';
 const tarballContents = 'dummy string';
 const hermescContents = 'dummy string';
 const hermesTagSha = '5244f819b2f3949ca94a3a1bf75d54a8ed59d94a';
@@ -182,18 +184,26 @@ describe('hermes-utils', () => {
     });
 
     describe('setHermesTag', () => {
-      it('should write tag to .hermesversion file', () => {
-        setHermesTag(hermesTag);
+      it('should write tag to .hermesversion file', async () => {
+        await setHermesTag(hermesTag, hermesV1Tag);
         expect(
           fs.readFileSync(path.join(SDKS_DIR, '.hermesversion'), {
             encoding: 'utf8',
             flag: 'r',
           }),
         ).toEqual(hermesTag);
+
+        expect(
+          fs.readFileSync(path.join(SDKS_DIR, '.hermesv1version'), {
+            encoding: 'utf8',
+            flag: 'r',
+          }),
+        ).toEqual(hermesV1Tag);
       });
-      it('should set Hermes tag and read it back', () => {
-        setHermesTag(hermesTag);
+      it('should set Hermes tag and read it back', async () => {
+        await setHermesTag(hermesTag, hermesV1Tag);
         expect(readHermesTag()).toEqual(hermesTag);
+        expect(readHermesV1Tag()).toEqual(hermesV1Tag);
       });
     });
 
diff --git a/packages/react-native/scripts/hermes/bump-hermes-version.js b/packages/react-native/scripts/hermes/bump-hermes-version.js
index 3ac8c9711b63..a27aabed40d1 100755
--- a/packages/react-native/scripts/hermes/bump-hermes-version.js
+++ b/packages/react-native/scripts/hermes/bump-hermes-version.js
@@ -11,6 +11,13 @@
 
 'use strict';
 
+const {
+  updateHermesCompilerVersionInDependencies,
+  updateHermesRuntimeDependenciesVersions,
+} = require('../../../../scripts/releases/utils/hermes-utils');
+const {
+  getPackageVersionStrByTag,
+} = require('../../../../scripts/releases/utils/npm-utils');
 const {setHermesTag} = require('./hermes-utils');
 // $FlowFixMe[untyped-import]
 const inquirer = require('inquirer');
@@ -21,28 +28,88 @@ const inquirer = require('inquirer');
 const {exit} = require('shelljs');
 const yargs = require('yargs');
 
-let argv = yargs.option('t', {
-  alias: 'tag',
-  describe:
-    'Hermes release tag to use for this React Native release, ex. hermes-2022-02-21-RNv0.68.0',
-  required: true,
-}).argv;
+let argv = yargs
+  .option('t', {
+    alias: 'tag',
+    describe:
+      'Hermes release tag to use for this React Native release, ex. hermes-2022-02-21-RNv0.68.0. This tag will be used when building Hermes from source.',
+    required: true,
+  })
+  .option('s', {
+    alias: 'v1-tag',
+    describe:
+      'Hermes V1 release tag to use for this React Native release, ex. 250829098.0.0. This tag will be used when building Hermes V1 from source.',
+    required: true,
+  })
+  .option('h', {
+    alias: 'hermes-version',
+    describe:
+      'Hermes version to use for this React Native release, ex. 250829098.0.0. This version will be used when consuming Hermes from a prebuilt package.',
+    required: false,
+  })
+  .option('v', {
+    alias: 'hermes-v1-version',
+    describe:
+      'Hermes V1 version to use for this React Native release, ex. 250829098.0.0. This version will be used when consuming Hermes V1 from a prebuilt package.',
+    required: false,
+  }).argv;
 
 async function main() {
   // $FlowFixMe[prop-missing]
   const hermesTag = argv.tag;
-  const {confirmHermesTag} = await inquirer.prompt({
+  // $FlowFixMe[prop-missing]
+  const hermesV1Tag = argv['v1-tag'];
+  // $FlowFixMe[prop-missing]
+  let hermesVersion = argv['hermes-version'];
+  // $FlowFixMe[prop-missing]
+  let hermesV1Version = argv['hermes-v1-version'];
+
+  if (!hermesVersion) {
+    console.log(
+      'No Hermes version provided. Fetching the latest version from NPM...',
+    );
+    hermesVersion = await getPackageVersionStrByTag(
+      'hermes-compiler',
+      'latest-v0',
+    );
+  }
+
+  if (!hermesV1Version) {
+    console.log(
+      'No Hermes V1 version provided. Fetching the latest version from NPM...',
+    );
+    hermesV1Version = await getPackageVersionStrByTag(
+      'hermes-compiler',
+      'latest-v1',
+    );
+  }
+
+  const {confirmHermesVersions} = await inquirer.prompt({
     type: 'confirm',
-    name: 'confirmHermesTag',
-    message: `Do you want to use the Hermes release tagged "${hermesTag}"?`,
+    name: 'confirmHermesVersions',
+    message: `Do you want to use the Hermes version "${hermesVersion}" and Hermes V1 version "${hermesV1Version}" (for prebuilt)?`,
   });
 
-  if (!confirmHermesTag) {
+  if (!confirmHermesVersions) {
     console.log('Aborting.');
     return;
   }
 
-  setHermesTag(hermesTag);
+  const {confirmHermesTags} = await inquirer.prompt({
+    type: 'confirm',
+    name: 'confirmHermesTags',
+    message: `Do you want to use the Hermes release tagged "${hermesTag}" and Hermes V1 release tagged "${hermesV1Tag}" (for building from source)?`,
+  });
+
+  if (!confirmHermesTags) {
+    console.log('Aborting.');
+    return;
+  }
+
+  await setHermesTag(hermesTag, hermesV1Tag);
+
+  await updateHermesCompilerVersionInDependencies(hermesVersion);
+  await updateHermesRuntimeDependenciesVersions(hermesVersion, hermesV1Version);
 }
 
 void main().then(() => {
diff --git a/packages/react-native/scripts/hermes/hermes-utils.js b/packages/react-native/scripts/hermes/hermes-utils.js
index 991a525b52d8..fe4b25d30780 100644
--- a/packages/react-native/scripts/hermes/hermes-utils.js
+++ b/packages/react-native/scripts/hermes/hermes-utils.js
@@ -12,6 +12,8 @@
 
 const {execSync, spawnSync} = require('child_process');
 const fs = require('fs');
+// $FlowFixMe[untyped-import]
+const inquirer = require('inquirer');
 const os = require('os');
 const path = require('path');
 
@@ -22,6 +24,7 @@ type BuildType = 'dry-run' | 'release' | 'nightly';
 const SDKS_DIR = path.normalize(path.join(__dirname, '..', '..', 'sdks'));
 const HERMES_DIR = path.join(SDKS_DIR, 'hermes');
 const HERMES_TAG_FILE_PATH = path.join(SDKS_DIR, '.hermesversion');
+const HERMES_V1_TAG_FILE_PATH = path.join(SDKS_DIR, '.hermesv1version');
 const HERMES_SOURCE_TARBALL_BASE_URL =
   'https://github.com/facebook/hermes/tarball/';
 const HERMES_TARBALL_DOWNLOAD_DIR = path.join(SDKS_DIR, 'download');
@@ -66,17 +69,66 @@ function readHermesTag() /*: string */ {
   return 'main';
 }
 
-function setHermesTag(hermesTag /*: string */) {
-  if (readHermesTag() === hermesTag) {
-    // No need to update.
-    return;
+function readHermesV1Tag() /*: string */ {
+  if (fs.existsSync(HERMES_V1_TAG_FILE_PATH)) {
+    const data = fs
+      .readFileSync(HERMES_V1_TAG_FILE_PATH, {
+        encoding: 'utf8',
+        flag: 'r',
+      })
+      .trim();
+
+    if (data.length > 0) {
+      return data;
+    } else {
+      throw new Error('[Hermes] .hermesv1version file is empty.');
+    }
   }
 
+  throw new Error('[Hermes] .hermesv1version does not exist.');
+}
+
+async function updateHermesTag(
+  tagFile /*: string */,
+  hermesTag /*: string */,
+  prompt /*: string */,
+) {
+  if (!fs.existsSync(tagFile)) {
+    fs.writeFileSync(tagFile, hermesTag.trim());
+  } else {
+    const previousHermesTag = fs.readFileSync(tagFile, {
+      encoding: 'utf8',
+      flag: 'r',
+    });
+
+    if (previousHermesTag.trim() !== hermesTag.trim()) {
+      const {confirmHermesTag} = await inquirer.prompt({
+        type: 'confirm',
+        name: 'confirmHermesTag',
+        message: `Do you want to use updtate release tag for ${prompt} from "${previousHermesTag}" to "${hermesTag}"?`,
+      });
+
+      if (confirmHermesTag) {
+        fs.writeFileSync(tagFile, hermesTag.trim());
+      } else {
+        console.log(`[${prompt}] .hermesversion file is unchanged.`);
+      }
+    } else {
+      console.log(`[${prompt}] .hermesversion file is unchanged.`);
+    }
+  }
+}
+
+async function setHermesTag(
+  hermesTag /*: string */,
+  hermesV1Tag /*: string */,
+) {
   if (!fs.existsSync(SDKS_DIR)) {
     fs.mkdirSync(SDKS_DIR, {recursive: true});
   }
-  fs.writeFileSync(HERMES_TAG_FILE_PATH, hermesTag.trim());
-  console.log('Hermes tag has been updated. Please commit your changes.');
+
+  await updateHermesTag(HERMES_TAG_FILE_PATH, hermesTag, 'Hermes');
+  await updateHermesTag(HERMES_V1_TAG_FILE_PATH, hermesV1Tag, 'Hermes V1');
 }
 
 function getHermesTagSHA(hermesTag /*: string */) /*: string */ {
@@ -337,6 +389,7 @@ module.exports = {
   getHermesTarballDownloadPath,
   getHermesPrebuiltArtifactsTarballName,
   readHermesTag,
+  readHermesV1Tag,
   setHermesTag,
   shouldBuildHermesFromSource,
   shouldUsePrebuiltHermesC,
diff --git a/packages/react-native/sdks/hermes-engine/version.properties b/packages/react-native/sdks/hermes-engine/version.properties
index 0f5449c49f60..81629a9921cc 100644
--- a/packages/react-native/sdks/hermes-engine/version.properties
+++ b/packages/react-native/sdks/hermes-engine/version.properties
@@ -1 +1,2 @@
+HERMES_VERSION_NAME=1000.0.0
 HERMES_V1_VERSION_NAME=250829098.0.1
diff --git a/scripts/releases-ci/__tests__/publish-npm-test.js b/scripts/releases-ci/__tests__/publish-npm-test.js
index 28f711b17ab1..a494dc31a57e 100644
--- a/scripts/releases-ci/__tests__/publish-npm-test.js
+++ b/scripts/releases-ci/__tests__/publish-npm-test.js
@@ -20,6 +20,7 @@ const publishPackageMock = jest.fn();
 const getNpmInfoMock = jest.fn();
 const generateAndroidArtifactsMock = jest.fn();
 const getPackagesMock = jest.fn();
+const updateHermesVersionsToNightlyMock = jest.fn();
 
 const {REPO_ROOT} = require('../../shared/consts');
 const {publishNpm} = require('../publish-npm');
@@ -53,6 +54,9 @@ describe('publish-npm', () => {
         ...jest.requireActual('../../releases/utils/npm-utils'),
         publishPackage: publishPackageMock,
         getNpmInfo: getNpmInfoMock,
+      }))
+      .mock('../../releases/utils/hermes-utils', () => ({
+        updateHermesVersionsToNightly: updateHermesVersionsToNightlyMock,
       }));
   });
 
@@ -98,6 +102,7 @@ describe('publish-npm', () => {
 
       await publishNpm('dry-run');
 
+      expect(updateHermesVersionsToNightlyMock).toHaveBeenCalled();
       expect(setVersionMock).not.toBeCalled();
       expect(updateReactNativeArtifactsMock).toBeCalledWith(version, 'dry-run');
 
@@ -155,6 +160,8 @@ describe('publish-npm', () => {
       // Generate Android artifacts is now delegate to build_android entirely
       expect(generateAndroidArtifactsMock).not.toHaveBeenCalled();
 
+      expect(updateHermesVersionsToNightlyMock).toHaveBeenCalled();
+
       expect(publishPackageMock.mock.calls).toEqual([
         [
           'path/to/monorepo/pkg-a',
diff --git a/scripts/releases-ci/publish-npm.js b/scripts/releases-ci/publish-npm.js
index 8d5b8ff2e1f1..75193c1f4ca7 100755
--- a/scripts/releases-ci/publish-npm.js
+++ b/scripts/releases-ci/publish-npm.js
@@ -18,6 +18,9 @@ const {
   updateReactNativeArtifacts,
 } = require('../releases/set-rn-artifacts-version');
 const {setVersion} = require('../releases/set-version');
+const {
+  updateHermesVersionsToNightly,
+} = require('../releases/utils/hermes-utils');
 const {getNpmInfo, publishPackage} = require('../releases/utils/npm-utils');
 const {
   publishAndroidArtifactsToMaven,
@@ -96,6 +99,9 @@ async function publishNpm(buildType /*: BuildType */) /*: Promise<void> */ {
 
   // For stable releases, ci job `prepare_package_for_release` handles this
   if (buildType === 'nightly') {
+    // Set hermes versions to latest available
+    await updateHermesVersionsToNightly();
+
     // Set same version for all monorepo packages
     await setVersion(version);
     await publishMonorepoPackages(tag);
@@ -113,6 +119,8 @@ async function publishNpm(buildType /*: BuildType */) /*: Promise<void> */ {
     const packageJson = JSON.parse(packageJsonContent);
 
     if (packageJson.version === '1000.0.0') {
+      // Set hermes versions to latest available
+      await updateHermesVersionsToNightly();
       await updateReactNativeArtifacts(version, buildType);
     }
   }
diff --git a/scripts/releases/set-rn-artifacts-version.js b/scripts/releases/set-rn-artifacts-version.js
index 9341d5951062..bf8671237180 100755
--- a/scripts/releases/set-rn-artifacts-version.js
+++ b/scripts/releases/set-rn-artifacts-version.js
@@ -155,8 +155,6 @@ function updateTestFiles(
 async function updateGradleFile(version /*: string */) /*: Promise<void> */ {
   const contents = await fs.readFile(GRADLE_FILE_PATH, 'utf-8');
 
-  // TODO: T231755027 set HERMES_VERSION_NAME
-
   return fs.writeFile(
     GRADLE_FILE_PATH,
     contents.replace(/^VERSION_NAME=.*/, `VERSION_NAME=${version}`),
diff --git a/scripts/releases/utils/hermes-utils.js b/scripts/releases/utils/hermes-utils.js
new file mode 100644
index 000000000000..37b57893663c
--- /dev/null
+++ b/scripts/releases/utils/hermes-utils.js
@@ -0,0 +1,99 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow strict-local
+ * @format
+ */
+
+const {REACT_NATIVE_PACKAGE_DIR} = require('../../shared/consts');
+const {
+  getPackages,
+  getWorkspaceRoot,
+  updatePackageJson,
+} = require('../../shared/monorepoUtils');
+const {getPackageVersionStrByTag} = require('./npm-utils');
+const {promises: fs} = require('fs');
+const path = require('path');
+
+const MAVEN_VERSIONS_FILE_PATH = path.join(
+  REACT_NATIVE_PACKAGE_DIR,
+  'sdks',
+  'hermes-engine',
+  'version.properties',
+);
+
+async function getLatestHermesNightlyVersion() /*: Promise<{
+  compilerVersion: string,
+  runtimeVersion: string,
+  runtimeV1Version: string,
+}> */ {
+  // fetch the latest commitly version of hermes v0
+  const compilerVersion = await getPackageVersionStrByTag(
+    'hermes-compiler',
+    'nightly',
+  );
+  // fetch the latest version of hermes v1
+  const compilerV1Version = await getPackageVersionStrByTag(
+    'hermes-compiler',
+    'latest-v1',
+  );
+
+  return {
+    compilerVersion,
+    // runtime version should match the compiler version
+    runtimeVersion: compilerVersion,
+    runtimeV1Version: compilerV1Version,
+  };
+}
+
+async function updateHermesCompilerVersionInDependencies(
+  hermesVersion /*: string */,
+) /*: Promise<void> */ {
+  const packages = await getPackages({
+    includePrivate: true,
+    includeReactNative: true,
+  });
+
+  const packagesToUpdate = [
+    await getWorkspaceRoot(),
+    ...Object.values(packages),
+  ];
+
+  // Update generated files in packages/react-native/
+  await Promise.all(
+    packagesToUpdate.map(pkg =>
+      updatePackageJson(pkg, {'hermes-compiler': hermesVersion}),
+    ),
+  );
+}
+
+async function updateHermesRuntimeDependenciesVersions(
+  hermesVersion /*: string */,
+  hermesV1Version /*: string */,
+) /*: Promise<void> */ {
+  const newVersionsFile =
+    `HERMES_VERSION_NAME=${hermesVersion}\n` +
+    `HERMES_V1_VERSION_NAME=${hermesV1Version}`;
+
+  await fs.writeFile(MAVEN_VERSIONS_FILE_PATH, newVersionsFile.trim() + '\n');
+}
+
+async function updateHermesVersionsToNightly() {
+  const hermesVersions = await getLatestHermesNightlyVersion();
+  await updateHermesCompilerVersionInDependencies(
+    hermesVersions.compilerVersion,
+  );
+  await updateHermesRuntimeDependenciesVersions(
+    hermesVersions.runtimeVersion,
+    hermesVersions.runtimeV1Version,
+  );
+}
+
+module.exports = {
+  updateHermesVersionsToNightly,
+  updateHermesCompilerVersionInDependencies,
+  updateHermesRuntimeDependenciesVersions,
+};
diff --git a/scripts/releases/utils/npm-utils.js b/scripts/releases/utils/npm-utils.js
index 97889e85d540..fa721ad59054 100644
--- a/scripts/releases/utils/npm-utils.js
+++ b/scripts/releases/utils/npm-utils.js
@@ -174,4 +174,5 @@ function getPackageVersionStrByTag(
 module.exports = {
   getNpmInfo,
   publishPackage,
+  getPackageVersionStrByTag,
 };