diff --git a/classes/migration/upgrade/v3_4_0/I11125_UpdateEmailTemplateVariables.php b/classes/migration/upgrade/v3_4_0/I11125_UpdateEmailTemplateVariables.php
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+++ b/classes/migration/upgrade/v3_4_0/I11125_UpdateEmailTemplateVariables.php
@@ -0,0 +1,82 @@
+<?php
+
+/**
+ * @file classes/migration/upgrade/v3_4_0/I11125_UpdateEmailTemplateVariables.php
+ *
+ * Copyright (c) 2014-2025 Simon Fraser University
+ * Copyright (c) 2000-2025 John Willinsky
+ * Distributed under the GNU GPL v3. For full terms see the file docs/COPYING.
+ *
+ * @class I11125_UpdateEmailTemplateVariables
+ *
+ * @brief Migration to update Email Template variable names
+ */
+
+namespace PKP\migration\upgrade\v3_4_0;
+
+use Illuminate\Support\Facades\DB;
+
+abstract class I11125_UpdateEmailTemplateVariables extends \PKP\migration\Migration
+{
+    public function up(): void
+    {
+        // Update template variables
+        $this->renameTemplateVariables($this->oldToNewVariablesMap());
+    }
+
+    public function down(): void
+    {
+        $newToOldVariableMap = array_map(function ($variablesMap) {
+            return array_flip($variablesMap);
+        }, $this->oldToNewVariablesMap());
+
+        $this->renameTemplateVariables($newToOldVariableMap);
+    }
+
+    /**
+     * Replaces email template variables in templates' subject and body
+     */
+    protected function renameTemplateVariables(array $oldNewVariablesMap): void
+    {
+        foreach ($oldNewVariablesMap as $emailKey => $variablesMap) {
+            $existingVariables = [];
+            $replacementsVariables = [];
+
+            foreach ($variablesMap as $key => $value) {
+                $existingVariables[] = '/\{\$' . $key . '\}/';
+                $replacementsVariables[] = '{$' . $value . '}';
+            }
+
+            // Default templates
+            $data = DB::table('email_templates_default_data')->where('email_key', $emailKey)->get();
+
+            $data->each(function (object $entry) use ($existingVariables, $replacementsVariables) {
+                $subject = preg_replace($existingVariables, $replacementsVariables, $entry->subject);
+                $body = preg_replace($existingVariables, $replacementsVariables, $entry->body);
+                DB::table('email_templates_default_data')
+                    ->where('email_key', $entry->{'email_key'})
+                    ->where('locale', $entry->{'locale'})
+                    ->update(['subject' => $subject, 'body' => $body]);
+            });
+
+            // Custom templates
+            $customData = DB::table('email_templates')->where('email_key', $emailKey)->get();
+            $customData->each(function (object $customEntry) use ($existingVariables, $replacementsVariables) {
+                $emailSettingsRows = DB::table('email_templates_settings')->where('email_id', $customEntry->{'email_id'})->get();
+                foreach ($emailSettingsRows as $emailSettingsRow) {
+                    $value = preg_replace($existingVariables, $replacementsVariables, $emailSettingsRow->{'setting_value'});
+                    DB::table('email_templates_settings')
+                        ->where('email_id', $emailSettingsRow->{'email_id'})
+                        ->where('locale', $emailSettingsRow->{'locale'})
+                        ->where('setting_name', $emailSettingsRow->{'setting_name'})
+                        ->update(['setting_value' => $value]);
+                }
+            });
+        }
+    }
+
+    /**
+     * @return array [email_key => [old_variable => new_variable]]
+     */
+    abstract protected function oldToNewVariablesMap(): array;
+}