diff --git a/docs/getting-started/v8.md b/docs/getting-started/v8.md
index 2ffbc1fda0..586c2e3ad1 100644
--- a/docs/getting-started/v8.md
+++ b/docs/getting-started/v8.md
@@ -76,3 +76,22 @@ Removed
 Use the `backgroundColor` prop instead of `contentContainerStyle={{backgroundColor}}`
 Fix card being transparent on Android
 `onCollapseChanged` will now be called after the animation has ended (as was intended)
+
+### Picker
+The component was refactored to simplify its API and improve type safety.
+
+#### Migration Steps
+
+**Picker:**
+
+- `value` - The picker now only supports primitive values (string | number) instead of object-based values
+- `migrate` - Removed
+
+**Picker.Item:**
+
+- Items structure remains the same: `{label: string, value: primitive}` format is unchanged
+- All items now use the `label` prop directly - no custom label transformation needed
+- `getItemLabel` - Removed (use `item.label` to get label)
+- `getItemValue` - Removed (use `item.value` to get value)
+
+Check out the full API: https://wix.github.io/react-native-ui-lib/docs/components/form/Picker
diff --git a/src/components/picker/PickerItem.tsx b/src/components/picker/PickerItem.tsx
index 2b4405258d..7afef0b2ba 100644
--- a/src/components/picker/PickerItem.tsx
+++ b/src/components/picker/PickerItem.tsx
@@ -9,9 +9,9 @@ import View from '../view';
 import TouchableOpacity from '../touchableOpacity';
 import Image from '../image';
 import Text from '../text';
-import {getItemLabel, isItemSelected} from './PickerPresenter';
+import {isItemSelected} from './PickerPresenter';
 import PickerContext from './PickerContext';
-import {PickerItemProps, PickerSingleValue} from './types';
+import {PickerItemProps} from './types';
 
 /**
  * @description: Picker.Item, for configuring the Picker's selectable options
@@ -29,12 +29,8 @@ const PickerItem = (props: PickerItemProps) => {
     testID
   } = props;
   const context = useContext(PickerContext);
-  const {migrate} = context;
   const customRenderItem = props.renderItem || context.renderItem;
-  // @ts-expect-error TODO: fix after removing migrate prop completely
-  const itemValue = !migrate && typeof value === 'object' ? value?.value : value;
-  const isSelected = isItemSelected(itemValue, context.value);
-  const itemLabel = getItemLabel(label, value, props.getItemLabel || context.getItemLabel);
+  const isSelected = isItemSelected(value, context.value);
   const selectedCounter = context.selectionLimit && _.isArray(context.value) && context.value?.length;
   const accessibilityProps = {
     accessibilityState: isSelected ? {selected: true} : undefined,
@@ -65,16 +61,12 @@ const PickerItem = (props: PickerItemProps) => {
   const _onPress = useCallback(async (props: any) => {
     // Using !(await onPress?.(item)) does not work properly when onPress is not sent
     // We have to explicitly state `false` so a synchronous void (undefined) will still work as expected
-    if (onPress && await onPress(context.isMultiMode ? !isSelected : undefined, props) === false) {
+    if (onPress && (await onPress(context.isMultiMode ? !isSelected : undefined, props)) === false) {
       return;
     }
-    if (migrate) {
-      context.onPress(value);
-    } else {
-      // @ts-expect-error TODO: fix after removing migrate prop completely
-      context.onPress(typeof value === 'object' || context.isMultiMode ? value : ({value, label: itemLabel}) as PickerSingleValue);
-    }
-  }, [migrate, value, context.onPress, onPress]);
+    context.onPress(value);
+  },
+  [value, context.onPress, onPress]);
 
   const onSelectedLayout = useCallback((...args: any[]) => {
     _.invoke(context, 'onSelectedLayout', ...args);
@@ -84,7 +76,7 @@ const PickerItem = (props: PickerItemProps) => {
     return (
       <View style={styles.container} flex row spread centerV>
         <Text numberOfLines={1} style={itemLabelStyle}>
-          {itemLabel}
+          {label}
         </Text>
         {selectedIndicator}
       </View>
@@ -102,7 +94,7 @@ const PickerItem = (props: PickerItemProps) => {
       customValue={props.customValue}
       {...accessibilityProps}
     >
-      {customRenderItem ? customRenderItem(value, {...props, isSelected, isItemDisabled}, itemLabel) : _renderItem()}
+      {customRenderItem ? customRenderItem(value, {...props, isSelected, isItemDisabled}, label) : _renderItem()}
     </TouchableOpacity>
   );
 };
diff --git a/src/components/picker/PickerPresenter.ts b/src/components/picker/PickerPresenter.ts
index 482047b3c3..4d27a5fbb4 100644
--- a/src/components/picker/PickerPresenter.ts
+++ b/src/components/picker/PickerPresenter.ts
@@ -19,8 +19,7 @@ export function isItemSelected(childValue: PickerSingleValue, selectedValue?: Pi
   if (Array.isArray(selectedValue)) {
     isSelected =
       _.find(selectedValue, v => {
-        // @ts-expect-error TODO: fix after removing migrate prop completely
-        return v === childValue || (typeof v === 'object' && v?.value === childValue);
+        return v === childValue;
       }) !== undefined;
   } else {
     isSelected = childValue === selectedValue;
@@ -28,25 +27,6 @@ export function isItemSelected(childValue: PickerSingleValue, selectedValue?: Pi
   return isSelected;
 }
 
-// export function getItemValue(props) {
-//   if (_.isArray(props.value)) {
-//     return props.getItemValue ? _.map(props.value, item => props.getItemValue(item)) : _.map(props.value, 'value');
-//   } else if (!_.isObject(props.value)) {
-//     return props.value;
-//   }
-//   return _.invoke(props, 'getItemValue', props.value) || _.get(props.value, 'value');
-// }
-
-export function getItemLabel(label: string, value: PickerValue, getItemLabel?: PickerProps['getItemLabel']) {
-  if (_.isObject(value)) {
-    if (getItemLabel) {
-      return getItemLabel(value);
-    }
-    return _.get(value, 'label');
-  }
-  return label;
-}
-
 export function shouldFilterOut(searchValue: string, itemLabel?: string) {
   return !_.includes(_.lowerCase(itemLabel), _.lowerCase(searchValue));
 }
diff --git a/src/components/picker/__tests__/PickerPresenter.spec.js b/src/components/picker/__tests__/PickerPresenter.spec.js
index c23883855e..19b90be019 100644
--- a/src/components/picker/__tests__/PickerPresenter.spec.js
+++ b/src/components/picker/__tests__/PickerPresenter.spec.js
@@ -12,47 +12,4 @@ describe('components/PickerPresenter', () => {
     expect(uut.isItemSelected('value', [])).toBe(false);
     expect(uut.isItemSelected('value', undefined)).toBe(false);
   });
-
-  // describe('getItemValue', () => {
-  //   it('should return item value when item has value prop', () => {
-  //     expect(uut.getItemValue({value: {value: 'item value'}})).toBe('item value');
-  //   });
-
-  //   it('should return item value for multiple values', () => {
-  //     const itemProps = {value: [{value: '1'}, {value: '2'}, {value: '3'}]};
-  //     expect(uut.getItemValue(itemProps)).toEqual(['1', '2', '3']);
-  //   });
-
-  //   it('should return item value when item has getItemValue prop', () => {
-  //     const itemProps = {value: {name: 'value', age: 12}, getItemValue: item => item.name};
-  //     expect(uut.getItemValue(itemProps)).toBe('value');
-  //   });
-
-  //   it('should return item value for multiple values when item has getItemValue prop', () => {
-  //     const itemProps = {value: [{name: 'david'}, {name: 'sarah'}, {name: 'jack'}], getItemValue: item => item.name};
-  //     expect(uut.getItemValue(itemProps)).toEqual(['david', 'sarah', 'jack']);
-  //   });
-
-  //   it('should support backward compatibility for when child item value was not an object', () => {
-  //     const itemProps = {value: 'item-value'};
-  //     expect(uut.getItemValue(itemProps)).toEqual('item-value');
-  //   });
-  // });
-
-  describe('getItemLabel', () => {
-    it('should return item label when value is not an object', () => {
-      expect(uut.getItemLabel('label', 'value', undefined)).toEqual('label');
-    });
-
-    it('should return item label when value is an object', () => {
-      const itemProps = {value: {value: 'value', label: 'label'}};
-      expect(uut.getItemLabel(undefined, itemProps.value, undefined)).toEqual('label');
-    });
-
-    it('should return item label according to getLabel function ', () => {
-      const getLabel = itemValue => `${itemValue.value} - ${itemValue.label}`;
-      const itemProps = {value: {value: 'value', label: 'label'}, getLabel};
-      expect(uut.getItemLabel(undefined, itemProps.value, getLabel)).toEqual('value - label');
-    });
-  });
 });
diff --git a/src/components/picker/api/picker.api.json b/src/components/picker/api/picker.api.json
index ef9381df89..87d5e82dfe 100644
--- a/src/components/picker/api/picker.api.json
+++ b/src/components/picker/api/picker.api.json
@@ -11,7 +11,6 @@
     "https://github.com/wix/react-native-ui-lib/blob/master/demo/showcase/Picker/CustomPicker.gif?raw=true"
   ],
   "props": [
-    {"name": "migrate", "type": "boolean", "description": "Temporary prop required for migration to Picker's new API"},
     {"name": "value", "type": "string | number", "description": "Picker current value"},
     {
       "name": "onChange",
diff --git a/src/components/picker/api/pickerItem.api.json b/src/components/picker/api/pickerItem.api.json
index 865925c4b0..88d8156fce 100644
--- a/src/components/picker/api/pickerItem.api.json
+++ b/src/components/picker/api/pickerItem.api.json
@@ -13,11 +13,6 @@
     {"name": "value", "type": "string | number", "description": "Item's value"},
     {"name": "label", "type": "string", "description": "Item's label"},
     {"name": "labelStyle", "type": "ViewStyle", "description": "Item's label style"},
-    {
-      "name": "getItemLabel",
-      "type": "(value: string | number) => string",
-      "description": "Custom function for the item label"
-    },
     {"name": "isSelected", "type": "boolean", "description": "Is the item selected"},
     {"name": "selectedIcon", "type": "string", "description": "Pass to change the selected icon"},
     {"name": "selectedIconColor", "type": "ImageSource", "description": "Pass to change the selected icon color"},
diff --git a/src/components/picker/helpers/__tests__/usePickerLabel.spec.ts b/src/components/picker/helpers/__tests__/usePickerLabel.spec.ts
index c2db686de5..e1667ce951 100644
--- a/src/components/picker/helpers/__tests__/usePickerLabel.spec.ts
+++ b/src/components/picker/helpers/__tests__/usePickerLabel.spec.ts
@@ -26,7 +26,6 @@ describe('usePickerLabel hook tests', () => {
     value,
     items,
     getLabel
-    // getItemLabel,
     // accessibilityLabel,
     // accessibilityHint,
     // placeholder
@@ -36,7 +35,6 @@ describe('usePickerLabel hook tests', () => {
         value,
         items,
         getLabel
-        // getItemLabel,
         // accessibilityLabel,
         // accessibilityHint,
         // placeholder
diff --git a/src/components/picker/helpers/usePickerLabel.tsx b/src/components/picker/helpers/usePickerLabel.tsx
index 12224e1a08..0ab495aade 100644
--- a/src/components/picker/helpers/usePickerLabel.tsx
+++ b/src/components/picker/helpers/usePickerLabel.tsx
@@ -5,20 +5,20 @@ import {PickerProps, PickerValue} from '../types';
 interface UsePickerLabelProps
   extends Pick<
     PickerProps,
-    'value' | 'getLabel' | 'getItemLabel' | 'placeholder' | 'accessibilityLabel' | 'accessibilityHint'
+    'value' | 'getLabel' | 'placeholder' | 'accessibilityLabel' | 'accessibilityHint'
   > {
   items: {value: string | number; label: string}[] | null | undefined;
 }
 
 const usePickerLabel = (props: UsePickerLabelProps) => {
-  const {value, items, getLabel, getItemLabel, placeholder, accessibilityLabel, accessibilityHint} = props;
+  const {value, items, getLabel, placeholder, accessibilityLabel, accessibilityHint} = props;
 
   const getLabelsFromArray = useCallback((value: PickerValue) => {
     const itemsByValue = _.keyBy(items, 'value');
     return _.flow(arr =>
-      _.map(arr, item => (_.isPlainObject(item) ? getItemLabel?.(item) || item?.label : itemsByValue[item]?.label)),
+      _.map(arr, item => (_.isPlainObject(item) ? item?.label : itemsByValue[item]?.label)),
     arr => _.join(arr, ', '))(value);
-  }, [getItemLabel, items]);
+  }, [items]);
 
   const _getLabel = useCallback((value: PickerValue) => {
     if (_.isFunction(getLabel) && !_.isUndefined(getLabel(value))) {
diff --git a/src/components/picker/helpers/usePickerMigrationWarnings.tsx b/src/components/picker/helpers/usePickerMigrationWarnings.tsx
index 95f074deca..799955cd78 100644
--- a/src/components/picker/helpers/usePickerMigrationWarnings.tsx
+++ b/src/components/picker/helpers/usePickerMigrationWarnings.tsx
@@ -3,30 +3,15 @@ import {LogService} from '../../../services';
 import {PickerProps} from '../types';
 
 // TODO: Remove this whole file when migration is completed
-type UsePickerMigrationWarnings = Pick<
-  PickerProps,
-  'children' | 'migrate' | 'getItemLabel' | 'getItemValue' | 'onShow'
->;
+type UsePickerMigrationWarnings = Pick<PickerProps, 'children' | 'onShow'>;
 
 const usePickerMigrationWarnings = (props: UsePickerMigrationWarnings) => {
-  const {children, migrate, getItemLabel, getItemValue, onShow} = props;
+  const {children, onShow} = props;
   useEffect(() => {
     if (children) {
       LogService.warn(`UILib Picker will stop supporting the 'children' prop in the next major version, please pass 'items' prop instead`);
     }
 
-    if (migrate) {
-      LogService.warn(`UILib Picker will stop supporting the 'migrate' prop in the next major version, please stop using it. The picker uses the new implementation by default.`);
-    }
-
-    if (getItemLabel) {
-      LogService.warn(`UILib Picker will stop supporting the 'getItemLabel' prop in the next major version, please pass the 'getItemLabel' prop to the specific item instead`);
-    }
-
-    if (getItemValue) {
-      LogService.warn(`UILib Picker will stop supporting the 'getItemValue' prop in the next major version, please stop using it. The value will be extract from 'items' prop instead`);
-    }
-
     if (onShow) {
       LogService.warn(`UILib Picker will stop supporting the 'onShow' prop in the next major version, please pass the 'onShow' prop from the 'pickerModalProps' instead`);
     }
diff --git a/src/components/picker/helpers/usePickerSearch.tsx b/src/components/picker/helpers/usePickerSearch.tsx
index 8a52a85b8f..b390788ee4 100644
--- a/src/components/picker/helpers/usePickerSearch.tsx
+++ b/src/components/picker/helpers/usePickerSearch.tsx
@@ -1,25 +1,24 @@
 import {useCallback, useState, useMemo} from 'react';
 import _ from 'lodash';
 import {PickerProps} from '../types';
-import {getItemLabel as getItemLabelPresenter, shouldFilterOut} from '../PickerPresenter';
+import {shouldFilterOut} from '../PickerPresenter';
 
-type UsePickerSearchProps = Pick<PickerProps, 'showSearch' | 'onSearchChange' | 'children' | 'getItemLabel' | 'items'>;
+type UsePickerSearchProps = Pick<PickerProps, 'showSearch' | 'onSearchChange' | 'children' | 'items'>;
 
 const usePickerSearch = (props: UsePickerSearchProps) => {
-  const {showSearch, onSearchChange, children, getItemLabel, items} = props;
+  const {showSearch, onSearchChange, children, items} = props;
   const [searchValue, setSearchValue] = useState('');
 
   const filterItems = useCallback((items: any) => {
     if (showSearch && !_.isEmpty(searchValue)) {
       return _.filter(items, item => {
-        const {label, value, getItemLabel: childGetItemLabel} = item.props || item;
-        const itemLabel = getItemLabelPresenter(label, value, childGetItemLabel || getItemLabel);
-        return !shouldFilterOut(searchValue, itemLabel);
+        const {label} = item.props || item;
+        return !shouldFilterOut(searchValue, label);
       });
     }
     return items;
   },
-  [showSearch, searchValue, getItemLabel]);
+  [showSearch, searchValue]);
 
   const filteredItems = useMemo(() => {
     return filterItems(children || items);
diff --git a/src/components/picker/helpers/usePickerSelection.tsx b/src/components/picker/helpers/usePickerSelection.tsx
index f8ae064a52..177048b107 100644
--- a/src/components/picker/helpers/usePickerSelection.tsx
+++ b/src/components/picker/helpers/usePickerSelection.tsx
@@ -3,13 +3,13 @@ import _ from 'lodash';
 import {PickerProps, PickerValue, PickerSingleValue, PickerMultiValue, PickerModes} from '../types';
 
 interface UsePickerSelectionProps
-  extends Pick<PickerProps, 'migrate' | 'value' | 'onChange' | 'getItemValue' | 'topBarProps' | 'mode' | 'items'> {
+  extends Pick<PickerProps, 'value' | 'onChange' | 'topBarProps' | 'mode' | 'items'> {
   pickerExpandableRef: RefObject<any>;
   setSearchValue: (searchValue: string) => void;
 }
 
 const usePickerSelection = (props: UsePickerSelectionProps) => {
-  const {migrate, value, onChange, topBarProps, pickerExpandableRef, getItemValue, setSearchValue, mode, items} = props;
+  const {value, onChange, topBarProps, pickerExpandableRef, setSearchValue, mode, items} = props;
   const [multiDraftValue, setMultiDraftValue] = useState(value as PickerMultiValue);
   const [multiFinalValue, setMultiFinalValue] = useState(value as PickerMultiValue);
 
@@ -29,17 +29,11 @@ const usePickerSelection = (props: UsePickerSelectionProps) => {
   [onChange]);
 
   const toggleItemSelection = useCallback((item: PickerSingleValue) => {
-    let newValue;
     const itemAsArray = [item];
-    if (!migrate) {
-      newValue = _.xorBy(multiDraftValue, itemAsArray, getItemValue || 'value');
-    } else {
-      newValue = _.xor(multiDraftValue, itemAsArray);
-    }
-
+    const newValue = _.xor(multiDraftValue, itemAsArray);
     setMultiDraftValue(newValue);
   },
-  [multiDraftValue, getItemValue]);
+  [multiDraftValue]);
 
   const cancelSelect = useCallback(() => {
     setSearchValue('');
diff --git a/src/components/picker/index.tsx b/src/components/picker/index.tsx
index 3cf21536d8..30e75786b5 100644
--- a/src/components/picker/index.tsx
+++ b/src/components/picker/index.tsx
@@ -67,13 +67,9 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
     listProps,
     value,
     getLabel,
-    getItemLabel,
-    getItemValue,
     renderItem,
     children,
     useSafeArea,
-    // TODO: Remove migrate props and migrate code
-    migrate = true,
     accessibilityLabel,
     accessibilityHint,
     items: propItems,
@@ -90,9 +86,6 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
   const pickerExpandable = useRef<ExpandableOverlayMethods>(null);
   const pickerRef = useImperativePickerHandle(ref, pickerExpandable);
 
-  // TODO: Remove this when migration is completed, starting of v8
-  // usePickerMigrationWarnings({children, migrate, getItemLabel, getItemValue});
-
   useEffect(() => {
     if (propItems) {
       setItems(propItems);
@@ -103,7 +96,7 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
     filteredItems,
     setSearchValue,
     onSearchChange: _onSearchChange
-  } = usePickerSearch({showSearch, onSearchChange, getItemLabel, children, items});
+  } = usePickerSearch({showSearch, onSearchChange, children, items});
   const {
     multiDraftValue,
     onDoneSelecting,
@@ -113,11 +106,9 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
     selectedCount,
     toggleAllItemsSelection
   } = usePickerSelection({
-    migrate,
     value,
     onChange,
     pickerExpandableRef: pickerExpandable,
-    getItemValue,
     topBarProps,
     setSearchValue,
     mode,
@@ -128,8 +119,10 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
     if (propItems) {
       return filteredItems.map((item: PickerItemProps) => ({
         ...item,
-        onPress: useWheelPicker && Constants.accessibility.isScreenReaderEnabled ?
-          () => onDoneSelecting(item.value) : undefined
+        onPress:
+          useWheelPicker && Constants.accessibility.isScreenReaderEnabled
+            ? () => onDoneSelecting(item.value)
+            : undefined
       }));
     }
     return filteredItems;
@@ -138,7 +131,6 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
   const {label, accessibilityInfo} = usePickerLabel({
     value,
     items,
-    getItemLabel,
     getLabel,
     accessibilityLabel,
     accessibilityHint,
@@ -163,15 +155,10 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
   }, []);
 
   const contextValue = useMemo(() => {
-    // @ts-expect-error cleanup after removing migrate prop
-    const pickerValue = !migrate && typeof value === 'object' && !_.isArray(value) ? value?.value : value;
     return {
-      migrate,
-      value: mode === PickerModes.MULTI ? multiDraftValue : pickerValue,
+      value: mode === PickerModes.MULTI ? multiDraftValue : value,
       onPress: mode === PickerModes.MULTI ? toggleItemSelection : onDoneSelecting,
       isMultiMode: mode === PickerModes.MULTI,
-      getItemValue,
-      getItemLabel,
       onSelectedLayout: onSelectedItemLayout,
       renderItem,
       selectionLimit,
@@ -180,13 +167,10 @@ const Picker = React.forwardRef((props: PickerProps, ref) => {
       toggleAllItemsSelection
     };
   }, [
-    migrate,
     mode,
     value,
     multiDraftValue,
     renderItem,
-    getItemValue,
-    getItemLabel,
     selectionLimit,
     onSelectedItemLayout,
     toggleItemSelection,
diff --git a/src/components/picker/types.ts b/src/components/picker/types.ts
index f92a75a4ed..f7cf075484 100644
--- a/src/components/picker/types.ts
+++ b/src/components/picker/types.ts
@@ -50,21 +50,6 @@ export interface PickerSearchStyle {
 }
 
 type PickerPropsDeprecation = {
-  /**
-   * @deprecated
-   * Temporary prop required for migration to Picker's new API
-   */
-  migrate?: boolean;
-  /**
-   * @deprecated
-   * A function that extract the unique value out of the value prop in case value has a custom structure (e.g. {myValue, myLabel})
-   */
-  getItemValue?: (value: PickerValue) => any;
-  /**
-   * @deprecated
-   * A function that extract the label out of the value prop in case value has a custom structure (e.g. {myValue, myLabel})
-   */
-  getItemLabel?: (value: PickerValue) => string;
   /**
    * @deprecated
    * Callback for modal onShow event
@@ -315,14 +300,6 @@ export interface PickerItemProps extends Pick<TouchableOpacityProps, 'customValu
    * Item's label style
    */
   labelStyle?: StyleProp<TextStyle>;
-  /**
-   * Custom function for the item label (e.g (value) => customLabel)
-   */
-  getItemLabel?: (value: PickerValue) => string;
-  /**
-   * @deprecated Function to return the value out of the item value prop when value is custom shaped.
-   */
-  getItemValue?: PickerProps['getItemValue'];
   /**
    * Render custom item
    */
@@ -351,8 +328,7 @@ export interface PickerItemProps extends Pick<TouchableOpacityProps, 'customValu
   testID?: string;
 }
 
-export interface PickerContextProps
-  extends Pick<PickerProps, 'migrate' | 'value' | 'getItemValue' | 'getItemLabel' | 'renderItem' | 'selectionLimit'> {
+export interface PickerContextProps extends Pick<PickerProps, 'value' | 'renderItem' | 'selectionLimit'> {
   onPress: (value: PickerSingleValue) => void;
   isMultiMode: boolean;
   onSelectedLayout: (event: any) => any;