diff --git a/ludwig/utils/model_utils.py b/ludwig/utils/model_utils.py
index 0a9e9cfa438..e7661cf812f 100644
--- a/ludwig/utils/model_utils.py
+++ b/ludwig/utils/model_utils.py
@@ -4,23 +4,31 @@
 import torch
 
 
-def extract_tensors(m: torch.nn.Module) -> Tuple[torch.nn.Module, List[Dict]]:
+def extract_tensors(model: torch.nn.Module) -> Tuple[torch.nn.Module, List[Dict]]:
     """Remove the tensors from a PyTorch model, convert them to NumPy arrays, and return the stripped model and
     tensors.
 
     Reference implementation: https://medium.com/ibm-data-ai/how-to-load-pytorch-models-340-times-faster-with-
     ray-8be751a6944c  # noqa
     """
+
     tensors = []
-    for _, module in m.named_modules():
-        # Store the tensors in Python dictionaries
-        params = {name: torch.clone(param).detach().numpy() for name, param in module.named_parameters(recurse=False)}
-        buffers = {name: torch.clone(buf).detach().numpy() for name, buf in module.named_buffers(recurse=False)}
+    for _, module in model.named_modules():
+        # Store the tensors as numpy arrays in Python dictionaries
+        # Move the same tensors to a meta device since we no longer need them and we want to reduce memory pressure.
+        # This ensures that throughout this process, we keep memory nearly linear w.r.t model parameters.
+        params = {}
+        buffers = {}
+        for name, param in module.named_parameters(recurse=False):
+            params[name] = torch.clone(param).detach().numpy()
+            del param
+        for name, buf in module.named_buffers(recurse=False):
+            buffers[name] = torch.clone(buf).detach().numpy()
+            del buf
         tensors.append({"params": params, "buffers": buffers})
 
-    # Make a copy of the original model and strip all tensors and
-    # buffers out of the copy.
-    m_copy = copy.deepcopy(m)
+    # Make a copy of the original model and strip all tensors and buffers out of the copy.
+    m_copy = copy.deepcopy(model)
     for _, module in m_copy.named_modules():
         for name in [name for name, _ in module.named_parameters(recurse=False)] + [
             name for name, _ in module.named_buffers(recurse=False)