Abstract: Disclosed herein is a method and a system for generating a mixed precision quantization model for performing image processing. The method comprises receiving a validation dataset of images to train a neural network model. The method comprises for each image of the validation dataset, generating a union sensitivity list, selecting a group of layers, generating a mixed precision quantization model by quantizing the selected group of layers into a high precision format; computing accuracy of the mixed precision quantization model for comparison with a target accuracy; in response to determining the accuracy is less than the target accuracy, generating another mixed precision model by selecting a next group of layers and computing the accuracy. In response to determining the accuracy is greater than or equal to the target accuracy, storing the mixed precision quantization model as a final mixed precision quantization model for image processing.