diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1115e80b3243..b12214ce5bb3 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -106,6 +106,7 @@ In addition, this release completes implementation of `dpnp.fft` module and adds
 * Use `dpctl::tensor::alloc_utils::sycl_free_noexcept` instead of `sycl::free` in `host_task` tasks associated with life-time management of temporary USM allocations [#2058](https://github.com/IntelPython/dpnp/pull/2058)
 * Improved implementation of `dpnp.kron` to avoid unnecessary copy for non-contiguous arrays [#2059](https://github.com/IntelPython/dpnp/pull/2059)
 * Updated the test suit for `dpnp.fft` module [#2071](https://github.com/IntelPython/dpnp/pull/2071)
+* Reworked `dpnp.clip` implementation to align with Python Array API 2023.12 specification [#2048](https://github.com/IntelPython/dpnp/pull/2048)
 
 ### Fixed
 
diff --git a/dpnp/dpnp_iface_mathematical.py b/dpnp/dpnp_iface_mathematical.py
index 443ad7c43da9..050f229e8a79 100644
--- a/dpnp/dpnp_iface_mathematical.py
+++ b/dpnp/dpnp_iface_mathematical.py
@@ -627,7 +627,7 @@ def around(x, /, decimals=0, out=None):
 )
 
 
-def clip(a, a_min, a_max, *, out=None, order="K", **kwargs):
+def clip(a, /, min=None, max=None, *, out=None, order="K", **kwargs):
     """
     Clip (limit) the values in an array.
 
@@ -637,23 +637,27 @@ def clip(a, a_min, a_max, *, out=None, order="K", **kwargs):
     ----------
     a : {dpnp.ndarray, usm_ndarray}
         Array containing elements to clip.
-    a_min, a_max : {dpnp.ndarray, usm_ndarray, None}
+    min, max : {dpnp.ndarray, usm_ndarray, None}
         Minimum and maximum value. If ``None``, clipping is not performed on
-        the corresponding edge. Only one of `a_min` and `a_max` may be
-        ``None``. Both are broadcast against `a`.
+        the corresponding edge. If both `min` and `max` are ``None``,
+        the elements of the returned array stay the same.
+        Both are broadcast against `a`.
+        Default : ``None``.
     out : {None, dpnp.ndarray, usm_ndarray}, optional
         The results will be placed in this array. It may be the input array
         for in-place clipping. `out` must be of the right shape to hold the
         output. Its type is preserved.
+        Default : ``None``.
     order : {"C", "F", "A", "K", None}, optional
-        Memory layout of the newly output array, if parameter `out` is `None`.
+        Memory layout of the newly output array, if parameter `out` is ``None``.
         If `order` is ``None``, the default value ``"K"`` will be used.
+        Default: ``"K"``.
 
     Returns
     -------
     out : dpnp.ndarray
-        An array with the elements of `a`, but where values < `a_min` are
-        replaced with `a_min`, and those > `a_max` with `a_max`.
+        An array with the elements of `a`, but where values < `min` are
+        replaced with `min`, and those > `max` with `max`.
 
     Limitations
     -----------
@@ -687,15 +691,12 @@ def clip(a, a_min, a_max, *, out=None, order="K", **kwargs):
     if kwargs:
         raise NotImplementedError(f"kwargs={kwargs} is currently not supported")
 
-    if a_min is None and a_max is None:
-        raise ValueError("One of max or min must be given")
-
     if order is None:
         order = "K"
 
     usm_arr = dpnp.get_usm_ndarray(a)
-    usm_min = None if a_min is None else dpnp.get_usm_ndarray_or_scalar(a_min)
-    usm_max = None if a_max is None else dpnp.get_usm_ndarray_or_scalar(a_max)
+    usm_min = None if min is None else dpnp.get_usm_ndarray_or_scalar(min)
+    usm_max = None if max is None else dpnp.get_usm_ndarray_or_scalar(max)
 
     usm_out = None if out is None else dpnp.get_usm_ndarray(out)
     usm_res = dpt.clip(usm_arr, usm_min, usm_max, out=usm_out, order=order)
diff --git a/tests/third_party/cupy/math_tests/test_misc.py b/tests/third_party/cupy/math_tests/test_misc.py
index 086f7da17284..05254f712877 100644
--- a/tests/third_party/cupy/math_tests/test_misc.py
+++ b/tests/third_party/cupy/math_tests/test_misc.py
@@ -130,8 +130,17 @@ def test_clip_max_none(self, xp, dtype):
     def test_clip_min_max_none(self, dtype):
         for xp in (numpy, cupy):
             a = testing.shaped_arange((2, 3, 4), xp, dtype)
-            with pytest.raises(ValueError):
-                a.clip(None, None)
+            # According to Python Array API, clip() should return an array
+            # with the same elements in `a` if `min` and `max` are `None`.
+            # Numpy < 2.1 is not compatible with this and raises a ValueError
+            if (
+                xp is numpy
+                and numpy.lib.NumpyVersion(numpy.__version__) < "2.1.0"
+            ):
+                with pytest.raises(ValueError):
+                    a.clip(None, None)
+            else:
+                return a.clip(None, None)
 
     @testing.for_all_dtypes(no_complex=True)
     @testing.numpy_cupy_array_equal()
@@ -155,8 +164,18 @@ def test_external_clip3(self, xp, dtype):
     def test_external_clip4(self, dtype):
         for xp in (numpy, cupy):
             a = testing.shaped_arange((2, 3, 4), xp, dtype)
-            with pytest.raises(TypeError):
-                xp.clip(a, 3)
+            # Starting with numpy 2.1.0, it's possible to pass only one argument
+            # (min or max) as a keyword argument according to Python Array API.
+            # In older versions of numpy, both arguments must be positional;
+            # passing only one raises a TypeError.
+            if (
+                xp is numpy
+                and numpy.lib.NumpyVersion(numpy.__version__) < "2.1.0"
+            ):
+                with pytest.raises(TypeError):
+                    xp.clip(a, 3)
+            else:
+                return xp.clip(a, min=3)
 
     @testing.for_all_dtypes(no_complex=True)
     @testing.numpy_cupy_array_equal()