diff --git a/common/djangoapps/student/management/commands/populate_is_marketable_user_attribute.py b/common/djangoapps/student/management/commands/populate_is_marketable_user_attribute.py
new file mode 100644
index 0000000000..0507dc414f
--- /dev/null
+++ b/common/djangoapps/student/management/commands/populate_is_marketable_user_attribute.py
@@ -0,0 +1,130 @@
+""" Management command to back-populate marketing emails opt-in for the user accounts. """
+
+import time
+
+from django.conf import settings
+from django.contrib.auth import get_user_model
+from django.core.management.base import BaseCommand
+from django.db import IntegrityError
+
+from common.djangoapps.student.models import UserAttribute
+from common.djangoapps.util.query import use_read_replica_if_available
+
+OLD_USER_ATTRIBUTE_NAME = 'marketing_emails_opt_in'
+NEW_USER_ATTRIBUTE_NAME = 'is_marketable'
+
+
+class Command(BaseCommand):
+    """
+    Example usage:
+        $ ./manage.py lms populate_is_marketable_user_attribute
+    """
+    help = """
+        Creates a row in the UserAttribute table for all users in the platform.
+        This command back-populates the 'is_marketable' attribute in the
+        UserAttribute table for the user accounts.
+        """
+
+    def add_arguments(self, parser):
+        parser.add_argument(
+            '--batch-delay',
+            type=float,
+            dest='batch_delay',
+            default=0.5,
+            help='Time delay in each iteration'
+        )
+        parser.add_argument(
+            '--batch-size',
+            type=int,
+            dest='batch_size',
+            default=10000,
+            help='Batch size'
+        )
+        parser.add_argument(
+            '--backfill-only',
+            type=str,
+            dest='backfill_only',
+            default=None,
+            help='Only backfill user attribute, renaming attribute is not required'
+        )
+
+    def _get_user_attribute_queryset(self, user_attribute_id, batch_size):
+        """ Fetches the user attributes in batches. """
+        self.stdout.write(
+            f'Fetching user attributes in batch starting from ID {user_attribute_id} with batch size {batch_size}.'
+        )
+        query_set = UserAttribute.objects.filter(
+            id__gt=user_attribute_id,
+            name=OLD_USER_ATTRIBUTE_NAME
+        ).order_by('id')[:batch_size]
+        return use_read_replica_if_available(query_set)
+
+    def _get_user_queryset(self, user_id, batch_size):
+        """
+        Fetches users, in ascending order of id, that exist before a specified user id.
+        Returns queryset of tuples with 'id' and 'is_active' field values.
+        """
+        self.stdout.write(f'Fetching users in batch starting from ID {user_id} with batch size {batch_size}.')
+        query_set = get_user_model().objects.filter(
+            id__gt=user_id,
+            id__lt=settings.MARKETING_EMAILS_OPT_IN_FIRST_USER_ID
+        ).values_list('id', 'is_active').order_by('id')[:batch_size]
+        return use_read_replica_if_available(query_set)
+
+    def _backfill_is_marketable_user_attribute(self, batch_size, batch_delay):
+        """
+        Backfills the is_marketable user attribute. Fetches user accounts, in ascending order of id, that are created
+        before a specified user id.
+        """
+        last_user_id = 0
+        users = self._get_user_queryset(last_user_id, batch_size)
+        while users:
+            user_attributes = []
+            for user in users:
+                user_attributes.append(UserAttribute(
+                    user_id=user[0],
+                    name=NEW_USER_ATTRIBUTE_NAME,
+                    value=str(user[1]).lower()
+                ))
+                last_user_id = user[0]
+
+            try:
+                UserAttribute.objects.bulk_create(user_attributes)
+            except IntegrityError:
+                # A UserAttribute object was already created. This could only happen if we try to create 'is_marketable'
+                # user attribute that is already created. Ignore it if it does.
+                pass
+
+            time.sleep(batch_delay)
+            users = self._get_user_queryset(last_user_id, batch_size)
+
+    def _rename_user_attribute_name(self, batch_size, batch_delay):
+        """ Renames the old user attribute 'marketing_emails_opt_in' to 'is_marketable'. """
+        last_user_attribute_id = 0
+        user_attributes = self._get_user_attribute_queryset(last_user_attribute_id, batch_size)
+
+        while user_attributes:
+            updates = []
+            for user_attribute in user_attributes:
+                user_attribute.name = NEW_USER_ATTRIBUTE_NAME
+                last_user_attribute_id = user_attribute.id
+                updates.append(user_attribute)
+
+            UserAttribute.objects.bulk_update(updates, ['name'])
+            time.sleep(batch_delay)
+            user_attributes = self._get_user_attribute_queryset(last_user_attribute_id, batch_size)
+
+    def handle(self, *args, **options):
+        """
+        This command back-populates the 'is_marketable' attribute for all existing users who do not already
+        have the attribute set.
+        """
+        batch_delay = options['batch_delay']
+        batch_size = options['batch_size']
+        self.stdout.write(f'Command execution started with options: {options}.')
+
+        if not options['backfill_only']:
+            self._rename_user_attribute_name(batch_size, batch_delay)
+        self._backfill_is_marketable_user_attribute(batch_size, batch_delay)
+
+        self.stdout.write('Command executed successfully.')
diff --git a/common/djangoapps/student/management/tests/test_populate_is_marketable_user_attribute.py b/common/djangoapps/student/management/tests/test_populate_is_marketable_user_attribute.py
new file mode 100644
index 0000000000..cc4da71aef
--- /dev/null
+++ b/common/djangoapps/student/management/tests/test_populate_is_marketable_user_attribute.py
@@ -0,0 +1,61 @@
+"""
+Unittests for populate_marketing_opt_in_user_attribute management command.
+"""
+
+import pytest
+from django.contrib.auth.models import User  # lint-amnesty, pylint: disable=imported-auth-user
+from django.core.management import call_command
+from django.test import TransactionTestCase
+
+from common.djangoapps.student.models import UserAttribute
+from common.djangoapps.student.tests.factories import UserFactory
+from openedx.core.djangolib.testing.utils import skip_unless_lms
+
+MARKETING_EMAILS_OPT_IN = 'is_marketable'
+
+
+@skip_unless_lms
+class TestPopulateMarketingOptInUserAttribute(TransactionTestCase):
+    """
+    Test populate_is_marketable_user_attribute management command.
+    """
+
+    def setUp(self):
+        super().setUp()
+        self.existing_user = UserFactory()
+
+    def test_command_with_existing_users(self):
+        """
+        Test population of is_marketable attribute with an existing user.
+        """
+        assert UserAttribute.objects.count() == 0
+        call_command('populate_is_marketable_user_attribute')
+        assert UserAttribute.objects.filter(name=MARKETING_EMAILS_OPT_IN).count() == User.objects.count()
+
+    def test_command_with_new_user(self):
+        """
+        Test population of is_marketable attribute with a new user.
+        """
+        user = UserFactory()
+        call_command('populate_is_marketable_user_attribute')
+        assert UserAttribute.objects.filter(name=MARKETING_EMAILS_OPT_IN).count() == User.objects.count()
+
+    def test_command_rename_to_new_attribute(self):
+        """
+        Test renaming of marketing_emails_opt_in to is_marketable attribute.
+        """
+        user = UserFactory()
+        UserAttribute.objects.create(user=user, name='marketing_emails_opt_in', value='true')
+        call_command('populate_is_marketable_user_attribute')
+        assert UserAttribute.objects.filter(name='marketing_emails_opt_in').count() == 0
+        assert UserAttribute.get_user_attribute(user, MARKETING_EMAILS_OPT_IN) == 'true'
+
+    def test_command_with_invalid_argument(self):
+        """
+        Test management command raises TypeError on wrong data type value for '--batch-size' argument.
+        """
+        with pytest.raises(TypeError):
+            call_command(
+                "populate_is_marketable_user_attribute",
+                batch_size='1000'
+            )
diff --git a/lms/envs/common.py b/lms/envs/common.py
index bc976d4661..7b4716cfb7 100644
--- a/lms/envs/common.py
+++ b/lms/envs/common.py
@@ -1060,6 +1060,10 @@ RETRY_CALENDAR_SYNC_EMAIL_MAX_ATTEMPTS = 5
 
 MARKETING_EMAILS_OPT_IN = False
 
+# TODO: Remove this temporary flag after successfully running the management command.
+# Ticket: https://openedx.atlassian.net/browse/VAN-966
+MARKETING_EMAILS_OPT_IN_FIRST_USER_ID = 10000
+
 # .. toggle_name: ENABLE_COPPA_COMPLIANCE
 # .. toggle_implementation: DjangoSetting
 # .. toggle_default: False
diff --git a/openedx/core/djangoapps/user_authn/views/register.py b/openedx/core/djangoapps/user_authn/views/register.py
index bf0f6120f7..528fbc7e4d 100644
--- a/openedx/core/djangoapps/user_authn/views/register.py
+++ b/openedx/core/djangoapps/user_authn/views/register.py
@@ -101,7 +101,7 @@ REGISTRATION_UTM_PARAMETERS = {
     'utm_content': 'registration_utm_content',
 }
 REGISTRATION_UTM_CREATED_AT = 'registration_utm_created_at'
-MARKETING_EMAILS_OPT_IN = 'marketing_emails_opt_in'
+MARKETING_EMAILS_OPT_IN = 'is_marketable'
 # used to announce a registration
 # providing_args=["user", "registration"]
 REGISTER_USER = Signal()