diff --git a/colossalai/tensor/colo_tensor.py b/colossalai/tensor/colo_tensor.py
index eb6b8b128..20ceef71b 100644
--- a/colossalai/tensor/colo_tensor.py
+++ b/colossalai/tensor/colo_tensor.py
@@ -43,9 +43,10 @@ class ColoTensor(object):
                             torch_tensor=tensor if save_payload else torch.empty(0))
         return colo_t
 
-    def del_torch_tensor(self) -> None:
-        self._size = (0,)
-        self._torch_tensor = torch.empty(self._size)
+    def del_torch_tensor(self, save_shape=False) -> None:
+        if save_shape:
+            self._size = (0,)
+        self._torch_tensor = torch.empty((0,))
 
     def torch_tensor(self) -> torch.Tensor:
         if self._torch_tensor.numel() == 0:
diff --git a/colossalai/utils/__init__.py b/colossalai/utils/__init__.py
index a35d3dcc3..15ef96de3 100644
--- a/colossalai/utils/__init__.py
+++ b/colossalai/utils/__init__.py
@@ -11,16 +11,47 @@ from .memory import (report_memory_usage, colo_device_memory_used, colo_set_proc
                      colo_device_memory_capacity, colo_set_cpu_memory_capacity, colo_get_cpu_memory_capacity)
 from .timer import MultiTimer, Timer
 from .tensor_detector import TensorDetector
-from .model.init_context import InsertPostInitMethodToModuleSubClasses
+from .model.utils import InsertPostInitMethodToModuleSubClasses
+from .model.colo_init_context import ColoInitContext
 
 __all__ = [
-    'checkpoint', 'free_port', 'print_rank_0', 'sync_model_param', 'is_dp_rank_0', 'is_tp_rank_0',
-    'is_no_pp_or_last_stage', 'is_using_ddp', 'is_using_pp', 'is_using_sequence', 'conditional_context',
-    'is_model_parallel_parameter', 'clip_grad_norm_fp32', 'count_zeros_fp32', 'copy_tensor_parallel_attributes',
-    'param_is_not_tensor_parallel_duplicate', 'get_current_device', 'synchronize', 'empty_cache', 'set_to_cuda',
-    'report_memory_usage', 'colo_device_memory_capacity', 'colo_device_memory_used', 'colo_set_process_memory_fraction',
-    'Timer', 'MultiTimer', 'multi_tensor_applier', 'DataParallelSampler', 'get_dataloader',
-    'switch_virtual_pipeline_parallel_rank', 'TensorDetector', 'load_checkpoint', 'save_checkpoint',
-    'ensure_path_exists', 'disposable', 'colo_set_cpu_memory_capacity', 'colo_get_cpu_memory_capacity',
-    'InsertPostInitMethodToModuleSubClasses'
+    'checkpoint',
+    'free_port',
+    'print_rank_0',
+    'sync_model_param',
+    'is_dp_rank_0',
+    'is_tp_rank_0',
+    'is_no_pp_or_last_stage',
+    'is_using_ddp',
+    'is_using_pp',
+    'is_using_sequence',
+    'conditional_context',
+    'is_model_parallel_parameter',
+    'clip_grad_norm_fp32',
+    'count_zeros_fp32',
+    'copy_tensor_parallel_attributes',
+    'param_is_not_tensor_parallel_duplicate',
+    'get_current_device',
+    'synchronize',
+    'empty_cache',
+    'set_to_cuda',
+    'report_memory_usage',
+    'colo_device_memory_capacity',
+    'colo_device_memory_used',
+    'colo_set_process_memory_fraction',
+    'Timer',
+    'MultiTimer',
+    'multi_tensor_applier',
+    'DataParallelSampler',
+    'get_dataloader',
+    'switch_virtual_pipeline_parallel_rank',
+    'TensorDetector',
+    'load_checkpoint',
+    'save_checkpoint',
+    'ensure_path_exists',
+    'disposable',
+    'colo_set_cpu_memory_capacity',
+    'colo_get_cpu_memory_capacity',
+    'InsertPostInitMethodToModuleSubClasses',
+    'ColoInitContext',
 ]
diff --git a/colossalai/utils/model/colo_init_context.py b/colossalai/utils/model/colo_init_context.py
new file mode 100644
index 000000000..d32cc58d4
--- /dev/null
+++ b/colossalai/utils/model/colo_init_context.py
@@ -0,0 +1,40 @@
+from .utils import InsertPostInitMethodToModuleSubClasses
+import torch
+# from colossalai.logging import get_dist_logger
+from colossalai.tensor import ColoTensor
+
+# _orig_torch_empty = torch.empty
+
+
+class ColoInitContext(InsertPostInitMethodToModuleSubClasses):
+
+    def __init__(self, lazy_memory_allocate=False):
+        super().__init__()
+        self._lazy_memory_allocate = lazy_memory_allocate
+
+    def _pre_context_exec(self):
+        """ 
+        The Callback function when entering the context
+        """
+        pass
+
+    def _post_context_exec(self):
+        """The callback function when exiting context.
+        """
+        pass
+
+    def _post_init_method(self, module: torch.nn.Module):
+        """
+        The function to call at the end of the constructor of each module.
+        FIXME(fjr) The module may be passed to this function multiple times?
+        """
+        name_list = []
+        for name, param in module.named_parameters():
+            if isinstance(param, ColoTensor):
+                continue
+            name_list.append((name, param))
+
+        save_torch_payload = True if not self._lazy_memory_allocate else False
+        for name, param in name_list:
+            delattr(module, name)
+            setattr(module, name, ColoTensor.init_from_torch_tensor(tensor=param.data, save_payload=save_torch_payload))
diff --git a/colossalai/utils/model/init_context.py b/colossalai/utils/model/utils.py
similarity index 100%
rename from colossalai/utils/model/init_context.py
rename to colossalai/utils/model/utils.py
diff --git a/tests/test_tensor/test_context.py b/tests/test_tensor/test_context.py
new file mode 100644
index 000000000..3c998fa66
--- /dev/null
+++ b/tests/test_tensor/test_context.py
@@ -0,0 +1,27 @@
+from colossalai.utils import ColoInitContext
+
+from numpy import allclose, require
+import torch
+from colossalai.tensor import ColoTensor
+from copy import deepcopy
+
+
+def test_linear():
+    in_dim = 4
+    out_dim = 5
+
+    with ColoInitContext(lazy_memory_allocate=True) as ctx:
+        fc = torch.nn.Linear(in_dim, out_dim, bias=True)
+
+    print(fc.weight.numel())
+    print(fc.bias.numel())
+
+    # lazy_memory_allocate=True, no payload is maintained
+    assert fc.weight._torch_tensor.numel() == 0
+
+    fc.weight.torch_tensor()
+    assert fc.weight._torch_tensor.numel() == in_dim * out_dim
+
+
+if __name__ == '__main__':
+    test_linear()