diff --git a/scripts/cip.ts b/scripts/cip.ts
index 8ae06f1fb8..fad723d2b6 100644
--- a/scripts/cip.ts
+++ b/scripts/cip.ts
@@ -4,6 +4,10 @@ import {
   getStringContentAsync,
   getBufferContentAsync,
   preventH1Headline,
+  getDocTag,
+  identifyReferenceLinks,
+  identifyMixedReferenceLinks,
+  identifyNestedExtendedCIPLinks,
 } from "./reusable";
 import {
   cip_repo_raw_base_url,
@@ -22,6 +26,57 @@ const path_name = path.basename(__filename);
 
 // Download markdown resources
 const processCIPContentAsync = async (cip_name: string, content: string) => {
+  // Finding any reference links in the content and replacing to relative links where necessary 
+  // to fix broken links in the CIPs
+  const referenceLinks = identifyReferenceLinks(content);
+  if(referenceLinks.length > 0) {
+    await Promise.all(
+      referenceLinks.map(async (link) => {
+        if(link.url.indexOf("./") == 0 || link.url.indexOf("../") == 0) {
+
+          console.log(`Found reference links in CIP ${cip_name}:`);
+          console.log(`WARNING: Reference link ${link.reference} in CIP ${cip_name} is an relative link: ${link.url}.`);
+                    
+          // Rewrite link to static folder
+          content = content.replace(
+            `[${link.reference}]`,
+            `[${link.reference}](${link.url})`
+          );
+        }
+      })
+    );
+  }
+
+  // Handle mixed reference links
+  const mixedReferenceLinks = identifyMixedReferenceLinks(content);
+  if (mixedReferenceLinks.length > 0) {
+    mixedReferenceLinks.forEach(mixedLink => {
+      const matchedReference = referenceLinks.find(link => link.reference === mixedLink.reference && (link.url.indexOf("./") == 0 || link.url.indexOf("../") == 0));
+      if (matchedReference) {
+
+        console.log(`Found mixed reference links in CIP ${cip_name}:`);
+        console.log(`WARNING: Mixed reference link [${mixedLink.text}][${mixedLink.reference}] is an relative mixed link: ${matchedReference.url}.`);
+
+        content = content.replace(`[${mixedLink.text}][${mixedLink.reference}]`, `[${mixedLink.text}](${cip_repo_raw_base_url}${cip_name}/${matchedReference.url})`);
+      }
+    });
+  }
+
+  // Handle nested extended CIP links
+  const nestedExtendedCIPs = identifyNestedExtendedCIPLinks(content);
+  if (nestedExtendedCIPs.length > 0) {
+    nestedExtendedCIPs.forEach(nestedCIP => {
+      console.log(`Found nested extended CIP links in CIP ${cip_name}:`);
+      console.log(`WARNING: Nested extended CIP link ${nestedCIP} in CIP ${cip_name} is a relative link.`);
+      
+      const modifiedNestedCIP = nestedCIP.replace("(", "").replace(")", "");
+
+      content = content.replace(nestedCIP, `(${cip_repo_base_url}${cip_name}/${modifiedNestedCIP})`);
+    }
+    );
+  }
+
+  // Handle inline links
   const cip_resource = content.match(cip_regex);
   if (cip_resource) {
     await Promise.all(
@@ -167,11 +222,6 @@ const stringManipulation = (content: string, cip_name: string) => {
   return content;
 };
 
-// Get a specific doc tag
-const getDocTag = (content: string, tag_name: string) => {
-  return content.match(new RegExp(`(?<=${tag_name}: ).*`, ""));
-};
-
 const main = async () => {
   console.log("CIP Content Downloading...");
   // Use https://raw.githubusercontent.com/cardano-foundation/CIPs/master/README.md as entry point to get URLs
diff --git a/scripts/cps.ts b/scripts/cps.ts
index 02f07f322d..b285431f31 100644
--- a/scripts/cps.ts
+++ b/scripts/cps.ts
@@ -8,8 +8,10 @@ import {
   cip_source_repo,
   cip_repo_base_url,
   cip_readme_url,
+  cip_repo_raw_base_url,
+  cip_regex,
 } from "./constants";
-import { getDocTag } from "./reusable";
+import { getDocTag, identifyReferenceLinks, identifyMixedReferenceLinks } from "./reusable";
 
 // Fetch markdown files from Github
 async function fetchReadmeContent(folderUrl: string, folderName: string): Promise<string | null> {
@@ -57,13 +59,13 @@ async function updateOrCreateReadmeFile(
   const creationDate = getDocTag(content, "Created");
 
   // Sanitize title
-  const newContent = content.replace(
+  content = content.replace(
     /Title: .+/,
     `Title: "${title}"\n${sidebarLabel}${custom_edit_url}`
   );
 
   // Add Content Info at the bottom of the page
-  const newContentWithInfo = newContent.concat(
+  content = content.concat(
     "\n" +
       "## CPS Information  \nThis CPS was created on **" +
       creationDate +
@@ -78,16 +80,68 @@ async function updateOrCreateReadmeFile(
       ")."
   );
 
-  // Replace image paths
-  const newContentWithCorrectImagePaths = newContentWithInfo.replace(
-    /!\[.*?\]\(\.\/(.*?)\)/g,
-    `![same text](../../../static/img/cps/${folderName}/$1)`
-  );
+  const referenceLinks = identifyReferenceLinks(content);
+  if(referenceLinks.length > 0) {
+    await Promise.all(
+      referenceLinks.map(async (link) => {
+        if(link.url.indexOf("./") == 0 || link.url.indexOf("../") == 0) {
+
+          console.log(`Found reference links in CPS ${folderName}:`);
+          console.log(`WARNING: Reference link ${link.reference} in CPS ${folderName} is an relative link: ${link.url}.`);
+                    
+          // Rewrite link to static folder
+          content = content.replace(
+            `[${link.reference}]`,
+            `[${link.reference}](${link.url})`
+          );
+        }
+      })
+    );
+  }
+
+  const mixedReferenceLinks = identifyMixedReferenceLinks(content);
+  if (mixedReferenceLinks.length > 0) {
+    mixedReferenceLinks.forEach(mixedLink => {
+      const matchedReference = referenceLinks.find(link => link.reference === mixedLink.reference && (link.url.indexOf("./") == 0 || link.url.indexOf("../") == 0));
+      if (matchedReference) {
+
+        console.log(`Found mixed reference links in CPS ${folderName}:`);
+        console.log(`WARNING: Mixed reference link [${mixedLink.text}][${mixedLink.reference}] is an relative mixed link: ${matchedReference.url}.`);
+
+        content = content.replace(`[${mixedLink.text}][${mixedLink.reference}]`, `[${mixedLink.text}](${cip_repo_raw_base_url}${folderName}/${matchedReference.url})`);
+      }
+    });
+  }
+
+  const cip_resource = content.match(cip_regex);
+  if (cip_resource) {
+    await Promise.all(
+      cip_resource.map(async (r) => {
+        if (r.indexOf("http://") < 0 && r.indexOf("https://") < 0) {
+
+          // Create modified file_names in case we want to store files
+          // with a different ending, like JSON files
+          const modified_file_name = r
+            .replace("](", "")
+            .replace(".png)", ".png")
+            .replace(".jpg)", ".jpg")
+            .replace(".jpeg)", ".jpeg")
+            .replace(".json)", ".json");
+            
+          // Rewrite link to static folder
+          content = content.replace(
+              modified_file_name,
+              `../../../static/img/cps/${folderName}/${modified_file_name}`
+          );
+        }
+      })
+    );
+  }
 
   const filePath = path.join(cps_target_folder, `${folderName}.md`);
 
   try {
-    await fs.promises.writeFile(filePath, newContentWithCorrectImagePaths);
+    await fs.promises.writeFile(filePath, content);
     console.log(`Updated ${filePath}`);
   } catch (error) {
     console.error(`Error updating ${filePath}:`, error.message);
diff --git a/scripts/reusable.ts b/scripts/reusable.ts
index af0c8a949b..e8530f1d26 100644
--- a/scripts/reusable.ts
+++ b/scripts/reusable.ts
@@ -20,3 +20,49 @@ export const preventH1Headline = (content: string, headline: string) => {
 export const getDocTag = (content: string, tag_name: string) => {
   return content.match(new RegExp(`(?<=${tag_name}: ).*`, ""));
 };
+
+export const identifyReferenceLinks = (content: string) => {
+  // Regular expression to match reference-style links
+  const referenceLinkRegex = /\[([^\]]+)\]:\s*(\S+)/g;
+  const matches = [];
+  let match;
+
+  // Loop through all matches and push them into the matches array
+  while ((match = referenceLinkRegex.exec(content)) !== null) {
+    matches.push({
+      reference: match[1], // The reference name
+      url: match[2]        // The URL
+    });
+  }
+
+  return matches;
+};
+
+// Identify mixed reference links in Markdown content
+export const identifyMixedReferenceLinks = (content: string) => {
+  const mixedReferenceLinkRegex = /\[([^\]]+)\]\[([^\]]+)\]/g;
+  const matches = [];
+  let match;
+
+  while ((match = mixedReferenceLinkRegex.exec(content)) !== null) {
+    matches.push({
+      text: match[1],
+      reference: match[2],
+    });
+  }
+
+  return matches;
+};
+
+// Identify nested extended CIP links in Markdown content
+export const identifyNestedExtendedCIPLinks = (content: string) => {
+  const nestedExtendedCIPRegex = /\(\.\/CIPs\/\d{4}\)/gm;
+  const matches = [];
+  let match;
+
+  while ((match = nestedExtendedCIPRegex.exec(content)) !== null) {
+    matches.push(match[0]);
+  }
+
+  return matches;
+};
\ No newline at end of file