diff --git a/README.md b/README.md
index 3320c5608..f73fe48f5 100644
--- a/README.md
+++ b/README.md
@@ -544,12 +544,73 @@ To replicate functionality in `terraform_docs` hook:
 
 ### terraform_providers_lock
 
-1. The hook requires Terraform 0.14 or later.
-2. The hook invokes two operations that can be really slow:
-    * `terraform init` (in case `.terraform` directory is not initialized)
-    * `terraform providers lock`
+> **Note**: The hook requires Terraform 0.14 or later.
+
+> **Note**: The hook can invoke `terraform providers lock` that can be really slow and requires fetching metadata from remote Terraform registries - not all of that metadata is currently being cached by Terraform.
+
+> <details><summary><b>Note</b>: Read this if you used this hook before v1.80.0 | Planned breaking changes in v2.0</summary>
+> We introduced '--mode' flag for this hook. If you'd like to continue using this hook as before, please:
+>
+> * Specify `--hook-config=--mode=always-regenerate-lockfile` in `args:`
+> * Before `terraform_providers_lock`, add `terraform_validate` hook with `--hook-config=--retry-once-with-cleanup=true`
+> * Move `--tf-init-args=` to `terraform_validate` hook
+>
+> In the end, you should get config like this:
+>
+> ```yaml
+> - id: terraform_validate
+>   args:
+>     - --hook-config=--retry-once-with-cleanup=true
+>     # - --tf-init-args=-upgrade
+>
+> - id: terraform_providers_lock
+>   args:
+>   - --hook-config=--mode=always-regenerate-lockfile
+> ```
+>
+> Why? When v2.x will be introduced - the default mode will be changed, probably, to `only-check-is-current-lockfile-cross-platform`.
+>
+> You can check available modes for hook below.
+> </details>
+
+
+1. The hook can work in a few different modes: `only-check-is-current-lockfile-cross-platform` with and without [terraform_validate hook](#terraform_validate) and `always-regenerate-lockfile` - only with terraform_validate hook.
+
+    * `only-check-is-current-lockfile-cross-platform` without terraform_validate - only checks that lockfile has all required SHAs for all providers already added to lockfile.
+
+        ```yaml
+        - id: terraform_providers_lock
+          args:
+          - --hook-config=--mode=only-check-is-current-lockfile-cross-platform
+        ```
+
+    * `only-check-is-current-lockfile-cross-platform` with [terraform_validate hook](#terraform_validate) - make up-to-date lockfile by adding/removing providers and only then check that lockfile has all required SHAs.
+
+        > **Note**: Next `terraform_validate` flag requires additional dependency to be installed: `jq`. Also, it could run another slow and time consuming command - `terraform init`
+
+        ```yaml
+        - id: terraform_validate
+          args:
+            - --hook-config=--retry-once-with-cleanup=true
+
+        - id: terraform_providers_lock
+          args:
+          - --hook-config=--mode=only-check-is-current-lockfile-cross-platform
+        ```
+
+    * `always-regenerate-lockfile` only with [terraform_validate hook](#terraform_validate) - regenerate lockfile from scratch. Can be useful for upgrading providers in lockfile to latest versions
+
+        ```yaml
+        - id: terraform_validate
+          args:
+            - --hook-config=--retry-once-with-cleanup=true
+            - --tf-init-args=-upgrade
+
+        - id: terraform_providers_lock
+          args:
+          - --hook-config=--mode=always-regenerate-lockfile
+        ```
 
-    Both operations require downloading data from remote Terraform registries, and not all of that downloaded data or meta-data is currently being cached by Terraform.
 
 3. `terraform_providers_lock` supports custom arguments:
 
@@ -576,6 +637,8 @@ To replicate functionality in `terraform_docs` hook:
 
 5. `terraform_providers_lock` support passing custom arguments to its `terraform init`:
 
+    > **Warning** - DEPRECATION NOTICE: This is available only in `no-mode` mode, which will be removed in v2.0. Please provide this keys to [`terraform_validate`](#terraform_validate) hook, which, to take effect, should be called before `terraform_providers_lock`
+
     ```yaml
     - id: terraform_providers_lock
       args:
diff --git a/hooks/_common.sh b/hooks/_common.sh
index 4f9c7f0ce..31be98100 100644
--- a/hooks/_common.sh
+++ b/hooks/_common.sh
@@ -312,6 +312,7 @@ function common::colorify {
 # Outputs:
 #   If failed - print out terraform init output
 #######################################################################
+# TODO: v2.0: Move it inside terraform_validate.sh
 function common::terraform_init {
   local -r command_name=$1
   local -r dir_path=$2
diff --git a/hooks/terraform_providers_lock.sh b/hooks/terraform_providers_lock.sh
index 638e3f9cf..d85a794f8 100755
--- a/hooks/terraform_providers_lock.sh
+++ b/hooks/terraform_providers_lock.sh
@@ -19,6 +19,63 @@ function main {
   common::per_dir_hook "$HOOK_ID" "${#ARGS[@]}" "${ARGS[@]}" "${FILES[@]}"
 }
 
+#######################################################################
+# Check that all needed `h1` and `zh` SHAs are included in lockfile for
+# each provider.
+# Arguments:
+#   platforms_count (number) How many `-platform` flags provided
+# Outputs:
+#   Return 0 when lockfile has all needed SHAs
+#   Return 1-99 when lockfile is invalid
+#   Return 100+ when not all SHAs found
+#######################################################################
+function lockfile_contains_all_needed_sha {
+  local -r platforms_count="$1"
+
+  local h1_counter="$platforms_count"
+  local zh_counter=0
+
+  # Reading each line
+  while read -r line; do
+
+    if grep -Eq '^"h1:' <<< "$line"; then
+      h1_counter=$((h1_counter - 1))
+      continue
+    fi
+
+    if grep -Eq '^"zh:' <<< "$line"; then
+      zh_counter=0
+      continue
+    fi
+
+    if grep -Eq '^provider' <<< "$line"; then
+      h1_counter="$platforms_count"
+      zh_counter=$((zh_counter + 1))
+      continue
+    fi
+    # Not all SHA inside provider lock definition block found
+    if grep -Eq '^}' <<< "$line"; then
+      if [ "$h1_counter" -ge 1 ] || [ "$zh_counter" -ge 1 ]; then
+        # h1_counter can be less than 0, in the case when lockfile
+        # contains more platforms than you currently specify
+        # That's why here extra +50 - for safety reasons, to be sure
+        # that error goes exactly from this part of the function
+        return $((150 + h1_counter + zh_counter))
+      fi
+    fi
+
+    # lockfile always exists, because the hook triggered only on
+    # `files: (\.terraform\.lock\.hcl)$`
+  done < ".terraform.lock.hcl"
+
+  # When you specify `-platform``, but don't specify current platform -
+  # platforms_count will be less than `h1:` headers`
+  [ "$h1_counter" -lt 0 ] && h1_counter=0
+
+  # 0 if all OK, 2+ when invalid lockfile
+  return $((h1_counter + zh_counter))
+}
+
 #######################################################################
 # Unique part of `common::per_dir_hook`. The function is executed in loop
 # on each provided dir path. Run wrapped tool with specified arguments
@@ -39,13 +96,60 @@ function per_dir_hook_unique_part {
   shift 2
   local -a -r args=("$@")
 
+  local platforms_count=0
+  for arg in "${args[@]}"; do
+    if grep -Eq '^-platform=' <<< "$arg"; then
+      platforms_count=$((platforms_count + 1))
+    fi
+  done
+
   local exit_code
+  #
+  # Get hook settings
+  #
+  local mode
+
+  IFS=";" read -r -a configs <<< "${HOOK_CONFIG[*]}"
+
+  for c in "${configs[@]}"; do
+
+    IFS="=" read -r -a config <<< "$c"
+    key=${config[0]}
+    value=${config[1]}
+
+    case $key in
+      --mode)
+        if [ "$mode" ]; then
+          common::colorify "yellow" 'Invalid hook config. Make sure that you specify not more than one "--mode" flag'
+          exit 1
+        fi
+        mode=$value
+        ;;
+    esac
+  done
+
+  # Available options:
+  #   only-check-is-current-lockfile-cross-platform (will be default)
+  #   always-regenerate-lockfile
+  # TODO: Remove in 2.0
+  if [ ! "$mode" ]; then
+    common::colorify "yellow" "DEPRECATION NOTICE: We introduced '--mode' flag for this hook.
+Check migration instructions at https://github.com/antonbabenko/pre-commit-terraform#terraform_providers_lock
+"
+    common::terraform_init 'terraform providers lock' "$dir_path" || {
+      exit_code=$?
+      return $exit_code
+    }
+  fi
+
+  if [ "$mode" == "only-check-is-current-lockfile-cross-platform" ] &&
+    lockfile_contains_all_needed_sha "$platforms_count"; then
 
-  common::terraform_init 'terraform providers lock' "$dir_path" || {
-    exit_code=$?
-    return $exit_code
-  }
+    exit 0
+  fi
 
+  #? Don't require `tf init` for providers, but required `tf init` for modules
+  #? Mitigated by `function match_validate_errors` from terraform_validate hook
   # pass the arguments to hook
   terraform providers lock "${args[@]}"