diff --git a/olx_importer/management/commands/load_components.py b/olx_importer/management/commands/load_components.py
index 175175040..da51fbae5 100644
--- a/olx_importer/management/commands/load_components.py
+++ b/olx_importer/management/commands/load_components.py
@@ -140,7 +140,7 @@ def import_block_type(self, block_type_name, now): # , publish_log_entry):
 
         for xml_file_path in block_data_path.glob("*.xml"):
             components_found += 1
-            local_key = xml_file_path.stem
+            component_code = xml_file_path.stem
 
             # Do some basic parsing of the content to see if it's even well
             # constructed enough to add (or whether we should skip/error on it).
@@ -155,7 +155,7 @@ def import_block_type(self, block_type_name, now): # , publish_log_entry):
             _component, component_version = content_api.create_component_and_version(
                 self.learning_package.id,
                 component_type=block_type,
-                local_key=local_key,
+                component_code=component_code,
                 title=display_name,
                 created=now,
                 created_by=None,
diff --git a/src/openedx_content/applets/backup_restore/serializers.py b/src/openedx_content/applets/backup_restore/serializers.py
index 549f3280f..8c5f8e955 100644
--- a/src/openedx_content/applets/backup_restore/serializers.py
+++ b/src/openedx_content/applets/backup_restore/serializers.py
@@ -6,6 +6,7 @@
 from rest_framework import serializers
 
 from ..components import api as components_api
+from ..components.models import ComponentType
 
 
 class LearningPackageSerializer(serializers.Serializer):  # pylint: disable=abstract-method
@@ -59,24 +60,55 @@ class EntityVersionSerializer(serializers.Serializer):  # pylint: disable=abstra
 class ComponentSerializer(EntitySerializer):  # pylint: disable=abstract-method
     """
     Serializer for components.
-    Contains logic to convert entity_key to component_type and local_key.
+    Contains logic to convert entity_key to component_type and component_code.
     """
 
     def validate(self, attrs):
         """
         Custom validation logic:
-        parse the entity_key into (component_type, local_key).
+        parse the entity_key into (component_type, component_code).
         """
         entity_key = attrs["key"]
         try:
-            component_type_obj, local_key = components_api.get_or_create_component_type_by_entity_key(entity_key)
+            component_type_obj, component_code = _get_or_create_component_type_by_entity_key(entity_key)
             attrs["component_type"] = component_type_obj
-            attrs["local_key"] = local_key
+            attrs["component_code"] = component_code
         except ValueError as exc:
             raise serializers.ValidationError({"key": str(exc)})
         return attrs
 
 
+def _get_or_create_component_type_by_entity_key(entity_key: str) -> tuple[ComponentType, str]:
+    """
+    Get or create a ComponentType based on a full [entity].key string.
+
+    The entity key is expected to be in the format
+    ``"{namespace}:{type_name}:{component_code}"``. This function will parse out
+    the ``namespace`` and ``type_name`` parts and use those to get or create the
+    ComponentType.
+
+    Raises ValueError if the entity_key is not in the expected format.
+
+    Historical note: In Ulmo, this function was part of the public API. This was
+    inappropriate because the exact format of entity_keys is just a convention
+    rather than something API callers should count on. That said, it is safe to
+    assume that in all "v1" archives, the components' entity keys are safe to
+    parse into (namespace, type, code). So, we have moved this parsing logic
+    from the public API to just this internal halper function.  Future devs,
+    please do not make new external guarantees about the format of entity keys
+    (aka entity_refs).  A future "v2" backup-restore format will drop this
+    assumption of parse-ability..
+    """
+    try:
+        namespace, type_name, component_code = entity_key.split(':', 2)
+    except ValueError as exc:
+        raise ValueError(
+            f"Invalid entity_key format: {entity_key!r}. "
+            "Expected format: '{namespace}:{type_name}:{component_code}'"
+        ) from exc
+    return components_api.get_or_create_component_type(namespace, type_name), component_code
+
+
 class ComponentVersionSerializer(EntityVersionSerializer):  # pylint: disable=abstract-method
     """
     Serializer for component versions.
diff --git a/src/openedx_content/applets/backup_restore/zipper.py b/src/openedx_content/applets/backup_restore/zipper.py
index 988daffe2..a1626a576 100644
--- a/src/openedx_content/applets/backup_restore/zipper.py
+++ b/src/openedx_content/applets/backup_restore/zipper.py
@@ -332,7 +332,7 @@ def create_zip(self, path: str) -> None:
                     #                     v1/
                     #                         static/
 
-                    entity_filename = self.get_entity_toml_filename(entity.component.local_key)
+                    entity_filename = self.get_entity_toml_filename(entity.component.component_code)
 
                     component_root_folder = (
                         # Example: "entities/xblock.v1/html/"
diff --git a/src/openedx_content/applets/components/api.py b/src/openedx_content/applets/components/api.py
index 1c3ed3e40..0a70b8928 100644
--- a/src/openedx_content/applets/components/api.py
+++ b/src/openedx_content/applets/components/api.py
@@ -40,10 +40,10 @@
     "create_next_component_version",
     "create_component_and_version",
     "get_component",
-    "get_component_by_key",
+    "get_component_by_code",
     "get_component_by_uuid",
     "get_component_version_by_uuid",
-    "component_exists_by_key",
+    "component_exists_by_code",
     "get_collection_components",
     "get_components",
     "create_component_version_media",
@@ -79,27 +79,27 @@ def get_or_create_component_type_by_entity_key(entity_key: str) -> tuple[Compone
     Get or create a ComponentType based on a full entity key string.
 
     The entity key is expected to be in the format
-    ``"{namespace}:{type_name}:{local_key}"``. This function will parse out the
-    ``namespace`` and ``type_name`` parts and use those to get or create the
+    ``"{namespace}:{type_name}:{component_code}"``. This function will parse out
+    the ``namespace`` and ``type_name`` parts and use those to get or create the
     ComponentType.
 
     Raises ValueError if the entity_key is not in the expected format.
     """
     try:
-        namespace, type_name, local_key = entity_key.split(':', 2)
+        namespace, type_name, component_code = entity_key.split(':', 2)
     except ValueError as exc:
         raise ValueError(
             f"Invalid entity_key format: {entity_key!r}. "
-            "Expected format: '{namespace}:{type_name}:{local_key}'"
+            "Expected format: '{namespace}:{type_name}:{component_code}'"
         ) from exc
-    return get_or_create_component_type(namespace, type_name), local_key
+    return get_or_create_component_type(namespace, type_name), component_code
 
 
 def create_component(
     learning_package_id: LearningPackage.ID,
     /,
     component_type: ComponentType,
-    local_key: str,
+    component_code: str,
     created: datetime,
     created_by: int | None,
     *,
@@ -108,7 +108,7 @@ def create_component(
     """
     Create a new Component (an entity like a Problem or Video)
     """
-    key = f"{component_type.namespace}:{component_type.name}:{local_key}"
+    key = f"{component_type.namespace}:{component_type.name}:{component_code}"
     with atomic():
         publishable_entity = publishing_api.create_publishable_entity(
             learning_package_id,
@@ -121,7 +121,7 @@ def create_component(
             publishable_entity=publishable_entity,
             learning_package_id=learning_package_id,
             component_type=component_type,
-            local_key=local_key,
+            component_code=component_code,
         )
     return component
 
@@ -293,7 +293,7 @@ def create_component_and_version(  # pylint: disable=too-many-positional-argumen
     learning_package_id: LearningPackage.ID,
     /,
     component_type: ComponentType,
-    local_key: str,
+    component_code: str,
     title: str,
     created: datetime,
     created_by: int | None = None,
@@ -307,7 +307,7 @@ def create_component_and_version(  # pylint: disable=too-many-positional-argumen
         component = create_component(
             learning_package_id,
             component_type,
-            local_key,
+            component_code,
             created,
             created_by,
             can_stand_alone=can_stand_alone,
@@ -331,22 +331,22 @@ def get_component(component_id: Component.ID, /) -> Component:
     return Component.with_publishing_relations.get(pk=component_id)
 
 
-def get_component_by_key(
+def get_component_by_code(
     learning_package_id: LearningPackage.ID,
     /,
     namespace: str,
     type_name: str,
-    local_key: str,
+    component_code: str,
 ) -> Component:
     """
-    Get a Component by its unique (namespace, type, local_key) tuple.
+    Get a Component by its unique (namespace, type, component_code) tuple.
     """
     return Component.with_publishing_relations \
                     .get(
                         learning_package_id=learning_package_id,
                         component_type__namespace=namespace,
                         component_type__name=type_name,
-                        local_key=local_key,
+                        component_code=component_code,
                     )
 
 
@@ -366,12 +366,12 @@ def get_component_version_by_uuid(uuid: UUID) -> ComponentVersion:
     )
 
 
-def component_exists_by_key(
+def component_exists_by_code(
     learning_package_id: LearningPackage.ID,
     /,
     namespace: str,
     type_name: str,
-    local_key: str
+    component_code: str
 ) -> bool:
     """
     Return True/False for whether a Component exists.
@@ -384,7 +384,7 @@ def component_exists_by_key(
             learning_package_id=learning_package_id,
             component_type__namespace=namespace,
             component_type__name=type_name,
-            local_key=local_key,
+            component_code=component_code,
         )
         return True
     except Component.DoesNotExist:
@@ -423,12 +423,12 @@ def get_components(  # pylint: disable=too-many-positional-arguments
     if draft_title is not None:
         qset = qset.filter(
             Q(publishable_entity__draft__version__title__icontains=draft_title) |
-            Q(local_key__icontains=draft_title)
+            Q(component_code__icontains=draft_title)
         )
     if published_title is not None:
         qset = qset.filter(
             Q(publishable_entity__published__version__title__icontains=published_title) |
-            Q(local_key__icontains=published_title)
+            Q(component_code__icontains=published_title)
         )
 
     return qset
diff --git a/src/openedx_content/applets/components/models.py b/src/openedx_content/applets/components/models.py
index 6fbab2ba3..0fbeaccb0 100644
--- a/src/openedx_content/applets/components/models.py
+++ b/src/openedx_content/applets/components/models.py
@@ -22,7 +22,7 @@
 from django.db import models
 from typing_extensions import deprecated
 
-from openedx_django_lib.fields import case_sensitive_char_field, key_field
+from openedx_django_lib.fields import case_sensitive_char_field, code_field, code_field_check, key_field
 from openedx_django_lib.managers import WithRelationsManager
 
 from ..media.models import Media
@@ -119,9 +119,10 @@ class Component(PublishableEntityMixin):
     State Consistency
     -----------------
 
-    The ``key`` field on Component's ``publishable_entity`` is dervied from the
-    ``component_type`` and ``local_key`` fields in this model. We don't support
-    changing the keys yet, but if we do, those values need to be kept in sync.
+    The ``key`` field on Component's ``publishable_entity`` is derived from the
+    ``component_type`` and ``component_code`` fields in this model. We don't
+    support changing the keys yet, but if we do, those values need to be kept
+    in sync.
 
     How build on this model
     -----------------------
@@ -176,37 +177,38 @@ def pk(self):
     # XBlock block_type, but we want it to be more flexible in the long term.
     component_type = models.ForeignKey(ComponentType, on_delete=models.PROTECT)
 
-    # local_key is an identifier that is local to the learning_package and
-    # component_type.  The publishable.key should be calculated as a
-    # combination of component_type and local_key.
-    local_key = key_field()
+    # component_code is an identifier that is local to the learning_package and
+    # component_type. The publishable.key is derived from component_type and
+    # component_code.
+    component_code = code_field()
 
     class Meta:
         constraints = [
-            # The combination of (component_type, local_key) is unique within
-            # a given LearningPackage. Note that this means it is possible to
-            # have two Components in the same LearningPackage to have the same
-            # local_key if the component_types are different. So for example,
-            # you could have a ProblemBlock and VideoBlock that both have the
-            # local_key "week_1".
+            # The combination of (component_type, component_code) is unique
+            # within a given LearningPackage. Note that this means it is
+            # possible to have two Components in the same LearningPackage with
+            # the same component_code if their component_types differ. For
+            # example, a ProblemBlock and VideoBlock could both have the
+            # component_code "week_1".
             models.UniqueConstraint(
                 fields=[
                     "learning_package",
                     "component_type",
-                    "local_key",
+                    "component_code",
                 ],
                 name="oel_component_uniq_lc_ct_lk",
             ),
+            code_field_check("component_code", name="oel_component_code_regex"),
         ]
         indexes = [
-            # Global Component-Type/Local-Key Index:
+            # Global Component-Type/Component-Code Index:
             #   * Search by the different Components fields across all Learning
             #     Packages on the site. This would be a support-oriented tool
             #     from Django Admin.
             models.Index(
                 fields=[
                     "component_type",
-                    "local_key",
+                    "component_code",
                 ],
                 name="oel_component_idx_ct_lk",
             ),
@@ -217,7 +219,7 @@ class Meta:
         verbose_name_plural = "Components"
 
     def __str__(self) -> str:
-        return f"{self.component_type.namespace}:{self.component_type.name}:{self.local_key}"
+        return f"{self.component_type.namespace}:{self.component_type.name}:{self.component_code}"
 
 
 class ComponentVersion(PublishableEntityVersionMixin):
diff --git a/src/openedx_content/applets/publishing/models/publishable_entity.py b/src/openedx_content/applets/publishing/models/publishable_entity.py
index 907b50248..c897b26cb 100644
--- a/src/openedx_content/applets/publishing/models/publishable_entity.py
+++ b/src/openedx_content/applets/publishing/models/publishable_entity.py
@@ -415,7 +415,7 @@ class VersioningHelper:
                 learning_package_id=learning_package.id,
                 namespace="xblock.v1",
                 type="problem",
-                local_key="monty_hall",
+                component_code="monty_hall",
                 title="Monty Hall Problem",
                 created=now,
                 created_by=None,
diff --git a/src/openedx_content/management/commands/add_assets_to_component.py b/src/openedx_content/management/commands/add_assets_to_component.py
index fc207e20a..ccd5b6f07 100644
--- a/src/openedx_content/management/commands/add_assets_to_component.py
+++ b/src/openedx_content/management/commands/add_assets_to_component.py
@@ -9,7 +9,7 @@
 
 from django.core.management.base import BaseCommand
 
-from ...api import create_next_component_version, get_component_by_key, get_learning_package_by_key
+from ...api import create_next_component_version, get_component_by_code, get_learning_package_by_key
 
 
 class Command(BaseCommand):
@@ -59,22 +59,22 @@ def handle(self, *args, **options):
 
         learning_package = get_learning_package_by_key(learning_package_key)
         # Parse something like: "xblock.v1:problem:area_of_circle_1"
-        namespace, type_name, local_key = component_key.split(":", 2)
-        component = get_component_by_key(
-            learning_package.id, namespace, type_name, local_key
+        namespace, type_name, component_code = component_key.split(":", 2)
+        component = get_component_by_code(
+            learning_package.id, namespace, type_name, component_code
         )
 
         created = datetime.now(tz=timezone.utc)
-        local_keys_to_content_bytes = {}
+        media_path_to_content_bytes = {}
 
         for file_mapping in file_mappings:
-            local_key, file_path = file_mapping.split(":", 1)
+            media_path, file_path = file_mapping.split(":", 1)
 
-            local_keys_to_content_bytes[local_key] = pathlib.Path(file_path).read_bytes() if file_path else None
+            media_path_to_content_bytes[media_path] = pathlib.Path(file_path).read_bytes() if file_path else None
 
         next_version = create_next_component_version(
             component.id,
-            media_to_replace=local_keys_to_content_bytes,
+            media_to_replace=media_path_to_content_bytes,
             created=created,
         )
 
diff --git a/src/openedx_content/migrations/0009_rename_component_local_key_to_component_code.py b/src/openedx_content/migrations/0009_rename_component_local_key_to_component_code.py
new file mode 100644
index 000000000..3879c55b6
--- /dev/null
+++ b/src/openedx_content/migrations/0009_rename_component_local_key_to_component_code.py
@@ -0,0 +1,74 @@
+"""
+Rename Component.local_key -> Component.component_code and change from key_field to code_field.
+"""
+import re
+
+import django.core.validators
+from django.db import migrations, models
+
+import openedx_django_lib.fields
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('openedx_content', '0008_rename_collection_key_to_collection_code'),
+    ]
+
+    operations = [
+        # Drop old constraint and index (reference the old field name).
+        migrations.RemoveConstraint(
+            model_name='component',
+            name='oel_component_uniq_lc_ct_lk',
+        ),
+        migrations.RemoveIndex(
+            model_name='component',
+            name='oel_component_idx_ct_lk',
+        ),
+        # Rename the column.
+        migrations.RenameField(
+            model_name='component',
+            old_name='local_key',
+            new_name='component_code',
+        ),
+        # Change from key_field (max_length=500, no validator) to code_field
+        # (max_length=255, with regex validator).
+        migrations.AlterField(
+            model_name='component',
+            name='component_code',
+            field=openedx_django_lib.fields.MultiCollationCharField(
+                db_collations={'mysql': 'utf8mb4_bin', 'sqlite': 'BINARY'},
+                max_length=255,
+                validators=[
+                    django.core.validators.RegexValidator(
+                        re.compile('^[a-zA-Z0-9_.-]+\\Z'),
+                        'Enter a valid "code name" consisting of letters, numbers, underscores, hyphens, or periods.',
+                        'invalid',
+                    ),
+                ],
+            ),
+        ),
+        # Re-add constraint and index with the new field name.
+        migrations.AddConstraint(
+            model_name='component',
+            constraint=models.UniqueConstraint(
+                fields=('learning_package', 'component_type', 'component_code'),
+                name='oel_component_uniq_lc_ct_lk',
+            ),
+        ),
+        migrations.AddConstraint(
+            model_name='component',
+            constraint=models.CheckConstraint(
+                condition=django.db.models.lookups.Regex(models.F('component_code'), '^[a-zA-Z0-9_.-]+\\Z'),
+                name='oel_component_code_regex',
+                violation_error_message='Enter a valid "code name" consisting of letters, numbers, underscores, hyphens, or periods.',
+            ),
+        ),
+        migrations.AddIndex(
+            model_name='component',
+            index=models.Index(
+                fields=['component_type', 'component_code'],
+                name='oel_component_idx_ct_lk',
+            ),
+        ),
+    ]
diff --git a/src/openedx_core/__init__.py b/src/openedx_core/__init__.py
index b5fa534ec..c232e21a0 100644
--- a/src/openedx_core/__init__.py
+++ b/src/openedx_core/__init__.py
@@ -6,4 +6,4 @@
 """
 
 # The version for the entire repository
-__version__ = "0.40.0"
+__version__ = "0.41.0"
diff --git a/tests/openedx_content/applets/backup_restore/test_backup.py b/tests/openedx_content/applets/backup_restore/test_backup.py
index edafe3f66..6e9dc733c 100644
--- a/tests/openedx_content/applets/backup_restore/test_backup.py
+++ b/tests/openedx_content/applets/backup_restore/test_backup.py
@@ -69,7 +69,7 @@ def setUpTestData(cls):
         cls.published_component, _ = api.create_component_and_version(
             cls.learning_package.id,
             cls.problem_type,
-            local_key="my_published_example",
+            component_code="my_published_example",
             title="My published problem",
             created=cls.now,
             created_by=cls.user.id,
@@ -80,7 +80,7 @@ def setUpTestData(cls):
         cls.published_component2, _ = api.create_component_and_version(
             cls.learning_package.id,
             cls.problem_type,
-            local_key="My_published_example",
+            component_code="My_published_example",
             title="My published problem 2",
             created=cls.now,
             created_by=cls.user.id,
@@ -116,7 +116,7 @@ def setUpTestData(cls):
         cls.draft_component, _ = api.create_component_and_version(
             cls.learning_package.id,
             cls.html_type,
-            local_key="my_draft_example",
+            component_code="my_draft_example",
             title="My draft html",
             created=cls.now,
             created_by=cls.user.id,
@@ -315,7 +315,7 @@ def test_queries_n_plus_problem(self):
         api.create_component_and_version(
             self.learning_package.id,
             self.problem_type,
-            local_key="my_published_example2",
+            component_code="my_published_example2",
             title="My published problem 2",
             created=self.now,
             created_by=self.user.id,
diff --git a/tests/openedx_content/applets/collections/test_api.py b/tests/openedx_content/applets/collections/test_api.py
index 42e4f1638..daf839cfa 100644
--- a/tests/openedx_content/applets/collections/test_api.py
+++ b/tests/openedx_content/applets/collections/test_api.py
@@ -279,7 +279,7 @@ def setUpTestData(cls) -> None:
         cls.published_component, _ = api.create_component_and_version(
             cls.learning_package.id,
             cls.problem_type,
-            local_key="my_published_example",
+            component_code="my_published_example",
             title="My published problem",
             created=cls.now,
             created_by=cls.user.id,
@@ -294,7 +294,7 @@ def setUpTestData(cls) -> None:
         cls.draft_component, _ = api.create_component_and_version(
             cls.learning_package.id,
             cls.html_type,
-            local_key="my_draft_example",
+            component_code="my_draft_example",
             title="My draft html",
             created=cls.now,
             created_by=cls.user.id,
diff --git a/tests/openedx_content/applets/components/test_api.py b/tests/openedx_content/applets/components/test_api.py
index 74f482090..c46746061 100644
--- a/tests/openedx_content/applets/components/test_api.py
+++ b/tests/openedx_content/applets/components/test_api.py
@@ -54,14 +54,14 @@ def publish_component(self, component: Component):
             ),
         )
 
-    def create_component(self, *, title: str = "Test Component", key: str = "component:1") -> tuple[
+    def create_component(self, *, title: str = "Test Component", component_code: str = "component_1") -> tuple[
         Component, ComponentVersion
     ]:
         """ Helper method to quickly create a component """
         return components_api.create_component_and_version(
             self.learning_package.id,
             component_type=self.problem_type,
-            local_key=key,
+            component_code=component_code,
             title=title,
             created=self.now,
             created_by=None,
@@ -86,7 +86,7 @@ def test_component_num_queries(self) -> None:
         component, _version = components_api.create_component_and_version(
             self.learning_package.id,
             component_type=self.problem_type,
-            local_key="Query Counting",
+            component_code="Query_Counting",
             title="Querying Counting Problem",
             created=self.now,
             created_by=None,
@@ -131,7 +131,7 @@ def setUpTestData(cls) -> None:
         cls.published_problem, _version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=v2_problem_type,
-            local_key="pp_lk",
+            component_code="pp_lk",
             title="Published Problem",
             created=cls.now,
             created_by=None,
@@ -139,7 +139,7 @@ def setUpTestData(cls) -> None:
         cls.published_html, _version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=cls.html_type,
-            local_key="ph_lk",
+            component_code="ph_lk",
             title="Published HTML",
             created=cls.now,
             created_by=None,
@@ -153,7 +153,7 @@ def setUpTestData(cls) -> None:
         cls.unpublished_problem, _version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=v2_problem_type,
-            local_key="upp_lk",
+            component_code="upp_lk",
             title="Unpublished Problem",
             created=cls.now,
             created_by=None,
@@ -161,7 +161,7 @@ def setUpTestData(cls) -> None:
         cls.unpublished_html, _version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=cls.html_type,
-            local_key="uph_lk",
+            component_code="uph_lk",
             title="Unpublished HTML",
             created=cls.now,
             created_by=None,
@@ -172,7 +172,7 @@ def setUpTestData(cls) -> None:
         cls.deleted_video, _version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=cls.video_type,
-            local_key="dv_lk",
+            component_code="dv_lk",
             title="Deleted Video",
             created=cls.now,
             created_by=None,
@@ -324,14 +324,14 @@ def setUpTestData(cls) -> None:
         cls.problem = components_api.create_component(
             cls.learning_package.id,
             component_type=cls.problem_type,
-            local_key='my_component',
+            component_code='my_component',
             created=cls.now,
             created_by=None,
         )
         cls.html = components_api.create_component(
             cls.learning_package.id,
             component_type=cls.html_type,
-            local_key='my_component',
+            component_code='my_component',
             created=cls.now,
             created_by=None,
             can_stand_alone=False,
@@ -343,46 +343,46 @@ def test_simple_get(self):
             components_api.get_component(-1)
 
     def test_publishing_entity_key_convention(self):
-        """Our mapping convention is {namespace}:{component_type}:{local_key}"""
+        """Our mapping convention is {namespace}:{component_type}:{component_code}"""
         assert self.problem.key == "xblock.v1:problem:my_component"
 
     def test_stand_alone_flag(self):
         """Check if can_stand_alone flag is set"""
-        component = components_api.get_component_by_key(
+        component = components_api.get_component_by_code(
             self.learning_package.id,
             namespace='xblock.v1',
             type_name='html',
-            local_key='my_component',
+            component_code='my_component',
         )
         assert not component.publishable_entity.can_stand_alone
 
-    def test_get_by_key(self):
-        assert self.html == components_api.get_component_by_key(
+    def test_get_by_code(self):
+        assert self.html == components_api.get_component_by_code(
             self.learning_package.id,
             namespace='xblock.v1',
             type_name='html',
-            local_key='my_component',
+            component_code='my_component',
         )
         with self.assertRaises(ObjectDoesNotExist):
-            components_api.get_component_by_key(
+            components_api.get_component_by_code(
                 self.learning_package.id,
                 namespace='xblock.v1',
                 type_name='video',  # 'video' doesn't match anything we have
-                local_key='my_component',
+                component_code='my_component',
             )
 
-    def test_exists_by_key(self):
-        assert components_api.component_exists_by_key(
+    def test_exists_by_code(self):
+        assert components_api.component_exists_by_code(
             self.learning_package.id,
             namespace='xblock.v1',
             type_name='problem',
-            local_key='my_component',
+            component_code='my_component',
         )
-        assert not components_api.component_exists_by_key(
+        assert not components_api.component_exists_by_code(
             self.learning_package.id,
             namespace='xblock.v1',
             type_name='problem',
-            local_key='not_my_component',
+            component_code='not_my_component',
         )
 
 
@@ -399,7 +399,7 @@ def setUpTestData(cls) -> None:
         cls.problem = components_api.create_component(
             cls.learning_package.id,
             component_type=cls.problem_type,
-            local_key='my_component',
+            component_code='my_component',
             created=cls.now,
             created_by=None,
         )
@@ -659,7 +659,7 @@ def setUpTestData(cls) -> None:
         cls.published_problem, _ = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=v2_problem_type,
-            local_key="pp_lk",
+            component_code="pp_lk",
             title="Published Problem",
             created=cls.now,
             created_by=None,
@@ -697,26 +697,26 @@ class TestComponentTypeUtils(TestCase):
     """
 
     def test_get_or_create_component_type_by_entity_key_creates_new(self):
-        comp_type, local_key = components_api.get_or_create_component_type_by_entity_key(
+        comp_type, component_code = components_api.get_or_create_component_type_by_entity_key(
             "video:youtube:abcd1234"
         )
 
         assert isinstance(comp_type, ComponentType)
         assert comp_type.namespace == "video"
         assert comp_type.name == "youtube"
-        assert local_key == "abcd1234"
+        assert component_code == "abcd1234"
         assert ComponentType.objects.count() == 1
 
     def test_get_or_create_component_type_by_entity_key_existing(self):
         ComponentType.objects.create(namespace="video", name="youtube")
 
-        comp_type, local_key = components_api.get_or_create_component_type_by_entity_key(
+        comp_type, component_code = components_api.get_or_create_component_type_by_entity_key(
             "video:youtube:efgh5678"
         )
 
         assert comp_type.namespace == "video"
         assert comp_type.name == "youtube"
-        assert local_key == "efgh5678"
+        assert component_code == "efgh5678"
         assert ComponentType.objects.count() == 1
 
     def test_get_or_create_component_type_by_entity_key_invalid_format(self):
diff --git a/tests/openedx_content/applets/components/test_assets.py b/tests/openedx_content/applets/components/test_assets.py
index a9c378681..f146b3298 100644
--- a/tests/openedx_content/applets/components/test_assets.py
+++ b/tests/openedx_content/applets/components/test_assets.py
@@ -59,7 +59,7 @@ def setUpTestData(cls) -> None:
         cls.component, cls.component_version = components_api.create_component_and_version(
             cls.learning_package.id,
             component_type=cls.problem_type,
-            local_key="my_problem",
+            component_code="my_problem",
             title="My Problem",
             created=cls.now,
             created_by=None,
diff --git a/tests/openedx_content/applets/components/test_models.py b/tests/openedx_content/applets/components/test_models.py
index bdcdea725..e029bed17 100644
--- a/tests/openedx_content/applets/components/test_models.py
+++ b/tests/openedx_content/applets/components/test_models.py
@@ -51,7 +51,7 @@ def test_latest_version(self) -> None:
         component, component_version = create_component_and_version(
             self.learning_package.id,
             component_type=self.problem_type,
-            local_key="monty_hall",
+            component_code="monty_hall",
             title="Monty Hall Problem",
             created=self.now,
             created_by=None,
@@ -82,7 +82,7 @@ def test_last_publish_log(self):
         component_with_changes, _ = create_component_and_version(
             self.learning_package.id,
             component_type=self.problem_type,
-            local_key="with_changes",
+            component_code="with_changes",
             title="Component with changes v1",
             created=self.now,
             created_by=None,
@@ -92,7 +92,7 @@ def test_last_publish_log(self):
         component_with_no_changes, _ = create_component_and_version(
             self.learning_package.id,
             component_type=self.problem_type,
-            local_key="with_no_changes",
+            component_code="with_no_changes",
             title="Component with no changes v1",
             created=self.now,
             created_by=None,
diff --git a/tests/openedx_content/applets/sections/test_api.py b/tests/openedx_content/applets/sections/test_api.py
index 3e873915a..f4807640b 100644
--- a/tests/openedx_content/applets/sections/test_api.py
+++ b/tests/openedx_content/applets/sections/test_api.py
@@ -22,11 +22,11 @@ def setUp(self) -> None:
         """Create some potential desdendants for use in these tests."""
         super().setUp()
         self.component_1, self.component_1_v1 = self.create_component(
-            key="component_1",
+            component_code="component_1",
             title="Great-grandchild component",
         )
         self.component_2, self.component_2_v1 = self.create_component(
-            key="component_2",
+            component_code="component_2",
             title="Great-grandchild component",
         )
         common_args: dict[str, Any] = {
diff --git a/tests/openedx_content/applets/subsections/test_api.py b/tests/openedx_content/applets/subsections/test_api.py
index e4bc871e2..74c7685b4 100644
--- a/tests/openedx_content/applets/subsections/test_api.py
+++ b/tests/openedx_content/applets/subsections/test_api.py
@@ -21,11 +21,11 @@ class SubsectionsTestCase(ComponentTestCase):
     def setUp(self) -> None:
         super().setUp()
         self.component_1, self.component_1_v1 = self.create_component(
-            key="Query Counting",
+            component_code="Query_Counting",
             title="Querying Counting Problem",
         )
         self.component_2, self.component_2_v1 = self.create_component(
-            key="Query Counting (2)",
+            component_code="Query_Counting_2",
             title="Querying Counting Problem (2)",
         )
         self.unit_1, self.unit_1_v1 = content_api.create_unit_and_version(
@@ -156,7 +156,7 @@ def test_create_subsection_with_invalid_children(self):
         # Try adding a Component to a Subsection
         with pytest.raises(
             ValidationError,
-            match='The entity "xblock.v1:problem:Query Counting" cannot be added to a "subsection" container.',
+            match='The entity "xblock.v1:problem:Query_Counting" cannot be added to a "subsection" container.',
         ) as err:
             content_api.create_next_subsection_version(
                 subsection,
@@ -175,7 +175,7 @@ def test_create_subsection_with_invalid_children(self):
         # (not just `create_next_subsection_version()`)
         with pytest.raises(
             ValidationError,
-            match='The entity "xblock.v1:problem:Query Counting" cannot be added to a "subsection" container.',
+            match='The entity "xblock.v1:problem:Query_Counting" cannot be added to a "subsection" container.',
         ):
             self.create_subsection_with_units([self.component_1], key="unit:key3", title="Unit 3")
 
diff --git a/tests/openedx_content/applets/units/test_api.py b/tests/openedx_content/applets/units/test_api.py
index 6ca67fdf0..364970a8a 100644
--- a/tests/openedx_content/applets/units/test_api.py
+++ b/tests/openedx_content/applets/units/test_api.py
@@ -22,11 +22,11 @@ class UnitsTestCase(ComponentTestCase):
     def setUp(self) -> None:
         super().setUp()
         self.component_1, self.component_1_v1 = self.create_component(
-            key="Query Counting",
+            component_code="Query_Counting",
             title="Querying Counting Problem",
         )
         self.component_2, self.component_2_v1 = self.create_component(
-            key="Query Counting (2)",
+            component_code="Query_Counting_2",
             title="Querying Counting Problem (2)",
         )