diff --git a/moto/ec2/utils.py b/moto/ec2/utils.py
index e3beeb1fd0a..4cd42d1360e 100644
--- a/moto/ec2/utils.py
+++ b/moto/ec2/utils.py
@@ -1,5 +1,6 @@
 import base64
 import fnmatch
+import hashlib
 import ipaddress
 import re
 from typing import Any, Dict, List, Optional, Set, Tuple, TypeVar, Union
@@ -600,7 +601,7 @@ def random_rsa_key_pair() -> Dict[str, str]:
         encoding=serialization.Encoding.OpenSSH,
         format=serialization.PublicFormat.OpenSSH,
     )
-    fingerprint = public_key_fingerprint(public_key)
+    fingerprint = public_key_fingerprint(public_key, is_created=True)
 
     return {
         "fingerprint": fingerprint,
@@ -753,14 +754,19 @@ def public_key_parse(
     return public_key
 
 
-def public_key_fingerprint(public_key: Union[RSAPublicKey, Ed25519PublicKey]) -> str:
-    # TODO: Use different fingerprint calculation methods based on key type and source
-    # see https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/verify-keys.html#how-ec2-key-fingerprints-are-calculated
+def public_key_fingerprint(
+    public_key: Union[RSAPublicKey, Ed25519PublicKey], is_created: bool = False
+) -> str:
     key_data = public_key.public_bytes(
         encoding=serialization.Encoding.DER,
         format=serialization.PublicFormat.SubjectPublicKeyInfo,
     )
-    fingerprint_hex = md5_hash(key_data).hexdigest()
+    if isinstance(public_key, Ed25519PublicKey):
+        fingerprint_hex = hashlib.sha256(key_data).hexdigest()
+    elif is_created:
+        fingerprint_hex = hashlib.sha1(key_data).hexdigest()
+    else:
+        fingerprint_hex = md5_hash(key_data).hexdigest()
     fingerprint = re.sub(r"([a-f0-9]{2})(?!$)", r"\1:", fingerprint_hex)
     return fingerprint
 
diff --git a/tests/test_ec2/test_key_pairs.py b/tests/test_ec2/test_key_pairs.py
index b5da292043e..1113edc5068 100644
--- a/tests/test_ec2/test_key_pairs.py
+++ b/tests/test_ec2/test_key_pairs.py
@@ -15,7 +15,10 @@
 AAAAC3NzaC1lZDI1NTE5AAAAIEwsSB9HbTeKCdkSlMZeTq9jZggaPJUwAsUi/7wakB+B \
 moto@getmoto"""
 
-ED25519_PUBLIC_KEY_FINGERPRINT = "6c:d9:cf:90:d7:f7:bc:46:83:9e:f5:56:aa:e1:13:38"
+ED25519_PUBLIC_KEY_FINGERPRINT = (
+    "6e:bc:8a:45:e5:fa:ba:e4:c9:a4:a3:f6:7b:da:05:16:fb:cc:88:66:05"
+    ":33:b8:a1:c2:80:9a:6b:06:ac:38:76"
+)
 
 RSA_PUBLIC_KEY_OPENSSH = b"""\
 ssh-rsa \
@@ -122,8 +125,8 @@ def test_key_pairs_create_dryrun_boto3():
 
 
 @mock_aws
-@pytest.mark.parametrize("key_type", ["rsa", "ed25519"])
-def test_key_pairs_create_boto3(key_type):
+@pytest.mark.parametrize("key_type, fingerprint_len", [("rsa", 59), ("ed25519", 95)])
+def test_key_pairs_create_boto3(key_type: str, fingerprint_len: int):
     ec2 = boto3.resource("ec2", "us-west-1")
     client = boto3.client("ec2", "us-west-1")
 
@@ -147,6 +150,10 @@ def test_key_pairs_create_boto3(key_type):
     assert "KeyPairId" in kps[0]
     assert kps[0]["KeyName"] == key_name
     assert "KeyFingerprint" in kps[0]
+    # Naive check for hash type
+    # SHA1 - 40 + 19 `:` symbols
+    # SHA256 - 64 + 15 `:` symbols
+    assert len(kps[0]["KeyFingerprint"]) == fingerprint_len
     assert isinstance(kps[0]["CreateTime"], datetime)
 
 
diff --git a/tests/test_ec2/test_utils.py b/tests/test_ec2/test_utils.py
index 0952766558f..771c3a8307c 100644
--- a/tests/test_ec2/test_utils.py
+++ b/tests/test_ec2/test_utils.py
@@ -2,6 +2,10 @@
 from copy import deepcopy
 from unittest.mock import patch
 
+import pytest
+from cryptography.hazmat.backends import default_backend
+from cryptography.hazmat.primitives.asymmetric import rsa
+from cryptography.hazmat.primitives.asymmetric.ed25519 import Ed25519PrivateKey
 from pytest import raises
 
 from moto.ec2 import utils
@@ -13,9 +17,8 @@ def test_random_key_pair():
     key_pair = utils.random_rsa_key_pair()
     check_private_key(key_pair["material"], "rsa")
 
-    # AWS uses MD5 fingerprints, which are 47 characters long, *not* SHA1
-    # fingerprints with 59 characters.
-    assert len(key_pair["fingerprint"]) == 47
+    # AWS uses SHA1 for created by Amazon fingerprints, which are 59 characters long
+    assert len(key_pair["fingerprint"]) == 59
 
     key_pair = utils.random_ed25519_key_pair()
     check_private_key(key_pair["material"], "ed25519")
@@ -62,3 +65,24 @@ def test_gen_moto_amis():
     # with drop=False, it should raise KeyError because of the missing key
     with raises(KeyError, match="'Public'"):
         utils.gen_moto_amis(images, drop_images_missing_keys=False)
+
+
+@pytest.mark.parametrize("is_created, fingerprint_len", [(True, 59), (False, 47)])
+def test_public_key_fingerprint__rsa(is_created: bool, fingerprint_len: int):
+    private_key = rsa.generate_private_key(
+        public_exponent=65537, key_size=2048, backend=default_backend()
+    )
+    public_key = private_key.public_key()
+
+    fingerprint = utils.public_key_fingerprint(public_key, is_created=is_created)
+
+    assert len(fingerprint) == fingerprint_len
+
+
+def test_public_key_fingerprint__ed25519():
+    private_key = Ed25519PrivateKey.generate()
+    public_key = private_key.public_key()
+
+    fingerprint = utils.public_key_fingerprint(public_key)
+
+    assert len(fingerprint) == 95