diff --git a/haystack/core/pipeline/base.py b/haystack/core/pipeline/base.py
index b1ef5fedf..3552d37bd 100644
--- a/haystack/core/pipeline/base.py
+++ b/haystack/core/pipeline/base.py
@@ -15,6 +15,7 @@ import networkx  # type:ignore
 from haystack import logging
 from haystack.core.component import Component, InputSocket, OutputSocket, component
 from haystack.core.errors import (
+    DeserializationError,
     PipelineConnectError,
     PipelineDrawingError,
     PipelineError,
@@ -179,7 +180,18 @@ class PipelineBase:
 
                 # Create a new one
                 component_class = component.registry[component_data["type"]]
-                instance = component_from_dict(component_class, component_data, name, callbacks)
+
+                try:
+                    instance = component_from_dict(component_class, component_data, name, callbacks)
+                except Exception as e:
+                    msg = (
+                        f"Couldn't deserialize component '{name}' of class '{component_class.__name__}' "
+                        f"with the following data: {str(component_data)}. Possible reasons include "
+                        "malformed serialized data, mismatch between the serialized component and the "
+                        "loaded one (due to a breaking change, see "
+                        "https://github.com/deepset-ai/haystack/releases), etc."
+                    )
+                    raise DeserializationError(msg) from e
             pipe.add_component(name=name, instance=instance)
 
         for connection in data.get("connections", []):
@@ -229,10 +241,20 @@ class PipelineBase:
             The Marshaller used to create the string representation. Defaults to `YamlMarshaller`.
         :param callbacks:
             Callbacks to invoke during deserialization.
+        :raises DeserializationError:
+            If an error occurs during deserialization.
         :returns:
             A `Pipeline` object.
         """
-        return cls.from_dict(marshaller.unmarshal(data), callbacks)
+        try:
+            deserialized_data = marshaller.unmarshal(data)
+        except Exception as e:
+            raise DeserializationError(
+                "Error while unmarshalling serialized pipeline data. This is usually "
+                "caused by malformed or invalid syntax in the serialized representation."
+            ) from e
+
+        return cls.from_dict(deserialized_data, callbacks)
 
     @classmethod
     def load(
@@ -253,10 +275,12 @@ class PipelineBase:
             The Marshaller used to create the string representation. Defaults to `YamlMarshaller`.
         :param callbacks:
             Callbacks to invoke during deserialization.
+        :raises DeserializationError:
+            If an error occurs during deserialization.
         :returns:
             A `Pipeline` object.
         """
-        return cls.from_dict(marshaller.unmarshal(fp.read()), callbacks)
+        return cls.loads(fp.read(), marshaller, callbacks)
 
     def add_component(self, name: str, instance: Component) -> None:
         """
diff --git a/releasenotes/notes/better-deserialization-errors-f2b0e226534f4cd2.yaml b/releasenotes/notes/better-deserialization-errors-f2b0e226534f4cd2.yaml
new file mode 100644
index 000000000..af2ea1986
--- /dev/null
+++ b/releasenotes/notes/better-deserialization-errors-f2b0e226534f4cd2.yaml
@@ -0,0 +1,4 @@
+---
+enhancements:
+  - |
+    Improved error messages for deserialization errors.
diff --git a/test/core/pipeline/test_pipeline.py b/test/core/pipeline/test_pipeline.py
index 9c38c6d09..ae8fd34e5 100644
--- a/test/core/pipeline/test_pipeline.py
+++ b/test/core/pipeline/test_pipeline.py
@@ -13,7 +13,7 @@ from haystack.components.joiners import BranchJoiner
 from haystack.components.others import Multiplexer
 from haystack.core.component import component
 from haystack.core.component.types import InputSocket, OutputSocket, Variadic
-from haystack.core.errors import PipelineConnectError, PipelineDrawingError, PipelineError
+from haystack.core.errors import DeserializationError, PipelineConnectError, PipelineDrawingError, PipelineError
 from haystack.core.pipeline import Pipeline, PredefinedPipeline
 from haystack.core.pipeline.base import (
     _add_missing_input_defaults,
@@ -73,6 +73,45 @@ class TestPipeline:
             assert isinstance(pipeline.get_component("Comp1"), FakeComponent)
             assert isinstance(pipeline.get_component("Comp2"), FakeComponent)
 
+    def test_pipeline_loads_invalid_data(self):
+        invalid_yaml = """components:
+        Comp1:
+            init_parameters:
+            an_init_param: null
+            type: test.core.pipeline.test_pipeline.FakeComponent
+        Comp2*
+            init_parameters:
+            an_init_param: null
+            type: test.core.pipeline.test_pipeline.FakeComponent
+        connections:
+        * receiver: Comp2.input_
+        sender: Comp1.value
+        max_loops_allowed: 99
+        metadata:
+        """
+
+        with pytest.raises(DeserializationError, match="unmarshalling serialized"):
+            pipeline = Pipeline.loads(invalid_yaml)
+
+        invalid_init_parameter_yaml = """components:
+        Comp1:
+            init_parameters:
+            unknown: null
+            type: test.core.pipeline.test_pipeline.FakeComponent
+        Comp2:
+            init_parameters:
+            an_init_param: null
+            type: test.core.pipeline.test_pipeline.FakeComponent
+        connections:
+        - receiver: Comp2.input_
+        sender: Comp1.value
+        max_loops_allowed: 99
+        metadata: {}
+        """
+
+        with pytest.raises(DeserializationError, match=".*Comp1.*unknown.*"):
+            pipeline = Pipeline.loads(invalid_init_parameter_yaml)
+
     def test_pipeline_dump(self, test_files_path, tmp_path):
         pipeline = Pipeline()
         pipeline.add_component("Comp1", FakeComponent("Foo"))