diff --git a/actionview/test/activerecord/multifetch_cache_test.rb b/actionview/test/activerecord/multifetch_cache_test.rb
new file mode 100644
index 0000000000000000000000000000000000000000..12be069e69fc187436d3a7870d2127bb80994e9c
--- /dev/null
+++ b/actionview/test/activerecord/multifetch_cache_test.rb
@@ -0,0 +1,35 @@
+# frozen_string_literal: true
+
+require "active_record_unit"
+require "active_record/railties/collection_cache_association_loading"
+
+ActionView::PartialRenderer.prepend(ActiveRecord::Railties::CollectionCacheAssociationLoading)
+
+class MultifetchCacheTest < ActiveRecordTestCase
+  fixtures :topics, :replies
+
+  def setup
+    view_paths = ActionController::Base.view_paths
+
+    @view = Class.new(ActionView::Base) do
+      def view_cache_dependencies
+        []
+      end
+
+      def combined_fragment_cache_key(key)
+        [ :views, key ]
+      end
+    end.new(view_paths, {})
+  end
+
+  def test_only_preloading_for_records_that_miss_the_cache
+    @view.render partial: "test/partial", collection: [topics(:rails)], cached: true
+
+    @topics = Topic.preload(:replies)
+
+    @view.render partial: "test/partial", collection: @topics, cached: true
+
+    assert_not @topics.detect { |topic| topic.id == topics(:rails).id }.replies.loaded?
+    assert     @topics.detect { |topic| topic.id != topics(:rails).id }.replies.loaded?
+  end
+end
diff --git a/activerecord/lib/active_record/railtie.rb b/activerecord/lib/active_record/railtie.rb
index ade5946dd5388571941a183f17d60a6923a5ee06..3cef92df5d6857376bdf2fc3dcfee928491b1399 100644
--- a/activerecord/lib/active_record/railtie.rb
+++ b/activerecord/lib/active_record/railtie.rb
@@ -157,6 +157,14 @@ class Railtie < Rails::Railtie # :nodoc:
       end
     end
 
+    initializer "active_record.collection_cache_association_loading" do
+      require "active_record/railties/collection_cache_association_loading"
+      ActiveSupport.on_load(:action_view) do
+        ActionView::PartialRenderer.prepend(ActiveRecord::Railties::CollectionCacheAssociationLoading)
+      end
+    end
+
+
     initializer "active_record.set_reloader_hooks" do
       ActiveSupport.on_load(:active_record) do
         ActiveSupport::Reloader.before_class_unload do
diff --git a/activerecord/lib/active_record/railties/collection_cache_association_loading.rb b/activerecord/lib/active_record/railties/collection_cache_association_loading.rb
new file mode 100644
index 0000000000000000000000000000000000000000..b5129e4239a09fa820a3f85f5a8d7792b06cbcb6
--- /dev/null
+++ b/activerecord/lib/active_record/railties/collection_cache_association_loading.rb
@@ -0,0 +1,34 @@
+# frozen_string_literal: true
+
+module ActiveRecord
+  module Railties # :nodoc:
+    module CollectionCacheAssociationLoading #:nodoc:
+      def setup(context, options, block)
+        @relation = relation_from_options(options)
+
+        super
+      end
+
+      def relation_from_options(cached: nil, partial: nil, collection: nil, **_)
+        return unless cached
+
+        relation = partial if partial.is_a?(ActiveRecord::Relation)
+        relation ||= collection if collection.is_a?(ActiveRecord::Relation)
+
+        if relation && !relation.loaded?
+          relation.skip_preloading!
+        end
+      end
+
+      def collection_without_template
+        @relation.preload_associations(@collection) if @relation
+        super
+      end
+
+      def collection_with_template
+        @relation.preload_associations(@collection) if @relation
+        super
+      end
+    end
+  end
+end
diff --git a/activerecord/lib/active_record/relation.rb b/activerecord/lib/active_record/relation.rb
index 736173ae1b7b30440c8339899d1895d3531a0917..34e643b2de19ea2d2414e8ba6c8ee9a04da76aad 100644
--- a/activerecord/lib/active_record/relation.rb
+++ b/activerecord/lib/active_record/relation.rb
@@ -8,7 +8,8 @@ class Relation
                             :extending, :unscope]
 
     SINGLE_VALUE_METHODS = [:limit, :offset, :lock, :readonly, :reordering,
-                            :reverse_order, :distinct, :create_with, :skip_query_cache]
+                            :reverse_order, :distinct, :create_with, :skip_query_cache,
+                            :skip_preloading]
     CLAUSE_METHODS = [:where, :having, :from]
     INVALID_METHODS_FOR_DELETE_ALL = [:distinct, :group, :having]
 
@@ -546,6 +547,16 @@ def alias_tracker(joins = [], aliases = nil) # :nodoc:
       ActiveRecord::Associations::AliasTracker.create(connection, table.name, joins)
     end
 
+    def preload_associations(records)
+      preload = preload_values
+      preload += includes_values unless eager_loading?
+      preloader = nil
+      preload.each do |associations|
+        preloader ||= build_preloader
+        preloader.preload records, associations
+      end
+    end
+
     protected
 
       def load_records(records)
@@ -575,13 +586,7 @@ def exec_queries(&block)
               klass.find_by_sql(arel, &block).freeze
             end
 
-          preload = preload_values
-          preload += includes_values unless eager_loading?
-          preloader = nil
-          preload.each do |associations|
-            preloader ||= build_preloader
-            preloader.preload @records, associations
-          end
+          preload_associations(@records) unless skip_preloading_value
 
           @records.each(&:readonly!) if readonly_value
 
diff --git a/activerecord/lib/active_record/relation/query_methods.rb b/activerecord/lib/active_record/relation/query_methods.rb
index 3afa368575ed7053cc6b3c050000d85b2e473f0d..4e60863e523c7d7ec7a0501cfe60b1825d7dd552 100644
--- a/activerecord/lib/active_record/relation/query_methods.rb
+++ b/activerecord/lib/active_record/relation/query_methods.rb
@@ -899,6 +899,11 @@ def skip_query_cache! # :nodoc:
       self
     end
 
+    def skip_preloading! # :nodoc:
+      self.skip_preloading_value = true
+      self
+    end
+
     # Returns the Arel object associated with the relation.
     def arel(aliases = nil) # :nodoc:
       @arel ||= build_arel(aliases)
diff --git a/activerecord/test/cases/relation/mutation_test.rb b/activerecord/test/cases/relation/mutation_test.rb
index 1428b3e1328e6dd1bed8f006374c68f2a344a654..d6351bfe888abdf08ea51d39834410e317f4952e 100644
--- a/activerecord/test/cases/relation/mutation_test.rb
+++ b/activerecord/test/cases/relation/mutation_test.rb
@@ -59,7 +59,7 @@ class RelationMutationTest < ActiveRecord::TestCase
       assert_equal [], relation.extending_values
     end
 
-    (Relation::SINGLE_VALUE_METHODS - [:lock, :reordering, :reverse_order, :create_with, :skip_query_cache]).each do |method|
+    (Relation::SINGLE_VALUE_METHODS - [:lock, :reordering, :reverse_order, :create_with, :skip_query_cache, :skip_preloading]).each do |method|
       test "##{method}!" do
         assert relation.public_send("#{method}!", :foo).equal?(relation)
         assert_equal :foo, relation.public_send("#{method}_value")
@@ -137,6 +137,11 @@ class RelationMutationTest < ActiveRecord::TestCase
       assert relation.skip_query_cache_value
     end
 
+    test "skip_preloading!" do
+      relation.skip_preloading!
+      assert relation.skip_preloading_value
+    end
+
     private
       def relation
         @relation ||= Relation.new(FakeKlass)