diff --git a/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb b/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
index 5402918b1d5bb74ff7accec91823cc3bae3779c2..d8598432607a607ca3242e2f421a99276a3ed5a3 100644
--- a/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
+++ b/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
@@ -1035,13 +1035,14 @@ def exec_no_cache(sql, binds)
         end
 
         def exec_cache(sql, binds)
-          unless @statements.key? sql
+          sql_key = "#{schema_search_path}-#{sql}"
+          unless @statements.key? sql_key
             nextkey = @statements.next_key
             @connection.prepare nextkey, sql
-            @statements[sql] = nextkey
+            @statements[sql_key] = nextkey
           end
 
-          key = @statements[sql]
+          key = @statements[sql_key]
 
           # Clear the queue
           @connection.get_last_result
diff --git a/activerecord/test/cases/adapters/postgresql/schema_test.rb b/activerecord/test/cases/adapters/postgresql/schema_test.rb
index 76c73e9dfa13a0f2ac4497d9c2f2da981e124314..b01eabc840f9a0e22f7a00cbb20fb4df8fb6e987 100644
--- a/activerecord/test/cases/adapters/postgresql/schema_test.rb
+++ b/activerecord/test/cases/adapters/postgresql/schema_test.rb
@@ -38,6 +38,10 @@ class Thing4 < ActiveRecord::Base
     set_table_name 'test_schema."Things"'
   end
 
+  class Thing5 < ActiveRecord::Base
+    set_table_name 'things'
+  end
+
   def setup
     @connection = ActiveRecord::Base.connection
     @connection.execute "CREATE SCHEMA #{SCHEMA_NAME} CREATE TABLE #{TABLE_NAME} (#{COLUMNS.join(',')})"
@@ -236,6 +240,21 @@ def test_current_schema
     end
   end
 
+  def test_prepared_statements_with_multiple_schemas
+
+    @connection.schema_search_path = SCHEMA_NAME
+    Thing5.create(:id => 1, :name => "thing inside #{SCHEMA_NAME}", :email => "thing1@localhost", :moment => Time.now)
+
+    @connection.schema_search_path = SCHEMA2_NAME
+    Thing5.create(:id => 1, :name => "thing inside #{SCHEMA2_NAME}", :email => "thing1@localhost", :moment => Time.now)
+
+    @connection.schema_search_path = SCHEMA_NAME
+    assert_equal 1, Thing5.count
+
+    @connection.schema_search_path = SCHEMA2_NAME
+    assert_equal 1, Thing5.count
+  end
+
   def test_schema_exists?
     {
       'public'     => true,