diff --git a/lib/ecto/repo.ex b/lib/ecto/repo.ex
index 54c3588a18..0b63e69f20 100644
--- a/lib/ecto/repo.ex
+++ b/lib/ecto/repo.ex
@@ -1188,6 +1188,10 @@ defmodule Ecto.Repo do
     * `:on_preloader_spawn` - when preloads are done in parallel, this function
       will be called in the processes that perform the preloads. This can be useful
       for context propagation for traces.
+    * `:warn_if_nil_keys` - When set to `false`, suppresses the warning
+      when preloading associations where the parent's association key is nil.
+      Useful when working with unpersisted data (e.g., in changesets).
+      Defaults to `true`.
 
   See the ["Shared options"](#module-shared-options) section at the module
   documentation for more options.
diff --git a/lib/ecto/repo/preloader.ex b/lib/ecto/repo/preloader.ex
index 376decc0b5..d918df00ca 100644
--- a/lib/ecto/repo/preloader.ex
+++ b/lib/ecto/repo/preloader.ex
@@ -251,38 +251,46 @@ defmodule Ecto.Repo.Preloader do
   defp fetch_ids(structs, module, assoc, {_adapter_meta, opts}) do
     %{field: field, owner_key: owner_key, cardinality: card} = assoc
     force? = Keyword.get(opts, :force, false)
+    warn_if_nil_keys? = Keyword.get(opts, :warn_if_nil_keys, true)
 
-    Enum.reduce structs, {[], [], []}, fn
+    Enum.reduce(structs, {[], [], []}, fn
       nil, acc ->
         acc
+
       struct, {fetch_ids, loaded_ids, loaded_structs} ->
         assert_struct!(module, struct)
         %{^owner_key => id, ^field => value} = struct
         loaded? = Ecto.assoc_loaded?(value) and not force?
 
-        if loaded? and is_nil(id) and not Ecto.Changeset.Relation.empty?(assoc, value) do
-          Logger.warning """
+        if loaded? and is_nil(id) and not Ecto.Changeset.Relation.empty?(assoc, value) and warn_if_nil_keys? do
+          Logger.warning("""
           association `#{field}` for `#{inspect(module)}` has a loaded value but \
           its association key `#{owner_key}` is nil. This usually means one of:
 
             * `#{owner_key}` was not selected in a query
             * the struct was set with default values for `#{field}` which now you want to override
 
-          If this is intentional, set force: true to disable this warning
-          """
+          If you want to override the data, set force: true.
+
+          If you are intentionally preloading data that has not yet been committed (e.g. a new struct
+          with id: nil), you can set warn_if_nil_keys: false to disable this warning.
+          """)
         end
 
         cond do
           card == :one and loaded? ->
             {fetch_ids, [id | loaded_ids], [value | loaded_structs]}
+
           card == :many and loaded? ->
             {fetch_ids, [{id, length(value)} | loaded_ids], value ++ loaded_structs}
+
           is_nil(id) ->
             {fetch_ids, loaded_ids, loaded_structs}
+
           true ->
             {[id | fetch_ids], loaded_ids, loaded_structs}
         end
-    end
+    end)
   end
 
   defp fetch_query(ids, assoc, _repo_name, query, _prefix, related_key, _take, _tuplet)
diff --git a/test/ecto/repo_test.exs b/test/ecto/repo_test.exs
index 56fd4be402..1a9fd797ee 100644
--- a/test/ecto/repo_test.exs
+++ b/test/ecto/repo_test.exs
@@ -49,7 +49,7 @@ defmodule Ecto.RepoTest do
 
     schema "my_schema_child" do
       field :a, :string
-      belongs_to :my_schema, MySchema
+      belongs_to :my_schema, Ecto.RepoTest.MySchema
       belongs_to :my_schema_no_pk, MySchemaNoPK, references: :n, foreign_key: :n
     end
 
@@ -2007,6 +2007,80 @@ defmodule Ecto.RepoTest do
         TestRepo.preload(%MySchema{id: 1}, children: intersect_all(query, ^query))
       end
     end
+
+    test "preload assigns belongs_to assoc" do
+      struct = %MySchemaWithAssoc{
+        id: 1,
+        parent_id: 1
+      }
+
+      assert %Ecto.Association.NotLoaded{} = struct.parent
+
+      mock_results = {
+        1,
+        [
+          [1, 2]
+        ]
+      }
+
+      Process.put(:test_repo_all_results, mock_results)
+
+      result = TestRepo.preload(struct, :parent)
+
+      assert_received {:all, _query}
+
+      assert result.parent == %MyParent{n: 2}
+    end
+
+    test "preload assigns nested has_many->belongs_to assocs" do
+      structs = [
+        %MySchema{
+          id: nil,
+          children: [
+            %MySchemaChild{
+              id: nil,
+              my_schema_id: 123,
+              my_schema: %Ecto.Association.NotLoaded{}
+            }
+          ]
+        },
+        %MySchema{
+          id: nil,
+          children: [
+            %MySchemaChild{
+              id: nil,
+              my_schema_id: 456,
+              my_schema: %Ecto.Association.NotLoaded{}
+            }
+          ]
+        }
+      ]
+
+      {result, _log} =
+        ExUnit.CaptureLog.with_log(fn ->
+          TestRepo.preload(structs, children: :my_schema)
+        end)
+
+      assert [
+               %{
+                 children: [
+                   %{
+                     my_schema_id: 123,
+                     my_schema: %{id: 123}
+                   }
+                 ]
+               },
+               %{
+                 children: [
+                   %{
+                     my_schema_id: 456,
+                     my_schema: %{id: 456}
+                   }
+                 ]
+               }
+             ] =
+               result
+    end
   end
 
   describe "checkout" do