diff --git a/ormar/models/modelproxy.py b/ormar/models/modelproxy.py
index 3835b41..1ae257e 100644
--- a/ormar/models/modelproxy.py
+++ b/ormar/models/modelproxy.py
@@ -71,7 +71,12 @@ class ModelTableProxy:
                         )
                     model_dict[field] = pk_value
                 elif field_value:  # nested dict
-                    model_dict[field] = field_value.get(target_pkname)
+                    if isinstance(field_value, list):
+                        model_dict[field] = [
+                            target.get(target_pkname) for target in field_value
+                        ]
+                    else:
+                        model_dict[field] = field_value.get(target_pkname)
                 else:
                     model_dict.pop(field, None)
         return model_dict
@@ -231,7 +236,9 @@ class ModelTableProxy:
 
     @staticmethod
     def _populate_pk_column(
-        model: Type["Model"], columns: List[str], use_alias: bool = False,
+        model: Type["Model"],
+        columns: List[str],
+        use_alias: bool = False,
     ) -> List[str]:
         pk_alias = (
             model.get_column_alias(model.Meta.pkname)
diff --git a/tests/test_foreign_keys.py b/tests/test_foreign_keys.py
index 7015f7a..34fe974 100644
--- a/tests/test_foreign_keys.py
+++ b/tests/test_foreign_keys.py
@@ -20,6 +20,7 @@ class Album(ormar.Model):
 
     id: int = ormar.Integer(primary_key=True)
     name: str = ormar.String(max_length=100)
+    is_best_seller: bool = ormar.Boolean(default=False)
 
 
 class Track(ormar.Model):
@@ -32,6 +33,7 @@ class Track(ormar.Model):
     album: Optional[Album] = ormar.ForeignKey(Album)
     title: str = ormar.String(max_length=100)
     position: int = ormar.Integer()
+    play_count: int = ormar.Integer(nullable=True, default=0)
 
 
 class Cover(ormar.Model):
@@ -372,3 +374,52 @@ async def test_wrong_model_passed_as_fk():
             with pytest.raises(RelationshipInstanceError):
                 org = await Organisation.objects.create(ident="ACME Ltd")
                 await Track.objects.create(album=org, title="Test1", position=1)
+
+
+@pytest.mark.asyncio
+async def test_bulk_update_model_with_no_children():
+    async with database:
+        async with database.transaction(force_rollback=True):
+            album = await Album.objects.create(name="Test")
+            album.name = "Test2"
+            await Album.objects.bulk_update([album], columns=["name"])
+
+            updated_album = await Album.objects.get(id=album.id)
+            assert updated_album.name == "Test2"
+
+
+@pytest.mark.asyncio
+async def test_bulk_update_model_with_children():
+    async with database:
+        async with database.transaction(force_rollback=True):
+            best_seller = await Album.objects.create(name="to_be_best_seller")
+            best_seller2 = await Album.objects.create(name="to_be_best_seller2")
+            not_best_seller = await Album.objects.create(name="unpopular")
+            await Track.objects.create(
+                album=best_seller, title="t1", position=1, play_count=100
+            )
+            await Track.objects.create(
+                album=best_seller2, title="t2", position=1, play_count=100
+            )
+            await Track.objects.create(
+                album=not_best_seller, title="t3", position=1, play_count=3
+            )
+            await Track.objects.create(
+                album=best_seller, title="t4", position=1, play_count=500
+            )
+
+            tracks = await Track.objects.select_related("album").filter(
+                play_count__gt=10
+            ).all()
+            best_seller_albums = {}
+            for track in tracks:
+                album = track.album
+                if album.id in best_seller_albums:
+                    continue
+                album.is_best_seller = True
+                best_seller_albums[album.id] = album
+            await Album.objects.bulk_update(
+                best_seller_albums.values(), columns=["is_best_seller"]
+            )
+            best_seller_albums_db = await Album.objects.filter(is_best_seller=True).all()
+            assert len(best_seller_albums_db) == 2