diff --git a/ormar/models/modelproxy.py b/ormar/models/modelproxy.py
index af98d74..2ea7ac3 100644
--- a/ormar/models/modelproxy.py
+++ b/ormar/models/modelproxy.py
@@ -70,14 +70,15 @@ class ModelTableProxy:
                             f"model without pk set!"
                         )
                     model_dict[field] = pk_value
-                elif isinstance(field_value, list):
-                    targets = [target.get(target_pkname) for target in field_value]
-                    if targets:
-                        model_dict[field] = targets
+                elif field_value:  # nested dict
+                    if isinstance(field_value, list):
+                        model_dict[field] = [
+                            target.get(target_pkname) for target in field_value
+                        ]
                     else:
-                        model_dict.pop(field)
-                else:  # nested dict
-                    model_dict[field] = field_value.get(target_pkname)
+                        model_dict[field] = field_value.get(target_pkname)
+                else:
+                    model_dict.pop(field)
         return model_dict
 
     @classmethod
diff --git a/tests/test_foreign_keys.py b/tests/test_foreign_keys.py
index 09e3e82..4dafef7 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):
@@ -394,14 +396,34 @@ async def test_bulk_update_model_with_no_children():
 async def test_bulk_update_model_with_children():
     async with database:
         async with database.transaction(force_rollback=True):
-            album = await Album.objects.create(name="Test")
-            track = await Track.objects.create(title="Test1", position=1)
-            album.tracks = [track]
-            album.name = "Test2"
-            await Album.objects.bulk_update([album], columns=["name"])
-
-            updated_album = await Album.objects.select_related("tracks").get(
-                id=album.id
+            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
             )
-            assert updated_album.name == "Test2"
-            assert len(updated_album.tracks) == 0
+            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