diff --git a/activerecord/lib/active_record/associations/association.rb b/activerecord/lib/active_record/associations/association.rb
index 237234f07c763..ca89709cb8647 100644
--- a/activerecord/lib/active_record/associations/association.rb
+++ b/activerecord/lib/active_record/associations/association.rb
@@ -34,7 +34,7 @@ module Associations
     # the <tt>reflection</tt> object represents a <tt>:has_many</tt> macro.
     class Association # :nodoc:
       attr_accessor :owner
-      attr_reader :target, :reflection, :disable_joins
+      attr_reader :reflection, :disable_joins
 
       delegate :options, to: :reflection
 
@@ -50,6 +50,13 @@ def initialize(owner, reflection)
         @skip_strict_loading = nil
       end
 
+      def target
+        if @target.is_a?(Promise)
+          @target = @target.value
+        end
+        @target
+      end
+
       # Resets the \loaded flag to +false+ and sets the \target to +nil+.
       def reset
         @loaded = false
@@ -172,7 +179,7 @@ def extensions
       # ActiveRecord::RecordNotFound is rescued within the method, and it is
       # not reraised. The proxy is \reset and +nil+ is the return value.
       def load_target
-        @target = find_target if (@stale_state && stale_target?) || find_target?
+        @target = find_target(async: false) if (@stale_state && stale_target?) || find_target?
 
         loaded! unless loaded?
         target
@@ -180,6 +187,13 @@ def load_target
         reset
       end
 
+      def async_load_target # :nodoc:
+        @target = find_target(async: true) if (@stale_state && stale_target?) || find_target?
+
+        loaded! unless loaded?
+        nil
+      end
+
       # We can't dump @reflection and @through_reflection since it contains the scope proc
       def marshal_dump
         ivars = (instance_variables - [:@reflection, :@through_reflection]).map { |name| [name, instance_variable_get(name)] }
@@ -223,13 +237,19 @@ def ensure_klass_exists!
           klass
         end
 
-        def find_target
+        def find_target(async: false)
           if violates_strict_loading?
             Base.strict_loading_violation!(owner: owner.class, reflection: reflection)
           end
 
           scope = self.scope
-          return scope.to_a if skip_statement_cache?(scope)
+          if skip_statement_cache?(scope)
+            if async
+              return scope.load_async.then(&:to_a)
+            else
+              return scope.to_a
+            end
+          end
 
           sc = reflection.association_scope_cache(klass, owner) do |params|
             as = AssociationScope.create { params.bind }
@@ -238,7 +258,7 @@ def find_target
 
           binds = AssociationScope.get_bind_values(owner, reflection.chain)
           klass.with_connection do |c|
-            sc.execute(binds, c) do |record|
+            sc.execute(binds, c, async: async) do |record|
               set_inverse_instance(record)
               if owner.strict_loading_n_plus_one_only? && reflection.macro == :has_many
                 record.strict_loading!
diff --git a/activerecord/lib/active_record/associations/has_many_through_association.rb b/activerecord/lib/active_record/associations/has_many_through_association.rb
index 700189f02a963..50ebb7ca32354 100644
--- a/activerecord/lib/active_record/associations/has_many_through_association.rb
+++ b/activerecord/lib/active_record/associations/has_many_through_association.rb
@@ -216,7 +216,8 @@ def delete_through_records(records)
           end
         end
 
-        def find_target
+        def find_target(async: false)
+          raise NotImplementedError, "No async loading for HasManyThroughAssociation yet" if async
           return [] unless target_reflection_has_associated_record?
           return scope.to_a if disable_joins
           super
diff --git a/activerecord/lib/active_record/associations/singular_association.rb b/activerecord/lib/active_record/associations/singular_association.rb
index f89936d0d06ea..66fa00e129a94 100644
--- a/activerecord/lib/active_record/associations/singular_association.rb
+++ b/activerecord/lib/active_record/associations/singular_association.rb
@@ -18,6 +18,7 @@ def reader
       def reset
         super
         @target = nil
+        @future_target = nil
       end
 
       # Implements the writer method, e.g. foo.bar= for Foo.belongs_to :bar
@@ -43,11 +44,15 @@ def scope_for_create
           super.except!(*Array(klass.primary_key))
         end
 
-        def find_target
+        def find_target(async: false)
           if disable_joins
-            scope.first
+            if async
+              scope.load_async.then(&:first)
+            else
+              scope.first
+            end
           else
-            super.first
+            super.then(&:first)
           end
         end
 
diff --git a/activerecord/lib/active_record/core.rb b/activerecord/lib/active_record/core.rb
index c0e3c652d4053..f59cd256843af 100644
--- a/activerecord/lib/active_record/core.rb
+++ b/activerecord/lib/active_record/core.rb
@@ -432,8 +432,8 @@ def cached_find_by(keys, values)
               where(wheres).limit(1)
             }
 
-            begin
-              statement.execute(values.flatten, connection, allow_retry: true).first
+            statement.execute(values.flatten, connection, allow_retry: true).then do |r|
+              r.first
             rescue TypeError
               raise ActiveRecord::StatementInvalid
             end
diff --git a/activerecord/lib/active_record/querying.rb b/activerecord/lib/active_record/querying.rb
index 82f779639fb12..b106ebc10aed8 100644
--- a/activerecord/lib/active_record/querying.rb
+++ b/activerecord/lib/active_record/querying.rb
@@ -56,12 +56,10 @@ def find_by_sql(sql, binds = [], preparable: nil, allow_retry: false, &block)
     end
 
     # Same as <tt>#find_by_sql</tt> but perform the query asynchronously and returns an ActiveRecord::Promise.
-    def async_find_by_sql(sql, binds = [], preparable: nil, &block)
-      result = with_connection do |c|
-        _query_by_sql(c, sql, binds, preparable: preparable, async: true)
-      end
-
-      result.then do |result|
+    def async_find_by_sql(sql, binds = [], preparable: nil, allow_retry: false, &block)
+      with_connection do |c|
+        _query_by_sql(c, sql, binds, preparable: preparable, allow_retry: allow_retry, async: true)
+      end.then do |result|
         _load_from_sql(result, &block)
       end
     end
diff --git a/activerecord/lib/active_record/relation.rb b/activerecord/lib/active_record/relation.rb
index 5528e2d670c15..668758c8483a9 100644
--- a/activerecord/lib/active_record/relation.rb
+++ b/activerecord/lib/active_record/relation.rb
@@ -1150,6 +1150,16 @@ def load_async
       self
     end
 
+    def then(&block) # :nodoc:
+      if @future_result
+        @future_result.then do
+          yield self
+        end
+      else
+        super
+      end
+    end
+
     # Returns <tt>true</tt> if the relation was scheduled on the background
     # thread pool.
     def scheduled?
diff --git a/activerecord/lib/active_record/statement_cache.rb b/activerecord/lib/active_record/statement_cache.rb
index 5dfd78c9d1c18..15bf999767034 100644
--- a/activerecord/lib/active_record/statement_cache.rb
+++ b/activerecord/lib/active_record/statement_cache.rb
@@ -142,14 +142,17 @@ def initialize(query_builder, bind_map, model)
       @model = model
     end
 
-    def execute(params, connection, allow_retry: false, &block)
+    def execute(params, connection, allow_retry: false, async: false, &block)
       bind_values = @bind_map.bind params
-
       sql = @query_builder.sql_for bind_values, connection
 
-      @model.find_by_sql(sql, bind_values, preparable: true, allow_retry: allow_retry, &block)
+      if async
+        @model.async_find_by_sql(sql, bind_values, preparable: true, allow_retry: allow_retry, &block)
+      else
+        @model.find_by_sql(sql, bind_values, preparable: true, allow_retry: allow_retry, &block)
+      end
     rescue ::RangeError
-      []
+      async ? Promise.wrap([]) : []
     end
 
     def self.unsupported_value?(value)
diff --git a/activerecord/test/cases/associations/belongs_to_associations_test.rb b/activerecord/test/cases/associations/belongs_to_associations_test.rb
index 834a55c181bc8..0e357dbf86e48 100644
--- a/activerecord/test/cases/associations/belongs_to_associations_test.rb
+++ b/activerecord/test/cases/associations/belongs_to_associations_test.rb
@@ -1839,3 +1839,37 @@ def test_destroy_linked_models
     assert_not Author.exists?(author.id)
   end
 end
+
+class AsyncBelongsToAssociationsTest < ActiveRecord::TestCase
+  include WaitForAsyncTestHelper
+
+  self.use_transactional_tests = false
+
+  fixtures :companies
+
+  unless in_memory_db?
+    def test_async_load_belongs_to
+      client = Client.find(3)
+      first_firm = companies(:first_firm)
+
+      client.association(:firm).async_load_target
+      wait_for_async_query
+
+      events = []
+      callback = -> (event) do
+        events << event unless event.payload[:name] == "SCHEMA"
+      end
+      ActiveSupport::Notifications.subscribed(callback, "sql.active_record") do
+        client.firm
+      end
+
+      assert_no_queries do
+        assert_equal first_firm, client.firm
+        assert_equal first_firm.name, client.firm.name
+      end
+
+      assert_equal 1, events.size
+      assert_equal true, events.first.payload[:async]
+    end
+  end
+end
diff --git a/activerecord/test/cases/associations/has_many_associations_test.rb b/activerecord/test/cases/associations/has_many_associations_test.rb
index 68c29c00696f3..6357ffbc2722e 100644
--- a/activerecord/test/cases/associations/has_many_associations_test.rb
+++ b/activerecord/test/cases/associations/has_many_associations_test.rb
@@ -3252,3 +3252,36 @@ def force_signal37_to_load_all_clients_of_firm
       companies(:first_firm).clients_of_firm.load_target
     end
 end
+
+class AsyncHasOneAssociationsTest < ActiveRecord::TestCase
+  include WaitForAsyncTestHelper
+
+  self.use_transactional_tests = false
+
+  fixtures :companies
+
+  unless in_memory_db?
+    def test_async_load_has_many
+      firm = companies(:first_firm)
+
+      firm.association(:clients).async_load_target
+      wait_for_async_query
+
+      events = []
+      callback = -> (event) do
+        events << event unless event.payload[:name] == "SCHEMA"
+      end
+
+      ActiveSupport::Notifications.subscribed(callback, "sql.active_record") do
+        assert_equal 3, firm.clients.size
+      end
+
+      assert_no_queries do
+        assert_not_nil firm.clients[2]
+      end
+
+      assert_equal 1, events.size
+      assert_equal true, events.first.payload[:async]
+    end
+  end
+end
diff --git a/activerecord/test/cases/associations/has_one_associations_test.rb b/activerecord/test/cases/associations/has_one_associations_test.rb
index 3a9687a21db4a..fbc75c75502b9 100644
--- a/activerecord/test/cases/associations/has_one_associations_test.rb
+++ b/activerecord/test/cases/associations/has_one_associations_test.rb
@@ -943,3 +943,37 @@ def test_has_one_with_touch_option_on_nonpersisted_built_associations_doesnt_upd
     MESSAGE
   end
 end
+
+class AsyncHasOneAssociationsTest < ActiveRecord::TestCase
+  include WaitForAsyncTestHelper
+
+  self.use_transactional_tests = false
+
+  fixtures :companies, :accounts
+
+  unless in_memory_db?
+    def test_async_load_has_one
+      firm = companies(:first_firm)
+      first_account = Account.find(1)
+
+      firm.association(:account).async_load_target
+      wait_for_async_query
+
+      events = []
+      callback = -> (event) do
+        events << event unless event.payload[:name] == "SCHEMA"
+      end
+      ActiveSupport::Notifications.subscribed(callback, "sql.active_record") do
+        firm.account
+      end
+
+      assert_no_queries do
+        assert_equal first_account, firm.account
+        assert_equal first_account.credit_limit, firm.account.credit_limit
+      end
+
+      assert_equal 1, events.size
+      assert_equal true, events.first.payload[:async]
+    end
+  end
+end
diff --git a/activerecord/test/cases/helper.rb b/activerecord/test/cases/helper.rb
index 20c3504cbdd49..e7ccbc68761ec 100644
--- a/activerecord/test/cases/helper.rb
+++ b/activerecord/test/cases/helper.rb
@@ -45,36 +45,53 @@
 ActiveRecord::ConnectionAdapters.register("abstract", "ActiveRecord::ConnectionAdapters::AbstractAdapter", "active_record/connection_adapters/abstract_adapter")
 ActiveRecord::ConnectionAdapters.register("fake", "FakeActiveRecordAdapter", File.expand_path("../support/fake_adapter.rb", __dir__))
 
-class SQLSubscriber
-  attr_reader :logged
-  attr_reader :payloads
+class ActiveRecord::TestCase
+  class SQLSubscriber
+    attr_reader :logged
+    attr_reader :payloads
+
+    def initialize
+      @logged = []
+      @payloads = []
+    end
+
+    def start(name, id, payload)
+      @payloads << payload
+      @logged << [payload[:sql].squish, payload[:name], payload[:binds]]
+    end
 
-  def initialize
-    @logged = []
-    @payloads = []
+    def finish(name, id, payload); end
   end
 
-  def start(name, id, payload)
-    @payloads << payload
-    @logged << [payload[:sql].squish, payload[:name], payload[:binds]]
+  module InTimeZone
+    private
+      def in_time_zone(zone)
+        old_zone  = Time.zone
+        old_tz    = ActiveRecord::Base.time_zone_aware_attributes
+
+        Time.zone = zone ? ActiveSupport::TimeZone[zone] : nil
+        ActiveRecord::Base.time_zone_aware_attributes = !zone.nil?
+        yield
+      ensure
+        Time.zone = old_zone
+        ActiveRecord::Base.time_zone_aware_attributes = old_tz
+      end
   end
 
-  def finish(name, id, payload); end
-end
+  module WaitForAsyncTestHelper
+    private
+      def wait_for_async_query(connection = ActiveRecord::Base.lease_connection, timeout: 5)
+        return unless connection.async_enabled?
 
-module InTimeZone
-  private
-    def in_time_zone(zone)
-      old_zone  = Time.zone
-      old_tz    = ActiveRecord::Base.time_zone_aware_attributes
-
-      Time.zone = zone ? ActiveSupport::TimeZone[zone] : nil
-      ActiveRecord::Base.time_zone_aware_attributes = !zone.nil?
-      yield
-    ensure
-      Time.zone = old_zone
-      ActiveRecord::Base.time_zone_aware_attributes = old_tz
-    end
+        executor = connection.pool.async_executor
+        (timeout * 100).times do
+          return unless executor.scheduled_task_count > executor.completed_task_count
+          sleep 0.01
+        end
+
+        raise Timeout::Error, "The async executor wasn't drained after #{timeout} seconds"
+      end
+  end
 end
 
 # Encryption
diff --git a/activerecord/test/cases/relation/load_async_test.rb b/activerecord/test/cases/relation/load_async_test.rb
index 99eccfd1739a4..c4250268f87fc 100644
--- a/activerecord/test/cases/relation/load_async_test.rb
+++ b/activerecord/test/cases/relation/load_async_test.rb
@@ -7,21 +7,6 @@
 require "models/other_dog"
 
 module ActiveRecord
-  module WaitForAsyncTestHelper
-    private
-      def wait_for_async_query(connection = ActiveRecord::Base.lease_connection, timeout: 5)
-        return unless connection.async_enabled?
-
-        executor = connection.pool.async_executor
-        (timeout * 100).times do
-          return unless executor.scheduled_task_count > executor.completed_task_count
-          sleep 0.01
-        end
-
-        raise Timeout::Error, "The async executor wasn't drained after #{timeout} seconds"
-      end
-  end
-
   class LoadAsyncTest < ActiveRecord::TestCase
     include WaitForAsyncTestHelper