diff --git a/activerecord/CHANGELOG.md b/activerecord/CHANGELOG.md
index 553888f63fc2b..6761ab45d9363 100644
--- a/activerecord/CHANGELOG.md
+++ b/activerecord/CHANGELOG.md
@@ -1,5 +1,10 @@
 ## unreleased ##
 
+*   Setting a has_one association on a new record no longer causes an empty
+    transaction.
+
+    *Dylan Thacker-Smith*
+
 *   Fix `AR::Relation#merge` sometimes failing to preserve `readonly(false)` flag.
 
     *thedarkone*
diff --git a/activerecord/lib/active_record/associations/has_one_association.rb b/activerecord/lib/active_record/associations/has_one_association.rb
index 920038a54338b..8edafcd2c1366 100644
--- a/activerecord/lib/active_record/associations/has_one_association.rb
+++ b/activerecord/lib/active_record/associations/has_one_association.rb
@@ -27,6 +27,8 @@ def replace(record, save = true)
 
         return self.target if !(target || record)
         if (target != record) || record.changed?
+          save &&= owner.persisted?
+
           transaction_if(save) do
             remove_target!(options[:dependent]) if target && !target.destroyed?
 
@@ -34,7 +36,7 @@ def replace(record, save = true)
               set_owner_attributes(record)
               set_inverse_instance(record)
 
-              if owner.persisted? && save && !record.save
+              if save && !record.save
                 nullify_owner_attributes(record)
                 set_owner_attributes(target) if target
                 raise RecordNotSaved, "Failed to save the new associated #{reflection.name}."
diff --git a/activerecord/test/cases/associations/has_one_associations_test.rb b/activerecord/test/cases/associations/has_one_associations_test.rb
index 0e48fbca9c1c3..312dbb3d21a92 100644
--- a/activerecord/test/cases/associations/has_one_associations_test.rb
+++ b/activerecord/test/cases/associations/has_one_associations_test.rb
@@ -521,6 +521,8 @@ def test_has_one_transaction
     assert_no_queries { company.account = nil }
     account = Account.find(2)
     assert_queries { company.account = account }
+
+    assert_no_queries { Firm.new.account = account }
   end
 
   def test_has_one_assignment_triggers_save_on_change