diff --git a/dspy/utils/parallelizer.py b/dspy/utils/parallelizer.py
index c32f5e3ebb..5b5544d3d3 100644
--- a/dspy/utils/parallelizer.py
+++ b/dspy/utils/parallelizer.py
@@ -89,10 +89,11 @@ def worker(parent_overrides, submission_id, index, item):
             from dspy.dsp.utils.settings import thread_local_overrides
 
             original = thread_local_overrides.get()
-            token = thread_local_overrides.set({**original, **parent_overrides.copy()})
-            if parent_overrides.get("usage_tracker"):
+            new_overrides = {**original, **parent_overrides.copy()}
+            if new_overrides.get("usage_tracker"):
                 # Usage tracker needs to be deep copied across threads so that each thread tracks its own usage
-                thread_local_overrides.overrides["usage_tracker"] = copy.deepcopy(parent_overrides["usage_tracker"])
+                new_overrides["usage_tracker"] = copy.deepcopy(new_overrides["usage_tracker"])
+            token = thread_local_overrides.set(new_overrides)
 
             try:
                 return index, function(item)
diff --git a/tests/utils/test_parallelizer.py b/tests/utils/test_parallelizer.py
index 128614ffc8..a93aeaa78d 100644
--- a/tests/utils/test_parallelizer.py
+++ b/tests/utils/test_parallelizer.py
@@ -2,7 +2,9 @@
 
 import pytest
 
+import dspy
 from dspy.utils.parallelizer import ParallelExecutor
+from dspy.utils.usage_tracker import UsageTracker
 
 
 def test_worker_threads_independence():
@@ -83,3 +85,54 @@ def task(item):
     assert str(executor.exceptions_map[2]) == "test error for 3"
     assert isinstance(executor.exceptions_map[4], RuntimeError)
     assert str(executor.exceptions_map[4]) == "test error for 5"
+
+
+def test_parallel_executor_with_usage_tracker_in_context():
+    """Test that ParallelExecutor works correctly with UsageTracker inside dspy.context block.
+
+    This tests the fix for the AttributeError: '_contextvars.ContextVar' object has no attribute 'overrides'
+    bug that occurred when using UsageTracker with ParallelExecutor inside a dspy.context block.
+    """
+    tracker = UsageTracker()
+
+    def task(item):
+        return item * 2
+
+    data = [1, 2, 3, 4, 5]
+
+    # This should not raise AttributeError
+    with dspy.context(usage_tracker=tracker):
+        executor = ParallelExecutor(num_threads=2)
+        results = executor.execute(task, data)
+
+    assert results == [2, 4, 6, 8, 10]
+
+
+def test_parallel_executor_with_usage_tracker_tracks_independently():
+    """Test that each thread gets its own deep copy of the UsageTracker."""
+    parent_tracker = UsageTracker()
+
+    # Add some initial usage data to the parent tracker
+    parent_tracker.add_usage("test-model", {"prompt_tokens": 100, "completion_tokens": 50})
+
+    def task(item):
+        from dspy.dsp.utils.settings import settings
+
+        tracker = settings.usage_tracker
+        # Each thread should have its own tracker (deep copy of parent)
+        # Add usage specific to this thread
+        tracker.add_usage("test-model", {"prompt_tokens": item, "completion_tokens": item})
+        return (item, len(tracker.usage_data["test-model"]))
+
+    data = [1, 2, 3]
+
+    with dspy.context(usage_tracker=parent_tracker):
+        executor = ParallelExecutor(num_threads=3)
+        results = executor.execute(task, data)
+
+    # Each thread should have its own tracker with 2 entries (1 from parent, 1 from thread)
+    for item, entry_count in results:
+        assert entry_count == 2, f"Thread processing item {item} should have 2 entries, got {entry_count}"
+
+    # Parent tracker should only have its original entry (not modified by threads)
+    assert len(parent_tracker.usage_data["test-model"]) == 1