diff --git a/src/backend/optimizer/prep/prepjointree.c b/src/backend/optimizer/prep/prepjointree.c
index 87dc6f56b57..7bf4e55c7a1 100644
--- a/src/backend/optimizer/prep/prepjointree.c
+++ b/src/backend/optimizer/prep/prepjointree.c
@@ -994,6 +994,7 @@ expand_virtual_generated_columns(PlannerInfo *root)
 		{
 			List	   *tlist = NIL;
 			pullup_replace_vars_context rvcontext;
+			List	   *save_exclRelTlist = NIL;
 
 			for (int i = 0; i < tupdesc->natts; i++)
 			{
@@ -1061,8 +1062,26 @@ expand_virtual_generated_columns(PlannerInfo *root)
 
 			/*
 			 * Apply pullup variable replacement throughout the query tree.
+			 *
+			 * We intentionally do not touch the EXCLUDED pseudo-relation's
+			 * targetlist here.  Various places in the planner assume that it
+			 * contains only Vars, and we want that to remain the case.  More
+			 * importantly, we don't want setrefs.c to turn any expanded
+			 * EXCLUDED.virtual_column expressions in other parts of the query
+			 * back into Vars referencing the original virtual column, which
+			 * set_plan_refs() would do if exclRelTlist contained matching
+			 * expressions.
 			 */
+			if (parse->onConflict)
+			{
+				save_exclRelTlist = parse->onConflict->exclRelTlist;
+				parse->onConflict->exclRelTlist = NIL;
+			}
+
 			parse = (Query *) pullup_replace_vars((Node *) parse, &rvcontext);
+
+			if (parse->onConflict)
+				parse->onConflict->exclRelTlist = save_exclRelTlist;
 		}
 
 		table_close(rel, NoLock);
diff --git a/src/test/regress/expected/generated_virtual.out b/src/test/regress/expected/generated_virtual.out
index 15760f4eae6..72da55a90bf 100644
--- a/src/test/regress/expected/generated_virtual.out
+++ b/src/test/regress/expected/generated_virtual.out
@@ -1692,3 +1692,51 @@ select * from gtest33 where b is null;
 
 reset constraint_exclusion;
 drop table gtest33;
+-- Ensure that EXCLUDED.<virtual-generated-column> in INSERT ... ON CONFLICT
+-- DO UPDATE is expanded to the generation expression, both for plain and
+-- partitioned target relations.
+create table gtest34 (id int primary key, a int,
+                      c int generated always as (a * 10) virtual);
+insert into gtest34 values (1, 5);
+insert into gtest34 values (1, 7)
+    on conflict (id) do update set a = excluded.c returning *;
+ id | a  |  c  
+----+----+-----
+  1 | 70 | 700
+(1 row)
+
+insert into gtest34 values (1, 2)
+    on conflict (id) do update set a = gtest34.c + excluded.c returning *;
+ id |  a  |  c   
+----+-----+------
+  1 | 720 | 7200
+(1 row)
+
+insert into gtest34 values (1, 3)
+    on conflict (id) do update set a = 999 where excluded.c > 20 returning *;
+ id |  a  |  c   
+----+-----+------
+  1 | 999 | 9990
+(1 row)
+
+drop table gtest34;
+create table gtest34p (id int primary key, a int,
+                       c int generated always as (a * 10) virtual)
+    partition by range (id);
+create table gtest34p_1 partition of gtest34p for values from (1) to (100);
+insert into gtest34p values (1, 5);
+insert into gtest34p values (1, 7)
+    on conflict (id) do update set a = excluded.c returning *;
+ id | a  |  c  
+----+----+-----
+  1 | 70 | 700
+(1 row)
+
+insert into gtest34p values (1, 2)
+    on conflict (id) do update set a = gtest34p.c + excluded.c returning *;
+ id |  a  |  c   
+----+-----+------
+  1 | 720 | 7200
+(1 row)
+
+drop table gtest34p;
diff --git a/src/test/regress/sql/generated_virtual.sql b/src/test/regress/sql/generated_virtual.sql
index fdfc764e24a..01af4ae0e34 100644
--- a/src/test/regress/sql/generated_virtual.sql
+++ b/src/test/regress/sql/generated_virtual.sql
@@ -904,3 +904,28 @@ select * from gtest33 where b is null;
 
 reset constraint_exclusion;
 drop table gtest33;
+
+-- Ensure that EXCLUDED.<virtual-generated-column> in INSERT ... ON CONFLICT
+-- DO UPDATE is expanded to the generation expression, both for plain and
+-- partitioned target relations.
+create table gtest34 (id int primary key, a int,
+                      c int generated always as (a * 10) virtual);
+insert into gtest34 values (1, 5);
+insert into gtest34 values (1, 7)
+    on conflict (id) do update set a = excluded.c returning *;
+insert into gtest34 values (1, 2)
+    on conflict (id) do update set a = gtest34.c + excluded.c returning *;
+insert into gtest34 values (1, 3)
+    on conflict (id) do update set a = 999 where excluded.c > 20 returning *;
+drop table gtest34;
+
+create table gtest34p (id int primary key, a int,
+                       c int generated always as (a * 10) virtual)
+    partition by range (id);
+create table gtest34p_1 partition of gtest34p for values from (1) to (100);
+insert into gtest34p values (1, 5);
+insert into gtest34p values (1, 7)
+    on conflict (id) do update set a = excluded.c returning *;
+insert into gtest34p values (1, 2)
+    on conflict (id) do update set a = gtest34p.c + excluded.c returning *;
+drop table gtest34p;