diff --git a/changelogs/fragments/1847-s3_object-fix-false-deprecation-warning.yml b/changelogs/fragments/1847-s3_object-fix-false-deprecation-warning.yml
new file mode 100644
index 00000000000..f00b5026d16
--- /dev/null
+++ b/changelogs/fragments/1847-s3_object-fix-false-deprecation-warning.yml
@@ -0,0 +1,3 @@
+---
+bugfixes:
+  - s3_object - Fix typo that caused false deprecation warning when setting `overwrite=latest` (https://github.com/ansible-collections/amazon.aws/pull/1847).
diff --git a/plugins/modules/s3_object.py b/plugins/modules/s3_object.py
index e22aa2578a8..9d17aa9ef49 100644
--- a/plugins/modules/s3_object.py
+++ b/plugins/modules/s3_object.py
@@ -1481,11 +1481,11 @@ def main():
         if "amazonaws.com" not in endpoint_url:
             module.fail_json(msg="dualstack only applies to AWS S3")
 
-    if module.params.get("overwrite") not in ("always", "never", "different", "last"):
+    if module.params.get("overwrite") not in ("always", "never", "different", "latest"):
         module.deprecate(
             (
                 "Support for passing values of 'overwrite' other than 'always', 'never', "
-                "'different' or 'last', has been deprecated."
+                "'different' or 'latest', has been deprecated."
             ),
             date="2024-12-01",
             collection_name="amazon.aws",