diff --git a/django/db/models/sql/compiler.py b/django/db/models/sql/compiler.py
index 7cec040ceeed..cb559308cd0d 100644
--- a/django/db/models/sql/compiler.py
+++ b/django/db/models/sql/compiler.py
@@ -1819,6 +1819,7 @@ def execute_sql(self, returning_fields=None):
         )
         opts = self.query.get_meta()
         self.returning_fields = returning_fields
+        cols = []
         with self.connection.cursor() as cursor:
             for sql, params in self.as_sql():
                 cursor.execute(sql, params)
@@ -1829,6 +1830,7 @@ def execute_sql(self, returning_fields=None):
                 and len(self.query.objs) > 1
             ):
                 rows = self.connection.ops.fetch_returned_insert_rows(cursor)
+                cols = [field.get_col(opts.db_table) for field in self.returning_fields]
             elif self.connection.features.can_return_columns_from_insert:
                 assert len(self.query.objs) == 1
                 rows = [
@@ -1837,7 +1839,9 @@ def execute_sql(self, returning_fields=None):
                         self.returning_params,
                     )
                 ]
+                cols = [field.get_col(opts.db_table) for field in self.returning_fields]
             else:
+                cols = [opts.pk.get_col(opts.db_table)]
                 rows = [
                     (
                         self.connection.ops.last_insert_id(
@@ -1847,7 +1851,6 @@ def execute_sql(self, returning_fields=None):
                         ),
                     )
                 ]
-        cols = [field.get_col(opts.db_table) for field in self.returning_fields]
         converters = self.get_converters(cols)
         if converters:
             rows = list(self.apply_converters(rows, converters))
diff --git a/docs/releases/5.0.1.txt b/docs/releases/5.0.1.txt
index 871f55ec6d64..a8b886c6e2f4 100644
--- a/docs/releases/5.0.1.txt
+++ b/docs/releases/5.0.1.txt
@@ -12,3 +12,7 @@ Bugfixes
 * Reallowed, following a regression in Django 5.0, using a foreign key to a
   model with a primary key that is not ``AutoField`` in
   :attr:`.ModelAdmin.list_filter` (:ticket:`35020`).
+
+* Fixed a long standing bug in handling the ``RETURNING INTO`` clause that
+  caused a crash when creating a model instance with a ``GeneratedField`` which
+  ``output_field`` had backend-specific converters (:ticket:`35024`).
diff --git a/tests/model_fields/models.py b/tests/model_fields/models.py
index b4b7b5bd4c5f..aea02964e2d1 100644
--- a/tests/model_fields/models.py
+++ b/tests/model_fields/models.py
@@ -482,6 +482,18 @@ class UUIDGrandchild(UUIDChild):
     pass
 
 
+class GeneratedModelFieldWithConverters(models.Model):
+    field = models.UUIDField()
+    field_copy = models.GeneratedField(
+        expression=F("field"),
+        output_field=models.UUIDField(),
+        db_persist=True,
+    )
+
+    class Meta:
+        required_db_features = {"supports_stored_generated_columns"}
+
+
 class GeneratedModel(models.Model):
     a = models.IntegerField()
     b = models.IntegerField()
diff --git a/tests/model_fields/test_generatedfield.py b/tests/model_fields/test_generatedfield.py
index 9e5d9d87c361..056a80c29430 100644
--- a/tests/model_fields/test_generatedfield.py
+++ b/tests/model_fields/test_generatedfield.py
@@ -1,3 +1,5 @@
+import uuid
+
 from django.apps import apps
 from django.db import IntegrityError, connection
 from django.db.models import (
@@ -14,6 +16,7 @@
 
 from .models import (
     GeneratedModel,
+    GeneratedModelFieldWithConverters,
     GeneratedModelNull,
     GeneratedModelNullVirtual,
     GeneratedModelOutputFieldDbCollation,
@@ -266,6 +269,11 @@ class StoredGeneratedFieldTests(GeneratedFieldTestMixin, TestCase):
     output_field_db_collation_model = GeneratedModelOutputFieldDbCollation
     params_model = GeneratedModelParams
 
+    def test_create_field_with_db_converters(self):
+        obj = GeneratedModelFieldWithConverters.objects.create(field=uuid.uuid4())
+        obj = self._refresh_if_needed(obj)
+        self.assertEqual(obj.field, obj.field_copy)
+
 
 @skipUnlessDBFeature("supports_virtual_generated_columns")
 class VirtualGeneratedFieldTests(GeneratedFieldTestMixin, TestCase):