diff --git a/activerecord/lib/active_record/connection_adapters/abstract/transaction.rb b/activerecord/lib/active_record/connection_adapters/abstract/transaction.rb
index 834dad7d4d..dc067b999d 100644
--- a/activerecord/lib/active_record/connection_adapters/abstract/transaction.rb
+++ b/activerecord/lib/active_record/connection_adapters/abstract/transaction.rb
@@ -142,7 +142,10 @@ def materialized?
       end
 
       def restore!
-        @materialized = false
+        if materialized?
+          @materialized = false
+          materialize!
+        end
       end
 
       def rollback_records
@@ -390,8 +393,6 @@ def restore_transactions
 
         @stack.each(&:restore!)
 
-        materialize_transactions unless @lazy_transactions_enabled
-
         true
       end
 
diff --git a/activerecord/test/cases/adapter_test.rb b/activerecord/test/cases/adapter_test.rb
index e9397c082b..c17cb3eab1 100644
--- a/activerecord/test/cases/adapter_test.rb
+++ b/activerecord/test/cases/adapter_test.rb
@@ -405,7 +405,7 @@ def setup
         assert raw_transaction_open?(@connection)
         @connection.reconnect!(restore_transactions: true)
         assert_predicate @connection, :transaction_open?
-        assert_not raw_transaction_open?(@connection)
+        assert raw_transaction_open?(@connection)
       ensure
         @connection.reconnect!
         assert_not_predicate @connection, :transaction_open?