diff --git a/airflow-core/src/airflow/models/serialized_dag.py b/airflow-core/src/airflow/models/serialized_dag.py
index 1e75e86aad825..e4b458084a339 100644
--- a/airflow-core/src/airflow/models/serialized_dag.py
+++ b/airflow-core/src/airflow/models/serialized_dag.py
@@ -27,7 +27,7 @@
 
 import sqlalchemy_jsonfield
 import uuid6
-from sqlalchemy import ForeignKey, LargeBinary, String, select, tuple_
+from sqlalchemy import ForeignKey, LargeBinary, String, select, tuple_, update
 from sqlalchemy.dialects.postgresql import JSONB
 from sqlalchemy.orm import Mapped, backref, foreign, joinedload, relationship
 from sqlalchemy.sql.expression import func, literal
@@ -434,14 +434,23 @@ def write_dag(
             # This is for dynamic DAGs that the hashes changes often. We should update
             # the serialized dag, the dag_version and the dag_code instead of a new version
             # if the dag_version is not associated with any task instances
-            latest_ser_dag = cls.get(dag.dag_id, session=session)
-            if not latest_ser_dag:
+
+            # Use direct UPDATE to avoid loading the full serialized DAG
+            result = session.execute(
+                update(cls)
+                .where(cls.dag_version_id == dag_version.id)
+                .values(
+                    {
+                        cls._data: new_serialized_dag._data,
+                        cls._data_compressed: new_serialized_dag._data_compressed,
+                        cls.dag_hash: new_serialized_dag.dag_hash,
+                    }
+                )
+            )
+
+            if result.rowcount == 0:
+                # No rows updated - serialized DAG doesn't exist
                 return False
-            # Update the serialized DAG with the new_serialized_dag
-            latest_ser_dag._data = new_serialized_dag._data
-            latest_ser_dag._data_compressed = new_serialized_dag._data_compressed
-            latest_ser_dag.dag_hash = new_serialized_dag.dag_hash
-            session.merge(latest_ser_dag)
             # The dag_version and dag_code may not have changed, still we should
             # do the below actions:
             # Update the latest dag version
diff --git a/airflow-core/tests/unit/models/test_serialized_dag.py b/airflow-core/tests/unit/models/test_serialized_dag.py
index e310836a3911a..ea9ff4cbfddcc 100644
--- a/airflow-core/tests/unit/models/test_serialized_dag.py
+++ b/airflow-core/tests/unit/models/test_serialized_dag.py
@@ -544,3 +544,87 @@ def test_hash_method_removes_fileloc_and_remains_consistent(self):
         # Verify that the original data still has fileloc (method shouldn't modify original)
         assert "fileloc" in test_data["dag"]
         assert test_data["dag"]["fileloc"] == "/different/path/to/dag.py"
+
+    def test_dynamic_dag_update_preserves_null_check(self, dag_maker, session):
+        """
+        Test that dynamic DAG update gracefully handles case where SerializedDagModel doesn't exist.
+        This preserves the null-check fix from PR #56422 and tests the direct UPDATE path.
+        """
+        with dag_maker(dag_id="test_missing_serdag", serialized=True, session=session) as dag:
+            EmptyOperator(task_id="task1")
+
+        # Write the DAG first
+        lazy_dag = LazyDeserializedDAG.from_dag(dag)
+        SDM.write_dag(
+            dag=lazy_dag,
+            bundle_name="test_bundle",
+            bundle_version=None,
+            session=session,
+        )
+        session.commit()
+
+        # Get the dag_version
+        dag_version = session.scalar(
+            select(DagVersion).where(DagVersion.dag_id == "test_missing_serdag").limit(1)
+        )
+        assert dag_version is not None
+
+        # Manually delete SerializedDagModel (simulates edge case)
+        session.query(SDM).filter(SDM.dag_id == "test_missing_serdag").delete()
+        session.commit()
+
+        # Verify no SerializedDagModel exists
+        assert SDM.get("test_missing_serdag", session=session) is None
+
+        # Try to update - should return False gracefully (not crash)
+        result = SDM.write_dag(
+            dag=lazy_dag,
+            bundle_name="test_bundle",
+            bundle_version=None,
+            min_update_interval=None,
+            session=session,
+        )
+
+        assert result is False  # Should return False when SerializedDagModel is missing
+
+    def test_dynamic_dag_update_success(self, dag_maker, session):
+        """
+        Test that dynamic DAG update successfully updates the serialized DAG hash
+        when no task instances exist.
+        """
+        with dag_maker(dag_id="test_dynamic_success", session=session) as dag:
+            EmptyOperator(task_id="task1")
+
+        # Write the DAG first
+        lazy_dag = LazyDeserializedDAG.from_dag(dag)
+        result1 = SDM.write_dag(
+            dag=lazy_dag,
+            bundle_name="test_bundle",
+            bundle_version=None,
+            session=session,
+        )
+        session.commit()
+
+        assert result1 is True
+        initial_sdag = SDM.get("test_dynamic_success", session=session)
+        assert initial_sdag is not None
+        initial_hash = initial_sdag.dag_hash
+
+        # Modify the DAG (add a task)
+        EmptyOperator(task_id="task2", dag=dag)
+        lazy_dag_updated = LazyDeserializedDAG.from_dag(dag)
+
+        # Write again - should use UPDATE path (no task instances yet)
+        result2 = SDM.write_dag(
+            dag=lazy_dag_updated,
+            bundle_name="test_bundle",
+            bundle_version=None,
+            session=session,
+        )
+        session.commit()
+
+        # Verify update succeeded
+        assert result2 is True
+        updated_sdag = SDM.get("test_dynamic_success", session=session)
+        assert updated_sdag.dag_hash != initial_hash  # Hash should change
+        assert len(updated_sdag.dag.task_dict) == 2  # Should have 2 tasks now