diff --git a/Lib/test/test_unittest/testmock/testmagicmethods.py b/Lib/test/test_unittest/testmock/testmagicmethods.py
index a4feae7e9d3b73..a8b52ce48716f7 100644
--- a/Lib/test/test_unittest/testmock/testmagicmethods.py
+++ b/Lib/test/test_unittest/testmock/testmagicmethods.py
@@ -331,6 +331,45 @@ def test_magic_methods_fspath(self):
         self.assertEqual(os.fspath(mock), expected_path)
         mock.__fspath__.assert_called_once()
 
+    def test_magic_mock_does_not_reset_magic_returns(self):
+        # https://github.com/python/cpython/issues/123934
+        for reset in (True, False):
+            with self.subTest(reset=reset):
+                mm = MagicMock()
+                self.assertIs(type(mm.__str__()), str)
+                mm.__str__.assert_called_once()
+
+                self.assertIs(type(mm.__hash__()), int)
+                mm.__hash__.assert_called_once()
+
+                for _ in range(3):
+                    # Repeat reset several times to be sure:
+                    mm.reset_mock(return_value=reset)
+
+                    self.assertIs(type(mm.__str__()), str)
+                    mm.__str__.assert_called_once()
+
+                    self.assertIs(type(mm.__hash__()), int)
+                    mm.__hash__.assert_called_once()
+
+    def test_magic_mock_resets_manual_mocks(self):
+        mm = MagicMock()
+        mm.__iter__ = MagicMock(return_value=iter([1]))
+        mm.custom = MagicMock(return_value=2)
+        self.assertEqual(list(iter(mm)), [1])
+        self.assertEqual(mm.custom(), 2)
+
+        mm.reset_mock(return_value=True)
+        self.assertEqual(list(iter(mm)), [])
+        self.assertIsInstance(mm.custom(), MagicMock)
+
+    def test_magic_mock_resets_manual_mocks_empty_iter(self):
+        mm = MagicMock()
+        mm.__iter__.return_value = []
+        self.assertEqual(list(iter(mm)), [])
+
+        mm.reset_mock(return_value=True)
+        self.assertEqual(list(iter(mm)), [])
 
     def test_magic_methods_and_spec(self):
         class Iterable(object):
diff --git a/Lib/unittest/mock.py b/Lib/unittest/mock.py
index f7ab4a5ea22169..da7da87748ffc1 100644
--- a/Lib/unittest/mock.py
+++ b/Lib/unittest/mock.py
@@ -628,7 +628,7 @@ def __set_side_effect(self, value):
     side_effect = property(__get_side_effect, __set_side_effect)
 
 
-    def reset_mock(self,  visited=None,*, return_value=False, side_effect=False):
+    def reset_mock(self, visited=None, *, return_value=False, side_effect=False):
         "Restore the mock object to its initial state."
         if visited is None:
             visited = []
@@ -2219,6 +2219,17 @@ def mock_add_spec(self, spec, spec_set=False):
         self._mock_add_spec(spec, spec_set)
         self._mock_set_magics()
 
+    def reset_mock(self, /, *args, return_value=False, **kwargs):
+        if (
+            return_value
+            and self._mock_name
+            and _is_magic(self._mock_name)
+        ):
+            # Don't reset return values for magic methods,
+            # otherwise `m.__str__` will start
+            # to return `MagicMock` instances, instead of `str` instances.
+            return_value = False
+        super().reset_mock(*args, return_value=return_value, **kwargs)
 
 
 class MagicProxy(Base):
diff --git a/Misc/NEWS.d/next/Library/2024-09-13-10-34-19.gh-issue-123934.yMe7mL.rst b/Misc/NEWS.d/next/Library/2024-09-13-10-34-19.gh-issue-123934.yMe7mL.rst
new file mode 100644
index 00000000000000..cec7741bcabbda
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2024-09-13-10-34-19.gh-issue-123934.yMe7mL.rst
@@ -0,0 +1,2 @@
+Fix :class:`unittest.mock.MagicMock` reseting magic methods return values
+after ``.reset_mock(return_value=True)`` was called.