diff --git a/.changeset/fix-subscribed-isfetching.md b/.changeset/fix-subscribed-isfetching.md
new file mode 100644
index 00000000000..ff0643320a0
--- /dev/null
+++ b/.changeset/fix-subscribed-isfetching.md
@@ -0,0 +1,5 @@
+---
+'@tanstack/react-query': patch
+---
+
+Fix `isFetching` reporting `true` when `subscribed: false` and no fetch is actually running. `useBaseQuery` and `useQueries` no longer apply the `optimistic` fetching state when the observer will not subscribe, so `isFetching` and `fetchStatus` now stay consistent with the underlying query cache.
diff --git a/packages/react-query/src/__tests__/useQuery.test.tsx b/packages/react-query/src/__tests__/useQuery.test.tsx
index 7504b9b4cb0..e8b30ba722b 100644
--- a/packages/react-query/src/__tests__/useQuery.test.tsx
+++ b/packages/react-query/src/__tests__/useQuery.test.tsx
@@ -5980,6 +5980,40 @@ describe('useQuery', () => {
 
       expect(renders).toBe(1)
     })
+
+    it('should not report isFetching=true when subscribed is false and no fetch is running', async () => {
+      const key = queryKey()
+      const queryFn = vi.fn(() => Promise.resolve('data'))
+      const states: Array<UseQueryResult<unknown>> = []
+
+      function Page() {
+        const state = useQuery({
+          queryKey: key,
+          queryFn,
+          subscribed: false,
+        })
+        states.push(state)
+        return (
+          <div>
+            <span>
+              fetchStatus: {state.fetchStatus} isFetching:{' '}
+              {String(state.isFetching)}
+            </span>
+          </div>
+        )
+      }
+
+      const rendered = renderWithClient(queryClient, <Page />)
+
+      await vi.advanceTimersByTimeAsync(0)
+      rendered.getByText('fetchStatus: idle isFetching: false')
+
+      // No fetch is or will be running, so the observer must not advertise
+      // an optimistic fetching state.
+      expect(states.every((s) => s.isFetching === false)).toBe(true)
+      expect(states.every((s) => s.fetchStatus === 'idle')).toBe(true)
+      expect(queryFn).toHaveBeenCalledTimes(0)
+    })
   })
 
   it('should have status=error on mount when a query has failed', async () => {
diff --git a/packages/react-query/src/useBaseQuery.ts b/packages/react-query/src/useBaseQuery.ts
index a88f7d40fbf..8cc1b4954c0 100644
--- a/packages/react-query/src/useBaseQuery.ts
+++ b/packages/react-query/src/useBaseQuery.ts
@@ -75,9 +75,14 @@ export function useBaseQuery<
   }
 
   // Make sure results are optimistically set in fetching state before subscribing or updating options
+  // When `subscribed: false`, the observer will never subscribe, so no fetch will be triggered.
+  // In that case we must not flip the optimistic result into the fetching state, otherwise
+  // `isFetching` would be reported as `true` even though no fetch is or will be happening.
   defaultedOptions._optimisticResults = isRestoring
     ? 'isRestoring'
-    : 'optimistic'
+    : options.subscribed === false
+      ? undefined
+      : 'optimistic'
 
   ensureSuspenseTimers(defaultedOptions)
   ensurePreventErrorBoundaryRetry(defaultedOptions, errorResetBoundary, query)
diff --git a/packages/react-query/src/useQueries.ts b/packages/react-query/src/useQueries.ts
index de179837a5f..1e59605cd95 100644
--- a/packages/react-query/src/useQueries.ts
+++ b/packages/react-query/src/useQueries.ts
@@ -224,6 +224,7 @@ export function useQueries<
   const isRestoring = useIsRestoring()
   const errorResetBoundary = useQueryErrorResetBoundary()
 
+  const subscribed = options.subscribed !== false
   const defaultedQueries = React.useMemo(
     () =>
       queries.map((opts) => {
@@ -231,14 +232,18 @@ export function useQueries<
           opts as QueryObserverOptions,
         )
 
-        // Make sure the results are already in fetching state before subscribing or updating options
+        // Make sure the results are already in fetching state before subscribing or updating options.
+        // When `subscribed: false`, the observer will never subscribe, so no fetch will be triggered.
+        // Skip the optimistic fetching state in that case so `isFetching` does not lie.
         defaultedOptions._optimisticResults = isRestoring
           ? 'isRestoring'
-          : 'optimistic'
+          : subscribed
+            ? 'optimistic'
+            : undefined
 
         return defaultedOptions
       }),
-    [queries, client, isRestoring],
+    [queries, client, isRestoring, subscribed],
   )
 
   defaultedQueries.forEach((queryOptions) => {