diff --git a/CHANGELOG.md b/CHANGELOG.md
index f4125aab5b53..a0c12305cdcd 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,12 +7,15 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.1.0/).
 
 ### Added
 
+- Added `weights_only` parameter to `torch_load` for explicit control over safe deserialization ([#10666](https://github.com/pyg-team/pytorch_geometric/pull/10666))
+
 ### Changed
 
 - Dropped support for TorchScript in `GATConv` and `GATv2Conv` for correctness ([#10596](https://github.com/pyg-team/pytorch_geometric/pull/10596))
 
 ### Deprecated
 
+- Deprecated the implicit `weights_only=False` fallback in `torch_load`; pass `weights_only` explicitly ([#10666](https://github.com/pyg-team/pytorch_geometric/pull/10666))
 - Deprecated support for `torch-spline-conv` in favor of `pyg-lib>=0.6.0` ([#10622](https://github.com/pyg-team/pytorch_geometric/pull/10622))
 
 ### Removed
diff --git a/test/io/test_fs.py b/test/io/test_fs.py
index d9227c6a230b..e39ad880dc3f 100644
--- a/test/io/test_fs.py
+++ b/test/io/test_fs.py
@@ -128,5 +128,29 @@ def test_torch_save_load(tmp_fs_path):
     path = osp.join(tmp_fs_path, 'x.pt')
 
     fs.torch_save(x, path)
-    out = fs.torch_load(path)
+    out = fs.torch_load(path, weights_only=True)
     assert torch.equal(x, out)
+
+
+@pytest.mark.skipif(
+    not torch_geometric.typing.WITH_PT24,
+    reason='weights_only requires PyTorch >= 2.4',
+)
+def test_torch_load_fallback_warning(tmp_fs_path):
+    # Save an object that cannot be loaded with weights_only=True:
+    path = osp.join(tmp_fs_path, 'data.pt')
+    fs.torch_save(object(), path)
+
+    with pytest.warns(FutureWarning, match='weights_only'):
+        fs.torch_load(path)
+
+
+@pytest.mark.skipif(
+    not torch_geometric.typing.WITH_PT24,
+    reason='weights_only requires PyTorch >= 2.4',
+)
+def test_torch_load_weights_only_false(tmp_fs_path):
+    path = osp.join(tmp_fs_path, 'data.pt')
+    fs.torch_save(object(), path)
+    out = fs.torch_load(path, weights_only=False)
+    assert isinstance(out, object)
diff --git a/torch_geometric/data/in_memory_dataset.py b/torch_geometric/data/in_memory_dataset.py
index bcfcba02ee2e..c186250f45c6 100644
--- a/torch_geometric/data/in_memory_dataset.py
+++ b/torch_geometric/data/in_memory_dataset.py
@@ -126,9 +126,14 @@ def save(cls, data_list: Sequence[BaseData], path: str) -> None:
         data, slices = cls.collate(data_list)
         fs.torch_save((data.to_dict(), slices, data.__class__), path)
 
-    def load(self, path: str, data_cls: Type[BaseData] = Data) -> None:
+    def load(
+        self,
+        path: str,
+        data_cls: Type[BaseData] = Data,
+        weights_only: Optional[bool] = None,
+    ) -> None:
         r"""Loads the dataset from the file path :obj:`path`."""
-        out = fs.torch_load(path)
+        out = fs.torch_load(path, weights_only=weights_only)
         assert isinstance(out, tuple)
         assert len(out) == 2 or len(out) == 3
         if len(out) == 2:  # Backward compatibility.
diff --git a/torch_geometric/io/fs.py b/torch_geometric/io/fs.py
index c88a04ad5a9a..4f68bde27883 100644
--- a/torch_geometric/io/fs.py
+++ b/torch_geometric/io/fs.py
@@ -214,8 +214,38 @@ def torch_save(data: Any, path: str) -> None:
         f.write(buffer.getvalue())
 
 
-def torch_load(path: str, map_location: Any = None) -> Any:
+def torch_load(
+    path: str,
+    map_location: Any = None,
+    weights_only: Optional[bool] = None,
+) -> Any:
+    r"""Load a PyTorch file from a given path using :func:`fsspec`.
+
+    Args:
+        path (str): The path to the file to load.
+        map_location: A simplified version of :attr:`torch.load`'s
+            :attr:`map_location`.
+        weights_only (bool, optional): If :obj:`True`, only weights will be
+            loaded and an error will be raised on failure (*i.e.*, no
+            fallback to :obj:`weights_only=False`).
+            If :obj:`False`, :obj:`weights_only=False` will be used
+            directly.
+            If :obj:`None` (default), the current fallback behavior is
+            preserved: first tries :obj:`weights_only=True`, then falls
+            back to :obj:`weights_only=False` on
+            :class:`~pickle.UnpicklingError`. (default: :obj:`None`)
+    """
     if torch_geometric.typing.WITH_PT24:
+        if weights_only is True:
+            with fsspec.open(path, 'rb') as f:
+                return torch.load(f, map_location, weights_only=True)
+
+        if weights_only is False:
+            with fsspec.open(path, 'rb') as f:
+                return torch.load(f, map_location, weights_only=False)
+
+        # Default behavior (weights_only=None): try weights_only=True
+        # first, then fall back to weights_only=False on failure.
         try:
             with fsspec.open(path, 'rb') as f:
                 return torch.load(f, map_location, weights_only=True)
@@ -230,10 +260,21 @@ def torch_load(path: str, map_location: Any = None) -> Any:
                     warnings.warn(
                         f"{warn_msg} Please use "
                         f"`torch.serialization.{match.group()}` to "
-                        f"allowlist this global.", stacklevel=2)
+                        f"allowlist this global if you trust it.",
+                        stacklevel=2)
                 else:
                     warnings.warn(warn_msg, stacklevel=2)
 
+                warnings.warn(
+                    "Falling back to `weights_only=False` because the file at"
+                    f"'{path}' could not be loaded with `weights_only=True`."
+                    "In a future release, this fallback will be removed. Pass "
+                    "`weights_only=False` explicitly if you need to load "
+                    "custom Python objects, allowlist doesn't work, and you"
+                    "trust the source.",
+                    FutureWarning,
+                    stacklevel=2,
+                )
                 with fsspec.open(path, 'rb') as f:
                     return torch.load(f, map_location, weights_only=False)
             else: