diff --git a/django/db/models/query.py b/django/db/models/query.py
index cc4d9c1f22dd..9f245b02ca35 100644
--- a/django/db/models/query.py
+++ b/django/db/models/query.py
@@ -5,6 +5,7 @@
 import copy
 import operator
 import warnings
+from contextlib import nullcontext
 from functools import reduce
 from itertools import chain, islice
 
@@ -802,7 +803,11 @@ def bulk_create(
         fields = [f for f in opts.concrete_fields if not f.generated]
         objs = list(objs)
         objs_with_pk, objs_without_pk = self._prepare_for_bulk_create(objs)
-        with transaction.atomic(using=self.db, savepoint=False):
+        if objs_with_pk and objs_without_pk:
+            context = transaction.atomic(using=self.db, savepoint=False)
+        else:
+            context = nullcontext()
+        with context:
             self._handle_order_with_respect_to(objs)
             if objs_with_pk:
                 returned_columns = self._batched_insert(
@@ -1918,11 +1923,21 @@ def _batched_insert(
         max_batch_size = max(ops.bulk_batch_size(fields, objs), 1)
         batch_size = min(batch_size, max_batch_size) if batch_size else max_batch_size
         inserted_rows = []
-        bulk_return = connection.features.can_return_rows_from_bulk_insert
-        for item in [objs[i : i + batch_size] for i in range(0, len(objs), batch_size)]:
-            if bulk_return and (
-                on_conflict is None or on_conflict == OnConflict.UPDATE
-            ):
+        returning_fields = (
+            self.model._meta.db_returning_fields
+            if (
+                connection.features.can_return_rows_from_bulk_insert
+                and (on_conflict is None or on_conflict == OnConflict.UPDATE)
+            )
+            else None
+        )
+        batches = [objs[i : i + batch_size] for i in range(0, len(objs), batch_size)]
+        if len(batches) > 1:
+            context = transaction.atomic(using=self.db, savepoint=False)
+        else:
+            context = nullcontext()
+        with context:
+            for item in batches:
                 inserted_rows.extend(
                     self._insert(
                         item,
@@ -1931,18 +1946,9 @@ def _batched_insert(
                         on_conflict=on_conflict,
                         update_fields=update_fields,
                         unique_fields=unique_fields,
-                        returning_fields=self.model._meta.db_returning_fields,
+                        returning_fields=returning_fields,
                     )
                 )
-            else:
-                self._insert(
-                    item,
-                    fields=fields,
-                    using=self.db,
-                    on_conflict=on_conflict,
-                    update_fields=update_fields,
-                    unique_fields=unique_fields,
-                )
         return inserted_rows
 
     def _chain(self):
diff --git a/tests/bulk_create/tests.py b/tests/bulk_create/tests.py
index d590a292de26..4fd9e6c7bfa1 100644
--- a/tests/bulk_create/tests.py
+++ b/tests/bulk_create/tests.py
@@ -14,10 +14,11 @@
 from django.db.models.functions import Lower, Now
 from django.test import (
     TestCase,
-    override_settings,
+    TransactionTestCase,
     skipIfDBFeature,
     skipUnlessDBFeature,
 )
+from django.test.utils import CaptureQueriesContext
 from django.utils import timezone
 
 from .models import (
@@ -216,12 +217,11 @@ def test_large_single_field_batch(self):
 
     @skipUnlessDBFeature("has_bulk_insert")
     def test_large_batch_efficiency(self):
-        with override_settings(DEBUG=True):
-            connection.queries_log.clear()
+        with CaptureQueriesContext(connection) as ctx:
             TwoFields.objects.bulk_create(
                 [TwoFields(f1=i, f2=i + 1) for i in range(0, 1001)]
             )
-            self.assertLess(len(connection.queries), 10)
+            self.assertLess(len(ctx), 10)
 
     def test_large_batch_mixed(self):
         """
@@ -247,15 +247,14 @@ def test_large_batch_mixed_efficiency(self):
         Test inserting a large batch with objects having primary key set
         mixed together with objects without PK set.
         """
-        with override_settings(DEBUG=True):
-            connection.queries_log.clear()
+        with CaptureQueriesContext(connection) as ctx:
             TwoFields.objects.bulk_create(
                 [
                     TwoFields(id=i if i % 2 == 0 else None, f1=i, f2=i + 1)
                     for i in range(100000, 101000)
                 ]
             )
-            self.assertLess(len(connection.queries), 10)
+            self.assertLess(len(ctx), 10)
 
     def test_explicit_batch_size(self):
         objs = [TwoFields(f1=i, f2=i) for i in range(0, 4)]
@@ -884,3 +883,35 @@ def test_db_default_field_excluded(self):
     def test_db_default_primary_key(self):
         (obj,) = DbDefaultPrimaryKey.objects.bulk_create([DbDefaultPrimaryKey()])
         self.assertIsInstance(obj.id, datetime)
+
+
+@skipUnlessDBFeature("supports_transactions", "has_bulk_insert")
+class BulkCreateTransactionTests(TransactionTestCase):
+    available_apps = ["bulk_create"]
+
+    def test_no_unnecessary_transaction(self):
+        with self.assertNumQueries(1):
+            Country.objects.bulk_create(
+                [Country(id=1, name="France", iso_two_letter="FR")]
+            )
+        with self.assertNumQueries(1):
+            Country.objects.bulk_create([Country(name="Canada", iso_two_letter="CA")])
+
+    def test_objs_with_and_without_pk(self):
+        with self.assertNumQueries(4):
+            Country.objects.bulk_create(
+                [
+                    Country(id=1, name="France", iso_two_letter="FR"),
+                    Country(name="Canada", iso_two_letter="CA"),
+                ]
+            )
+
+    def test_multiple_batches(self):
+        with self.assertNumQueries(4):
+            Country.objects.bulk_create(
+                [
+                    Country(name="France", iso_two_letter="FR"),
+                    Country(name="Canada", iso_two_letter="CA"),
+                ],
+                batch_size=1,
+            )