diff --git a/activerecord/CHANGELOG.md b/activerecord/CHANGELOG.md
index d6f081ff18..b38e2b8c35 100644
--- a/activerecord/CHANGELOG.md
+++ b/activerecord/CHANGELOG.md
@@ -1,3 +1,18 @@
+*   Allow passing raw SQL as `returning` statement to `#upsert_all`:
+
+    ```ruby
+    Article.insert_all(
+    [
+        {title: "Article 1", slug: "article-1", published: false},
+        {title: "Article 2", slug: "article-2", published: false}
+      ],
+      # Some PostgreSQL magic here to detect which rows have been actually inserted
+      returning: "id, (xmax = '0') as inserted, name as new_name"
+    )
+    ```
+
+    *Vladimir Dementyev*
+
 *   Deprecate `legacy_connection_handling`.
 
     *Eileen M. Uchitelle*
diff --git a/activerecord/lib/active_record/insert_all.rb b/activerecord/lib/active_record/insert_all.rb
index 97c440cd9c..61c13ab4ab 100644
--- a/activerecord/lib/active_record/insert_all.rb
+++ b/activerecord/lib/active_record/insert_all.rb
@@ -151,7 +151,13 @@ module ActiveRecord
         end
 
         def returning
-          format_columns(insert_all.returning) if insert_all.returning
+          return unless insert_all.returning
+
+          if insert_all.returning.is_a?(String)
+            insert_all.returning
+          else
+            format_columns(insert_all.returning)
+          end
         end
 
         def conflict_target
diff --git a/activerecord/lib/active_record/persistence.rb b/activerecord/lib/active_record/persistence.rb
index 9406b84274..7004f447a9 100644
--- a/activerecord/lib/active_record/persistence.rb
+++ b/activerecord/lib/active_record/persistence.rb
@@ -91,6 +91,9 @@ module ActiveRecord
       #   or <tt>returning: false</tt> to omit the underlying <tt>RETURNING</tt> SQL
       #   clause entirely.
       #
+      #   You can also pass an SQL string if you need more control on the return values
+      #   (for example, <tt>returning: "id, name as new_name"</tt>).
+      #
       # [:unique_by]
       #   (PostgreSQL and SQLite only) By default rows are considered to be unique
       #   by every unique index on the table. Any duplicate rows are skipped.
@@ -168,6 +171,9 @@ module ActiveRecord
       #   or <tt>returning: false</tt> to omit the underlying <tt>RETURNING</tt> SQL
       #   clause entirely.
       #
+      #   You can also pass an SQL string if you need more control on the return values
+      #   (for example, <tt>returning: "id, name as new_name"</tt>).
+      #
       # ==== Examples
       #
       #   # Insert multiple records
@@ -216,6 +222,9 @@ module ActiveRecord
       #   or <tt>returning: false</tt> to omit the underlying <tt>RETURNING</tt> SQL
       #   clause entirely.
       #
+      #   You can also pass an SQL string if you need more control on the return values
+      #   (for example, <tt>returning: "id, name as new_name"</tt>).
+      #
       # [:unique_by]
       #   (PostgreSQL and SQLite only) By default rows are considered to be unique
       #   by every unique index on the table. Any duplicate rows are skipped.
diff --git a/activerecord/test/cases/insert_all_test.rb b/activerecord/test/cases/insert_all_test.rb
index b35c4724fe..87851518c2 100644
--- a/activerecord/test/cases/insert_all_test.rb
+++ b/activerecord/test/cases/insert_all_test.rb
@@ -109,6 +109,13 @@ class InsertAllTest < ActiveRecord::TestCase
     assert_equal %w[ Rework ], result.pluck("name")
   end
 
+  def test_insert_all_returns_requested_sql_fields
+    skip unless supports_insert_returning?
+
+    result = Book.insert_all! [{ name: "Rework", author_id: 1 }], returning: "UPPER(name) as name"
+    assert_equal %w[ REWORK ], result.pluck("name")
+  end
+
   def test_insert_all_can_skip_duplicate_records
     skip unless supports_insert_on_duplicate_skip?