diff --git a/lib/useOnyx.ts b/lib/useOnyx.ts
index f2aa7fa4..4dcbefac 100644
--- a/lib/useOnyx.ts
+++ b/lib/useOnyx.ts
@@ -122,6 +122,8 @@ function useOnyx<TKey extends OnyxKey, TReturnValue = OnyxValue<TKey>>(
     // Stores the newest cached value in order to compare with the previous one and optimize `getSnapshot()` execution.
     const newValueRef = useRef<TReturnValue | undefined | null>(null);
 
+    const lastConnectedKeyRef = useRef<TKey>(key);
+
     // Stores the previously result returned by the hook, containing the data from cache and the fetch status.
     // We initialize it to `undefined` and `loading` fetch status to simulate the initial result when the hook is loading from the cache.
     // However, if `initWithStoredValues` is `false` we set the fetch status to `loaded` since we want to signal that data is ready.
@@ -162,6 +164,16 @@ function useOnyx<TKey extends OnyxKey, TReturnValue = OnyxValue<TKey>>(
 
     useEffect(() => () => onyxSnapshotCache.deregisterConsumer(key, cacheKey), [key, cacheKey]);
 
+    useEffect(() => {
+        if (lastConnectedKeyRef.current === key) {
+            return;
+        }
+        lastConnectedKeyRef.current = key;
+        shouldGetCachedValueRef.current = true;
+        previousValueRef.current = null;
+        resultRef.current = [undefined, {status: options?.initWithStoredValues === false ? 'loaded' : 'loading'}];
+    }, [key, options?.initWithStoredValues]);
+
     useEffect(() => {
         // These conditions will ensure we can only handle dynamic collection member keys from the same collection.
         if (options?.allowDynamicKey || previousKey === key) {