diff --git a/CHANGELOG.md b/CHANGELOG.md
index cc36160e01..3203e72bd9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,7 @@
 
 ## Unreleased
 
+- Improved the performance of `Product::getVariants()`. ([#3578](https://github.com/craftcms/commerce/issues/3758))
 - Fixed a SQL error that could occur when creating a variant. ([#3763](https://github.com/craftcms/commerce/issues/))
 
 ## 5.2.3 - 2024-11-13
diff --git a/src/elements/Product.php b/src/elements/Product.php
index 98eea0d891..20526d32c8 100644
--- a/src/elements/Product.php
+++ b/src/elements/Product.php
@@ -1045,6 +1045,21 @@ public function getVariants(bool $includeDisabled = false): VariantCollection
             }
 
             $this->_variants = self::createVariantQuery($this)->status(null)->collect();
+            $this->_variants->map(function(Variant $v) {
+                if (!$this->id) {
+                    return $v;
+                }
+
+                if ($v->primaryOwnerId === $this->id) {
+                    $v->setPrimaryOwner($this);
+                }
+
+                if ($v->ownerId === $this->id) {
+                    $v->setOwner($this);
+                }
+
+                return $v;
+            });
         }
 
         return $this->_variants->filter(fn(Variant $variant) => $includeDisabled || ($variant->getStatus() === self::STATUS_ENABLED));
diff --git a/src/elements/Variant.php b/src/elements/Variant.php
index f1b8816b92..f0ddc22b28 100755
--- a/src/elements/Variant.php
+++ b/src/elements/Variant.php
@@ -60,8 +60,6 @@
  * @property-read string $gqlTypeName
  * @property-read string $skuAsText
  * @property string $salePriceAsCurrency
- * @method Product|null getOwner()
- * @method Product|null getPrimaryOwner()
  * @author Pixel & Tonic, Inc. <support@pixelandtonic.com>
  * @since 2.0
  */
@@ -524,6 +522,59 @@ public function setOwner(?ElementInterface $owner): void
         $this->traitSetOwner($owner);
     }
 
+    /**
+     * @inheritdoc
+     * @TODO remove implementation when `NestedElementTrait::getOwner()` is updated
+     */
+    public function getPrimaryOwner(): ?Product
+    {
+        if (!isset($this->_primaryOwner)) {
+            $primaryOwnerId = $this->getPrimaryOwnerId();
+            if (!$primaryOwnerId) {
+                return null;
+            }
+
+            $this->_primaryOwner = Craft::$app->getElements()->getElementById($primaryOwnerId, Product::class, $this->siteId, [
+                'trashed' => null,
+            ]) ?? false;
+            if (!$this->_primaryOwner) {
+                throw new InvalidConfigException("Invalid owner ID: $primaryOwnerId");
+            }
+        }
+
+        /** @phpstan-ignore-next-line */
+        return $this->_primaryOwner ?: null;
+    }
+
+    /**
+     * @inheritdoc
+     * @TODO remove implementation when `NestedElementTrait::getOwner()` is updated
+     */
+    public function getOwner(): ?Product
+    {
+        if (!isset($this->_owner)) {
+            $ownerId = $this->getOwnerId();
+            if (!$ownerId) {
+                return null;
+            }
+
+            // If ownerId and primaryOwnerId are the same, return the primary owner
+            if ($ownerId === $this->getPrimaryOwnerId()) {
+                return $this->getPrimaryOwner();
+            }
+
+            $this->_owner = Craft::$app->getElements()->getElementById($ownerId, Product::class, $this->siteId, [
+                'trashed' => null,
+            ]) ?? false;
+            if (!$this->_owner) {
+                throw new InvalidConfigException("Invalid owner ID: $ownerId");
+            }
+        }
+
+        /** @phpstan-ignore-next-line */
+        return $this->_owner ?: null;
+    }
+
     /**
      * Returns the product associated with this variant.
      *