diff --git a/erpnext/stock/doctype/price_list/price_list.py b/erpnext/stock/doctype/price_list/price_list.py
index 9ee05a3f6c7..ab6d1287444 100644
--- a/erpnext/stock/doctype/price_list/price_list.py
+++ b/erpnext/stock/doctype/price_list/price_list.py
@@ -5,7 +5,7 @@
 import frappe
 from frappe import _, throw
 from frappe.model.document import Document
-from frappe.utils import cint
+from frappe.utils import cint, now
 
 
 class PriceList(Document):
@@ -47,11 +47,15 @@ class PriceList(Document):
 				frappe.set_value("Buying Settings", "Buying Settings", "buying_price_list", self.name)
 
 	def update_item_price(self):
-		frappe.db.sql(
-			"""update `tabItem Price` set currency=%s,
-			buying=%s, selling=%s, modified=NOW() where price_list=%s""",
-			(self.currency, cint(self.buying), cint(self.selling), self.name),
-		)
+		item_price = frappe.qb.DocType("Item Price")
+		(
+			frappe.qb.update(item_price)
+			.set(item_price.currency, self.currency)
+			.set(item_price.buying, cint(self.buying))
+			.set(item_price.selling, cint(self.selling))
+			.set(item_price.modified, now())
+			.where(item_price.price_list == self.name)
+		).run()
 
 	def on_trash(self):
 		self.delete_price_list_details_key()
diff --git a/erpnext/stock/doctype/price_list/test_price_list.py b/erpnext/stock/doctype/price_list/test_price_list.py
index 4c6b653d003..bbe56f2533f 100644
--- a/erpnext/stock/doctype/price_list/test_price_list.py
+++ b/erpnext/stock/doctype/price_list/test_price_list.py
@@ -1,4 +1,83 @@
-# Copyright (c) 2015, Frappe Technologies Pvt. Ltd. and Contributors
+# Copyright (c) 2024, Frappe Technologies Pvt. Ltd. and Contributors
 # License: GNU General Public License v3. See license.txt
 
 
+import frappe
+from frappe.utils import random_string
+
+from erpnext.tests.utils import ERPNextTestSuite
+
+
+class TestPriceList(ERPNextTestSuite):
+	def make_price_list(self, currency="INR", buying=1, selling=1):
+		price_list = frappe.get_doc(
+			{
+				"doctype": "Price List",
+				"price_list_name": "_Test PL " + random_string(10),
+				"enabled": 1,
+				"currency": currency,
+				"buying": buying,
+				"selling": selling,
+			}
+		).insert()
+		return price_list
+
+	def make_item_price(self, price_list, item_code="_Test Item", rate=100):
+		return frappe.get_doc(
+			{
+				"doctype": "Item Price",
+				"item_code": item_code,
+				"price_list": price_list,
+				"price_list_rate": rate,
+			}
+		).insert()
+
+	def test_update_item_price_propagates_currency_and_flags(self):
+		# Price List starts in INR, applicable for both buying and selling.
+		price_list = self.make_price_list(currency="INR", buying=1, selling=1)
+
+		ip1 = self.make_item_price(price_list.name, item_code="_Test Item", rate=100)
+		ip2 = self.make_item_price(price_list.name, item_code="_Test Item 2", rate=250)
+
+		# Sanity: Item Price rows inherited the Price List's initial state.
+		for ip in (ip1, ip2):
+			row = frappe.db.get_value("Item Price", ip.name, ["currency", "buying", "selling"], as_dict=True)
+			self.assertEqual(row.currency, "INR")
+			self.assertEqual(row.buying, 1)
+			self.assertEqual(row.selling, 1)
+
+		# Change the Price List's currency and flip the buying flag off.
+		# on_update -> update_item_price() should bulk-UPDATE every Item Price
+		# linked to this Price List.
+		price_list.currency = "USD"
+		price_list.buying = 0
+		price_list.selling = 1
+		price_list.save()
+
+		for ip in (ip1, ip2):
+			row = frappe.db.get_value("Item Price", ip.name, ["currency", "buying", "selling"], as_dict=True)
+			self.assertEqual(row.currency, "USD")
+			self.assertEqual(row.buying, 0)
+			self.assertEqual(row.selling, 1)
+
+	def test_update_item_price_scoped_to_own_price_list(self):
+		# Two independent Price Lists; updating one must not touch the other's
+		# Item Price rows (the WHERE price_list == self.name clause).
+		pl_a = self.make_price_list(currency="INR", buying=1, selling=1)
+		pl_b = self.make_price_list(currency="INR", buying=1, selling=1)
+
+		ip_a = self.make_item_price(pl_a.name, item_code="_Test Item", rate=100)
+		ip_b = self.make_item_price(pl_b.name, item_code="_Test Item", rate=100)
+
+		pl_a.currency = "USD"
+		pl_a.buying = 0
+		pl_a.save()
+
+		row_a = frappe.db.get_value("Item Price", ip_a.name, ["currency", "buying"], as_dict=True)
+		self.assertEqual(row_a.currency, "USD")
+		self.assertEqual(row_a.buying, 0)
+
+		# pl_b was untouched, so its Item Price must keep the original values.
+		row_b = frappe.db.get_value("Item Price", ip_b.name, ["currency", "buying"], as_dict=True)
+		self.assertEqual(row_b.currency, "INR")
+		self.assertEqual(row_b.buying, 1)