diff --git a/djangorestframework/compat.py b/djangorestframework/compat.py
index c9ae3b930..5f5e8b6aa 100644
--- a/djangorestframework/compat.py
+++ b/djangorestframework/compat.py
@@ -421,7 +421,7 @@ try:
             md = markdown.Markdown(extensions=extensions, safe_mode=safe_mode)
         return md.convert(text)
 
-except ImportError:
+except (ImportError, AttributeError):
     apply_markdown = None
 
 # Yaml is optional