diff --git a/rest_framework/fields.py b/rest_framework/fields.py
index e99e6047e..63fb0ae8e 100644
--- a/rest_framework/fields.py
+++ b/rest_framework/fields.py
@@ -116,6 +116,8 @@ class CreateOnlyDefault:
 
     def set_context(self, serializer_field):
         self.is_update = serializer_field.parent.instance is not None
+        if callable(self.default) and hasattr(self.default, 'set_context'):
+            self.default.set_context(serializer_field)
 
     def __call__(self):
         if self.is_update:
diff --git a/tests/test_fields.py b/tests/test_fields.py
index 3d2138a01..d4281861b 100644
--- a/tests/test_fields.py
+++ b/tests/test_fields.py
@@ -319,6 +319,25 @@ class TestCreateOnlyDefault:
             'text': 'example',
         }
 
+    def test_create_only_default_callable_sets_context(self):
+        """
+        CreateOnlyDefault instances with a callable default should set_context
+        on the callable if possible
+        """
+        class TestCallableDefault:
+            def set_context(self, serializer_field):
+                self.field = serializer_field
+
+            def __call__(self):
+                return "success" if hasattr(self, 'field') else "failure"
+
+        class TestSerializer(serializers.Serializer):
+            context_set = serializers.CharField(default=serializers.CreateOnlyDefault(TestCallableDefault()))
+
+        serializer = TestSerializer(data={})
+        assert serializer.is_valid()
+        assert serializer.validated_data['context_set'] == 'success'
+
 
 # Tests for field input and output values.
 # ----------------------------------------