diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 5b06cd8d7..8aedfbdfb 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -990,7 +990,7 @@ class ModelSerializer(Serializer):
                 try:
                     attr_instance = getattr(instance, keys[0])
                     related_models_to_save[key] = attr_instance
-                except AttributeError:
+                except (AttributeError, ObjectDoesNotExist):
                     self._errors[key] = self.error_messages['missing']
                     continue