diff --git a/rest_framework/runtests/settings.py b/rest_framework/runtests/settings.py
index be7216580..3fc0eb2f4 100644
--- a/rest_framework/runtests/settings.py
+++ b/rest_framework/runtests/settings.py
@@ -100,6 +100,9 @@ INSTALLED_APPS = (
     'rest_framework',
     'rest_framework.authtoken',
     'rest_framework.tests',
+    'rest_framework.tests.accounts',
+    'rest_framework.tests.records',
+    'rest_framework.tests.users',
 )
 
 # OAuth is optional and won't work if there is no oauth_provider & oauth2
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index b22ca5783..0ea2cadbf 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -13,8 +13,10 @@ response content is handled by parsers and renderers.
 from __future__ import unicode_literals
 import copy
 import datetime
+import inspect
 import types
 from decimal import Decimal
+from django.core.exceptions import ImproperlyConfigured
 from django.core.paginator import Page
 from django.db import models
 from django.forms import widgets
@@ -32,6 +34,27 @@ from rest_framework.relations import *
 from rest_framework.fields import *
 
 
+def _resolve_model(obj):
+    """
+    Resolve supplied `obj` to a Django model class.
+
+    `obj` must be a Django model class itself, or a string
+    representation of one.  Useful in situtations like GH #1225 where
+    Django may not have resolved a string-based reference to a model in
+    another model's foreign key definition.
+
+    String representations should have the format:
+        'appname.ModelName'
+    """
+    if type(obj) == str and len(obj.split('.')) == 2:
+        app_name, model_name = obj.split('.')
+        return models.get_model(app_name, model_name)
+    elif inspect.isclass(obj) and issubclass(obj, models.Model):
+        return obj
+    else:
+        raise ValueError("{0} is not a Django model".format(obj))
+
+
 def pretty_name(name):
     """Converts 'first_name' to 'First name'"""
     if not name:
@@ -656,7 +679,10 @@ class ModelSerializer(Serializer):
             if model_field.rel:
                 to_many = isinstance(model_field,
                                      models.fields.related.ManyToManyField)
-                related_model = model_field.rel.to
+                try:
+                    related_model = _resolve_model(model_field.rel.to)
+                except ValueError as error_message:
+                    raise ImproperlyConfigured(error_message)
 
                 if to_many and not model_field.rel.through._meta.auto_created:
                     has_through_model = True
diff --git a/rest_framework/tests/accounts/__init__.py b/rest_framework/tests/accounts/__init__.py
new file mode 100644
index 000000000..e69de29bb
diff --git a/rest_framework/tests/accounts/models.py b/rest_framework/tests/accounts/models.py
new file mode 100644
index 000000000..525e601ba
--- /dev/null
+++ b/rest_framework/tests/accounts/models.py
@@ -0,0 +1,8 @@
+from django.db import models
+
+from rest_framework.tests.users.models import User
+
+
+class Account(models.Model):
+    owner = models.ForeignKey(User, related_name='accounts_owned')
+    admins = models.ManyToManyField(User, blank=True, null=True, related_name='accounts_administered')
diff --git a/rest_framework/tests/accounts/serializers.py b/rest_framework/tests/accounts/serializers.py
new file mode 100644
index 000000000..a27b9ca6f
--- /dev/null
+++ b/rest_framework/tests/accounts/serializers.py
@@ -0,0 +1,11 @@
+from rest_framework import serializers
+
+from rest_framework.tests.accounts.models import Account
+from rest_framework.tests.users.serializers import UserSerializer
+
+
+class AccountSerializer(serializers.ModelSerializer):
+    admins = UserSerializer(many=True)
+
+    class Meta:
+        model = Account
diff --git a/rest_framework/tests/records/__init__.py b/rest_framework/tests/records/__init__.py
new file mode 100644
index 000000000..e69de29bb
diff --git a/rest_framework/tests/records/models.py b/rest_framework/tests/records/models.py
new file mode 100644
index 000000000..769548074
--- /dev/null
+++ b/rest_framework/tests/records/models.py
@@ -0,0 +1,6 @@
+from django.db import models
+
+
+class Record(models.Model):
+    account = models.ForeignKey('accounts.Account', blank=True, null=True)
+    owner = models.ForeignKey('users.User', blank=True, null=True)
diff --git a/rest_framework/tests/test_serializer_import.py b/rest_framework/tests/test_serializer_import.py
new file mode 100644
index 000000000..9f30a7ffa
--- /dev/null
+++ b/rest_framework/tests/test_serializer_import.py
@@ -0,0 +1,19 @@
+from django.test import TestCase
+
+from rest_framework import serializers
+from rest_framework.tests.accounts.serializers import AccountSerializer
+
+
+class ImportingModelSerializerTests(TestCase):
+    """
+    In some situations like, GH #1225, it is possible, especially in
+    testing, to import a serializer who's related models have not yet
+    been resolved by Django. `AccountSerializer` is an example of such
+    a serializer (imported at the top of this file).
+    """
+    def test_import_model_serializer(self):
+        """
+        The serializer at the top of this file should have been
+        imported successfully, and we should be able to instantiate it.
+        """
+        self.assertIsInstance(AccountSerializer(), serializers.ModelSerializer)
diff --git a/rest_framework/tests/test_serializer_nested.py b/rest_framework/tests/test_serializer_nested.py
index 7114a0603..6d69ffbd0 100644
--- a/rest_framework/tests/test_serializer_nested.py
+++ b/rest_framework/tests/test_serializer_nested.py
@@ -345,4 +345,3 @@ class NestedModelSerializerUpdateTests(TestCase):
         result = deserialize.object
         result.save()
         self.assertEqual(result.id, john.id)
-
diff --git a/rest_framework/tests/test_serializers.py b/rest_framework/tests/test_serializers.py
new file mode 100644
index 000000000..082a400ca
--- /dev/null
+++ b/rest_framework/tests/test_serializers.py
@@ -0,0 +1,28 @@
+from django.db import models
+from django.test import TestCase
+
+from rest_framework.serializers import _resolve_model
+from rest_framework.tests.models import BasicModel
+
+
+class ResolveModelTests(TestCase):
+    """
+    `_resolve_model` should return a Django model class given the
+    provided argument is a Django model class itself, or a properly
+    formatted string representation of one.
+    """
+    def test_resolve_django_model(self):
+        resolved_model = _resolve_model(BasicModel)
+        self.assertEqual(resolved_model, BasicModel)
+
+    def test_resolve_string_representation(self):
+        resolved_model = _resolve_model('tests.BasicModel')
+        self.assertEqual(resolved_model, BasicModel)
+
+    def test_resolve_non_django_model(self):
+        with self.assertRaises(ValueError):
+            _resolve_model(TestCase)
+
+    def test_resolve_improper_string_representation(self):
+        with self.assertRaises(ValueError):
+            _resolve_model('BasicModel')
diff --git a/rest_framework/tests/users/__init__.py b/rest_framework/tests/users/__init__.py
new file mode 100644
index 000000000..e69de29bb
diff --git a/rest_framework/tests/users/models.py b/rest_framework/tests/users/models.py
new file mode 100644
index 000000000..128bac90b
--- /dev/null
+++ b/rest_framework/tests/users/models.py
@@ -0,0 +1,6 @@
+from django.db import models
+
+
+class User(models.Model):
+    account = models.ForeignKey('accounts.Account', blank=True, null=True, related_name='users')
+    active_record = models.ForeignKey('records.Record', blank=True, null=True)
diff --git a/rest_framework/tests/users/serializers.py b/rest_framework/tests/users/serializers.py
new file mode 100644
index 000000000..da4965540
--- /dev/null
+++ b/rest_framework/tests/users/serializers.py
@@ -0,0 +1,8 @@
+from rest_framework import serializers
+
+from rest_framework.tests.users.models import User
+
+
+class UserSerializer(serializers.ModelSerializer):
+    class Meta:
+        model = User