Added a test to reproduce the issue

tests/models.py

@@ -15,7 +15,10 @@ class RESTFrameworkModel(models.Model):
 
 
 class BasicModel(RESTFrameworkModel):
-    text = models.CharField(max_length=100, verbose_name=_("Text comes here"), help_text=_("Text description."))
+    text = models.CharField(
+        max_length=100,
+        verbose_name=_("Text comes here"),
+        help_text=_("Text description."))
 
 
 class BaseFilterableItem(RESTFrameworkModel):
@@ -45,6 +48,9 @@ class ManyToManySource(RESTFrameworkModel):
 class ForeignKeyTarget(RESTFrameworkModel):
     name = models.CharField(max_length=100)
 
+    def get_first_source(self):
+        return self.sources.first()
+
 
 class ForeignKeySource(RESTFrameworkModel):
     name = models.CharField(max_length=100)

tests/test_relations_hyperlink.py

@@ -50,6 +50,17 @@ class ForeignKeyTargetSerializer(serializers.HyperlinkedModelSerializer):
         fields = ('url', 'name', 'sources')
 
 
+class ForeignKeyTargetCallableSourceSerializer(serializers.HyperlinkedModelSerializer):
+    class Meta:
+        model = ForeignKeyTarget
+        fields = ('url', 'name', 'first_source')
+
+    first_source = serializers.HyperlinkedRelatedField(
+        read_only=True,
+        source='get_first_source',
+        view_name='foreignkeysource-detail')
+
+
 class ForeignKeySourceSerializer(serializers.HyperlinkedModelSerializer):
     class Meta:
         model = ForeignKeySource
@@ -444,3 +455,22 @@ class HyperlinkedNullableOneToOneTests(TestCase):
             {'url': 'http://testserver/onetoonetarget/2/', 'name': 'target-2', 'nullable_source': None},
         ]
         self.assertEqual(serializer.data, expected)
+
+
+class HyperlinkedRelationCallableSourceTests(TestCase):
+    urls = 'tests.test_relations_hyperlink'
+
+    def setUp(self):
+        self.target = ForeignKeyTarget.objects.create(name='target-1')
+        ForeignKeySource.objects.create(name='source-1', target=self.target)
+        ForeignKeySource.objects.create(name='source-2', target=self.target)
+
+    def test_relation_field_callable_source(self):
+        serializer = ForeignKeyTargetCallableSourceSerializer(self.target, context={'request': request})
+        expected = {
+            'url': 'http://testserver/foreignkeytarget/1/',
+            'name': 'target-1',
+            'first_source': 'http://testserver/foreignkeysource/1/',
+        }
+        with self.assertNumQueries(1):
+            self.assertEqual(serializer.data, expected)