diff --git a/edgy/core/db/fields/list_foreign_key.py b/edgy/core/db/fields/list_foreign_key.py
index 3fee5415..1bd27956 100644
--- a/edgy/core/db/fields/list_foreign_key.py
+++ b/edgy/core/db/fields/list_foreign_key.py
@@ -1,6 +1,11 @@
+import typing
 from functools import cached_property
+from inspect import isclass
 from typing import TYPE_CHECKING, Any, TypeVar
 
+from typing_extensions import get_origin
+
+import edgy
 from edgy.core.connection.registry import Registry
 from edgy.core.db.constants import CASCADE, RESTRICT
 from edgy.core.db.fields._base_fk import BaseField, BaseForeignKey
@@ -80,12 +85,6 @@ def target(self) -> Any:
         """
         The target of the ForeignKey model.
         """
-        from edgy.core.db.models.model_reference import ModelRef
-
-        if not issubclass(self.to, ModelRef):
-            raise ModelReferenceError(
-                detail="A model reference must be an object of type ModelRef"
-            )
         if not hasattr(self, "_target"):
             if isinstance(self.to.__model__, str):
                 self._target = self.registry.models[self.to.__model__]  # type: ignore
@@ -97,13 +96,29 @@ def target(self) -> Any:
 
 
 class ListForeignKey(ForeignKeyFieldFactory, list):
+    @classmethod
+    def is_class_and_subclass(cls, value: typing.Any, _type: typing.Any) -> bool:
+        original = get_origin(value)
+        if not original and not isclass(value):
+            return False
+
+        try:
+            if original:
+                return original and issubclass(original, _type)
+            return issubclass(value, _type)
+        except TypeError:
+            return False
+
     def __new__(  # type: ignore
         cls,
         to: "ModelRef",
         null: bool = False,
     ) -> BaseField:
+        if not cls.is_class_and_subclass(to, edgy.ModelRef):
+            raise ModelReferenceError(
+                detail="A model reference must be an object of type ModelRef"
+            )
         kwargs = {
             **{key: value for key, value in locals().items() if key not in CLASS_DEFAULTS},
         }
-
         return super().__new__(cls, **kwargs)
diff --git a/edgy/core/utils/models.py b/edgy/core/utils/models.py
index cdec7f0e..7da7f857 100644
--- a/edgy/core/utils/models.py
+++ b/edgy/core/utils/models.py
@@ -59,6 +59,7 @@ def extract_model_references(
         model_references = {
             name: extracted_values.get(name, None)
             for name in model_class.meta.model_references.keys()  # type: ignore
+            if extracted_values.get(name)
         }
         return model_references
 
diff --git a/tests/foreign_keys/test_list_foreignkey.py b/tests/foreign_keys/test_list_foreignkey.py
index 527f7e76..a8d1865f 100644
--- a/tests/foreign_keys/test_list_foreignkey.py
+++ b/tests/foreign_keys/test_list_foreignkey.py
@@ -1,8 +1,10 @@
 import pytest
+from pydantic import __version__
 from tests.settings import DATABASE_URL
 
 import edgy
 from edgy import ModelRef
+from edgy.exceptions import ModelReferenceError
 from edgy.testclient import DatabaseTestClient as Database
 
 pytestmark = pytest.mark.anyio
@@ -10,6 +12,8 @@
 database = Database(DATABASE_URL)
 models = edgy.Registry(database=database)
 
+pydantic_version = __version__[:3]
+
 
 class TrackModelRef(ModelRef):
     __model__ = "Track"
@@ -36,6 +40,24 @@ class Meta:
         registry = models
 
 
+class PostRef(ModelRef):
+    __model__ = "Post"
+    comment: str
+
+
+class Post(edgy.Model):
+    user = edgy.ForeignKey("User")
+    comment = edgy.CharField(max_length=255)
+
+
+class User(edgy.Model):
+    name = edgy.CharField(max_length=100, null=True)
+    posts = edgy.ListForeignKey(PostRef)
+
+    class Meta:
+        registry = models
+
+
 @pytest.fixture(autouse=True, scope="module")
 async def create_test_database():
     await models.create_all()
@@ -178,3 +200,34 @@ async def test_on_delete_cascade():
     await album.delete()
 
     assert await Track.query.count() == 0
+
+
+@pytest.mark.parametrize(
+    "to",
+    [1, {"id": 2}, [3], [4, [4]], Track],
+    ids=["int", "dict", "list", "list-of_lists", "model"],
+)
+async def test_raises_model_reference_error(to):
+    with pytest.raises(ModelReferenceError):
+
+        class User(edgy.Model):
+            name = edgy.CharField(max_length=100)
+            users = edgy.ListForeignKey(to, null=True)
+
+            class Meta:
+                registry = models
+
+
+async def test_raise_value_error_on_missing_model_fields():
+    with pytest.raises(ValueError) as raised:
+        await User.query.create()
+
+    assert raised.value.errors() == [
+        {
+            "type": "missing",
+            "loc": ("posts",),
+            "msg": "Field required",
+            "input": {},
+            "url": f"https://errors.pydantic.dev/{pydantic_version}/v/missing",
+        }
+    ]