diff --git a/CHANGES.md b/CHANGES.md
index 416aabcdf13..215c91cdefd 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -26,6 +26,8 @@
 - Collapse multiple empty lines after an import into one (#4489)
 - Prevent `string_processing` and `wrap_long_dict_values_in_parens` from removing
   parentheses around long dictionary values (#4377)
+- Fix a bug where one-liner functions/conditionals marked with `# fmt: skip`
+  would still be formatted (#4552)
 
 ### Configuration
 
diff --git a/docs/the_black_code_style/future_style.md b/docs/the_black_code_style/future_style.md
index bc3e233ed3d..28cec8bcfff 100644
--- a/docs/the_black_code_style/future_style.md
+++ b/docs/the_black_code_style/future_style.md
@@ -43,6 +43,9 @@ Currently, the following features are included in the preview style:
   cases)
 - `always_one_newline_after_import`: Always force one blank line after import
   statements, except when the line after the import is a comment or an import statement
+- `fix_fmt_skip_in_one_liners`: Fix `# fmt: skip` behaviour on one-liner declarations,
+  such as `def foo(): return "mock"  # fmt: skip`, where previously the declaration
+  would have been incorrectly collapsed.
 
 (labels/unstable-features)=
 
diff --git a/src/black/comments.py b/src/black/comments.py
index b7aeca2a6a7..0b6b1f0c340 100644
--- a/src/black/comments.py
+++ b/src/black/comments.py
@@ -274,7 +274,7 @@ def generate_ignored_nodes(
     Stops at the end of the block.
     """
     if _contains_fmt_skip_comment(comment.value, mode):
-        yield from _generate_ignored_nodes_from_fmt_skip(leaf, comment)
+        yield from _generate_ignored_nodes_from_fmt_skip(leaf, comment, mode)
         return
     container: Optional[LN] = container_of(leaf)
     while container is not None and container.type != token.ENDMARKER:
@@ -313,11 +313,12 @@ def generate_ignored_nodes(
 
 
 def _generate_ignored_nodes_from_fmt_skip(
-    leaf: Leaf, comment: ProtoComment
+    leaf: Leaf, comment: ProtoComment, mode: Mode
 ) -> Iterator[LN]:
     """Generate all leaves that should be ignored by the `# fmt: skip` from `leaf`."""
     prev_sibling = leaf.prev_sibling
     parent = leaf.parent
+    ignored_nodes: list[LN] = []
     # Need to properly format the leaf prefix to compare it to comment.value,
     # which is also formatted
     comments = list_comments(leaf.prefix, is_endmarker=False)
@@ -325,11 +326,54 @@ def _generate_ignored_nodes_from_fmt_skip(
         return
     if prev_sibling is not None:
         leaf.prefix = ""
-        siblings = [prev_sibling]
-        while "\n" not in prev_sibling.prefix and prev_sibling.prev_sibling is not None:
-            prev_sibling = prev_sibling.prev_sibling
-            siblings.insert(0, prev_sibling)
-        yield from siblings
+
+        if Preview.multiline_string_handling not in mode:
+            siblings = [prev_sibling]
+            while (
+                "\n" not in prev_sibling.prefix
+                and prev_sibling.prev_sibling is not None
+            ):
+                prev_sibling = prev_sibling.prev_sibling
+                siblings.insert(0, prev_sibling)
+            yield from siblings
+            return
+
+        # Generates the nodes to be ignored by `fmt: skip`.
+
+        # Nodes to ignore are the ones on the same line as the
+        # `# fmt: skip` comment, excluding the `# fmt: skip`
+        # node itself.
+
+        # Traversal process (starting at the `# fmt: skip` node):
+        # 1. Move to the `prev_sibling` of the current node.
+        # 2. If `prev_sibling` has children, go to its rightmost leaf.
+        # 3. If there’s no `prev_sibling`, move up to the parent
+        # node and repeat.
+        # 4. Continue until:
+        #    a. You encounter an `INDENT` or `NEWLINE` node (indicates
+        #       start of the line).
+        #    b. You reach the root node.
+
+        # Include all visited LEAVES in the ignored list, except INDENT
+        # or NEWLINE leaves.
+
+        current_node = prev_sibling
+        ignored_nodes = [current_node]
+        if current_node.prev_sibling is None and current_node.parent is not None:
+            current_node = current_node.parent
+        while "\n" not in current_node.prefix and current_node.prev_sibling is not None:
+            leaf_nodes = list(current_node.prev_sibling.leaves())
+            current_node = leaf_nodes[-1] if leaf_nodes else current_node
+
+            if current_node.type in (token.NEWLINE, token.INDENT):
+                current_node.prefix = ""
+                break
+
+            ignored_nodes.insert(0, current_node)
+
+            if current_node.prev_sibling is None and current_node.parent is not None:
+                current_node = current_node.parent
+        yield from ignored_nodes
     elif (
         parent is not None and parent.type == syms.suite and leaf.type == token.NEWLINE
     ):
@@ -337,7 +381,6 @@ def _generate_ignored_nodes_from_fmt_skip(
         # statements. The ignored nodes should be previous siblings of the
         # parent suite node.
         leaf.prefix = ""
-        ignored_nodes: list[LN] = []
         parent_sibling = parent.prev_sibling
         while parent_sibling is not None and parent_sibling.type != syms.suite:
             ignored_nodes.insert(0, parent_sibling)
diff --git a/src/black/mode.py b/src/black/mode.py
index 96f72cc2ded..a33bdd0b0c4 100644
--- a/src/black/mode.py
+++ b/src/black/mode.py
@@ -215,6 +215,7 @@ class Preview(Enum):
     remove_lone_list_item_parens = auto()
     pep646_typed_star_arg_type_var_tuple = auto()
     always_one_newline_after_import = auto()
+    fix_fmt_skip_in_one_liners = auto()
 
 
 UNSTABLE_FEATURES: set[Preview] = {
diff --git a/src/black/resources/black.schema.json b/src/black/resources/black.schema.json
index f1d471e7616..a86eb14531d 100644
--- a/src/black/resources/black.schema.json
+++ b/src/black/resources/black.schema.json
@@ -93,7 +93,8 @@
           "parens_for_long_if_clauses_in_case_block",
           "remove_lone_list_item_parens",
           "pep646_typed_star_arg_type_var_tuple",
-          "always_one_newline_after_import"
+          "always_one_newline_after_import",
+          "fix_fmt_skip_in_one_liners"
         ]
       },
       "description": "Enable specific features included in the `--unstable` style. Requires `--preview`. No compatibility guarantees are provided on the behavior or existence of any unstable features."
diff --git a/tests/data/cases/fmtskip10.py b/tests/data/cases/fmtskip10.py
new file mode 100644
index 00000000000..47767cd3298
--- /dev/null
+++ b/tests/data/cases/fmtskip10.py
@@ -0,0 +1,9 @@
+# flags: --unstable
+def foo(): return "mock"  # fmt: skip
+if True: print("yay")  # fmt: skip
+for i in range(10): print(i)  # fmt: skip
+
+j =     1 # fmt: skip
+while j < 10: j += 1  # fmt: skip
+
+b = [c for c in "A very long string that would normally generate some kind of collapse, since it is this long"] # fmt: skip