diff --git a/.github/workflows/test.yml b/.github/workflows/test.yml
index 990bf46de..9b8fd9cb5 100644
--- a/.github/workflows/test.yml
+++ b/.github/workflows/test.yml
@@ -68,7 +68,7 @@ jobs:
         run: pip install --upgrade "pydantic>=1.10.0,<2.0.0"
       - name: Install Pydantic v2
         if: matrix.pydantic-version == 'pydantic-v2'
-        run: pip install --upgrade "pydantic>=2.0.2,<3.0.0"
+        run: pip install --upgrade "pydantic>=2.0.2,<2.7.0"
       - name: Lint
         # Do not run on Python 3.7 as mypy behaves differently
         if: matrix.python-version != '3.7' && matrix.pydantic-version == 'pydantic-v2'
diff --git a/sqlmodel/main.py b/sqlmodel/main.py
index 9e8330d69..8b7a20777 100644
--- a/sqlmodel/main.py
+++ b/sqlmodel/main.py
@@ -106,6 +106,8 @@ def __init__(self, default: Any = Undefined, **kwargs: Any) -> None:
         sa_column = kwargs.pop("sa_column", Undefined)
         sa_column_args = kwargs.pop("sa_column_args", Undefined)
         sa_column_kwargs = kwargs.pop("sa_column_kwargs", Undefined)
+        sa_foreign_key_args = kwargs.pop("sa_foreign_key_args", Undefined)
+        sa_foreign_key_kwargs = kwargs.pop("sa_foreign_key_kwargs", Undefined)
         if sa_column is not Undefined:
             if sa_column_args is not Undefined:
                 raise RuntimeError(
@@ -153,6 +155,8 @@ def __init__(self, default: Any = Undefined, **kwargs: Any) -> None:
         self.sa_column = sa_column
         self.sa_column_args = sa_column_args
         self.sa_column_kwargs = sa_column_kwargs
+        self.sa_foreign_key_args = sa_foreign_key_args
+        self.sa_foreign_key_kwargs = sa_foreign_key_kwargs
 
 
 class RelationshipInfo(Representation):
@@ -222,6 +226,8 @@ def Field(
     sa_type: Union[Type[Any], UndefinedType] = Undefined,
     sa_column_args: Union[Sequence[Any], UndefinedType] = Undefined,
     sa_column_kwargs: Union[Mapping[str, Any], UndefinedType] = Undefined,
+    sa_foreign_key_args: Union[Sequence[Any], UndefinedType] = Undefined,
+    sa_foreign_key_kwargs: Union[Mapping[str, Any], UndefinedType] = Undefined,
     schema_extra: Optional[Dict[str, Any]] = None,
 ) -> Any:
     ...
@@ -303,6 +309,8 @@ def Field(
     sa_column: Union[Column, UndefinedType] = Undefined,  # type: ignore
     sa_column_args: Union[Sequence[Any], UndefinedType] = Undefined,
     sa_column_kwargs: Union[Mapping[str, Any], UndefinedType] = Undefined,
+    sa_foreign_key_args: Union[Sequence[Any], UndefinedType] = Undefined,
+    sa_foreign_key_kwargs: Union[Mapping[str, Any], UndefinedType] = Undefined,
     schema_extra: Optional[Dict[str, Any]] = None,
 ) -> Any:
     current_schema_extra = schema_extra or {}
@@ -340,6 +348,8 @@ def Field(
         sa_column=sa_column,
         sa_column_args=sa_column_args,
         sa_column_kwargs=sa_column_kwargs,
+        sa_foreign_key_args=sa_foreign_key_args,
+        sa_foreign_key_kwargs=sa_foreign_key_kwargs,
         **current_schema_extra,
     )
     post_init_field_info(field_info)
@@ -638,7 +648,19 @@ def get_column_from_field(field: Any) -> Column:  # type: ignore
         unique = False
     if foreign_key:
         assert isinstance(foreign_key, str)
-        args.append(ForeignKey(foreign_key))
+        sa_foreign_key_args = getattr(field_info, "sa_foreign_key_args", Undefined)
+        fk_args = (
+            []
+            if sa_foreign_key_args is Undefined
+            else list(cast(Sequence[Any], sa_foreign_key_args))
+        )
+        sa_foreign_key_kwargs = getattr(field_info, "sa_foreign_key_kwargs", Undefined)
+        fk_kwargs = (
+            {}
+            if sa_foreign_key_kwargs is Undefined
+            else cast(Dict[Any, Any], sa_foreign_key_kwargs)
+        )
+        args.append(ForeignKey(foreign_key, *fk_args, **fk_kwargs))
     kwargs = {
         "primary_key": primary_key,
         "nullable": nullable,
diff --git a/tests/test_field_sa_fk_args_kwargs.py b/tests/test_field_sa_fk_args_kwargs.py
new file mode 100644
index 000000000..2cbe26210
--- /dev/null
+++ b/tests/test_field_sa_fk_args_kwargs.py
@@ -0,0 +1,75 @@
+import contextlib
+import re
+from typing import Optional
+
+import pytest
+import sqlalchemy.exc
+from sqlalchemy import ForeignKey, create_engine
+from sqlmodel import Field, SQLModel
+from sqlmodel._compat import IS_PYDANTIC_V2
+
+
+def test_base_model_fk(clear_sqlmodel, caplog) -> None:
+    class User(SQLModel, table=True):
+        id: Optional[int] = Field(default=None, primary_key=True)
+
+    class Base(SQLModel):
+        owner_id: Optional[int] = Field(
+            default=None, sa_column_args=(ForeignKey("user.id", ondelete="SET NULL"),)
+        )
+
+    class Asset(Base, table=True):
+        id: Optional[int] = Field(default=None, primary_key=True)
+
+    # Fails in Pydantic v2, but not v1
+    with pytest.raises(
+        sqlalchemy.exc.InvalidRequestError
+    ) if IS_PYDANTIC_V2 else contextlib.nullcontext() as e:
+
+        class Document(Base, table=True):
+            id: Optional[int] = Field(default=None, primary_key=True)
+
+    if e:
+        assert "This ForeignKey already has a parent" in str(e.errisinstance)
+
+    engine = create_engine("sqlite://", echo=True)
+    SQLModel.metadata.create_all(engine)
+
+    fk_log = [
+        message
+        for message in caplog.messages
+        if re.search(
+            r"FOREIGN KEY\s*\(owner_id\)\s*REFERENCES\s*user\s*\(id\)", message
+        )
+    ][0]
+    assert "ON DELETE SET NULL" in fk_log
+
+
+def test_base_model_fk_args(clear_sqlmodel, caplog) -> None:
+    class User(SQLModel, table=True):
+        id: Optional[int] = Field(default=None, primary_key=True)
+
+    class Base(SQLModel):
+        owner_id: Optional[int] = Field(
+            default=None,
+            foreign_key="user.id",
+            sa_foreign_key_kwargs={"ondelete": "SET NULL"},
+        )
+
+    class Asset(Base, table=True):
+        id: Optional[int] = Field(default=None, primary_key=True)
+
+    class Document(Base, table=True):
+        id: Optional[int] = Field(default=None, primary_key=True)
+
+    engine = create_engine("sqlite://", echo=True)
+    SQLModel.metadata.create_all(engine)
+
+    fk_log = [
+        message
+        for message in caplog.messages
+        if re.search(
+            r"FOREIGN KEY\s*\(owner_id\)\s*REFERENCES\s*user\s*\(id\)", message
+        )
+    ][0]
+    assert "ON DELETE SET NULL" in fk_log