diff --git a/subsys/settings/include/settings/settings_nvs.h b/subsys/settings/include/settings/settings_nvs.h
index ce34e192c2..6db576da63 100644
--- a/subsys/settings/include/settings/settings_nvs.h
+++ b/subsys/settings/include/settings/settings_nvs.h
@@ -45,6 +45,8 @@ struct settings_nvs {
 	} cache[CONFIG_SETTINGS_NVS_NAME_CACHE_SIZE];
 
 	uint16_t cache_next;
+	uint16_t cache_total;
+	bool loaded;
 #endif
 };
 
diff --git a/subsys/settings/src/settings_nvs.c b/subsys/settings/src/settings_nvs.c
index c6efa6cb28..6764c7587a 100644
--- a/subsys/settings/src/settings_nvs.c
+++ b/subsys/settings/src/settings_nvs.c
@@ -74,6 +74,8 @@ int settings_nvs_dst(struct settings_nvs *cf)
 }
 
 #if CONFIG_SETTINGS_NVS_NAME_CACHE
+#define SETTINGS_NVS_CACHE_OVFL(cf) ((cf)->cache_total > ARRAY_SIZE((cf)->cache))
+
 static void settings_nvs_cache_add(struct settings_nvs *cf, const char *name,
 				   uint16_t name_id)
 {
@@ -129,12 +131,22 @@ static int settings_nvs_load(struct settings_store *cs,
 	ssize_t rc1, rc2;
 	uint16_t name_id = NVS_NAMECNT_ID;
 
+#if CONFIG_SETTINGS_NVS_NAME_CACHE
+	uint16_t cached = 0;
+
+	cf->loaded = false;
+#endif
+
 	name_id = cf->last_name_id + 1;
 
 	while (1) {
 
 		name_id--;
 		if (name_id == NVS_NAMECNT_ID) {
+#if CONFIG_SETTINGS_NVS_NAME_CACHE
+			cf->loaded = true;
+			cf->cache_total = cached;
+#endif
 			break;
 		}
 
@@ -186,6 +198,7 @@ static int settings_nvs_load(struct settings_store *cs,
 
 #if CONFIG_SETTINGS_NVS_NAME_CACHE
 		settings_nvs_cache_add(cf, name, name_id);
+		cached++;
 #endif
 
 		ret = settings_call_set_handler(
@@ -231,6 +244,13 @@ static int settings_nvs_save(struct settings_store *cs, const char *name,
 	write_name_id = cf->last_name_id + 1;
 	write_name = true;
 
+#if CONFIG_SETTINGS_NVS_NAME_CACHE
+	/* We can skip reading NVS if we know that the cache wasn't overflowed. */
+	if (cf->loaded && !SETTINGS_NVS_CACHE_OVFL(cf)) {
+		goto found;
+	}
+#endif
+
 	while (1) {
 		name_id--;
 		if (name_id == NVS_NAMECNT_ID) {
@@ -325,6 +345,9 @@ found:
 #if CONFIG_SETTINGS_NVS_NAME_CACHE
 	if (!name_in_cache) {
 		settings_nvs_cache_add(cf, name, write_name_id);
+		if (cf->loaded && !SETTINGS_NVS_CACHE_OVFL(cf)) {
+			cf->cache_total++;
+		}
 	}
 #endif