diff --git a/django-stubs/db/models/fields/related.pyi b/django-stubs/db/models/fields/related.pyi
index ae03ea7..053c274 100644
--- a/django-stubs/db/models/fields/related.pyi
+++ b/django-stubs/db/models/fields/related.pyi
@@ -189,7 +189,7 @@ class ManyToManyField(RelatedField[_ST, _GT]):
     swappable: bool = ...
     def __init__(
         self,
-        to: Union[Type[_T], str],
+        to: Union[Type[Model], str],
         related_name: Optional[str] = ...,
         related_query_name: Optional[str] = ...,
         limit_choices_to: Optional[Union[Dict[str, Any], Callable[[], Any], Q]] = ...,
diff --git a/tests/typecheck/fields/test_related.yml b/tests/typecheck/fields/test_related.yml
index 0a79d19..714242f 100644
--- a/tests/typecheck/fields/test_related.yml
+++ b/tests/typecheck/fields/test_related.yml
@@ -672,3 +672,9 @@
                     objects = OrderManager()
                     user = models.ForeignKey(to=User, on_delete=models.CASCADE, related_name='orders')
 
+-   case: many_to_many_field_can_be_used_in_alias
+    main: |
+        from typing import TypeVar, Sequence, Union
+        from django.db import models
+        T = TypeVar("T", bound=models.Model)
+        ManyToManyFieldAlias = Union["models.ManyToManyField[Sequence[T], models.manager.RelatedManager[T]]"]