diff --git a/django-stubs/db/models/query.pyi b/django-stubs/db/models/query.pyi
index 0ac0632..3c1bddb 100644
--- a/django-stubs/db/models/query.pyi
+++ b/django-stubs/db/models/query.pyi
@@ -22,7 +22,6 @@ from typing import (
 from django.db.models.base import Model
 from django.db.models.expressions import Combinable as Combinable, F as F
 from django.db.models.sql.query import Query, RawQuery
-from typing_extensions import Literal
 
 from django.db import models
 from django.db.models import Manager
@@ -99,18 +98,10 @@ class QuerySet(Generic[_T, _Row], Collection[_Row], Sized):
         self, raw_query: str, params: Any = ..., translations: Optional[Dict[str, str]] = ..., using: None = ...
     ) -> RawQuerySet: ...
     def values(self, *fields: Union[str, Combinable], **expressions: Any) -> QuerySet[_T, Dict[str, Any]]: ...
-    @overload
+    # The type of values_list is overridden to be more specific in the mypy django plugin
     def values_list(
-        self, *fields: Union[str, Combinable], flat: Literal[False] = ..., named: Literal[True]
-    ) -> QuerySet[_T, NamedTuple]: ...
-    @overload
-    def values_list(
-        self, *fields: Union[str, Combinable], flat: Literal[True], named: Literal[False] = ...
+        self, *fields: Union[str, Combinable], flat: bool = ..., named: bool = ...
     ) -> QuerySet[_T, Any]: ...
-    @overload
-    def values_list(
-        self, *fields: Union[str, Combinable], flat: Literal[False] = ..., named: Literal[False] = ...
-    ) -> QuerySet[_T, Tuple]: ...
     def dates(self, field_name: str, kind: str, order: str = ...) -> QuerySet[_T, datetime.date]: ...
     def datetimes(
         self, field_name: str, kind: str, order: str = ..., tzinfo: None = ...
diff --git a/mypy_django_plugin/main.py b/mypy_django_plugin/main.py
index 991b018..8247e18 100644
--- a/mypy_django_plugin/main.py
+++ b/mypy_django_plugin/main.py
@@ -229,6 +229,38 @@ def extract_proper_type_for_get_form(ctx: MethodContext) -> Type:
     return ctx.default_return_type
 
 
+def extract_proper_type_for_values_list(ctx: MethodContext) -> Type:
+    object_type = ctx.type
+    if not isinstance(object_type, Instance):
+        return ctx.default_return_type
+
+    flat = helpers.parse_bool(helpers.get_argument_by_name(ctx, 'flat'))
+    named = helpers.parse_bool(helpers.get_argument_by_name(ctx, 'named'))
+
+    ret = ctx.default_return_type
+
+    any_type = AnyType(TypeOfAny.implementation_artifact)
+    if named and flat:
+        ctx.api.fail("'flat' and 'named' can't be used together.", ctx.context)
+        return ret
+    elif named:
+        # TODO: Fill in namedtuple fields/types
+        row_arg = ctx.api.named_generic_type('typing.NamedTuple', [])
+    elif flat:
+        # TODO: Figure out row_arg type dependent on the argument passed in
+        if len(ctx.args[0]) > 1:
+            ctx.api.fail("'flat' is not valid when values_list is called with more than one field.", ctx.context)
+            return ret
+        row_arg = any_type
+    else:
+        # TODO: Figure out tuple argument types dependent on the arguments passed in
+        row_arg = ctx.api.named_generic_type('builtins.tuple', [any_type])
+
+    first_arg = ret.args[0] if len(ret.args) > 0 else any_type
+    new_type_args = [first_arg, row_arg]
+    return helpers.reparametrize_instance(ret, new_type_args)
+
+
 class DjangoPlugin(Plugin):
     def __init__(self, options: Options) -> None:
         super().__init__(options)
@@ -318,6 +350,11 @@ class DjangoPlugin(Plugin):
             if sym and isinstance(sym.node, TypeInfo) and sym.node.has_base(helpers.FORM_MIXIN_CLASS_FULLNAME):
                 return extract_proper_type_for_get_form
 
+        if method_name == 'values_list':
+            sym = self.lookup_fully_qualified(class_name)
+            if sym and isinstance(sym.node, TypeInfo) and sym.node.has_base(helpers.QUERYSET_CLASS_FULLNAME):
+                return extract_proper_type_for_values_list
+
         if fullname in {'django.apps.registry.Apps.get_model',
                         'django.db.migrations.state.StateApps.get_model'}:
             return determine_model_cls_from_string_for_migrations
diff --git a/test-data/typecheck/queryset.test b/test-data/typecheck/queryset.test
index 23fff7a..89926af 100644
--- a/test-data/typecheck/queryset.test
+++ b/test-data/typecheck/queryset.test
@@ -13,6 +13,8 @@ class BlogQuerySet(models.QuerySet[Blog]):
 blog_qs: models.QuerySet[Blog]
 reveal_type(blog_qs) # E: Revealed type is 'django.db.models.query.QuerySet[main.Blog, main.Blog]'
 
+Blog.objects.values_list('id', flat=True, named=True) # E: 'flat' and 'named' can't be used together.
+Blog.objects.values_list('id', 'extra_arg', flat=True) # E: 'flat' is not valid when values_list is called with more than one field.
 
 reveal_type(Blog.objects.in_bulk([1])) # E: Revealed type is 'builtins.dict[Any, main.Blog*]'
 reveal_type(Blog.objects.in_bulk()) # E: Revealed type is 'builtins.dict[Any, main.Blog*]'