diff --git a/.gitignore b/.gitignore
index 641714d163..e9bc835f1a 100644
--- a/.gitignore
+++ b/.gitignore
@@ -14,7 +14,7 @@
 /env/
 MANIFEST
 coverage.*
-
+venv/
 !.github
 !.gitignore
 !.pre-commit-config.yaml
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 5f34b00194..4542337531 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -664,7 +664,24 @@ def run_child_validation(self, data):
         self.child.initial_data = data
         return super().run_child_validation(data)
         """
-        return self.child.run_validation(data)
+        if not hasattr(self.child, 'instance'):
+            return self.child.run_validation(data)
+
+        original_instance = self.child.instance
+        try:
+            if (
+                hasattr(self, '_instance_map') and
+                isinstance(data, Mapping) and
+                original_instance is self.instance
+            ):
+                data_pk = data.get('id')
+                if data_pk is None:
+                    data_pk = data.get('pk')
+                self.child.instance = self._instance_map.get(str(data_pk)) if data_pk is not None else None
+
+            return self.child.run_validation(data)
+        finally:
+            self.child.instance = original_instance
 
     def to_internal_value(self, data):
         """
@@ -674,12 +691,16 @@ def to_internal_value(self, data):
             data = html.parse_html_list(data, default=[])
 
         if not isinstance(data, list):
-            message = self.error_messages['not_a_list'].format(
-                input_type=type(data).__name__
-            )
             raise ValidationError({
-                api_settings.NON_FIELD_ERRORS_KEY: [message]
-            }, code='not_a_list')
+                api_settings.NON_FIELD_ERRORS_KEY: [
+                    ErrorDetail(
+                        self.error_messages['not_a_list'].format(
+                            input_type=type(data).__name__
+                        ),
+                        code='not_a_list'
+                    )
+                ]
+            })
 
         if not self.allow_empty and len(data) == 0:
             message = self.error_messages['empty']
@@ -702,19 +723,39 @@ def to_internal_value(self, data):
         ret = []
         errors = []
 
-        for item in data:
-            try:
-                validated = self.run_child_validation(item)
-            except ValidationError as exc:
-                errors.append(exc.detail)
-            else:
-                ret.append(validated)
-                errors.append({})
+        # Build a primary key lookup for instance matching in many=True updates.
+        instance_map = {}
+        if self.instance is not None:
+            if isinstance(self.instance, Mapping):
+                instance_map = {str(k): v for k, v in self.instance.items()}
+            elif isinstance(self.instance, (list, tuple, models.query.QuerySet)):
+                for obj in self.instance:
+                    pk = getattr(obj, 'pk', getattr(obj, 'id', None))
+                    if pk is not None:
+                        key = str(pk)
+                        # If duplicate keys are present, keep the last value,
+                        # matching standard mapping assignment behavior.
+                        instance_map[key] = obj
+
+        self._instance_map = instance_map
 
-        if any(errors):
-            raise ValidationError(errors)
+        try:
+            for item in data:
+                try:
+                    validated = self.run_child_validation(item)
+                except ValidationError as exc:
+                    errors.append(exc.detail)
+                else:
+                    ret.append(validated)
+                    errors.append({})
 
-        return ret
+            if any(errors):
+                raise ValidationError(errors)
+
+            return ret
+        finally:
+            if hasattr(self, '_instance_map'):
+                delattr(self, '_instance_map')
 
     def to_representation(self, data):
         """
@@ -749,6 +790,13 @@ def save(self, **kwargs):
         """
         Save and return a list of object instances.
         """
+        assert hasattr(self, '_errors'), (
+            'You must call `.is_valid()` before calling `.save()`.'
+        )
+        assert not self.errors, (
+            'You cannot call `.save()` on a serializer with invalid data.'
+        )
+
         # Guard against incorrect use of `serializer.save(commit=False)`
         assert 'commit' not in kwargs, (
             "'commit' is not a valid keyword argument to the 'save()' method. "
@@ -758,6 +806,14 @@ def save(self, **kwargs):
             "need to set extra attributes on the saved model instance. "
             "For example: 'serializer.save(owner=request.user)'.'"
         )
+        assert not hasattr(self, '_data'), (
+            "You cannot call `.save()` after accessing `serializer.data`."
+            "If you need to access data before committing to the database then "
+            "inspect 'serializer.validated_data' instead. "
+        )
+        assert hasattr(self, '_validated_data'), (
+            'You must call `.is_valid()` before calling `.save()`.'
+        )
 
         validated_data = [
             {**attrs, **kwargs} for attrs in self.validated_data
diff --git a/tests/test_serializer_lists.py b/tests/test_serializer_lists.py
index f76451a5ad..6db87aa6e8 100644
--- a/tests/test_serializer_lists.py
+++ b/tests/test_serializer_lists.py
@@ -775,3 +775,32 @@ def test(self):
         queryset = NullableOneToOneSource.objects.all()
         serializer = self.serializer(queryset, many=True)
         assert serializer.data
+
+
+def test_many_true_instance_level_validation_uses_matched_instance():
+    class Obj:
+        def __init__(self, id, valid):
+            self.id = id
+            self.valid = valid
+
+    class TestSerializer(serializers.Serializer):
+        id = serializers.IntegerField()
+        status = serializers.CharField()
+
+        def validate_status(self, value):
+            if self.instance is None:
+                raise serializers.ValidationError("Instance not matched")
+            if not self.instance.valid:
+                raise serializers.ValidationError("Invalid instance")
+            return value
+
+    objs = [Obj(1, True), Obj(2, False)]
+    serializer = TestSerializer(
+        instance=objs,
+        data=[{"id": 1, "status": "ok"}, {"id": 2, "status": "fail"}],
+        many=True,
+        partial=True,
+    )
+
+    assert not serializer.is_valid()
+    assert serializer.errors == [{}, {'status': ['Invalid instance']}]