diff --git a/airflow/providers/amazon/CHANGELOG.rst b/airflow/providers/amazon/CHANGELOG.rst
index 09c6870948ad5..5de873f220f7a 100644
--- a/airflow/providers/amazon/CHANGELOG.rst
+++ b/airflow/providers/amazon/CHANGELOG.rst
@@ -26,6 +26,20 @@
 Changelog
 ---------
 
+Main
+......
+
+.. warning:: When deferrable mode was introduced for ``RedshiftDataOperator``, in version 8.17.0, tasks configured with
+  ``deferrable=True`` and ``wait_for_completion=True`` wouldn't enter the deferred state. Instead, the task would occupy
+  an executor slot until the statement was completed. A workaround may have been to set ``wait_for_completion=False``.
+  In this version, tasks set up with ``wait_for_completion=False`` will not wait anymore, regardless of the value of
+  ``deferrable``.
+
+Bug Fixes
+~~~~~~~~~
+
+* ``Fix deferred mode for 'RedshiftDataOperator' (#41206)``
+
 8.27.0
 ......
 
diff --git a/airflow/providers/amazon/aws/operators/redshift_data.py b/airflow/providers/amazon/aws/operators/redshift_data.py
index 54e3c2c7ae1ae..45fee2a919483 100644
--- a/airflow/providers/amazon/aws/operators/redshift_data.py
+++ b/airflow/providers/amazon/aws/operators/redshift_data.py
@@ -127,8 +127,8 @@ def execute(self, context: Context) -> GetStatementResultResponseTypeDef | str:
 
         # Set wait_for_completion to False so that it waits for the status in the deferred task.
         wait_for_completion = self.wait_for_completion
-        if self.deferrable and self.wait_for_completion:
-            self.wait_for_completion = False
+        if self.deferrable:
+            wait_for_completion = False
 
         self.statement_id = self.hook.execute_query(
             database=self.database,
@@ -144,7 +144,7 @@ def execute(self, context: Context) -> GetStatementResultResponseTypeDef | str:
             poll_interval=self.poll_interval,
         )
 
-        if self.deferrable:
+        if self.deferrable and self.wait_for_completion:
             is_finished = self.hook.check_query_is_finished(self.statement_id)
             if not is_finished:
                 self.defer(
diff --git a/tests/providers/amazon/aws/operators/test_redshift_data.py b/tests/providers/amazon/aws/operators/test_redshift_data.py
index a02515441b0fb..fa021395a419d 100644
--- a/tests/providers/amazon/aws/operators/test_redshift_data.py
+++ b/tests/providers/amazon/aws/operators/test_redshift_data.py
@@ -51,7 +51,7 @@ def deferrable_operator():
         secret_arn=secret_arn,
         statement_name=statement_name,
         parameters=parameters,
-        wait_for_completion=False,
+        wait_for_completion=True,
         poll_interval=poll_interval,
         deferrable=True,
     )
@@ -276,7 +276,6 @@ def test_execute_finished_before_defer(self, mock_exec_query, check_query_is_fin
             poll_interval=poll_interval,
         )
 
-    # @mock.patch("airflow.providers.amazon.aws.operators.redshift_data.RedshiftDataOperator.defer")
     @mock.patch(
         "airflow.providers.amazon.aws.hooks.redshift_data.RedshiftDataHook.check_query_is_finished",
         return_value=False,
@@ -315,3 +314,38 @@ def test_execute_complete(self, deferrable_operator):
                 == "uuid"
             )
         mock_log_info.assert_called_with("%s completed successfully.", TASK_ID)
+
+    @mock.patch("airflow.providers.amazon.aws.operators.redshift_data.RedshiftDataOperator.defer")
+    @mock.patch("airflow.providers.amazon.aws.hooks.redshift_data.RedshiftDataHook.check_query_is_finished")
+    @mock.patch("airflow.providers.amazon.aws.hooks.redshift_data.RedshiftDataHook.execute_query")
+    def test_no_wait_for_completion(self, mock_exec_query, mock_check_query_is_finished, mock_defer):
+        """Tests that the operator does not check for completion nor defers when wait_for_completion is False,
+        no matter the value of deferrable"""
+        cluster_identifier = "cluster_identifier"
+        db_user = "db_user"
+        secret_arn = "secret_arn"
+        statement_name = "statement_name"
+        parameters = [{"name": "id", "value": "1"}]
+        poll_interval = 5
+
+        wait_for_completion = False
+
+        for deferrable in [True, False]:
+            operator = RedshiftDataOperator(
+                aws_conn_id=CONN_ID,
+                task_id=TASK_ID,
+                sql=SQL,
+                database=DATABASE,
+                cluster_identifier=cluster_identifier,
+                db_user=db_user,
+                secret_arn=secret_arn,
+                statement_name=statement_name,
+                parameters=parameters,
+                wait_for_completion=wait_for_completion,
+                poll_interval=poll_interval,
+                deferrable=deferrable,
+            )
+            operator.execute(None)
+
+            assert not mock_check_query_is_finished.called
+            assert not mock_defer.called