diff --git a/src/wp-includes/option.php b/src/wp-includes/option.php
index ac17c2f501..66fb6e4fd1 100644
--- a/src/wp-includes/option.php
+++ b/src/wp-includes/option.php
@@ -295,9 +295,18 @@ function update_option( $option, $value, $autoload = null ) {
 	 */
 	$value = apply_filters( 'pre_update_option', $value, $option, $old_value );
 
-	// If the new and old values are the same, no need to update.
-	if ( $value === $old_value )
+	/*
+	 * If the new and old values are the same, no need to update.
+	 *
+	 * Unserialized values will be adequate in most cases. If the unserialized
+	 * data differs, the (maybe) serialized data is checked to avoid
+	 * unnecessary database calls for otherwise identical object instances.
+	 *
+	 * See https://core.trac.wordpress.org/ticket/38903
+	 */
+	if ( $value === $old_value || maybe_serialize( $value ) === maybe_serialize( $old_value ) ) {
 		return false;
+	}
 
 	/** This filter is documented in wp-includes/option.php */
 	if ( apply_filters( 'default_option_' . $option, false, $option, false ) === $old_value ) {
diff --git a/tests/phpunit/tests/option/updateOption.php b/tests/phpunit/tests/option/updateOption.php
index 32ae5e5b4e..eb85b1203a 100644
--- a/tests/phpunit/tests/option/updateOption.php
+++ b/tests/phpunit/tests/option/updateOption.php
@@ -165,6 +165,31 @@ class Tests_Option_UpdateOption extends WP_UnitTestCase {
 		$this->assertEquals( $value, 'bar2' );
 	}
 
+	/**
+	 * @ticket 38903
+	 */
+	public function test_update_option_array_with_object() {
+		$array_w_object = array(
+			'url'       => 'http://src.wordpress-develop.dev/wp-content/uploads/2016/10/cropped-Blurry-Lights.jpg',
+			'meta_data' => (object) array(
+				'attachment_id' => 292,
+				'height'        => 708,
+				'width'         => 1260,
+			),
+		);
+
+		// Add the option, it did not exist before this.
+		add_option( 'array_w_object', $array_w_object );
+
+		$num_queries_pre_update = get_num_queries();
+
+		// Update the option using the same array with an object for the value.
+		$this->assertFalse( update_option( 'array_w_object', $array_w_object ) );
+
+		// Check that no new database queries were performed.
+		$this->assertEquals( $num_queries_pre_update, get_num_queries() );
+	}
+
 	/**
 	 * `add_filter()` callback for test_should_respect_default_option_filter_when_option_does_not_yet_exist_in_database().
 	 */