diff --git a/airflow-core/newsfragments/70113.bugfix.rst b/airflow-core/newsfragments/70113.bugfix.rst
new file mode 100644
index 0000000000000..a7383671da696
--- /dev/null
+++ b/airflow-core/newsfragments/70113.bugfix.rst
@@ -0,0 +1 @@
+Fail queued DagRuns whose pinned dag version can no longer be resolved, instead of skipping them forever.
diff --git a/airflow-core/src/airflow/jobs/scheduler_job_runner.py b/airflow-core/src/airflow/jobs/scheduler_job_runner.py
index 9b9e85c07e353..0cd2677c7bc9c 100644
--- a/airflow-core/src/airflow/jobs/scheduler_job_runner.py
+++ b/airflow-core/src/airflow/jobs/scheduler_job_runner.py
@@ -2788,7 +2788,22 @@ def _update_state(dag: SerializedDAG, dag_run: DagRun):
             backfill_id = dag_run.backfill_id
             dag = dag_run.dag = cached_get_dag(dag_run)
             if not dag:
-                self.log.error("DAG '%s' not found in serialized_dag table", dag_run.dag_id)
+                # The serialized DAG for this run cannot be resolved. This happens when the run is
+                # pinned to a dag version (bundle_version set, created_dag_version_id populated) whose
+                # dag_version row was later deleted: the FK's ondelete="set null" clears
+                # created_dag_version_id and the pinned resolver does not fall back to the latest
+                # version. Without an explicit outcome the run is re-selected and skipped on every
+                # loop forever, with no failure signal. Fail it explicitly, mirroring how a SCHEDULED
+                # task instance whose serialized DAG cannot be found is failed elsewhere in the loop.
+                self.log.error(
+                    "DAG '%s' for queued run %s could not be resolved "
+                    "(created_dag_version_id=%s, bundle_version=%s); marking the run as failed",
+                    dag_id,
+                    run_id,
+                    dag_run.created_dag_version_id,
+                    dag_run.bundle_version,
+                )
+                dag_run.set_state(DagRunState.FAILED)
                 continue
             active_runs = active_runs_of_dags[(dag_id, backfill_id)]
             if backfill_id is not None:
diff --git a/airflow-core/tests/unit/jobs/test_scheduler_job.py b/airflow-core/tests/unit/jobs/test_scheduler_job.py
index dff3adea48b21..8f2fc346aac37 100644
--- a/airflow-core/tests/unit/jobs/test_scheduler_job.py
+++ b/airflow-core/tests/unit/jobs/test_scheduler_job.py
@@ -6015,6 +6015,60 @@ def test_start_dagruns(self, mock_get_backend, dag_maker, session):
 
         assert get_last_dagrun(dag.dag_id, session).creating_job_id == scheduler_job.id
 
+    def test_queued_dagrun_with_unresolvable_pinned_version_is_failed(self, dag_maker, session):
+        """
+        A queued run whose pinned dag version can no longer be resolved is failed
+        explicitly instead of being skipped on every scheduler loop.
+
+        Reproduces the state after the pinned dag_version row is deleted: the FK
+        ondelete="set null" clears created_dag_version_id while bundle_version
+        remains set, so the pinned resolver returns None and never falls back to
+        the latest version. The scheduler now marks the run FAILED rather than
+        re-selecting and skipping it forever.
+        """
+        with dag_maker(dag_id="test_stuck_pinned_run"):
+            EmptyOperator(task_id="mytask")
+        dr = dag_maker.create_dagrun(run_type=DagRunType.MANUAL, state=State.QUEUED)
+
+        # The run was created pinned to a bundle version...
+        dr.bundle_version = "0123456789abcdef"
+        # ...and the pinned dag_version row has since been deleted -> FK SET NULL
+        dr.created_dag_version_id = None
+        session.merge(dr)
+        session.flush()
+
+        scheduler_job = Job()
+        self.job_runner = SchedulerJobRunner(job=scheduler_job, executors=[self.null_exec])
+
+        # Even across repeated loops the run reaches a terminal state instead of being skipped.
+        for _ in range(3):
+            self.job_runner._start_queued_dagruns(session)
+            session.flush()
+
+        dr = session.scalars(select(DagRun).where(DagRun.dag_id == "test_stuck_pinned_run")).one()
+        assert dr.state == State.FAILED
+
+    def test_queued_dagrun_without_bundle_version_falls_back_to_latest(self, dag_maker, session):
+        """
+        Contrast case: same NULL created_dag_version_id, but without bundle_version
+        the resolver falls back to the latest serialized version and the run starts.
+        """
+        with dag_maker(dag_id="test_unpinned_run_falls_back"):
+            EmptyOperator(task_id="mytask")
+        dr = dag_maker.create_dagrun(run_type=DagRunType.MANUAL, state=State.QUEUED)
+        dr.bundle_version = None
+        dr.created_dag_version_id = None
+        session.merge(dr)
+        session.flush()
+
+        scheduler_job = Job()
+        self.job_runner = SchedulerJobRunner(job=scheduler_job, executors=[self.null_exec])
+        self.job_runner._start_queued_dagruns(session)
+        session.flush()
+
+        dr = session.scalars(select(DagRun).where(DagRun.dag_id == "test_unpinned_run_falls_back")).one()
+        assert dr.state == State.RUNNING
+
     def test_extra_operator_links_not_loaded_in_scheduler_loop(self, dag_maker):
         """
         Test that Operator links are not loaded inside the Scheduling Loop (that does not include