diff --git a/netbox/extras/migrations/0083_search.py b/netbox/extras/migrations/0083_search.py
index 64118a05e..4cc30e1b4 100644
--- a/netbox/extras/migrations/0083_search.py
+++ b/netbox/extras/migrations/0083_search.py
@@ -2,6 +2,8 @@ import sys
 import uuid
 
 import django.db.models.deletion
+import django.db.models.functions.text
+import django.db.models.lookups
 from django.core import management
 from django.db import migrations, models
 
@@ -39,12 +41,16 @@ class Migration(migrations.Migration):
                 ('object_id', models.PositiveBigIntegerField()),
                 ('field', models.CharField(max_length=200)),
                 ('type', models.CharField(max_length=30)),
-                ('value', models.TextField(db_index=True)),
+                ('value', models.TextField()),
                 ('weight', models.PositiveSmallIntegerField(default=1000)),
                 ('object_type', models.ForeignKey(on_delete=django.db.models.deletion.CASCADE, related_name='+', to='contenttypes.contenttype')),
             ],
             options={
                 'ordering': ('weight', 'object_type', 'object_id'),
+                'indexes': (
+                    models.Index(condition=models.Q(django.db.models.lookups.LessThan(django.db.models.functions.text.Length('value'), 1024)), fields=['value'], name='extras_cachedvalue_value'),
+                    models.Index(condition=models.Q(django.db.models.lookups.LessThan(django.db.models.functions.text.Length('value'), 1024)), fields=['value'], name='extras_cachedvalue_value_like', opclasses=['text_pattern_ops']),
+                )
             },
         ),
         migrations.RunPython(
diff --git a/netbox/extras/models/search.py b/netbox/extras/models/search.py
index b7bb104e7..ca30630aa 100644
--- a/netbox/extras/models/search.py
+++ b/netbox/extras/models/search.py
@@ -2,6 +2,9 @@ import uuid
 
 from django.contrib.contenttypes.models import ContentType
 from django.db import models
+from django.db.models import Index, Q
+from django.db.models.functions import Length
+from django.db.models.lookups import LessThan
 
 from utilities.fields import RestrictedGenericForeignKey
 
@@ -9,6 +12,9 @@ __all__ = (
     'CachedValue',
 )
 
+# Maximum cached value length to index (see #11046)
+INDEX_MAX = 1024
+
 
 class CachedValue(models.Model):
     id = models.UUIDField(
@@ -36,15 +42,26 @@ class CachedValue(models.Model):
     type = models.CharField(
         max_length=30
     )
-    value = models.TextField(
-        db_index=True
-    )
+    value = models.TextField()
     weight = models.PositiveSmallIntegerField(
         default=1000
     )
 
     class Meta:
         ordering = ('weight', 'object_type', 'object_id')
+        indexes = (
+            Index(
+                fields=['value'],
+                name='extras_cachedvalue_value',
+                condition=Q(LessThan(Length('value'), 1024))
+            ),
+            Index(
+                fields=['value'],
+                name='extras_cachedvalue_value_like',
+                opclasses=['text_pattern_ops'],
+                condition=Q(LessThan(Length('value'), 1024))
+            ),
+        )
 
     def __str__(self):
         return f'{self.object_type} {self.object_id}: {self.field}={self.value}'