diff --git a/changes/unreleased/5268.GKZnfBkMcLqBC4rTgznsnY.toml b/changes/unreleased/5268.GKZnfBkMcLqBC4rTgznsnY.toml
new file mode 100644
index 000000000..bc42396ec
--- /dev/null
+++ b/changes/unreleased/5268.GKZnfBkMcLqBC4rTgznsnY.toml
@@ -0,0 +1,5 @@
+bugfixes = "Fixed ``parse_lpo_and_dwpp`` silently overwriting ``link_preview_options`` when ``disable_web_page_preview=False``."
+[[pull_requests]]
+uid = "5268"
+author_uids = ["JSap0914"]
+closes_threads = []
diff --git a/src/telegram/_utils/argumentparsing.py b/src/telegram/_utils/argumentparsing.py
index 240b43ea6..7e5a3e34a 100644
--- a/src/telegram/_utils/argumentparsing.py
+++ b/src/telegram/_utils/argumentparsing.py
@@ -86,7 +86,7 @@ def parse_lpo_and_dwpp(
     """Wrapper around warn_about_deprecated_arg_return_new_arg. Takes care of converting
     disable_web_page_preview to LinkPreviewOptions.
     """
-    if disable_web_page_preview and link_preview_options:
+    if disable_web_page_preview is not None and link_preview_options:
         raise ValueError(
             "Parameters `disable_web_page_preview` and `link_preview_options` are mutually "
             "exclusive."
diff --git a/tests/_inline/test_inputtextmessagecontent.py b/tests/_inline/test_inputtextmessagecontent.py
index 252fbda74..da2132823 100644
--- a/tests/_inline/test_inputtextmessagecontent.py
+++ b/tests/_inline/test_inputtextmessagecontent.py
@@ -97,6 +97,11 @@ class TestInputTextMessageContentWithoutRequest(InputTextMessageContentTestBase)
             InputTextMessageContent(
                 "text", disable_web_page_preview=True, link_preview_options=LinkPreviewOptions()
             )
+        # disable_web_page_preview=False is also an explicit value and must conflict
+        with pytest.raises(ValueError, match="`link_preview_options` are mutually exclusive"):
+            InputTextMessageContent(
+                "text", disable_web_page_preview=False, link_preview_options=LinkPreviewOptions()
+            )
 
     def test_disable_web_page_preview_deprecation(self):
         itmc = InputTextMessageContent("text", disable_web_page_preview=True)