diff --git a/peewee.py b/peewee.py
index e9251209..46c9d214 100644
--- a/peewee.py
+++ b/peewee.py
@@ -2633,11 +2633,15 @@ class Insert(_WriteQuery):
                 if col not in seen:
                     columns.append(col)
 
+        nullable_columns = set()
         value_lookups = {}
         for column in columns:
             lookups = [column, column.name]
-            if isinstance(column, Field) and column.name != column.column_name:
-                lookups.append(column.column_name)
+            if isinstance(column, Field):
+                if column.name != column.column_name:
+                    lookups.append(column.column_name)
+                if column.null:
+                    nullable_columns.add(column)
             value_lookups[column] = lookups
 
         ctx.sql(EnclosedNodeList(columns)).literal(' VALUES ')
@@ -2671,6 +2675,8 @@ class Insert(_WriteQuery):
                         val = defaults[column]
                         if callable_(val):
                             val = val()
+                    elif column in nullable_columns:
+                        val = None
                     else:
                         raise ValueError('Missing value for %s.' % column.name)
 
diff --git a/tests/base_models.py b/tests/base_models.py
index 22be93a8..3fe75b1f 100644
--- a/tests/base_models.py
+++ b/tests/base_models.py
@@ -104,3 +104,10 @@ class UKVP(TestModel):
         indexes = [
             SQL('CREATE UNIQUE INDEX "ukvp_kve" ON "ukvp" ("key", "value") '
                 'WHERE "extra" > 1')]
+
+
+class DfltM(TestModel):
+    name = CharField()
+    dflt1 = IntegerField(default=1)
+    dflt2 = IntegerField(default=lambda: 2)
+    dfltn = IntegerField(null=True)
diff --git a/tests/model_sql.py b/tests/model_sql.py
index e8b35f37..c3fdb20d 100644
--- a/tests/model_sql.py
+++ b/tests/model_sql.py
@@ -23,7 +23,7 @@ class CKM(TestModel):
 
 class TestModelSQL(ModelDatabaseTestCase):
     database = get_in_memory_db()
-    requires = [Category, CKM, Note, Person, Relationship, Sample, User]
+    requires = [Category, CKM, Note, Person, Relationship, Sample, User, DfltM]
 
     def test_select(self):
         query = (Person
@@ -440,6 +440,21 @@ class TestModelSQL(ModelDatabaseTestCase):
             'INSERT INTO "sample" ("counter", "value") VALUES (?, ?), (?, ?)'),
             [3, 1., 2, 2.])
 
+    def test_insert_many_defaults_nulls(self):
+        data = [
+            {'name': 'd1'},
+            {'name': 'd2', 'dflt1': 10},
+            {'name': 'd3', 'dflt2': 30},
+            {'name': 'd4', 'dfltn': 40}]
+        fields = [DfltM.name, DfltM.dflt1, DfltM.dflt2, DfltM.dfltn]
+        self.assertSQL(DfltM.insert_many(data, fields=fields), (
+            'INSERT INTO "dflt_m" ("name", "dflt1", "dflt2", "dfltn") VALUES '
+            '(?, ?, ?, ?), (?, ?, ?, ?), (?, ?, ?, ?), (?, ?, ?, ?)'),
+            ['d1', 1, 2, None,
+             'd2', 10, 2, None,
+             'd3', 1, 30, None,
+             'd4', 1, 2, 40])
+
     def test_insert_many_list_with_fields(self):
         data = [(i,) for i in ('charlie', 'huey', 'zaizee')]
         query = User.insert_many(data, fields=[User.username])
diff --git a/tests/models.py b/tests/models.py
index 641aa184..fbf22531 100644
--- a/tests/models.py
+++ b/tests/models.py
@@ -170,6 +170,25 @@ class TestModelAPIs(ModelTestCase):
         names = [u.username for u in User.select().order_by(User.username)]
         self.assertEqual(names, ['u%02d' % i for i in range(100)])
 
+    @requires_models(DfltM)
+    def test_insert_many_defaults_nullable(self):
+        data = [
+            {'name': 'd1'},
+            {'name': 'd2', 'dflt1': 10},
+            {'name': 'd3', 'dflt2': 30},
+            {'name': 'd4', 'dfltn': 40}]
+        fields = [DfltM.name, DfltM.dflt1, DfltM.dflt2, DfltM.dfltn]
+        DfltM.insert_many(data, fields).execute()
+
+        expected = [
+            ('d1', 1, 2, None),
+            ('d2', 10, 2, None),
+            ('d3', 1, 30, None),
+            ('d4', 1, 2, 40)]
+        query = DfltM.select().order_by(DfltM.name)
+        actual = [(d.name, d.dflt1, d.dflt2, d.dfltn) for d in query]
+        self.assertEqual(actual, expected)
+
     @requires_models(User, Tweet)
     def test_create(self):
         with self.assertQueryCount(1):