diff --git a/CHANGELOG.md b/CHANGELOG.md
index d0915fbb45ff..00e3b5ee9f68 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -118,6 +118,7 @@ Every module contains its own CHANGELOG.md. Please refer to the module you are i
 * [#19833](https://github.com/cosmos/cosmos-sdk/pull/19833) Fix some places in which we call Remove inside a Walk.
 * [#19851](https://github.com/cosmos/cosmos-sdk/pull/19851) Fix some places in which we call Remove inside a Walk (x/staking and x/gov).
 * [#20631](https://github.com/cosmos/cosmos-sdk/pull/20631) Fix json parsing in the wait-tx command.
+* [#20939](https://github.com/cosmos/cosmos-sdk/pull/20939) Fix collection reverse iterator to include `pagination.key` in the result.
 
 ### API Breaking Changes
 
diff --git a/types/query/collections_pagination.go b/types/query/collections_pagination.go
index d5d662081ec4..fb17fd8c56e4 100644
--- a/types/query/collections_pagination.go
+++ b/types/query/collections_pagination.go
@@ -330,11 +330,11 @@ func encodeCollKey[K, V any, C Collection[K, V]](coll C, key K) ([]byte, error)
 func getCollIter[K, V any, C Collection[K, V]](ctx context.Context, coll C, prefix, start []byte, reverse bool) (collections.Iterator[K, V], error) {
 	// TODO: maybe can be simplified
 	if reverse {
-		var end []byte
-		if prefix != nil {
-			start = storetypes.PrefixEndBytes(append(prefix, start...))
-			end = prefix
-		}
+		// if we are in reverse mode, we need to increase the start key
+		// to include the start key in the iteration.
+		start = storetypes.PrefixEndBytes(append(prefix, start...))
+		end := prefix
+
 		return coll.IterateRaw(ctx, end, start, collections.OrderDescending)
 	}
 	var end []byte
diff --git a/types/query/collections_pagination_test.go b/types/query/collections_pagination_test.go
index 874722d4de40..4467355ca263 100644
--- a/types/query/collections_pagination_test.go
+++ b/types/query/collections_pagination_test.go
@@ -83,6 +83,16 @@ func TestCollectionPagination(t *testing.T) {
 			},
 			expResults: createResults(299, 200),
 		},
+		"with key and reverse": {
+			req: &PageRequest{
+				Key:     encodeKey(199),
+				Reverse: true,
+			},
+			expResp: &PageResponse{
+				NextKey: encodeKey(99),
+			},
+			expResults: createResults(199, 100),
+		},
 		"with offset and count total": {
 			req: &PageRequest{
 				Offset:     50,