diff --git a/.changes/unreleased/Fixes-20241015-121825.yaml b/.changes/unreleased/Fixes-20241015-121825.yaml
new file mode 100644
index 00000000000..f5867871868
--- /dev/null
+++ b/.changes/unreleased/Fixes-20241015-121825.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Fix warnings for models referring to a deprecated model
+time: 2024-10-15T12:18:25.14525-04:00
+custom:
+  Author: gshank
+  Issue: "10833"
diff --git a/core/dbt/contracts/graph/manifest.py b/core/dbt/contracts/graph/manifest.py
index b556b479fb4..4ce887591d9 100644
--- a/core/dbt/contracts/graph/manifest.py
+++ b/core/dbt/contracts/graph/manifest.py
@@ -1315,25 +1315,6 @@ def singular_test_lookup(self) -> SingularTestLookup:
     def external_node_unique_ids(self):
         return [node.unique_id for node in self.nodes.values() if node.is_external_node]
 
-    def resolve_refs(
-        self,
-        source_node: ModelNode,
-        current_project: str,  # TODO: ModelNode is overly restrictive typing
-    ) -> List[MaybeNonSource]:
-        resolved_refs: List[MaybeNonSource] = []
-        for ref in source_node.refs:
-            resolved = self.resolve_ref(
-                source_node,
-                ref.name,
-                ref.package,
-                ref.version,
-                current_project,
-                source_node.package_name,
-            )
-            resolved_refs.append(resolved)
-
-        return resolved_refs
-
     # Called by dbt.parser.manifest._process_refs & ManifestLoader.check_for_model_deprecations
     def resolve_ref(
         self,
diff --git a/core/dbt/parser/manifest.py b/core/dbt/parser/manifest.py
index 7ffd00febc5..493b562bbdc 100644
--- a/core/dbt/parser/manifest.py
+++ b/core/dbt/parser/manifest.py
@@ -573,36 +573,41 @@ def safe_update_project_parser_files_partially(self, project_parser_files: Dict)
         return project_parser_files
 
     def check_for_model_deprecations(self):
+        # build parent and child_maps
+        self.manifest.build_parent_and_child_maps()
         for node in self.manifest.nodes.values():
-            if isinstance(node, ModelNode) and node.is_past_deprecation_date:
-                warn_or_error(
-                    DeprecatedModel(
-                        model_name=node.name,
-                        model_version=version_to_str(node.version),
-                        deprecation_date=node.deprecation_date.isoformat(),
+            if isinstance(node, ModelNode) and node.deprecation_date:
+                if node.is_past_deprecation_date:
+                    warn_or_error(
+                        DeprecatedModel(
+                            model_name=node.name,
+                            model_version=version_to_str(node.version),
+                            deprecation_date=node.deprecation_date.isoformat(),
+                        )
                     )
-                )
-
-                resolved_refs = self.manifest.resolve_refs(node, self.root_project.project_name)
-                resolved_model_refs = [r for r in resolved_refs if isinstance(r, ModelNode)]
-                node.depends_on
-                for resolved_ref in resolved_model_refs:
-                    if resolved_ref.deprecation_date:
-                        if resolved_ref.is_past_deprecation_date:
-                            event_cls = DeprecatedReference
-                        else:
-                            event_cls = UpcomingReferenceDeprecation
-
-                        warn_or_error(
-                            event_cls(
-                                model_name=node.name,
-                                ref_model_package=resolved_ref.package_name,
-                                ref_model_name=resolved_ref.name,
-                                ref_model_version=version_to_str(resolved_ref.version),
-                                ref_model_latest_version=str(resolved_ref.latest_version),
-                                ref_model_deprecation_date=resolved_ref.deprecation_date.isoformat(),
-                            )
+                # At this point _process_refs should already have been called, and
+                # we just rebuilt the parent and child maps.
+                # Get the child_nodes and check for deprecations.
+                child_nodes = self.manifest.child_map[node.unique_id]
+                for child_unique_id in child_nodes:
+                    child_node = self.manifest.nodes[child_unique_id]
+                    if not isinstance(child_node, ModelNode):
+                        continue
+                    if node.is_past_deprecation_date:
+                        event_cls = DeprecatedReference
+                    else:
+                        event_cls = UpcomingReferenceDeprecation
+
+                    warn_or_error(
+                        event_cls(
+                            model_name=child_node.name,
+                            ref_model_package=node.package_name,
+                            ref_model_name=node.name,
+                            ref_model_version=version_to_str(node.version),
+                            ref_model_latest_version=str(node.latest_version),
+                            ref_model_deprecation_date=node.deprecation_date.isoformat(),
                         )
+                    )
 
     def check_for_spaces_in_resource_names(self):
         """Validates that resource names do not contain spaces
diff --git a/tests/functional/deprecations/model_deprecations.py b/tests/functional/deprecations/test_model_deprecations.py
similarity index 97%
rename from tests/functional/deprecations/model_deprecations.py
rename to tests/functional/deprecations/test_model_deprecations.py
index 03e38b1220e..1318562c10f 100644
--- a/tests/functional/deprecations/model_deprecations.py
+++ b/tests/functional/deprecations/test_model_deprecations.py
@@ -1,8 +1,8 @@
 import pytest
 
 from dbt.cli.main import dbtRunner
-from dbt.exceptions import EventCompilationError
 from dbt.tests.util import run_dbt
+from dbt_common.exceptions import EventCompilationError
 
 deprecated_model__yml = """
 version: 2
@@ -52,7 +52,7 @@ def test_deprecation_warning_error_options(self, project):
             run_dbt(["--warn-error-options", '{"include": ["DeprecatedModel"]}', "parse"])
 
 
-class TestUpcomingReferenceDeprecatingWarning:
+class TestUpcomingReferenceDeprecationWarning:
     @pytest.fixture(scope="class")
     def models(self):
         return {