diff --git a/docs/spec/v2/helmreleases.md b/docs/spec/v2/helmreleases.md
index 1b56562c0..cb7a828e1 100644
--- a/docs/spec/v2/helmreleases.md
+++ b/docs/spec/v2/helmreleases.md
@@ -413,7 +413,8 @@ Changes to the combined values will trigger a new Helm release.
 `.spec.valuesFrom` is an optional list to refer to ConfigMap and Secret
 resources from which to take values. The values are merged in the order given,
 with the later values overwriting earlier, and then [inline values](#inline-values)
-overwriting those.
+overwriting those. When `targetPath` is set, it will overwrite everything before,
+including inline values.
 
 An item on the list offers the following subkeys:
 
diff --git a/docs/spec/v2beta2/helmreleases.md b/docs/spec/v2beta2/helmreleases.md
index 041e0fa38..830b9630a 100644
--- a/docs/spec/v2beta2/helmreleases.md
+++ b/docs/spec/v2beta2/helmreleases.md
@@ -409,7 +409,8 @@ Changes to the combined values will trigger a new Helm release.
 `.spec.valuesFrom` is an optional list to refer to ConfigMap and Secret
 resources from which to take values. The values are merged in the order given,
 with the later values overwriting earlier, and then [inline values](#inline-values)
-overwriting those.
+overwriting those. When `targetPath` is set, it will overwrite everything before,
+including inline values.
 
 An item on the list offers the following subkeys:
 
diff --git a/internal/chartutil/values.go b/internal/chartutil/values.go
index c19314641..f925a0acf 100644
--- a/internal/chartutil/values.go
+++ b/internal/chartutil/values.go
@@ -149,8 +149,9 @@ const (
 
 // ChartValuesFromReferences attempts to construct new chart values by resolving
 // the provided references using the client, merging them in the order given.
-// If provided, the values map is merged in last. Overwriting values from
-// references. It returns the merged values, or an ErrValuesReference error.
+// If provided, the values map is merged in last overwriting values from references,
+// unless a reference has a targetPath specified, in which case it will overwrite all.
+// It returns the merged values, or an ErrValuesReference error.
 func ChartValuesFromReferences(ctx context.Context, client kubeclient.Client, namespace string,
 	values map[string]interface{}, refs ...v2.ValuesReference) (chartutil.Values, error) {
 
@@ -234,6 +235,8 @@ func ChartValuesFromReferences(ctx context.Context, client kubeclient.Client, na
 		}
 
 		if ref.TargetPath != "" {
+			result = transform.MergeMaps(result, values)
+
 			// TODO(hidde): this is a bit of hack, as it mimics the way the option string is passed
 			// 	to Helm from a CLI perspective. Given the parser is however not publicly accessible
 			// 	while it contains all logic around parsing the target path, it is a fair trade-off.
diff --git a/internal/chartutil/values_test.go b/internal/chartutil/values_test.go
index d692fdd41..fa11ba678 100644
--- a/internal/chartutil/values_test.go
+++ b/internal/chartutil/values_test.go
@@ -103,6 +103,47 @@ other: values
 				},
 			},
 		},
+		{
+			name: "target path precedence over all",
+			resources: []runtime.Object{
+				mockConfigMap("values", map[string]string{
+					"values.yaml": `flat: value
+nested:
+  configuration:
+  - one
+  - two
+  - three
+`,
+				}),
+				mockSecret("values", map[string][]byte{"key": []byte("value")}),
+			},
+			references: []v2.ValuesReference{
+				{
+					Kind:       kindSecret,
+					Name:       "values",
+					ValuesKey:  "key",
+					TargetPath: "nested.configuration[0]",
+				},
+				{
+					Kind: kindConfigMap,
+					Name: "values",
+				},
+			},
+
+			values: `
+nested:
+  configuration:
+  - list
+  - item
+  - option
+`,
+			want: chartutil.Values{
+				"flat": "value",
+				"nested": map[string]interface{}{
+					"configuration": []interface{}{"value", "item", "option"},
+				},
+			},
+		},
 		{
 			name: "target path for string type array item",
 			resources: []runtime.Object{