diff --git a/.chronus/changes/fix-import-anyof-ref-and-object-2026-3-16.md b/.chronus/changes/fix-import-anyof-ref-and-object-2026-3-16.md
new file mode 100644
index 00000000000..43ea7d569bf
--- /dev/null
+++ b/.chronus/changes/fix-import-anyof-ref-and-object-2026-3-16.md
@@ -0,0 +1,7 @@
+---
+changeKind: fix
+packages:
+  - "@typespec/openapi3"
+---
+
+[importer] Fix `anyOf` with `$ref` and inline object being incorrectly imported as a model instead of a union.
diff --git a/packages/openapi3/src/cli/actions/convert/transforms/transform-component-schemas.ts b/packages/openapi3/src/cli/actions/convert/transforms/transform-component-schemas.ts
index 81f04d3c184..e9821bbd638 100644
--- a/packages/openapi3/src/cli/actions/convert/transforms/transform-component-schemas.ts
+++ b/packages/openapi3/src/cli/actions/convert/transforms/transform-component-schemas.ts
@@ -316,8 +316,13 @@ function unwrapSingleAnyOfOneOf(
     return (member as any).type !== "null";
   });
 
-  // If there's exactly one meaningful inline member AND it's an object type, unwrap it
-  if (meaningfulInlineMembers.length === 1) {
+  // Check if there are any $ref members in the union alongside the inline members
+  const hasRefMembers = unionMembers.some((member) => "$ref" in member);
+
+  // If there's exactly one meaningful inline member AND it's an object type
+  // AND there are no $ref members alongside it, unwrap it.
+  // If $ref members are present, the schema is truly a union (e.g. $ref + object).
+  if (meaningfulInlineMembers.length === 1 && !hasRefMembers) {
     const member = meaningfulInlineMembers[0];
     // Only unwrap if the member is an object schema
     if (!("$ref" in member) && (member.type === "object" || member.properties)) {
@@ -386,8 +391,13 @@ function getTypeSpecKind(schema: Refable<SupportedOpenAPISchema>): TypeSpecDataT
         return (member as any).type !== "null";
       });
 
-      // If there's exactly one meaningful inline member AND it's an object type, treat it as a model
-      if (meaningfulInlineMembers.length === 1) {
+      // Check if there are any $ref members in the union alongside the inline members
+      const hasRefMembers = unionMembers.some((member) => "$ref" in member);
+
+      // If there's exactly one meaningful inline member AND it's an object type
+      // AND there are no $ref members alongside it, treat it as a model.
+      // If $ref members are present, the schema is truly a union (e.g. $ref + object).
+      if (meaningfulInlineMembers.length === 1 && !hasRefMembers) {
         const member = meaningfulInlineMembers[0];
         // Only unwrap if the member is an object schema
         if (!("$ref" in member) && (member.type === "object" || member.properties)) {
diff --git a/packages/openapi3/test/tsp-openapi3/anyof-ref-and-object.test.ts b/packages/openapi3/test/tsp-openapi3/anyof-ref-and-object.test.ts
new file mode 100644
index 00000000000..a144bd0a064
--- /dev/null
+++ b/packages/openapi3/test/tsp-openapi3/anyof-ref-and-object.test.ts
@@ -0,0 +1,94 @@
+import { dereference } from "@scalar/openapi-parser";
+import { OpenAPI } from "@scalar/openapi-types";
+import { beforeAll, describe, expect, it } from "vitest";
+import { generateDataType } from "../../src/cli/actions/convert/generators/generate-model.js";
+import { TypeSpecDataTypes, TypeSpecUnion } from "../../src/cli/actions/convert/interfaces.js";
+import { transformComponentSchemas } from "../../src/cli/actions/convert/transforms/transform-component-schemas.js";
+import { createContext } from "../../src/cli/actions/convert/utils/context.js";
+import { OpenAPI3Document } from "../../src/types.js";
+
+describe("tsp-openapi: anyOf with $ref and inline object should produce union", () => {
+  let doc: OpenAPI.Document<{}>;
+
+  beforeAll(async () => {
+    const { specification } = await dereference({
+      openapi: "3.1.0",
+      info: { title: "Test", version: "1.0.0" },
+      paths: {},
+      components: {
+        schemas: {
+          VoiceIdsOrCustomVoice: {
+            title: "Voice",
+            description: "A built-in voice name or a custom voice reference.",
+            anyOf: [
+              { $ref: "#/components/schemas/VoiceIdsShared" },
+              {
+                type: "object",
+                description: "Custom voice reference.",
+                additionalProperties: false,
+                required: ["id"],
+                properties: {
+                  id: { type: "string" },
+                },
+              },
+            ],
+          },
+          VoiceIdsShared: {
+            anyOf: [
+              { type: "string" },
+              {
+                type: "string",
+                enum: ["alloy", "ash", "ballad", "coral", "echo", "sage"],
+              },
+            ],
+          },
+        },
+      },
+    });
+    if (!specification) {
+      throw new Error("Failed to dereference OpenAPI document");
+    }
+    doc = specification;
+  });
+
+  it("should generate a union (not a model) for anyOf with $ref and inline object", () => {
+    const context = createContext(doc as OpenAPI3Document);
+    const types: TypeSpecDataTypes[] = [];
+    transformComponentSchemas(context, types);
+
+    const type = types.find((t) => t.name === "VoiceIdsOrCustomVoice");
+    expect(type).toBeDefined();
+    expect(type!.kind).toBe("union");
+  });
+
+  it("should generate TypeSpec union code containing both the ref and the inline object", () => {
+    const context = createContext(doc as OpenAPI3Document);
+    const types: TypeSpecDataTypes[] = [];
+    transformComponentSchemas(context, types);
+
+    const union = types.find(
+      (t) => t.name === "VoiceIdsOrCustomVoice" && t.kind === "union",
+    ) as TypeSpecUnion;
+    expect(union).toBeDefined();
+
+    const generatedCode = generateDataType(union, context);
+
+    // Should be a union, not a model
+    expect(generatedCode).toContain("union VoiceIdsOrCustomVoice");
+    expect(generatedCode).not.toContain("model VoiceIdsOrCustomVoice");
+    // Should reference the VoiceIdsShared type
+    expect(generatedCode).toContain("VoiceIdsShared");
+  });
+
+  it("should preserve description from parent schema on the union", () => {
+    const context = createContext(doc as OpenAPI3Document);
+    const types: TypeSpecDataTypes[] = [];
+    transformComponentSchemas(context, types);
+
+    const union = types.find(
+      (t) => t.name === "VoiceIdsOrCustomVoice" && t.kind === "union",
+    ) as TypeSpecUnion;
+    expect(union).toBeDefined();
+    expect(union.doc).toContain("A built-in voice name or a custom voice reference.");
+  });
+});