diff --git a/CHANGES b/CHANGES
index 8750128b05..021d41c2c4 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,3 +1,4 @@
+    * Fix #3416, prevent blocking in async Pipeline with many commands
     * Move doctests (doc code examples) to main branch
     * Update `ResponseT` type hint
     * Allow to control the minimum SSL version
diff --git a/redis/asyncio/client.py b/redis/asyncio/client.py
index 9508849703..3a92ed9630 100644
--- a/redis/asyncio/client.py
+++ b/redis/asyncio/client.py
@@ -1362,8 +1362,10 @@ async def _execute_transaction(  # noqa: C901
         pre: CommandT = (("MULTI",), {})
         post: CommandT = (("EXEC",), {})
         cmds = (pre, *commands, post)
-        all_cmds = connection.pack_commands(
-            args for args, options in cmds if EMPTY_RESPONSE not in options
+        # Run pack_commands in a thread to prevent blocking
+        all_cmds = await asyncio.to_thread(
+            connection.pack_commands,
+            (args for args, options in cmds if EMPTY_RESPONSE not in options)
         )
         await connection.send_packed_command(all_cmds)
         errors = []
@@ -1387,6 +1389,9 @@ async def _execute_transaction(  # noqa: C901
                 except ResponseError as err:
                     self.annotate_exception(err, i + 1, command[0])
                     errors.append((i, err))
+            # Release back to event loop to prevent blocking
+            if i % 100 == 0:
+                await asyncio.sleep(0)
 
         # parse the EXEC.
         try:
@@ -1419,7 +1424,8 @@ async def _execute_transaction(  # noqa: C901
 
         # We have to run response callbacks manually
         data = []
-        for r, cmd in zip(response, commands):
+        # Enumerate and then release back to event loop to prevent blocking
+        for i, (r, cmd) in enumerate(zip(response, commands)):
             if not isinstance(r, Exception):
                 args, options = cmd
                 command_name = args[0]
@@ -1432,6 +1438,8 @@ async def _execute_transaction(  # noqa: C901
                     if inspect.isawaitable(r):
                         r = await r
             data.append(r)
+            if i % 100 == 0:
+                await asyncio.sleep(0)
         return data
 
     async def _execute_pipeline(