diff --git a/doc/source/whatsnew/v1.1.4.rst b/doc/source/whatsnew/v1.1.4.rst
index dc0b5d3976489..0951cfdcc5ec7 100644
--- a/doc/source/whatsnew/v1.1.4.rst
+++ b/doc/source/whatsnew/v1.1.4.rst
@@ -29,6 +29,7 @@ Fixed regressions
 - Fixed regression in :class:`StataReader` which required ``chunksize`` to be manually set when using an iterator to read a dataset (:issue:`37280`)
 - Fixed regression in setitem with :meth:`DataFrame.iloc` which raised error when trying to set a value while filtering with a boolean list (:issue:`36741`)
 - Fixed regression in :attr:`MultiIndex.is_monotonic_increasing` returning wrong results with ``NaN`` in at least one of the levels (:issue:`37220`)
+- Fixed regression in inplace arithmetic operation on a Series not updating the parent DataFrame (:issue:`36373`)
 
 .. ---------------------------------------------------------------------------
 
diff --git a/pandas/core/generic.py b/pandas/core/generic.py
index fb5d1ec8fd0db..c4ca34c3b74a6 100644
--- a/pandas/core/generic.py
+++ b/pandas/core/generic.py
@@ -11115,6 +11115,11 @@ def _inplace_method(self, other, op):
         """
         result = op(self, other)
 
+        if self.ndim == 1 and result._indexed_same(self) and result.dtype == self.dtype:
+            # GH#36498 this inplace op can _actually_ be inplace.
+            self._values[:] = result._values
+            return self
+
         # Delete cacher
         self._reset_cacher()
 
diff --git a/pandas/tests/frame/test_arithmetic.py b/pandas/tests/frame/test_arithmetic.py
index 0ee74beea4858..350b8d01d849a 100644
--- a/pandas/tests/frame/test_arithmetic.py
+++ b/pandas/tests/frame/test_arithmetic.py
@@ -1698,3 +1698,16 @@ def test_arith_list_of_arraylike_raise(to_add):
         df + to_add
     with pytest.raises(ValueError, match=msg):
         to_add + df
+
+
+def test_inplace_arithmetic_series_update():
+    # https://github.com/pandas-dev/pandas/issues/36373
+    df = DataFrame({"A": [1, 2, 3]})
+    series = df["A"]
+    vals = series._values
+
+    series += 1
+    assert series._values is vals
+
+    expected = DataFrame({"A": [2, 3, 4]})
+    tm.assert_frame_equal(df, expected)
diff --git a/pandas/tests/indexing/test_loc.py b/pandas/tests/indexing/test_loc.py
index 8fb418ab78307..5699b7ba5e36c 100644
--- a/pandas/tests/indexing/test_loc.py
+++ b/pandas/tests/indexing/test_loc.py
@@ -888,6 +888,7 @@ def test_identity_slice_returns_new_object(self):
         original_series[:3] = [7, 8, 9]
         assert all(sliced_series[:3] == [7, 8, 9])
 
+    @pytest.mark.xfail(reason="accidental fix reverted - GH37497")
     def test_loc_copy_vs_view(self):
         # GH 15631
         x = DataFrame(zip(range(3), range(3)), columns=["a", "b"])