diff --git a/src/gateway/session-utils.test.ts b/src/gateway/session-utils.test.ts
index 409e7dc43d8..33ae6ca49c6 100644
--- a/src/gateway/session-utils.test.ts
+++ b/src/gateway/session-utils.test.ts
@@ -1166,6 +1166,89 @@ describe("listSessionsFromStore search", () => {
     }
   });
 
+  test("listSessionsFromStoreAsync uses subagent run model for child session transcript fallback", async () => {
+    const tmpDir = fs.mkdtempSync(path.join(os.tmpdir(), "openclaw-session-utils-async-subagent-"));
+    const storePath = path.join(tmpDir, "sessions.json");
+    const now = Date.now();
+    const cfg = {
+      gateway: {
+        sessionsList: {
+          fallbackConcurrency: 4,
+        },
+      },
+      session: { mainKey: "main" },
+      agents: {
+        list: [{ id: "main", default: true }],
+        defaults: {
+          models: {
+            "anthropic/claude-sonnet-4-6": { params: { context1m: true } },
+          },
+        },
+      },
+    } as unknown as OpenClawConfig;
+    fs.writeFileSync(
+      path.join(tmpDir, "sess-child.jsonl"),
+      [
+        JSON.stringify({ type: "session", version: 1, id: "sess-child" }),
+        JSON.stringify({
+          message: {
+            role: "assistant",
+            usage: {
+              input: 2_000,
+              output: 500,
+              cacheRead: 1_200,
+              cost: { total: 0.007725 },
+            },
+          },
+        }),
+      ].join("\n"),
+      "utf-8",
+    );
+
+    addSubagentRunForTests({
+      runId: "run-child-async",
+      childSessionKey: "agent:main:subagent:child-async",
+      controllerSessionKey: "agent:main:main",
+      requesterSessionKey: "agent:main:main",
+      requesterDisplayKey: "main",
+      task: "child task",
+      cleanup: "keep",
+      createdAt: now - 5_000,
+      startedAt: now - 4_000,
+      model: "anthropic/claude-sonnet-4-6",
+    });
+
+    try {
+      const result = await listSessionsFromStoreAsync({
+        cfg,
+        storePath,
+        store: {
+          "agent:main:subagent:child-async": {
+            sessionId: "sess-child",
+            updatedAt: now,
+            spawnedBy: "agent:main:main",
+            totalTokens: 0,
+            totalTokensFresh: false,
+          } as SessionEntry,
+        },
+        opts: {},
+      });
+
+      expect(result.sessions[0]).toMatchObject({
+        key: "agent:main:subagent:child-async",
+        status: "running",
+        modelProvider: "anthropic",
+        model: "claude-sonnet-4-6",
+        totalTokens: 3_200,
+        totalTokensFresh: true,
+        contextTokens: 1_048_576,
+      });
+      expect(result.sessions[0]?.estimatedCostUsd).toBeCloseTo(0.007725, 8);
+    } finally {
+      fs.rmSync(tmpDir, { recursive: true, force: true });
+    }
+  });
+
   test("listSessionsFromStoreAsync hydrates transcript fallbacks when concurrency is enabled", async () => {
     const tmpDir = fs.mkdtempSync(path.join(os.tmpdir(), "openclaw-session-utils-async-"));
     const storePath = path.join(tmpDir, "sessions.json");
diff --git a/src/gateway/session-utils.ts b/src/gateway/session-utils.ts
index 099d28767fd..25c50119c79 100644
--- a/src/gateway/session-utils.ts
+++ b/src/gateway/session-utils.ts
@@ -49,13 +49,13 @@ import {
 import { normalizeSessionDeliveryFields } from "../utils/delivery-context.js";
 import { runTasksWithConcurrency } from "../utils/run-with-concurrency.js";
 import { estimateUsageCost, resolveModelCostConfig } from "../utils/usage-format.js";
+import type { SessionsListParams } from "./protocol/index.js";
 import {
   readLatestSessionUsageFromTranscript,
   readLatestSessionUsageFromTranscriptAsync,
   readSessionTitleFieldsFromTranscript,
   type SessionTranscriptUsageSnapshot,
 } from "./session-utils.fs.js";
-import type { SessionsListParams } from "./protocol/index.js";
 import type {
   GatewayAgentRow,
   GatewaySessionRow,
@@ -424,7 +424,13 @@ function resolveSessionEntryModelIdentity(params: {
   const sessionAgentId = normalizeAgentId(
     parseAgentSessionKey(params.key)?.agentId ?? resolveDefaultAgentId(params.cfg),
   );
-  const resolved = resolveSessionModelIdentityRef(params.cfg, params.entry, sessionAgentId);
+  const subagentRun = getSubagentRunByChildSessionKey(params.key);
+  const resolved = resolveSessionModelIdentityRef(
+    params.cfg,
+    params.entry,
+    sessionAgentId,
+    subagentRun?.model,
+  );
   return {
     provider: resolved.provider,
     model: resolved.model ?? DEFAULT_MODEL,
@@ -1422,19 +1428,18 @@ export function listSessionsFromStore(params: {
   const { cfg, storePath, store, opts } = params;
   const normalizedOpts = normalizeSessionsListOptions(opts);
 
-  let sessions = filterSessionListEntries(store, normalizedOpts)
-    .map(([key, entry]) =>
-      buildGatewaySessionRow({
-        cfg,
-        storePath,
-        store,
-        key,
-        entry,
-        now: normalizedOpts.now,
-        includeDerivedTitles: normalizedOpts.includeDerivedTitles,
-        includeLastMessage: normalizedOpts.includeLastMessage,
-      }),
-    );
+  let sessions = filterSessionListEntries(store, normalizedOpts).map(([key, entry]) =>
+    buildGatewaySessionRow({
+      cfg,
+      storePath,
+      store,
+      key,
+      entry,
+      now: normalizedOpts.now,
+      includeDerivedTitles: normalizedOpts.includeDerivedTitles,
+      includeLastMessage: normalizedOpts.includeLastMessage,
+    }),
+  );
   sessions = finalizeSessionListRows(sessions, normalizedOpts);
 
   return {
@@ -1460,36 +1465,35 @@ export async function listSessionsFromStoreAsync(params: {
   const normalizedOpts = normalizeSessionsListOptions(params.opts);
   const filteredEntries = filterSessionListEntries(params.store, normalizedOpts);
   const transcriptUsageByKey = new Map<string, GatewayTranscriptUsageFallback | null>();
-  const tasks = filteredEntries
-    .filter(([key, entry]) => {
-      const resolvedModel = resolveSessionEntryModelIdentity({
-        cfg: params.cfg,
-        key,
-        entry,
-      });
-      return shouldResolveTranscriptUsageFallback({
-        cfg: params.cfg,
-        entry,
-        fallbackProvider: resolvedModel.provider,
-        fallbackModel: resolvedModel.model,
-      });
-    })
-    .map(([key, entry]) => async () => {
-      const resolvedModel = resolveSessionEntryModelIdentity({
-        cfg: params.cfg,
-        key,
-        entry,
-      });
-      const usage = await resolveTranscriptUsageFallbackAsync({
-        cfg: params.cfg,
-        key,
-        entry,
-        storePath: params.storePath,
-        fallbackProvider: resolvedModel.provider,
-        fallbackModel: resolvedModel.model,
-      });
-      return { key, usage };
+  const entriesNeedingFallback = filteredEntries.flatMap(([key, entry]) => {
+    const resolvedModel = resolveSessionEntryModelIdentity({
+      cfg: params.cfg,
+      key,
+      entry,
     });
+    if (
+      !shouldResolveTranscriptUsageFallback({
+        cfg: params.cfg,
+        entry,
+        fallbackProvider: resolvedModel.provider,
+        fallbackModel: resolvedModel.model,
+      })
+    ) {
+      return [];
+    }
+    return [{ key, entry, resolvedModel }];
+  });
+  const tasks = entriesNeedingFallback.map(({ key, entry, resolvedModel }) => async () => {
+    const usage = await resolveTranscriptUsageFallbackAsync({
+      cfg: params.cfg,
+      key,
+      entry,
+      storePath: params.storePath,
+      fallbackProvider: resolvedModel.provider,
+      fallbackModel: resolvedModel.model,
+    });
+    return { key, usage };
+  });
 
   if (tasks.length > 0) {
     const { results } = await runTasksWithConcurrency({