diff --git a/django/db/models/expressions.py b/django/db/models/expressions.py
index 0bbf8cfade3..2b61a0bfd4e 100644
--- a/django/db/models/expressions.py
+++ b/django/db/models/expressions.py
@@ -1192,8 +1192,7 @@ class Exists(Subquery):
         return sql, params
 
 
-@deconstructible
-class OrderBy(BaseExpression):
+class OrderBy(Expression):
     template = '%(expression)s %(ordering)s'
     conditional = False
 
diff --git a/docs/releases/3.2.2.txt b/docs/releases/3.2.2.txt
index 47a541add0a..d47da08d6c1 100644
--- a/docs/releases/3.2.2.txt
+++ b/docs/releases/3.2.2.txt
@@ -9,4 +9,6 @@ Django 3.2.2 fixes several bugs in 3.2.1.
 Bugfixes
 ========
 
-* ...
+* Prevented, following a regression in Django 3.2.1, :djadmin:`makemigrations`
+  from generating infinite migrations for a model with ``Meta.ordering``
+  contained ``OrderBy`` expressions (:ticket:`32714`).
diff --git a/tests/expressions/tests.py b/tests/expressions/tests.py
index 0585805a8b6..dad9505ce08 100644
--- a/tests/expressions/tests.py
+++ b/tests/expressions/tests.py
@@ -2000,3 +2000,25 @@ class ExpressionWrapperTests(SimpleTestCase):
         group_by_cols = expr.get_group_by_cols(alias=None)
         self.assertEqual(group_by_cols, [expr.expression])
         self.assertEqual(group_by_cols[0].output_field, expr.output_field)
+
+
+class OrderByTests(SimpleTestCase):
+    def test_equal(self):
+        self.assertEqual(
+            OrderBy(F('field'), nulls_last=True),
+            OrderBy(F('field'), nulls_last=True),
+        )
+        self.assertNotEqual(
+            OrderBy(F('field'), nulls_last=True),
+            OrderBy(F('field'), nulls_last=False),
+        )
+
+    def test_hash(self):
+        self.assertEqual(
+            hash(OrderBy(F('field'), nulls_last=True)),
+            hash(OrderBy(F('field'), nulls_last=True)),
+        )
+        self.assertNotEqual(
+            hash(OrderBy(F('field'), nulls_last=True)),
+            hash(OrderBy(F('field'), nulls_last=False)),
+        )