diff --git a/cmd/list.go b/cmd/list.go
index e16a8695..201da3e5 100644
--- a/cmd/list.go
+++ b/cmd/list.go
@@ -32,6 +32,7 @@ func NewListCmd(globalCfg *config.GlobalImpl) *cobra.Command {
 
 	f := cmd.Flags()
 	f.BoolVar(&listOptions.KeepTempDir, "keep-temp-dir", false, "Keep temporary directory")
+	f.BoolVar(&listOptions.WithPreparedCharts, "with-prepared-charts", true, "prepare charts when listing releases")
 	f.StringVar(&listOptions.Output, "output", "", "output releases list as a json string")
 
 	return cmd
diff --git a/pkg/app/app.go b/pkg/app/app.go
index 04f028cd..7070c2f9 100644
--- a/pkg/app/app.go
+++ b/pkg/app/app.go
@@ -547,44 +547,30 @@ func (a *App) ListReleases(c ListConfigProvider) error {
 	var releases []*HelmRelease
 
 	err := a.ForEachState(func(run *Run) (_ bool, errs []error) {
-		for _, r := range run.state.Releases {
-			labels := ""
-			if r.Labels == nil {
-				r.Labels = map[string]string{}
-			}
-			for k, v := range run.state.CommonLabels {
-				r.Labels[k] = v
-			}
+		var stateReleases []*HelmRelease
+		var err error
 
-			var keys []string
-			for k := range r.Labels {
-				keys = append(keys, k)
-			}
-			sort.Strings(keys)
-
-			for _, k := range keys {
-				v := r.Labels[k]
-				labels = fmt.Sprintf("%s,%s:%s", labels, k, v)
-			}
-			labels = strings.Trim(labels, ",")
-
-			enabled, err := state.ConditionEnabled(r, run.state.Values())
-			if err != nil {
-				panic(err)
-			}
-
-			installed := r.Installed == nil || *r.Installed
-			releases = append(releases, &HelmRelease{
-				Name:      r.Name,
-				Namespace: r.Namespace,
-				Installed: installed,
-				Enabled:   enabled,
-				Labels:    labels,
-				Chart:     r.Chart,
-				Version:   r.Version,
+		if c.WithPreparedCharts() {
+			err = run.withPreparedCharts("list", state.ChartPrepareOptions{
+				SkipRepos: true,
+				SkipDeps:  true,
+			}, func() {
+				rel, err := a.list(run)
+				if err != nil {
+					panic(err)
+				}
+				stateReleases = rel
 			})
+		} else {
+			stateReleases, err = a.list(run)
 		}
 
+		if err != nil {
+			errs = append(errs, err)
+		}
+
+		releases = append(releases, stateReleases...)
+
 		return
 	}, false, SetFilter(true))
 
@@ -601,6 +587,50 @@ func (a *App) ListReleases(c ListConfigProvider) error {
 	return err
 }
 
+func (a *App) list(run *Run) ([]*HelmRelease, error) {
+	var releases []*HelmRelease
+
+	for _, r := range run.state.Releases {
+		labels := ""
+		if r.Labels == nil {
+			r.Labels = map[string]string{}
+		}
+		for k, v := range run.state.CommonLabels {
+			r.Labels[k] = v
+		}
+
+		var keys []string
+		for k := range r.Labels {
+			keys = append(keys, k)
+		}
+		sort.Strings(keys)
+
+		for _, k := range keys {
+			v := r.Labels[k]
+			labels = fmt.Sprintf("%s,%s:%s", labels, k, v)
+		}
+		labels = strings.Trim(labels, ",")
+
+		enabled, err := state.ConditionEnabled(r, run.state.Values())
+		if err != nil {
+			return nil, err
+		}
+
+		installed := r.Installed == nil || *r.Installed
+		releases = append(releases, &HelmRelease{
+			Name:      r.Name,
+			Namespace: r.Namespace,
+			Installed: installed,
+			Enabled:   enabled,
+			Labels:    labels,
+			Chart:     r.Chart,
+			Version:   r.Version,
+		})
+	}
+
+	return releases, nil
+}
+
 func (a *App) within(dir string, do func() error) error {
 	if dir == "." {
 		return do()
diff --git a/pkg/app/app_list_test.go b/pkg/app/app_list_test.go
index 0ec63bba..4ed6c603 100644
--- a/pkg/app/app_list_test.go
+++ b/pkg/app/app_list_test.go
@@ -17,7 +17,7 @@ import (
 	"github.com/helmfile/helmfile/pkg/testutil"
 )
 
-func TestListWithEnvironment(t *testing.T) {
+func testListWithConfig(t *testing.T, cfg configImpl) {
 	type testcase struct {
 		environment string
 		ns          string
@@ -26,7 +26,7 @@ func TestListWithEnvironment(t *testing.T) {
 		expected    string
 	}
 
-	check := func(t *testing.T, tc testcase) {
+	check := func(t *testing.T, tc testcase, cfg configImpl) {
 		t.Helper()
 
 		bs := &bytes.Buffer{}
@@ -164,7 +164,7 @@ releases:
 
 			var listErr error
 			out := testutil.CaptureStdout(func() {
-				listErr = app.ListReleases(configImpl{})
+				listErr = app.ListReleases(cfg)
 			})
 
 			var gotErr string
@@ -197,14 +197,14 @@ cache                      	my-app     	true   	true     	app:test	bitnami/redis
 database                   	my-app     	true   	true     	        	bitnami/postgres	11.6.22
 global                     	kube-system	true   	true     	        	incubator/raw   	       
 `,
-		})
+		}, cfg)
 	})
 
 	t.Run("fail on unknown environment", func(t *testing.T) {
 		check(t, testcase{
 			environment: "staging",
 			error:       `err: no releases found that matches specified selector() and environment(staging), in any helmfile`,
-		})
+		}, cfg)
 	})
 
 	t.Run("list releases matching selector and environment", func(t *testing.T) {
@@ -215,7 +215,7 @@ global                     	kube-system	true   	true     	        	incubator/raw
 external-secrets	default  	true   	true     	app:test,chart:raw,name:external-secrets,namespace:default	incubator/raw	       
 my-release      	default  	true   	true     	app:test,chart:raw,name:my-release,namespace:default      	incubator/raw	       
 `,
-		})
+		}, cfg)
 	})
 
 	t.Run("filters releases for environment used in one file only", func(t *testing.T) {
@@ -225,7 +225,7 @@ my-release      	default  	true   	true     	app:test,chart:raw,name:my-release,
 cache   	my-app   	true   	true     	app:test	bitnami/redis   	17.0.7 
 database	my-app   	true   	true     	        	bitnami/postgres	11.6.22
 `,
-		})
+		}, cfg)
 	})
 
 	t.Run("filters releases for environment used in multiple files", func(t *testing.T) {
@@ -243,6 +243,15 @@ test3                      	           	true   	true     	        	incubator/raw
 cache                      	my-app     	true   	true     	app:test	bitnami/redis   	17.0.7 
 database                   	my-app     	true   	true     	        	bitnami/postgres	11.6.22
 `,
-		})
+		}, cfg)
+	})
+}
+
+func TestListWithEnvironment(t *testing.T) {
+	t.Run("with prepared charts", func(t *testing.T) {
+		testListWithConfig(t, configImpl{withPreparedCharts: true})
+	})
+	t.Run("without prepared charts", func(t *testing.T) {
+		testListWithConfig(t, configImpl{withPreparedCharts: false})
 	})
 }
diff --git a/pkg/app/app_test.go b/pkg/app/app_test.go
index 3bd91916..d2ed95ec 100644
--- a/pkg/app/app_test.go
+++ b/pkg/app/app_test.go
@@ -2220,6 +2220,7 @@ type configImpl struct {
 	skipNeeds              bool
 	includeNeeds           bool
 	includeTransitiveNeeds bool
+	withPreparedCharts     bool
 }
 
 func (c configImpl) Selectors() []string {
@@ -2294,6 +2295,10 @@ func (c configImpl) Output() string {
 	return c.output
 }
 
+func (c configImpl) WithPreparedCharts() bool {
+	return c.withPreparedCharts
+}
+
 type applyConfig struct {
 	args                   string
 	values                 []string
diff --git a/pkg/app/config.go b/pkg/app/config.go
index 30e2053e..1e268508 100644
--- a/pkg/app/config.go
+++ b/pkg/app/config.go
@@ -236,6 +236,7 @@ type interactive interface {
 
 type ListConfigProvider interface {
 	Output() string
+	WithPreparedCharts() bool
 }
 
 type CacheConfigProvider interface{}
diff --git a/pkg/config/list.go b/pkg/config/list.go
index 1529a742..64645847 100644
--- a/pkg/config/list.go
+++ b/pkg/config/list.go
@@ -6,6 +6,8 @@ type ListOptions struct {
 	Output string
 	// KeepTempDir is the keep temp dir flag
 	KeepTempDir bool
+	// WithPreparedCharts makes list call `withPreparedCharts` when listing
+	WithPreparedCharts bool
 }
 
 // NewListOptions creates a new Apply
@@ -36,3 +38,8 @@ func (c *ListImpl) Args() string {
 func (c *ListImpl) Output() string {
 	return c.ListOptions.Output
 }
+
+// WithPreparedCharts returns withPreparedCharts flag
+func (c *ListImpl) WithPreparedCharts() bool {
+	return c.ListOptions.WithPreparedCharts
+}