diff --git a/CHANGELOG.md b/CHANGELOG.md
index 59327bcc66b9..af509dc47089 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,7 @@
 
 ### Fixes
 
+- `[jest-fake-timers]` Lazily instantiate mock timers ([#10551](https://github.com/facebook/jest/pull/10551))
 - `[jest-runtime]` `require.main` is no longer `undefined` when using `jest.resetModules` ([#10626](https://github.com/facebook/jest/pull/10626))
 - `[@jest/types]` Add missing values for `timers` ([#10632](https://github.com/facebook/jest/pull/10632))
 
diff --git a/packages/jest-fake-timers/src/legacyFakeTimers.ts b/packages/jest-fake-timers/src/legacyFakeTimers.ts
index 66be88c2518f..cb7a2abab30c 100644
--- a/packages/jest-fake-timers/src/legacyFakeTimers.ts
+++ b/packages/jest-fake-timers/src/legacyFakeTimers.ts
@@ -94,7 +94,6 @@ export default class FakeTimers<TimerRef> {
     };
 
     this.reset();
-    this._createMocks();
   }
 
   clearAllTimers(): void {
@@ -349,7 +348,7 @@ export default class FakeTimers<TimerRef> {
   }
 
   private _checkFakeTimers() {
-    if (this._global.setTimeout !== this._fakeTimerAPIs.setTimeout) {
+    if (this._global.setTimeout !== this._fakeTimerAPIs?.setTimeout) {
       this._global.console.warn(
         `A function to advance timers was called but the timers API is not ` +
           `mocked with fake timers. Call \`jest.useFakeTimers()\` in this ` +