diff --git a/CHANGES.md b/CHANGES.md
index 05c0011..4cbc3d8 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -10,6 +10,8 @@
 
 <!-- Changes that affect Black's stable style -->
 - Fix crash while formatting a long `del` statement containing tuples (#4628)
+- Fix crash while formatting expressions using the walrus operator in complex
+  `with` statements (#4630)
 
 ### Preview style
 
diff --git a/src/black/linegen.py b/src/black/linegen.py
index ee65a7a..1ee9f6a 100644
--- a/src/black/linegen.py
+++ b/src/black/linegen.py
@@ -1649,6 +1649,7 @@ def maybe_make_parens_invisible_in_atom(
             syms.except_clause,
             syms.funcdef,
             syms.with_stmt,
+            syms.testlist_gexp,
             syms.tname,
             # these ones aren't useful to end users, but they do please fuzzers
             syms.for_stmt,
diff --git a/tests/data/cases/pep_572_py310.py b/tests/data/cases/pep_572_py310.py
index ba488d4..f790249 100644
--- a/tests/data/cases/pep_572_py310.py
+++ b/tests/data/cases/pep_572_py310.py
@@ -14,3 +14,8 @@
 f((a := b + c for c in range(10)), x)
 f(y=(a := b + c for c in range(10)))
 f(x, (a := b + c for c in range(10)), y=z, **q)
+
+
+# Don't remove parens when assignment expr is one of the exprs in a with statement
+with x, (a := b):
+    pass