diff --git a/plugins/woocommerce/changelog/fix-38682-newly-installed-hook b/plugins/woocommerce/changelog/fix-38682-newly-installed-hook
new file mode 100644
index 00000000000..10e35e820b6
--- /dev/null
+++ b/plugins/woocommerce/changelog/fix-38682-newly-installed-hook
@@ -0,0 +1,4 @@
+Significance: minor
+Type: fix
+
+Trigger "woocommerce_newly_installed" hook for new installations
diff --git a/plugins/woocommerce/includes/class-wc-install.php b/plugins/woocommerce/includes/class-wc-install.php
index 6fc5bb59934..33465f128c6 100644
--- a/plugins/woocommerce/includes/class-wc-install.php
+++ b/plugins/woocommerce/includes/class-wc-install.php
@@ -13,6 +13,7 @@ use Automattic\WooCommerce\Internal\ProductDownloads\ApprovedDirectories\Registe
 use Automattic\WooCommerce\Internal\ProductDownloads\ApprovedDirectories\Synchronize as Download_Directories_Sync;
 use Automattic\WooCommerce\Internal\Utilities\DatabaseUtil;
 use Automattic\WooCommerce\Internal\WCCom\ConnectionHelper as WCConnectionHelper;
+use Automattic\WooCommerce\Internal\Traits\AccessiblePrivateMethods;
 
 defined( 'ABSPATH' ) || exit;
 
@@ -20,6 +21,7 @@ defined( 'ABSPATH' ) || exit;
  * WC_Install Class.
  */
 class WC_Install {
+	use AccessiblePrivateMethods;
 
 	/**
 	 * DB updates and callbacks that need to be run per version.
@@ -237,6 +239,13 @@ class WC_Install {
 		),
 	);
 
+	/**
+	 * Option name used to track new installations of WooCommerce.
+	 *
+	 * @var string
+	 */
+	const NEWLY_INSTALLED_OPTION = 'woocommerce_newly_installed';
+
 	/**
 	 * Hook in tabs.
 	 */
@@ -253,6 +262,26 @@ class WC_Install {
 		add_filter( 'plugin_row_meta', array( __CLASS__, 'plugin_row_meta' ), 10, 2 );
 		add_filter( 'wpmu_drop_tables', array( __CLASS__, 'wpmu_drop_tables' ) );
 		add_filter( 'cron_schedules', array( __CLASS__, 'cron_schedules' ) );
+		self::add_action( 'admin_init', array( __CLASS__, 'newly_installed' ) );
+	}
+
+	/**
+	 * Trigger `woocommerce_newly_installed` action for new installations.
+	 *
+	 * @since 8.0.0
+	 */
+	private static function newly_installed() {
+		if ( 'yes' === get_option( self::NEWLY_INSTALLED_OPTION, false ) ) {
+			/**
+			 * Run when WooCommerce has been installed for the first time.
+			 *
+			 * @since 6.5.0
+			 */
+			do_action( 'woocommerce_newly_installed' );
+			do_action_deprecated( 'woocommerce_admin_newly_installed', array(), '6.5.0', 'woocommerce_newly_installed' );
+
+			update_option( self::NEWLY_INSTALLED_OPTION, 'no' );
+		}
 	}
 
 	/**
@@ -273,16 +302,6 @@ class WC_Install {
 			 */
 			do_action( 'woocommerce_updated' );
 			do_action_deprecated( 'woocommerce_admin_updated', array(), $wc_code_version, 'woocommerce_updated' );
-			// If there is no woocommerce_version option, consider it as a new install.
-			if ( ! $wc_version ) {
-				/**
-				 * Run when WooCommerce has been installed for the first time.
-				 *
-				 * @since 6.5.0
-				 */
-				do_action( 'woocommerce_newly_installed' );
-				do_action_deprecated( 'woocommerce_admin_newly_installed', array(), $wc_code_version, 'woocommerce_newly_installed' );
-			}
 		}
 	}
 
@@ -394,6 +413,10 @@ class WC_Install {
 		set_transient( 'wc_installing', 'yes', MINUTE_IN_SECONDS * 10 );
 		wc_maybe_define_constant( 'WC_INSTALLING', true );
 
+		if ( self::is_new_install() && ! get_option( self::NEWLY_INSTALLED_OPTION, false ) ) {
+			update_option( self::NEWLY_INSTALLED_OPTION, 'yes' );
+		}
+
 		WC()->wpdb_table_fix();
 		self::remove_admin_notices();
 		self::create_tables();
diff --git a/plugins/woocommerce/src/Internal/Admin/Notes/CouponPageMoved.php b/plugins/woocommerce/src/Internal/Admin/Notes/CouponPageMoved.php
index 778b74968f3..0ddafe28adb 100644
--- a/plugins/woocommerce/src/Internal/Admin/Notes/CouponPageMoved.php
+++ b/plugins/woocommerce/src/Internal/Admin/Notes/CouponPageMoved.php
@@ -35,7 +35,7 @@ class CouponPageMoved {
 
 		add_action( 'admin_init', [ $this, 'possibly_add_note' ] );
 		add_action( 'admin_init', [ $this, 'redirect_to_coupons' ] );
-		add_action( 'woocommerce_admin_newly_installed', [ $this, 'disable_legacy_menu_for_new_install' ] );
+		add_action( 'woocommerce_newly_installed', [ $this, 'disable_legacy_menu_for_new_install' ] );
 	}
 
 	/**
diff --git a/plugins/woocommerce/tests/legacy/unit-tests/woocommerce-admin/install.php b/plugins/woocommerce/tests/legacy/unit-tests/woocommerce-admin/install.php
index 96e736ba032..e5c91b6e445 100644
--- a/plugins/woocommerce/tests/legacy/unit-tests/woocommerce-admin/install.php
+++ b/plugins/woocommerce/tests/legacy/unit-tests/woocommerce-admin/install.php
@@ -132,13 +132,19 @@ class WC_Admin_Tests_Install extends WP_UnitTestCase {
 	 * Test the following options are created.
 	 *
 	 * - woocommerce_admin_install_timestamp
+	 * - WC_Install::NEWLY_INSTALLED_OPTION
 	 *
 	 * @return void
 	 */
 	public function test_options_are_set() {
 		delete_transient( 'wc_installing' );
 		WC_Install::install();
-		$options = array( 'woocommerce_admin_install_timestamp' );
+
+		$options = array(
+			'woocommerce_admin_install_timestamp',
+			WC_Install::NEWLY_INSTALLED_OPTION,
+		);
+
 		foreach ( $options as $option ) {
 			$this->assertNotFalse( get_option( $option ) );
 		}
@@ -168,13 +174,19 @@ class WC_Admin_Tests_Install extends WP_UnitTestCase {
 	}
 
 	/**
-	 * Test woocommerce_newly_installed action gets fired.
+	 * Test woocommerce_newly_installed action gets fired and the option is set to 'no'.
+	 *
 	 * @return void
 	 */
 	public function test_woocommerce_newly_installed_action() {
-		delete_option( 'woocommerce_version' );
-		WC_Install::check_version();
-		$this->assertTrue( did_action( 'woocommerce_newly_installed' ) > 0 );
+		update_option( WC_Install::NEWLY_INSTALLED_OPTION, 'yes' );
+
+		// Call twice to ensure `woocommerce_newly_installed` is only triggered once.
+		WC_Install::newly_installed();
+		WC_Install::newly_installed();
+
+		$this->assertTrue( 1 === did_action( 'woocommerce_newly_installed' ) );
+		$this->assertEquals( get_option( WC_Install::NEWLY_INSTALLED_OPTION ), 'no' );
 	}
 
 	/**