diff --git a/core/lib/Drupal/Core/Entity/Plugin/EntityReferenceSelection/SelectionBase.php b/core/lib/Drupal/Core/Entity/Plugin/EntityReferenceSelection/SelectionBase.php
index c67dc68..c851f14 100644
--- a/core/lib/Drupal/Core/Entity/Plugin/EntityReferenceSelection/SelectionBase.php
+++ b/core/lib/Drupal/Core/Entity/Plugin/EntityReferenceSelection/SelectionBase.php
@@ -111,7 +111,7 @@ public function buildConfigurationForm(array $form, FormStateInterface $form_sta
 
     // Merge-in default values.
     $selection_handler_settings += array(
-      'target_bundles' => array(),
+      'target_bundles' => NULL,
       'sort' => array(
         'field' => '_none',
       ),
@@ -128,7 +128,7 @@ public function buildConfigurationForm(array $form, FormStateInterface $form_sta
         '#type' => 'checkboxes',
         '#title' => $this->t('Bundles'),
         '#options' => $bundle_options,
-        '#default_value' => (!empty($selection_handler_settings['target_bundles'])) ? $selection_handler_settings['target_bundles'] : array(),
+        '#default_value' => $selection_handler_settings['target_bundles'],
         '#required' => TRUE,
         '#size' => 6,
         '#multiple' => TRUE,
@@ -207,7 +207,14 @@ public function buildConfigurationForm(array $form, FormStateInterface $form_sta
   /**
    * {@inheritdoc}
    */
-  public function validateConfigurationForm(array &$form, FormStateInterface $form_state) { }
+  public function validateConfigurationForm(array &$form, FormStateInterface $form_state) {
+    // Normalize the value of the 'target_bundles' setting. In case it is an
+    // empty array we need to change it to NULL in order to allow the field to
+    // reference all bundles of the target entity type.
+    if ($form_state->getValue(['settings', 'handler_settings', 'target_bundles']) === []) {
+      $form_state->setValue(['settings', 'handler_settings', 'target_bundles'], NULL);
+    }
+  }
 
   /**
    * {@inheritdoc}
@@ -326,6 +333,15 @@ protected function buildEntityQuery($match = NULL, $match_operator = 'CONTAINS')
     $entity_type = $this->entityManager->getDefinition($target_type);
 
     $query = $this->entityManager->getStorage($target_type)->getQuery();
+
+    // If the 'target_bundles' setting is an empty array, force the query to
+    // never return anything and bail out early.
+    if ($handler_settings['target_bundles'] === []) {
+      $query->condition($entity_type->getKey('id'), NULL, '=');
+
+      return $query;
+    }
+
     if (!empty($handler_settings['target_bundles'])) {
       $query->condition($entity_type->getKey('bundle'), $handler_settings['target_bundles'], 'IN');
     }
diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldType/EntityReferenceItem.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldType/EntityReferenceItem.php
index 902b5c2..bd164a9 100644
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldType/EntityReferenceItem.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldType/EntityReferenceItem.php
@@ -322,13 +322,13 @@ public static function calculateDependencies(FieldDefinitionInterface $field_def
    */
   public static function onDependencyRemoval(FieldDefinitionInterface $field_definition, array $dependencies) {
     $changed = parent::calculateDependencies($field_definition, $dependencies);
-    $manager = \Drupal::entityManager();
-    $target_entity_type = $manager->getDefinition($field_definition->getFieldStorageDefinition()->getSetting('target_type'));
+    $entity_manager = \Drupal::entityManager();
+    $target_entity_type = $entity_manager->getDefinition($field_definition->getFieldStorageDefinition()->getSetting('target_type'));
 
     if ($default_value = $field_definition->getDefaultValueLiteral()) {
       foreach ($default_value as $key => $value) {
         if (is_array($value) && isset($value['target_uuid'])) {
-          $entity = $manager->loadEntityByUuid($target_entity_type->id(), $value['target_uuid']);
+          $entity = $entity_manager->loadEntityByUuid($target_entity_type->id(), $value['target_uuid']);
           // @see \Drupal\Core\Field\EntityReferenceFieldItemList::processDefaultValue()
           if ($entity && isset($dependencies[$entity->getConfigDependencyKey()][$entity->getConfigDependencyName()])) {
             unset($default_value[$key]);
@@ -340,14 +340,15 @@ public static function onDependencyRemoval(FieldDefinitionInterface $field_defin
         $field_definition->setDefaultValue($default_value);
       }
     }
+
     $bundles_changed = FALSE;
-    $handler = $field_definition->getSetting('handler_settings');
-    if (!empty($handler['target_bundles'])) {
+    $handler_settings = $field_definition->getSetting('handler_settings');
+    if (!empty($handler_settings['target_bundles'])) {
       if ($bundle_entity_type_id = $target_entity_type->getBundleEntityType()) {
-        if ($storage = $manager->getStorage($bundle_entity_type_id)) {
-          foreach ($storage->loadMultiple($handler['target_bundles']) as $bundle) {
+        if ($storage = $entity_manager->getStorage($bundle_entity_type_id)) {
+          foreach ($storage->loadMultiple($handler_settings['target_bundles']) as $bundle) {
             if (isset($dependencies[$bundle->getConfigDependencyKey()][$bundle->getConfigDependencyName()])) {
-              unset($handler['target_bundles'][$bundle->id()]);
+              unset($handler_settings['target_bundles'][$bundle->id()]);
               $bundles_changed = TRUE;
             }
           }
@@ -355,7 +356,7 @@ public static function onDependencyRemoval(FieldDefinitionInterface $field_defin
       }
     }
     if ($bundles_changed) {
-      $field_definition->setSetting('handler_settings', $handler);
+      $field_definition->setSetting('handler_settings', $handler_settings);
     }
     $changed |= $bundles_changed;
 
diff --git a/core/modules/entity_reference/entity_reference.module b/core/modules/entity_reference/entity_reference.module
index a09a53c..889de4e 100644
--- a/core/modules/entity_reference/entity_reference.module
+++ b/core/modules/entity_reference/entity_reference.module
@@ -213,11 +213,9 @@ function entity_reference_query_entity_reference_alter(AlterableInterface $query
 
 /**
  * Implements hook_entity_bundle_rename().
- *
- * @todo Move this in an event subscriber once
- *   https://www.drupal.org/node/2553169 is in.
  */
-function entity_reference_entity_bundle_rename($entity_type, $bundle_old, $bundle_new) {
+function entity_reference_entity_bundle_rename($entity_type_id, $bundle_old, $bundle_new) {
+  // Gather a list of all entity reference fields.
   $map = \Drupal::entityManager()->getFieldMapByFieldType('entity_reference');
   $ids = [];
   foreach ($map as $type => $info) {
@@ -228,22 +226,57 @@ function entity_reference_entity_bundle_rename($entity_type, $bundle_old, $bundl
     }
   }
 
-  /** @var \Drupal\field\Entity\FieldConfig $config */
-  foreach (FieldConfig::loadMultiple($ids) as $config) {
-    if ($config->getSetting('target_type') == $entity_type) {
-      $handler = $config->getSetting('handler_settings');
-      $bundles = !empty($handler['target_bundles']) ? array_keys($handler['target_bundles']) : [];
-      foreach ($bundles as $bundle) {
-        if ($bundle == $bundle_old) {
-          $handler['target_bundles'][$bundle_new] = $bundle_new;
-          unset($handler['target_bundles'][$bundle_old]);
-          $config->setSetting('handler_settings', $handler);
-          $config->save();
-          break;
+  // Update the 'target_bundles' handler setting if needed.
+  foreach (FieldConfig::loadMultiple($ids) as $field_config) {
+    if ($field_config->getSetting('target_type') == $entity_type_id) {
+      $handler_settings = $field_config->getSetting('handler_settings');
+      if (isset($handler_settings['target_bundles'][$bundle_old])) {
+        unset($handler_settings['target_bundles'][$bundle_old]);
+        $handler_settings['target_bundles'][$bundle_new] = $bundle_new;
+        $field_config->setSetting('handler_settings', $handler_settings);
+        $field_config->save();
+      }
+    }
+  }
+}
+
+/**
+ * Implements hook_entity_bundle_delete().
+ */
+function entity_reference_entity_bundle_delete($entity_type_id, $bundle) {
+  // Gather a list of all entity reference fields.
+  $map = \Drupal::entityManager()->getFieldMapByFieldType('entity_reference');
+  $ids = [];
+  foreach ($map as $type => $info) {
+    foreach ($info as $name => $data) {
+      foreach ($data['bundles'] as $bundle) {
+        $ids[] = "$type.$bundle.$name";
+      }
+    }
+  }
+
+  // Update the 'target_bundles' handler setting if needed.
+  foreach (FieldConfig::loadMultiple($ids) as $field_config) {
+    if ($field_config->getSetting('target_type') == $entity_type_id) {
+      $handler_settings = $field_config->getSetting('handler_settings');
+      if (isset($handler_settings['target_bundles'][$bundle])) {
+        unset($handler_settings['target_bundles'][$bundle]);
+        $field_config->setSetting('handler_settings', $handler_settings);
+        $field_config->save();
+
+        // In case we deleted the only target bundle allowed by the field we
+        // have to log a warning message because the field will not function
+        // correctly anymore.
+        if ($handler_settings['target_bundles'] === []) {
+          \Drupal::logger('entity_reference')->critical('The %target_bundle bundle (entity type: %target_entity_type) was deleted. As a result, the %field_name entity reference field (entity_type: %entity_type, bundle: %bundle) no longer has any valid bundle it can reference. The field is not working correctly anymore and has to be adjusted.', [
+            '%target_bundle' => $bundle,
+            '%target_entity_type' => $entity_type_id,
+            '%field_name' => $field_config->getName(),
+            '%entity_type' => $field_config->getTargetEntityTypeId(),
+            '%bundle' => $field_config->getTargetBundle()
+          ]);
         }
       }
     }
   }
-  // Release memory.
-  unset($map, $ids);
 }
diff --git a/core/modules/entity_reference/src/Tests/EntityReferenceSettingsTest.php b/core/modules/entity_reference/src/Tests/EntityReferenceSettingsTest.php
index 17e986f..a7e6177 100644
--- a/core/modules/entity_reference/src/Tests/EntityReferenceSettingsTest.php
+++ b/core/modules/entity_reference/src/Tests/EntityReferenceSettingsTest.php
@@ -66,7 +66,7 @@ protected function setUp() {
   /**
    * Tests that bundle changes are mirrored in field definitions.
    */
-  public function testSyncTargetBundleChanges() {
+  public function testTargetBundleChanges() {
     // Attach an entity reference field to $this->nodeType.
     $name = Unicode::strtolower($this->randomMachineName());
     $label = $this->randomString();
diff --git a/core/modules/views/src/Plugin/EntityReferenceSelection/ViewsSelection.php b/core/modules/views/src/Plugin/EntityReferenceSelection/ViewsSelection.php
index 25e7393..f965149 100644
--- a/core/modules/views/src/Plugin/EntityReferenceSelection/ViewsSelection.php
+++ b/core/modules/views/src/Plugin/EntityReferenceSelection/ViewsSelection.php
@@ -96,6 +96,14 @@ public function buildConfigurationForm(array $form, FormStateInterface $form_sta
   }
 
   /**
+   * {@inheritdoc}
+   */
+  public function validateConfigurationForm(array &$form, FormStateInterface $form_state) {
+    // Don't call the parent validation handler because we don't have any
+    // 'target_bundles' setting.
+  }
+
+  /**
    * Initializes a view.
    *
    * @param string|null $match