diff --git a/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraint.php b/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraint.php
index eae736d..0a62850 100644
--- a/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraint.php
+++ b/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraint.php
@@ -28,7 +28,7 @@ class ValidDynamicReferenceConstraint extends Constraint {
    */
   public $wrongIDMessage = 'The referenced entity (%type: %id) does not exist.';
   public $wrongTypeMessage = 'The referenced entity type (%type) is not allowed for this field.';
-  public $wrongBundleMessage = 'The entity must be of bundle %bundle.';
+  public $wrongBundleMessage = 'The entity bundle must be one of %bundles, the selected entity is of bundle %bundle.';
 
   /**
    * Validation message when the target_id or target_type is empty.
diff --git a/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraintValidator.php b/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraintValidator.php
index 1829cc5..2734763 100644
--- a/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraintValidator.php
+++ b/src/Plugin/Validation/Constraint/ValidDynamicReferenceConstraintValidator.php
@@ -58,9 +58,13 @@ class ValidDynamicReferenceConstraintValidator extends ConstraintValidator {
     }
     // Get the handler settings for the target type of this item.
     $target_type_settings = $value->getParent()->getSetting($type);
-    if (isset($target_type_settings['handler_settings']['target_bundles'])) {
+    // No bundles selected = all bundles are valid.
+    if (!empty($target_type_settings['handler_settings']['target_bundles'])) {
       if (!in_array($referenced_entity->bundle(), $target_type_settings['handler_settings']['target_bundles'], TRUE)) {
-        $this->context->addViolation($constraint->wrongBundleMessage, array('%bundle' => $referenced_entity->bundle()));
+        $this->context->addViolation($constraint->wrongBundleMessage, array(
+          '%bundles' => implode(', ', $target_type_settings['handler_settings']['target_bundles']),
+          '%bundle' => $referenced_entity->bundle(),
+        ));
         return;
       }
     }
diff --git a/src/Tests/DynamicEntityReferenceFieldTest.php b/src/Tests/DynamicEntityReferenceFieldTest.php
index 188617e..67dbdc7 100644
--- a/src/Tests/DynamicEntityReferenceFieldTest.php
+++ b/src/Tests/DynamicEntityReferenceFieldTest.php
@@ -141,7 +141,7 @@ class DynamicEntityReferenceFieldTest extends EntityUnitTestBase {
     $entity->{$this->fieldName}->entity = $entity;
     $violations = $entity->{$this->fieldName}->validate();
     $this->assertEqual($violations->count(), 1, 'Validation throws a violation.');
-    $this->assertEqual($violations[0]->getMessage(), t('The referenced entity (%type: %id) does not exist.', array('%type' => $entity->getEntityTypeId(), '%id' => -1)));
+    $this->assertEqual($violations[0]->getMessage(), t('The referenced entity type (%type) is not allowed for this field.', array('%type' => $entity->getEntityTypeId())));
 
     // Test an invalid bundle.
     $dud_referenced_entity = $entity_manager
@@ -151,7 +151,10 @@ class DynamicEntityReferenceFieldTest extends EntityUnitTestBase {
     $entity->{$this->fieldName}->entity = $dud_referenced_entity;
     $violations = $entity->{$this->fieldName}->validate();
     $this->assertEqual($violations->count(), 1, 'Validation throws a violation.');
-    $this->assertEqual($violations[0]->getMessage(), t('The entity must be of bundle %bundle.', array('%bundle' => 'dud')));
+    $this->assertEqual($violations[0]->getMessage(), t('The entity bundle must be one of %bundles, the selected entity is of bundle %bundle.', array(
+      '%bundle' => 'dud',
+      '%bundles' => $this->bundle,
+    )));
   }
 
   /**