diff --git a/DESCRIPTION.md b/DESCRIPTION.md
index 4d7fd13fc..247548afe 100644
--- a/DESCRIPTION.md
+++ b/DESCRIPTION.md
@@ -8,6 +8,10 @@ Source code is also available at: https://github.com/snowflakedb/snowflake-conne
 
 # Release Notes
 
+- v3.12.0(TBD)
+  - Optimized `to_pandas()` performance by fully parallel downloading logic.
+
+
 - v3.11.0(June 17,2024)
   - Added support for `token_file_path` connection parameter to read an OAuth token from a file when connecting to Snowflake.
   - Added support for `debug_arrow_chunk` connection parameter to allow debugging raw arrow data in case of arrow data parsing failure.
diff --git a/src/snowflake/connector/result_set.py b/src/snowflake/connector/result_set.py
index 5b40e7d57..89fd756f8 100644
--- a/src/snowflake/connector/result_set.py
+++ b/src/snowflake/connector/result_set.py
@@ -6,7 +6,7 @@
 
 import inspect
 from collections import deque
-from concurrent.futures import Future
+from concurrent.futures import ALL_COMPLETED, Future, wait
 from concurrent.futures.thread import ThreadPoolExecutor
 from logging import getLogger
 from typing import (
@@ -63,41 +63,20 @@ def result_set_iterator(
     """
 
     with ThreadPoolExecutor(prefetch_thread_num) as pool:
-        # Fill up window
-
         logger.debug("beginning to schedule result batch downloads")
-
-        for _ in range(min(prefetch_thread_num, len(unfetched_batches))):
+        while unfetched_batches:
             logger.debug(
                 f"queuing download of result batch id: {unfetched_batches[0].id}"
             )
-            unconsumed_batches.append(
-                pool.submit(unfetched_batches.popleft().create_iter, **kw)
-            )
-
+            future = pool.submit(unfetched_batches.popleft().create_iter, **kw)
+            unconsumed_batches.append(future)
         yield from first_batch_iter
-
+        _, _ = wait(unconsumed_batches, return_when=ALL_COMPLETED)
         i = 1
         while unconsumed_batches:
-            logger.debug(f"user requesting to consume result batch {i}")
-
-            # Submit the next un-fetched batch to the pool
-            if unfetched_batches:
-                logger.debug(
-                    f"queuing download of result batch id: {unfetched_batches[0].id}"
-                )
-                future = pool.submit(unfetched_batches.popleft().create_iter, **kw)
-                unconsumed_batches.append(future)
-
-            future = unconsumed_batches.popleft()
-
-            # this will raise an exception if one has occurred
-            batch_iterator = future.result()
-
             logger.debug(f"user began consuming result batch {i}")
-            yield from batch_iterator
-            logger.debug(f"user finished consuming result batch {i}")
-
+            yield from unconsumed_batches.popleft().result()
+            logger.debug(f"user began consuming result batch {i}")
             i += 1
     final()