diff --git a/doc/source/whatsnew/v1.1.0.rst b/doc/source/whatsnew/v1.1.0.rst
index 718de09a0c3e4..f789b74e1b795 100644
--- a/doc/source/whatsnew/v1.1.0.rst
+++ b/doc/source/whatsnew/v1.1.0.rst
@@ -546,6 +546,7 @@ Groupby/resample/rolling
 - Bug in :meth:`DataFrameGroupBy.agg` with dictionary input losing ``ExtensionArray`` dtypes (:issue:`32194`)
 - Bug in :meth:`DataFrame.resample` where an ``AmbiguousTimeError`` would be raised when the resulting timezone aware :class:`DatetimeIndex` had a DST transition at midnight (:issue:`25758`)
 - Bug in :meth:`DataFrame.groupby` where a ``ValueError`` would be raised when grouping by a categorical column with read-only categories and ``sort=False`` (:issue:`33410`)
+- Bug in :meth:`GroupBy.first` and :meth:`GroupBy.last` where None is not preserved in object dtype (:issue:`32800`)
 
 Reshaping
 ^^^^^^^^^
diff --git a/pandas/_libs/groupby.pyx b/pandas/_libs/groupby.pyx
index e7ac3b8442c6d..53e66c4b8723d 100644
--- a/pandas/_libs/groupby.pyx
+++ b/pandas/_libs/groupby.pyx
@@ -893,7 +893,9 @@ def group_last(rank_t[:, :] out,
             for j in range(K):
                 val = values[i, j]
 
-                if not checknull(val):
+                # None should not be treated like other NA-like
+                # so that it won't be converted to nan
+                if not checknull(val) or val is None:
                     # NB: use _treat_as_na here once
                     #  conditional-nogil is available.
                     nobs[lab, j] += 1
@@ -986,7 +988,9 @@ def group_nth(rank_t[:, :] out,
             for j in range(K):
                 val = values[i, j]
 
-                if not checknull(val):
+                # None should not be treated like other NA-like
+                # so that it won't be converted to nan
+                if not checknull(val) or val is None:
                     # NB: use _treat_as_na here once
                     #  conditional-nogil is available.
                     nobs[lab, j] += 1
diff --git a/pandas/tests/groupby/test_nth.py b/pandas/tests/groupby/test_nth.py
index e1bc058508bee..947907caf5cbc 100644
--- a/pandas/tests/groupby/test_nth.py
+++ b/pandas/tests/groupby/test_nth.py
@@ -94,6 +94,17 @@ def test_nth_with_na_object(index, nulls_fixture):
     tm.assert_frame_equal(result, expected)
 
 
+@pytest.mark.parametrize("method", ["first", "last"])
+def test_first_last_with_None(method):
+    # https://github.com/pandas-dev/pandas/issues/32800
+    # None should be preserved as object dtype
+    df = pd.DataFrame.from_dict({"id": ["a"], "value": [None]})
+    groups = df.groupby("id", as_index=False)
+    result = getattr(groups, method)()
+
+    tm.assert_frame_equal(result, df)
+
+
 def test_first_last_nth_dtypes(df_mixed_floats):
 
     df = df_mixed_floats.copy()