diff --git a/fs/btrfs/disk-io.c b/fs/btrfs/disk-io.c
index db3f5d3e3e04..d30c1d02d994 100644
--- a/fs/btrfs/disk-io.c
+++ b/fs/btrfs/disk-io.c
@@ -3313,6 +3313,8 @@ static void invalidate_and_check_btree_folios(struct btrfs_fs_info *fs_info)
 	 */
 	rcu_read_lock();
 	xa_for_each(&fs_info->buffer_tree, index, eb) {
+		unsigned int refs;
+
 		/* Increase the ref so that the eb won't disappear. */
 		if (!refcount_inc_not_zero(&eb->refs))
 			continue;
@@ -3322,17 +3324,27 @@ static void invalidate_and_check_btree_folios(struct btrfs_fs_info *fs_info)
 		if (test_bit(EXTENT_BUFFER_READING, &eb->bflags))
 			wait_on_bit_io(&eb->bflags, EXTENT_BUFFER_READING,
 				       TASK_UNINTERRUPTIBLE);
+		/*
+		 * We hold the spinlock to make sure above
+		 * EXTENT_BUFFER_READING flag is cleared with the held
+		 * ref dropped.
+		 * Or we can hit a race window and lead to false alerts.
+		 */
+		spin_lock(&eb->refs_lock);
+		refs = refcount_read(&eb->refs);
+		spin_unlock(&eb->refs_lock);
+
 		/*
 		 * The refs threshold is 2, one held by us at the beginning
 		 * of the loop, one for the ownership in the buffer tree.
 		 */
-		if (unlikely(refcount_read(&eb->refs) > 2 || extent_buffer_under_io(eb))) {
+		if (unlikely(refs > 2 || extent_buffer_under_io(eb))) {
 			WARN_ON_ONCE(IS_ENABLED(CONFIG_BTRFS_DEBUG));
 			btrfs_warn(fs_info,
 			"unable to release extent buffer %llu owner %llu gen %llu refs %u flags 0x%lx",
 				   eb->start, btrfs_header_owner(eb),
 				   btrfs_header_generation(eb),
-				   refcount_read(&eb->refs), eb->bflags);
+				   refs, eb->bflags);
 		}
 		free_extent_buffer(eb);
 		rcu_read_lock();
diff --git a/fs/btrfs/extent_io.c b/fs/btrfs/extent_io.c
index 80e6aaf72e5a..6a516cd1c18b 100644
--- a/fs/btrfs/extent_io.c
+++ b/fs/btrfs/extent_io.c
@@ -3853,12 +3853,31 @@ static int release_extent_buffer(struct extent_buffer *eb)
 	return 0;
 }
 
-void free_extent_buffer(struct extent_buffer *eb)
+static void clear_extent_buffer_reading(struct extent_buffer *eb)
+{
+	clear_and_wake_up_bit(EXTENT_BUFFER_READING, &eb->bflags);
+}
+
+static void free_extent_buffer_clear_reading(struct extent_buffer *eb,
+					     bool clear_reading)
 {
 	int refs;
+
 	if (!eb)
 		return;
 
+	/*
+	 * We want to clear EXTENT_BUFFER_READING flag and decrease refs
+	 * in the same critical section.
+	 * This will make sure invalidate_and_check_btree_folios() won't
+	 * see an eb with EXTENT_BUFFER_READING cleared but refs not yet
+	 * decreased.
+	 */
+	if (clear_reading) {
+		spin_lock(&eb->refs_lock);
+		clear_extent_buffer_reading(eb);
+	}
+
 	refs = refcount_read(&eb->refs);
 	while (1) {
 		if (test_bit(EXTENT_BUFFER_UNMAPPED, &eb->bflags)) {
@@ -3869,11 +3888,16 @@ void free_extent_buffer(struct extent_buffer *eb)
 		}
 
 		/* Optimization to avoid locking eb->refs_lock. */
-		if (atomic_try_cmpxchg(&eb->refs.refs, &refs, refs - 1))
+		if (atomic_try_cmpxchg(&eb->refs.refs, &refs, refs - 1)) {
+			if (clear_reading)
+				spin_unlock(&eb->refs_lock);
 			return;
+		}
 	}
 
-	spin_lock(&eb->refs_lock);
+	if (!clear_reading)
+		spin_lock(&eb->refs_lock);
+
 	if (refcount_read(&eb->refs) == 2 &&
 	    test_bit(EXTENT_BUFFER_STALE, &eb->bflags) &&
 	    !extent_buffer_under_io(eb) &&
@@ -3887,6 +3911,11 @@ void free_extent_buffer(struct extent_buffer *eb)
 	release_extent_buffer(eb);
 }
 
+void free_extent_buffer(struct extent_buffer *eb)
+{
+	return free_extent_buffer_clear_reading(eb, false);
+}
+
 void free_extent_buffer_stale(struct extent_buffer *eb)
 {
 	if (!eb)
@@ -4012,11 +4041,6 @@ void set_extent_buffer_uptodate(struct extent_buffer *eb)
 		btrfs_meta_folio_set_uptodate(eb->folios[i], eb);
 }
 
-static void clear_extent_buffer_reading(struct extent_buffer *eb)
-{
-	clear_and_wake_up_bit(EXTENT_BUFFER_READING, &eb->bflags);
-}
-
 static void end_bbio_meta_read(struct btrfs_bio *bbio)
 {
 	struct extent_buffer *eb = bbio->private;
@@ -4040,8 +4064,7 @@ static void end_bbio_meta_read(struct btrfs_bio *bbio)
 	else
 		clear_extent_buffer_uptodate(eb);
 
-	clear_extent_buffer_reading(eb);
-	free_extent_buffer(eb);
+	free_extent_buffer_clear_reading(eb, true);
 
 	bio_put(&bbio->bio);
 }