diff --git a/lib/renderer.js b/lib/renderer.js
index 5a11034..0a32b5e 100644
--- a/lib/renderer.js
+++ b/lib/renderer.js
@@ -47,6 +47,7 @@ class PartialRenderer extends ReactDOMServerRenderer {
 
 		// Init lazy node awaiting counter
 		this.numAwaiting = 0;
+		this.fallbacksQueue = [];
 
 		// Init interrupt signal
 		this.interrupt = null;
@@ -88,10 +89,7 @@ class PartialRenderer extends ReactDOMServerRenderer {
 			this.errored(err);
 		}
 
-		if (this.numAwaiting !== 0) return;
-
-		const {suspenseNode} = this;
-		if (suspenseNode && suspenseNode.suspended) return;
+		if (this.numAwaiting !== 0 || this.fallbacksQueue.length > 0) return;
 
 		// Finished processing
 		this.destroy();
@@ -116,7 +114,22 @@ class PartialRenderer extends ReactDOMServerRenderer {
 
 	errored(err) {
 		// Abort all promises
-		this.abortDescendents(this.tree);
+		walkTree(this.tree, node => {
+			const {type} = node;
+			if (type === TYPE_TEXT) return false;
+
+			if (type === TYPE_PROMISE && !node.resolved) {
+				node.resolved = true;
+				abort(node.promise);
+			}
+
+			return true;
+		});
+
+		this.numAwaiting = 0;
+
+		// Clear fallbacks queue
+		this.fallbacksQueue.length = 0;
 
 		// Record error
 		this.error = err;
@@ -276,6 +289,7 @@ class PartialRenderer extends ReactDOMServerRenderer {
 		node.suspendedAbove = parentSuspense ?
 			parentSuspense.suspended || parentSuspense.suspendedAbove :
 			false;
+		node.containsLazy = false;
 		this.suspenseNode = node;
 
 		this.node = node;
@@ -302,6 +316,9 @@ class PartialRenderer extends ReactDOMServerRenderer {
 		const {stack} = this;
 		const frame = this.stackPopOriginal.call(stack);
 
+		// Flag suspense as containing lazy
+		if (!suspenseNode.containsLazy) suspenseNode.containsLazy = true;
+
 		// If above suspense boundary suspended, suspend this too
 		if (suspenseNode.suspendedAbove && !suspenseNode.suspended) suspenseNode.suspended = true;
 
@@ -384,8 +401,7 @@ class PartialRenderer extends ReactDOMServerRenderer {
 	rerender(node, element) {
 		// Step into node and reinstate stack state with element on stack ready to render
 		this.node = node;
-		const suspenseNode = node.parentSuspense;
-		this.suspenseNode = suspenseNode;
+		this.suspenseNode = node.parentSuspense;
 		this.restoreStack(node.stackState, element);
 
 		// Render element
@@ -397,18 +413,25 @@ class PartialRenderer extends ReactDOMServerRenderer {
 		// Clear contexts added in `.restoreStack()`
 		this.resetProviders();
 
-		// If suspended, render fallback of suspense boundary
-		if (!suspenseNode || !suspenseNode.suspended) return;
-
-		// Convert node to fallback and discard children
-		const {fallback} = suspenseNode;
-		this.convertNodeToFallback(suspenseNode);
+		// Process fallbacks queue.
+		// Convert nodes to fallbacks
+		// Find first fallback that requires rendering, and render it.
+		const {fallbacksQueue} = this;
+		let suspenseNode, fallback;
+		while (true) { // eslint-disable-line no-constant-condition
+			if (fallbacksQueue.length === 0) return;
+
+			// Convert node to fallback and discard children
+			suspenseNode = fallbacksQueue.pop();
+			fallback = suspenseNode.fallback;
+			this.convertNodeToFallback(suspenseNode);
+
+			// Stop when found a fallback that requires rendering
+			if (isRenderableElement(fallback)) break;
+		}
 
 		// Render fallback
-		if (isRenderableElement(fallback)) this.rerender(suspenseNode, fallback);
-
-		// Clear frame to free memory
-		suspenseNode.frame = null;
+		this.rerender(suspenseNode, fallback);
 	}
 
 	rejected(node, err) {
@@ -455,12 +478,35 @@ class PartialRenderer extends ReactDOMServerRenderer {
 		// Abort this promise
 		followAndAbort(promise);
 
-		// Abort all promises within boundary
+		// If Suspense containing this node is being processed within this
+		// render cycle, mark as suspended (to avoid it being added to fallbacks queue)
 		const {suspenseNode} = this;
-		this.abortDescendents(suspenseNode);
+		if (suspenseNode.frame) suspenseNode.suspended = true;
 
-		// Suspend
-		suspenseNode.suspended = true;
+		// Abort all promises within Suspense and
+		// trigger fallbacks of any nested Suspenses which contain lazy elements
+		this.suspendDescendents(suspenseNode, false);
+	}
+
+	suspendDescendents(node, inLazy) {
+		const {type} = node;
+		if (type === TYPE_TEXT) return;
+
+		if (type === TYPE_SUSPENSE) {
+			if (!inLazy && !node.suspended && node.containsLazy) {
+				node.suspended = true;
+				this.fallbacksQueue.push(node);
+			}
+		} else if (type === TYPE_PROMISE && !node.resolved) {
+			node.resolved = true;
+			this.numAwaiting--;
+			abort(node.promise);
+			inLazy = true;
+		}
+
+		for (let child of node.children) {
+			this.suspendDescendents(child, inLazy);
+		}
 	}
 
 	createChildWithStackState(type, frame) {
@@ -633,27 +679,6 @@ class PartialRenderer extends ReactDOMServerRenderer {
 		this.clearProviders();
 		this.contextIndex = -1;
 	}
-
-	/**
-	 * Abort all descendents (children, children's children etc) of a node.
-	 * If promise on lazy component has `.abort()` method, it is called.
-	 * @param {Object} tree - Starting node
-	 * @returns {undefined}
-	 */
-	abortDescendents(tree) {
-		walkTree(tree, node => {
-			const {type} = node;
-			if (type === TYPE_TEXT) return false;
-
-			if (type === TYPE_PROMISE && !node.resolved) {
-				node.resolved = true;
-				this.numAwaiting--;
-				abort(node.promise);
-			}
-
-			return true;
-		});
-	}
 }
 
 module.exports = PartialRenderer;