diff --git a/Lib/test/test_list.py b/Lib/test/test_list.py
index 642b54d34849da..bce2ee8f92f375 100644
--- a/Lib/test/test_list.py
+++ b/Lib/test/test_list.py
@@ -213,6 +213,20 @@ def test_reversed_pickle(self):
             a[:] = data
             self.assertEqual(list(it), [])
 
+    def test_exhausted_iterator_setstate(self):
+        # gh-129139: __setstate__ on an exhausted iterator must not revive it
+        it = iter([1, 2, 3])
+        list(it)  # exhaust the iterator
+        it.__setstate__(0)
+        self.assertRaises(StopIteration, next, it)
+
+    def test_exhausted_reversed_iterator_setstate(self):
+        # gh-129139: __setstate__ on an exhausted reversed iterator must not revive it
+        it = reversed([1, 2, 3])
+        list(it)  # exhaust the iterator
+        it.__setstate__(0)
+        self.assertRaises(StopIteration, next, it)
+
     def test_step_overflow(self):
         a = [0, 1, 2, 3, 4]
         a[1::sys.maxsize] = [0]
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-03-22-00-00-00.gh-issue-129139.8hyhJC.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-03-22-00-00-00.gh-issue-129139.8hyhJC.rst
new file mode 100644
index 00000000000000..6d3ea87bdaa011
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-03-22-00-00-00.gh-issue-129139.8hyhJC.rst
@@ -0,0 +1 @@
+In free-threaded build, fix ``__setstate__`` on exhausted list iterators and reversed list iterators reviving the iterator instead of being a no-op.
diff --git a/Objects/listobject.c b/Objects/listobject.c
index 654b8130e70840..31fc33a9d15039 100644
--- a/Objects/listobject.c
+++ b/Objects/listobject.c
@@ -4108,7 +4108,7 @@ listiter_setstate(PyObject *self, PyObject *state)
     Py_ssize_t index = PyLong_AsSsize_t(state);
     if (index == -1 && PyErr_Occurred())
         return NULL;
-    if (it->it_seq != NULL) {
+    if (it->it_seq != NULL && FT_ATOMIC_LOAD_SSIZE_RELAXED(it->it_index) >= 0) {
         if (index < -1)
             index = -1;
         else if (index > PyList_GET_SIZE(it->it_seq))
@@ -4260,7 +4260,7 @@ listreviter_setstate(PyObject *self, PyObject *state)
     Py_ssize_t index = PyLong_AsSsize_t(state);
     if (index == -1 && PyErr_Occurred())
         return NULL;
-    if (it->it_seq != NULL) {
+    if (it->it_seq != NULL && FT_ATOMIC_LOAD_SSIZE_RELAXED(it->it_index) >= 0) {
         if (index < -1)
             index = -1;
         else if (index > PyList_GET_SIZE(it->it_seq) - 1)