diff --git a/Python/context.c b/Python/context.c
index 62b582f271ffe5..77b6478460050b 100644
--- a/Python/context.c
+++ b/Python/context.c
@@ -791,8 +791,16 @@ contextvar_set(PyContextVar *var, PyObject *val)
         return -1;
     }
 
+    // gh-148891: _PyHamt_Assoc can allocate HAMT nodes, which may trigger
+    // GC.  A weakref callback or finalizer could then re-enter
+    // contextvar_set, replacing ctx->ctx_vars via Py_SETREF and freeing
+    // the old HAMT while _PyHamt_Assoc is still traversing it.
+    // Prevent this by holding a strong reference to the current vars.
+    PyHamtObject *old_vars = ctx->ctx_vars;
+    Py_INCREF(old_vars);
     PyHamtObject *new_vars = _PyHamt_Assoc(
-        ctx->ctx_vars, (PyObject *)var, val);
+        old_vars, (PyObject *)var, val);
+    Py_DECREF(old_vars);
     if (new_vars == NULL) {
         return -1;
     }
@@ -819,8 +827,12 @@ contextvar_del(PyContextVar *var)
         return -1;
     }
 
+    // gh-148891: same borrowed-reference hazard as contextvar_set:
+    // _PyHamt_Without allocates nodes, which may trigger GC re-entrancy.
     PyHamtObject *vars = ctx->ctx_vars;
+    Py_INCREF(vars);
     PyHamtObject *new_vars = _PyHamt_Without(vars, (PyObject *)var);
+    Py_DECREF(vars);
     if (new_vars == NULL) {
         return -1;
     }