diff --git a/Lib/copy.py b/Lib/copy.py
index 6149301ad1389e2..b7fcccebd370ec7 100644
--- a/Lib/copy.py
+++ b/Lib/copy.py
@@ -122,9 +122,10 @@ def deepcopy(x, memo=None):
     if memo is None:
         memo = {}
     else:
-        y = memo.get(d, None)
-        if y is not None:
-            return y
+        try:
+            return memo[d]
+        except KeyError:
+            pass
 
     copier = _deepcopy_dispatch.get(cls)
     if copier is not None:
diff --git a/Lib/test/test_copy.py b/Lib/test/test_copy.py
index 98f56b5ae87f964..c9be475542ce70d 100644
--- a/Lib/test/test_copy.py
+++ b/Lib/test/test_copy.py
@@ -509,6 +509,22 @@ def __eq__(self, other):
         self.assertIsNot(y, x)
         self.assertIsNot(y.foo, x.foo)
 
+    def test_deepcopy_inst_deepcopy_returns_none(self):
+        # gh-154594: the memo used to use None as its own "not cached"
+        # sentinel, so a __deepcopy__ that legitimately returns None was
+        # indistinguishable from a memo miss and got invoked again on
+        # every subsequent reference to the same object.
+        calls = []
+        class C:
+            def __deepcopy__(self, memo):
+                calls.append(1)
+                memo[id(self)] = None
+                return None
+        x = C()
+        y = copy.deepcopy([x, x, x])
+        self.assertEqual(y, [None, None, None])
+        self.assertEqual(len(calls), 1)
+
     def test_deepcopy_inst_getinitargs(self):
         class C:
             def __init__(self, foo):
diff --git a/Misc/NEWS.d/next/Library/2026-07-28-10-00-00.gh-issue-154594.lRVvrN.rst b/Misc/NEWS.d/next/Library/2026-07-28-10-00-00.gh-issue-154594.lRVvrN.rst
new file mode 100644
index 000000000000000..9de7191f708edea
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-07-28-10-00-00.gh-issue-154594.lRVvrN.rst
@@ -0,0 +1,3 @@
+Fix :func:`copy.deepcopy` re-invoking an object's :meth:`~object.__deepcopy__`
+on every subsequent reference to that object when it returns :const:`None`.
+The memo dict now distinguishes a cached ``None`` result from a cache miss.