diff --git a/Lib/test/test_memoryio.py b/Lib/test/test_memoryio.py
index 731299294e6877..8192502a40791b 100644
--- a/Lib/test/test_memoryio.py
+++ b/Lib/test/test_memoryio.py
@@ -6,10 +6,12 @@
 import unittest
 from test import support
 
+import gc
 import io
 import _pyio as pyio
 import pickle
 import sys
+import weakref
 
 class IntLike:
     def __init__(self, num):
@@ -477,6 +479,25 @@ def test_getbuffer_empty(self):
         buf2.release()
         memio.write(b'x')
 
+    def test_getbuffer_gc_collect(self):
+        memio = self.ioclass(b"1234567890")
+        buf = memio.getbuffer()
+        memiowr = weakref.ref(memio)
+        bufwr = weakref.ref(buf)
+        # Create a reference loop.
+        a = [buf]
+        a.append(a)
+        # The Python implementation emits an unraisable exception.
+        with support.catch_unraisable_exception():
+            del memio
+        del buf
+        del a
+        # The C implementation emits an unraisable exception.
+        with support.catch_unraisable_exception():
+            gc.collect()
+        self.assertIsNone(memiowr())
+        self.assertIsNone(bufwr())
+
     def test_read1(self):
         buf = self.buftype("1234567890")
         self.assertEqual(self.ioclass(buf).read1(), buf)
diff --git a/Misc/NEWS.d/next/Library/2023-10-23-18-42-26.gh-issue-111049.Ys7-o_.rst b/Misc/NEWS.d/next/Library/2023-10-23-18-42-26.gh-issue-111049.Ys7-o_.rst
new file mode 100644
index 00000000000000..b1de348bea0a58
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2023-10-23-18-42-26.gh-issue-111049.Ys7-o_.rst
@@ -0,0 +1,2 @@
+Fix crash during garbage collection of the :class:`io.BytesIO` buffer
+object.
diff --git a/Modules/_io/bytesio.c b/Modules/_io/bytesio.c
index 7636394c35a459..9459affa4a87b0 100644
--- a/Modules/_io/bytesio.c
+++ b/Modules/_io/bytesio.c
@@ -988,7 +988,9 @@ static int
 bytesio_clear(bytesio *self)
 {
     Py_CLEAR(self->dict);
-    Py_CLEAR(self->buf);
+    if (self->exports == 0) {
+        Py_CLEAR(self->buf);
+    }
     return 0;
 }
 
@@ -1093,13 +1095,6 @@ bytesiobuf_releasebuffer(bytesiobuf *obj, Py_buffer *view)
     b->exports--;
 }
 
-static int
-bytesiobuf_clear(bytesiobuf *self)
-{
-    Py_CLEAR(self->source);
-    return 0;
-}
-
 static int
 bytesiobuf_traverse(bytesiobuf *self, visitproc visit, void *arg)
 {
@@ -1114,7 +1109,7 @@ bytesiobuf_dealloc(bytesiobuf *self)
     PyTypeObject *tp = Py_TYPE(self);
     /* bpo-31095: UnTrack is needed before calling any callbacks */
     PyObject_GC_UnTrack(self);
-    (void)bytesiobuf_clear(self);
+    Py_CLEAR(self->source);
     tp->tp_free(self);
     Py_DECREF(tp);
 }
@@ -1122,7 +1117,6 @@ bytesiobuf_dealloc(bytesiobuf *self)
 static PyType_Slot bytesiobuf_slots[] = {
     {Py_tp_dealloc, bytesiobuf_dealloc},
     {Py_tp_traverse, bytesiobuf_traverse},
-    {Py_tp_clear, bytesiobuf_clear},
 
     // Buffer protocol
     {Py_bf_getbuffer, bytesiobuf_getbuffer},