diff --git a/src/coreclr/nativeaot/System.Private.CoreLib/src/System/Runtime/InteropServices/ComWrappers.NativeAot.cs b/src/coreclr/nativeaot/System.Private.CoreLib/src/System/Runtime/InteropServices/ComWrappers.NativeAot.cs
index 3f0b9c182d2cf9..c348418d510c4d 100644
--- a/src/coreclr/nativeaot/System.Private.CoreLib/src/System/Runtime/InteropServices/ComWrappers.NativeAot.cs
+++ b/src/coreclr/nativeaot/System.Private.CoreLib/src/System/Runtime/InteropServices/ComWrappers.NativeAot.cs
@@ -472,7 +472,7 @@ public void Release()
             {
                 if (_comWrappers != null)
                 {
-                    _comWrappers.RemoveRCWFromCache(_externalComObject);
+                    _comWrappers.RemoveRCWFromCache(_externalComObject, _proxyHandle);
                     _comWrappers = null;
                 }
 
@@ -720,8 +720,18 @@ private unsafe bool TryGetOrCreateObjectForComInstanceInternal(
                 {
                     if (_rcwCache.TryGetValue(externalComObject, out GCHandle handle))
                     {
-                        retValue = handle.Target;
-                        return true;
+                        object? cachedWrapper = handle.Target;
+                        if (cachedWrapper is not null)
+                        {
+                            retValue = cachedWrapper;
+                            return true;
+                        }
+                        else
+                        {
+                            // The GCHandle has been clear out but the NativeObjectWrapper
+                            // finalizer has not yet run to remove the entry from _rcwCache
+                            _rcwCache.Remove(externalComObject);
+                        }
                     }
 
                     if (wrapperMaybe is not null)
@@ -765,9 +775,21 @@ private unsafe bool TryGetOrCreateObjectForComInstanceInternal(
 
             using (LockHolder.Hold(_lock))
             {
+                object? cachedWrapper = null;
                 if (_rcwCache.TryGetValue(externalComObject, out var existingHandle))
                 {
-                    retValue = existingHandle.Target;
+                    cachedWrapper = existingHandle.Target;
+                    if (cachedWrapper is null)
+                    {
+                        // The GCHandle has been clear out but the NativeObjectWrapper
+                        // finalizer has not yet run to remove the entry from _rcwCache
+                        _rcwCache.Remove(externalComObject);
+                    }
+                }
+
+                if (cachedWrapper is not null)
+                {
+                    retValue = cachedWrapper;
                 }
                 else
                 {
@@ -788,11 +810,17 @@ private unsafe bool TryGetOrCreateObjectForComInstanceInternal(
         }
 #pragma warning restore IDE0060
 
-        private void RemoveRCWFromCache(IntPtr comPointer)
+        private void RemoveRCWFromCache(IntPtr comPointer, GCHandle expectedValue)
         {
             using (LockHolder.Hold(_lock))
             {
-                _rcwCache.Remove(comPointer);
+                // TryGetOrCreateObjectForComInstanceInternal may have put a new entry into the cache
+                // in the time between the GC cleared the contents of the GC handle but before the
+                // NativeObjectWrapper finializer ran.
+                if (_rcwCache.TryGetValue(comPointer, out GCHandle cachedValue) && expectedValue.Equals(cachedValue))
+                {
+                    _rcwCache.Remove(comPointer);
+                }
             }
         }
 
diff --git a/src/tests/Interop/COM/ComWrappers/API/Program.cs b/src/tests/Interop/COM/ComWrappers/API/Program.cs
index 3c1fbc83b1c5f0..106df3cec434e5 100644
--- a/src/tests/Interop/COM/ComWrappers/API/Program.cs
+++ b/src/tests/Interop/COM/ComWrappers/API/Program.cs
@@ -299,6 +299,36 @@ static void ValidateCreateObjectCachingScenario()
             Assert.NotEqual(trackerObj1, trackerObj3);
         }
 
+        // Make sure that if one wrapper is GCed, another can be created.
+        static void ValidateCreateObjectGcBehavior()
+        {
+            Console.WriteLine($"Running {nameof(ValidateCreateObjectCachingScenario)}...");
+
+            var cw = new TestComWrappers();
+
+            // Get an object from a tracker runtime.
+            IntPtr trackerObjRaw = MockReferenceTrackerRuntime.CreateTrackerObject();
+
+            // Create the first native object wrapper and run the GC.
+            CreateObject();
+            GC.Collect();
+
+            // Try to create another wrapper for the same object. The above GC
+            // may have collected parts of the ComWrapper cache, but this should
+            // still work.
+            CreateObject();
+            ForceGC();
+
+            Marshal.Release(trackerObjRaw);
+
+            [MethodImpl(MethodImplOptions.NoInlining)]
+            void CreateObject()
+            {
+                var obj = (ITrackerObjectWrapper)cw.GetOrCreateObjectForComInstance(trackerObjRaw, CreateObjectFlags.None);
+                Assert.NotNull(obj);
+            }
+        }
+
         static void ValidateMappingAPIs()
         {
             Console.WriteLine($"Running {nameof(ValidateMappingAPIs)}...");
@@ -777,6 +807,7 @@ static int Main()
                 ValidateCreatingAComInterfaceForObjectAfterTheFirstIsFree();
                 ValidateFallbackQueryInterface();
                 ValidateCreateObjectCachingScenario();
+                ValidateCreateObjectGcBehavior();
                 ValidateMappingAPIs();
                 ValidateWrappersInstanceIsolation();
                 ValidatePrecreatedExternalWrapper();