diff --git a/.changeset/fix-schedule-retry-times-zero.md b/.changeset/fix-schedule-retry-times-zero.md
new file mode 100644
index 00000000000..81df56d0ce8
--- /dev/null
+++ b/.changeset/fix-schedule-retry-times-zero.md
@@ -0,0 +1,5 @@
+---
+"effect": patch
+---
+
+Fix `Effect.retry` to respect `times: 0` option by using explicit undefined check instead of truthy check.
diff --git a/packages/effect/src/internal/schedule.ts b/packages/effect/src/internal/schedule.ts
index ef17ecfba4c..4c54b1d3d1e 100644
--- a/packages/effect/src/internal/schedule.ts
+++ b/packages/effect/src/internal/schedule.ts
@@ -2034,7 +2034,7 @@ export const fromRetryOptions = (options: Effect.Retry.Options<any>): Schedule.S
       return scheduleDefectWrap(applied)
     }) :
     withWhile
-  return options.times ?
+  return options.times !== undefined ?
     intersect(withUntil, recurs(options.times)) :
     withUntil
 }