diff --git a/base/rational.jl b/base/rational.jl
index b48e8a359e346..c53e311dbe068 100644
--- a/base/rational.jl
+++ b/base/rational.jl
@@ -244,21 +244,25 @@ julia> typeof(numerator(a))
 BigInt
 ```
 """
-function rationalize(::Type{T}, x::Union{AbstractFloat, Rational}, tol::Real) where T<:Integer
-    if tol < 0
-        throw(ArgumentError("negative tolerance $tol"))
-    end
-
+function rationalize(::Type{T}, x::AbstractFloat, tol::Real)::Rational{T} where T<:Integer
+    tol < 0 && throw(ArgumentError("Tolerance can not be negative. tol=$tol"))
     T<:Unsigned && x < 0 && __throw_negate_unsigned()
     isnan(x) && return T(x)//one(T)
     isinf(x) && return unsafe_rational(x < 0 ? -one(T) : one(T), zero(T))
 
+    r, a = modf(abs(x))
+    if r > tol && r ≤ inv(maxintfloat(x))
+        p = 1 - exponent(r)
+        if p > precision(Float64)
+            return setprecision(() -> rationalize(T, BigFloat(x), tol), BigFloat, p)
+        end
+        x, a, r = Float64.((x, a, r))
+    end
+
     p,  q  = (x < 0 ? -one(T) : one(T)), zero(T)
     pp, qq = zero(T), one(T)
 
     x = abs(x)
-    a = trunc(x)
-    r = x-a
     y = one(x)
     tolx = oftype(x, tol)
     nt, t, tt = tolx, zero(tolx), tolx
@@ -309,9 +313,21 @@ rationalize(x::Real; kvs...) = rationalize(Int, x; kvs...)
 rationalize(::Type{T}, x::Complex; kvs...) where {T<:Integer} = Complex(rationalize(T, x.re; kvs...), rationalize(T, x.im; kvs...))
 rationalize(x::Complex; kvs...) = Complex(rationalize(Int, x.re; kvs...), rationalize(Int, x.im; kvs...))
 rationalize(::Type{T}, x::Rational; tol::Real = 0) where {T<:Integer} = rationalize(T, x, tol)
-rationalize(x::Rational; kvs...) = x
+rationalize(x::Rational{T}; kvs...) where {T<:Integer} = rationalize(T, x; kvs...)
+function rationalize(::Type{T}, x::Rational, tol::Real) where {T<:Integer}
+    T<:Unsigned && x < 0 && __throw_negate_unsigned()
+    if 0 ≤ tol ≤ eps(float(x))
+        try
+            return Rational{T}(x)
+        catch e
+            isa(e,InexactError) || rethrow()
+        end
+    end
+    return rationalize(T, float(x), tol)
+end
 rationalize(x::Integer; kvs...) = Rational(x)
 function rationalize(::Type{T}, x::Integer; kvs...) where {T<:Integer}
+    T<:Unsigned && x < 0 && __throw_negate_unsigned()
     if Base.hastypemax(T) # BigInt doesn't
         x < typemin(T) && return unsafe_rational(-one(T), zero(T))
         x > typemax(T) && return unsafe_rational(one(T), zero(T))
diff --git a/test/rational.jl b/test/rational.jl
index 93b049f22f465..65a5d917f2666 100644
--- a/test/rational.jl
+++ b/test/rational.jl
@@ -39,6 +39,7 @@ using Test
     @test @inferred(rationalize(Int8, 1000//3)) === Rational{Int8}(1//0)
     @test @inferred(rationalize(Int8, 1000)) === Rational{Int8}(1//0)
     @test_throws OverflowError rationalize(UInt, -2.0)
+    @test_throws OverflowError rationalize(UInt, -2)
     @test_throws ArgumentError rationalize(Int, big(3.0), -1.)
     # issue 26823
     @test_throws InexactError rationalize(Int, NaN)
@@ -879,3 +880,34 @@ end
     @test 1.0 != big(1//0)
     @test Inf == big(1//0)
 end
+
+@testset "rationalize(Rational) (issue #60768)" begin
+    x = float(pi)
+    r = rationalize(x)
+    @test rationalize(Int32, r, tol=0.0) === Rational{Int32}(r) == r
+    @test rationalize(r) === rationalize(r, tol=0) === r
+    @test rationalize(r, tol=eps(float(r))) === r
+    @test rationalize(r, tol=0.1) == 16//5
+    for n=1:10
+        @test rationalize(r, tol=1/10^n) == rationalize(float(r), tol=1/10^n)
+    end
+    @test_throws OverflowError rationalize(UInt, -r)
+end
+
+@testset "rationalize(x) with tiny x (issue #49803, #49848)" begin
+    for (T, U) in ((Int32, Float16), (Int64, Float32), (Int128, Float64), (BigInt, BigFloat))
+        x = prevfloat(1/maxintfloat(U))
+        r = rationalize(T, x, tol=0)
+        @test abs(r - x) == 0
+        if U != BigFloat
+            # x subnormal
+            x = prevfloat(floatmin(U))
+            r = rationalize(widen(T), x, tol=0)
+            @test abs(r - x) == 0
+            # x subnormal, inv(x) infinite
+            x = inv(floatmax(U))
+            r = rationalize(BigInt, x, tol=0)
+            @test abs(r - x) == 0
+        end
+    end
+end