diff --git a/newsfragments/5661.added.md b/newsfragments/5661.added.md
new file mode 100644
index 00000000000..fb4e9eaed6d
--- /dev/null
+++ b/newsfragments/5661.added.md
@@ -0,0 +1 @@
+Add FFI definition `PyIter_NextItem` on Python 3.14 and up, and `compat::PyIter_NextItem` for older versions.
diff --git a/newsfragments/5661.changed.md b/newsfragments/5661.changed.md
new file mode 100644
index 00000000000..2706c47e7a4
--- /dev/null
+++ b/newsfragments/5661.changed.md
@@ -0,0 +1 @@
+Use `PyIter_NextItem` in `PyIterator::next` implementation.
diff --git a/pyo3-ffi/src/abstract_.rs b/pyo3-ffi/src/abstract_.rs
index 712a0739b43..8f2b4831231 100644
--- a/pyo3-ffi/src/abstract_.rs
+++ b/pyo3-ffi/src/abstract_.rs
@@ -145,6 +145,9 @@ extern "C" {
     #[cfg_attr(PyPy, link_name = "PyPyIter_Check")]
     pub fn PyIter_Check(obj: *mut PyObject) -> c_int;
 
+    #[cfg(Py_3_14)]
+    #[cfg_attr(PyPy, link_name = "PyPyIter_NextItem")]
+    pub fn PyIter_NextItem(iter: *mut PyObject, item: *mut *mut PyObject) -> c_int;
     #[cfg_attr(PyPy, link_name = "PyPyIter_Next")]
     pub fn PyIter_Next(arg1: *mut PyObject) -> *mut PyObject;
     #[cfg(all(not(PyPy), Py_3_10))]
diff --git a/pyo3-ffi/src/compat/py_3_14.rs b/pyo3-ffi/src/compat/py_3_14.rs
index 859d26ea777..28cef7975c9 100644
--- a/pyo3-ffi/src/compat/py_3_14.rs
+++ b/pyo3-ffi/src/compat/py_3_14.rs
@@ -24,3 +24,22 @@ compat_function!(
         }
     }
 );
+
+compat_function!(
+    originally_defined_for(Py_3_14);
+
+    #[inline]
+    pub unsafe fn PyIter_NextItem(
+        iter: *mut crate::PyObject,
+        item: *mut *mut crate::PyObject,
+    ) -> std::ffi::c_int {
+        *item = crate::PyIter_Next(iter);
+        if !(*item).is_null() {
+            1
+        } else if crate::PyErr_Occurred().is_null() {
+            0
+        } else {
+            -1
+        }
+    }
+);
diff --git a/src/types/iterator.rs b/src/types/iterator.rs
index 3e18969e420..817c1ac0eb7 100644
--- a/src/types/iterator.rs
+++ b/src/types/iterator.rs
@@ -1,5 +1,4 @@
 use crate::ffi_ptr_ext::FfiPtrExt;
-use crate::instance::Borrowed;
 use crate::py_result_ext::PyResultExt;
 use crate::sync::PyOnceLock;
 #[cfg(Py_LIMITED_API)]
@@ -105,9 +104,17 @@ impl<'py> Iterator for Bound<'py, PyIterator> {
     /// If an exception occurs, returns `Some(Err(..))`.
     /// Further `next()` calls after an exception occurs are likely
     /// to repeatedly result in the same exception.
-    #[inline]
     fn next(&mut self) -> Option<Self::Item> {
-        Borrowed::from(&*self).next()
+        let py = self.py();
+        let mut item = std::ptr::null_mut();
+
+        // SAFETY: `self` is a valid iterator object, `item` is a valid pointer to receive the next item
+        match unsafe { ffi::compat::PyIter_NextItem(self.as_ptr(), &mut item) } {
+            std::ffi::c_int::MIN..=-1 => Some(Err(PyErr::fetch(py))),
+            0 => None,
+            // SAFETY: `item` is guaranteed to be a non-null strong reference
+            1..=std::ffi::c_int::MAX => Some(Ok(unsafe { item.assume_owned_unchecked(py) })),
+        }
     }
 
     fn size_hint(&self) -> (usize, Option<usize>) {
@@ -141,19 +148,6 @@ fn length_hint(iter: &Bound<'_, PyIterator>) -> PyResult<usize> {
     length_hint.call1((iter, 0))?.extract()
 }
 
-impl<'py> Borrowed<'_, 'py, PyIterator> {
-    // TODO: this method is on Borrowed so that &'py PyIterator can use this; once that
-    // implementation is deleted this method should be moved to the `Bound<'py, PyIterator> impl
-    fn next(self) -> Option<PyResult<Bound<'py, PyAny>>> {
-        let py = self.py();
-
-        match unsafe { ffi::PyIter_Next(self.as_ptr()).assume_owned_or_opt(py) } {
-            Some(obj) => Some(Ok(obj)),
-            None => PyErr::take(py).map(Err),
-        }
-    }
-}
-
 impl<'py> IntoIterator for &Bound<'py, PyIterator> {
     type Item = PyResult<Bound<'py, PyAny>>;
     type IntoIter = Bound<'py, PyIterator>;