diff --git a/Doc/library/asyncio-exceptions.rst b/Doc/library/asyncio-exceptions.rst
index 7ad9103ca3fdfc..9c9d6df5ab0d49 100644
--- a/Doc/library/asyncio-exceptions.rst
+++ b/Doc/library/asyncio-exceptions.rst
@@ -20,6 +20,10 @@ Exceptions
 
       This class was made an alias of :exc:`TimeoutError`.
 
+    .. versionchanged:: 3.14
+
+      This class was made a unique subclass of :exc:`TimeoutError`.
+
 
 .. exception:: CancelledError
 
diff --git a/Doc/library/concurrent.futures.rst b/Doc/library/concurrent.futures.rst
index e3b24451188cc4..593d511abd4f7d 100644
--- a/Doc/library/concurrent.futures.rst
+++ b/Doc/library/concurrent.futures.rst
@@ -542,13 +542,17 @@ Exception classes
 
 .. exception:: TimeoutError
 
-   A deprecated alias of :exc:`TimeoutError`,
+   A near-alias of :exc:`TimeoutError`,
    raised when a future operation exceeds the given timeout.
 
    .. versionchanged:: 3.11
 
       This class was made an alias of :exc:`TimeoutError`.
 
+   .. versionchanged:: 3.14
+
+      This class was made a unique subclass of :exc:`TimeoutError`.
+
 
 .. exception:: BrokenExecutor
 
diff --git a/Doc/library/multiprocessing.rst b/Doc/library/multiprocessing.rst
index 9fa76c4ce59d00..6ac2ef70ffed53 100644
--- a/Doc/library/multiprocessing.rst
+++ b/Doc/library/multiprocessing.rst
@@ -726,6 +726,10 @@ The :mod:`multiprocessing` package mostly replicates the API of the
 
    Raised by methods with a timeout when the timeout expires.
 
+    .. versionchanged:: 3.14
+
+        This class now subclasses :exc:`TimeoutError`
+
 Pipes and Queues
 ^^^^^^^^^^^^^^^^
 
diff --git a/Lib/asyncio/exceptions.py b/Lib/asyncio/exceptions.py
index 5ece595aad6475..c10ace6aa5be06 100644
--- a/Lib/asyncio/exceptions.py
+++ b/Lib/asyncio/exceptions.py
@@ -11,7 +11,10 @@ class CancelledError(BaseException):
     """The Future or Task was cancelled."""
 
 
-TimeoutError = TimeoutError  # make local alias for the standard exception
+# GH-124308, BPO-32413: Catching TimeoutError should catch asyncio.TimeoutError, but
+# not vice versa.
+class TimeoutError(TimeoutError):
+    """Operation timed out."""
 
 
 class InvalidStateError(Exception):
diff --git a/Lib/asyncio/tasks.py b/Lib/asyncio/tasks.py
index 2112dd4b99d17f..cf3dfb5a606dce 100644
--- a/Lib/asyncio/tasks.py
+++ b/Lib/asyncio/tasks.py
@@ -486,7 +486,7 @@ async def wait_for(fut, timeout):
         try:
             return fut.result()
         except exceptions.CancelledError as exc:
-            raise TimeoutError from exc
+            raise exceptions.TimeoutError from exc
 
     async with timeouts.timeout(timeout):
         return await fut
diff --git a/Lib/asyncio/timeouts.py b/Lib/asyncio/timeouts.py
index e6f5100691d362..863854449e8fbc 100644
--- a/Lib/asyncio/timeouts.py
+++ b/Lib/asyncio/timeouts.py
@@ -113,7 +113,7 @@ async def __aexit__(
                 # Since there are no new cancel requests, we're
                 # handling this.
                 if issubclass(exc_type, exceptions.CancelledError):
-                    raise TimeoutError from exc_val
+                    raise exceptions.TimeoutError from exc_val
                 elif exc_val is not None:
                     self._insert_timeout_error(exc_val)
                     if isinstance(exc_val, ExceptionGroup):
@@ -135,7 +135,7 @@ def _on_timeout(self) -> None:
     def _insert_timeout_error(exc_val: BaseException) -> None:
         while exc_val.__context__ is not None:
             if isinstance(exc_val.__context__, exceptions.CancelledError):
-                te = TimeoutError()
+                te = exceptions.TimeoutError()
                 te.__context__ = te.__cause__ = exc_val.__context__
                 exc_val.__context__ = te
                 break
diff --git a/Lib/concurrent/futures/_base.py b/Lib/concurrent/futures/_base.py
index 707fcdfde79acd..c733ed6c4f1a82 100644
--- a/Lib/concurrent/futures/_base.py
+++ b/Lib/concurrent/futures/_base.py
@@ -42,7 +42,10 @@ class CancelledError(Error):
     """The Future was cancelled."""
     pass
 
-TimeoutError = TimeoutError  # make local alias for the standard exception
+# GH-124308, BPO-42413: Catching TimeoutError should catch futures.TimeoutError, but
+# not vice versa.
+class TimeoutError(TimeoutError):
+    pass
 
 class InvalidStateError(Error):
     """The operation is not allowed in this state."""
diff --git a/Lib/multiprocessing/context.py b/Lib/multiprocessing/context.py
index ddcc7e7900999e..31d8727ee859b7 100644
--- a/Lib/multiprocessing/context.py
+++ b/Lib/multiprocessing/context.py
@@ -17,7 +17,7 @@ class ProcessError(Exception):
 class BufferTooShort(ProcessError):
     pass
 
-class TimeoutError(ProcessError):
+class TimeoutError(ProcessError, TimeoutError):
     pass
 
 class AuthenticationError(ProcessError):
diff --git a/Lib/test/_test_multiprocessing.py b/Lib/test/_test_multiprocessing.py
index 4b3a0645cfc84a..a30eac4bc253cf 100644
--- a/Lib/test/_test_multiprocessing.py
+++ b/Lib/test/_test_multiprocessing.py
@@ -25,6 +25,7 @@
 import pickle
 import weakref
 import warnings
+import contextlib
 import test.support
 import test.support.script_helper
 from test import support
@@ -2605,6 +2606,15 @@ def test_async_timeout(self):
             get = TimingWrapper(res.get)
             self.assertRaises(multiprocessing.TimeoutError, get, timeout=TIMEOUT2)
             self.assertTimingAlmostEqual(get.elapsed, TIMEOUT2)
+
+            # BPO-42413: Catching TimeoutError should catch multiprocessing.TimeoutError
+            with self.assertRaises(TimeoutError):
+                raise multiprocessing.TimeoutError
+
+            # GH-124308: Catching multiprocessing.TimeoutError should not catch TimeoutError
+            with self.assertRaises(TimeoutError):
+                with contextlib.suppress(multiprocessing.TimeoutError):
+                    raise TimeoutError
         finally:
             if event is not None:
                 event.set()
diff --git a/Lib/test/test_asyncio/test_tasks.py b/Lib/test/test_asyncio/test_tasks.py
index a1013ab803348d..b33bcf6fc8d27f 100644
--- a/Lib/test/test_asyncio/test_tasks.py
+++ b/Lib/test/test_asyncio/test_tasks.py
@@ -3502,7 +3502,7 @@ def test_run_coroutine_threadsafe_with_timeout(self):
         when a timeout is raised."""
         callback = lambda: self.target(timeout=0)
         future = self.loop.run_in_executor(None, callback)
-        with self.assertRaises(asyncio.TimeoutError):
+        with self.assertRaises(TimeoutError):
             self.loop.run_until_complete(future)
         test_utils.run_briefly(self.loop)
         # Check that there's no pending task (add has been cancelled)
diff --git a/Lib/test/test_asyncio/test_timeouts.py b/Lib/test/test_asyncio/test_timeouts.py
index f5543e191d07ff..da62ba4dc75183 100644
--- a/Lib/test/test_asyncio/test_timeouts.py
+++ b/Lib/test/test_asyncio/test_timeouts.py
@@ -5,6 +5,7 @@
 
 import asyncio
 
+from contextlib import suppress
 from test.test_asyncio.utils import await_without_task
 
 
@@ -406,6 +407,17 @@ async def task():
         self.assertIsNone(e3.__cause__)
         self.assertIs(e2.__context__, e3)
 
+    async def test_timeouterror_is_unique(self):
+        # BPO-42413: Catching TimeoutError should include asyncio.TimeoutError
+        with self.assertRaises(TimeoutError):
+            async with asyncio.timeout(0.01):
+                await asyncio.sleep(1)
+
+        with self.assertRaises(TimeoutError):
+            # GH-124308: Catching asyncio.TimeoutError should not include TimeoutError
+            with suppress(asyncio.TimeoutError):
+                raise TimeoutError
+
 
 if __name__ == '__main__':
     unittest.main()
diff --git a/Lib/test/test_concurrent_futures/test_future.py b/Lib/test/test_concurrent_futures/test_future.py
index 4066ea1ee4b367..179cc2d8ac235a 100644
--- a/Lib/test/test_concurrent_futures/test_future.py
+++ b/Lib/test/test_concurrent_futures/test_future.py
@@ -4,10 +4,11 @@
 from concurrent import futures
 from concurrent.futures._base import (
     PENDING, RUNNING, CANCELLED, CANCELLED_AND_NOTIFIED, FINISHED, Future)
+from contextlib import suppress
 
 from test import support
 
-from .util import (
+from test.test_concurrent_futures.util import (
     PENDING_FUTURE, RUNNING_FUTURE, CANCELLED_FUTURE,
     CANCELLED_AND_NOTIFIED_FUTURE, EXCEPTION_FUTURE, SUCCESSFUL_FUTURE,
     BaseTestCase, create_future, setup_module)
@@ -196,6 +197,15 @@ def test_result_with_timeout(self):
         self.assertRaises(OSError, EXCEPTION_FUTURE.result, timeout=0)
         self.assertEqual(SUCCESSFUL_FUTURE.result(timeout=0), 42)
 
+        # BPO-42413: Catching TimeoutError should catch futures.TimeoutError
+        with self.assertRaises(TimeoutError):
+            raise futures.TimeoutError
+
+        with self.assertRaises(TimeoutError):
+            # GH-124308: Catching futures.TimeoutError should not catch TimeoutError
+            with suppress(futures.TimeoutError):
+                raise TimeoutError
+
     def test_result_with_success(self):
         # TODO(brian@sweetapp.com): This test is timing dependent.
         def notification():
diff --git a/Misc/NEWS.d/next/Library/2024-09-22-16-05-21.gh-issue-124308.EPJqAB.rst b/Misc/NEWS.d/next/Library/2024-09-22-16-05-21.gh-issue-124308.EPJqAB.rst
new file mode 100644
index 00000000000000..66e4b91accdfa3
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2024-09-22-16-05-21.gh-issue-124308.EPJqAB.rst
@@ -0,0 +1,2 @@
+Prevent :exc:`TimeoutError` from being caught when catching
+:exc:`asyncio.TimeoutError` or :exc:`concurrent.futures.TimeoutError`.