diff --git a/Include/internal/pycore_pymem.h b/Include/internal/pycore_pymem.h
index defe143e9dcc3c..5386d4c5f83031 100644
--- a/Include/internal/pycore_pymem.h
+++ b/Include/internal/pycore_pymem.h
@@ -121,7 +121,7 @@ extern void _PyMem_FreeDelayed(void *ptr);
 
 // Enqueue an object to be freed possibly after some delay
 #ifdef Py_GIL_DISABLED
-extern void _PyObject_XDecRefDelayed(PyObject *obj);
+PyAPI_FUNC(void) _PyObject_XDecRefDelayed(PyObject *obj);
 #else
 static inline void _PyObject_XDecRefDelayed(PyObject *obj)
 {
diff --git a/Lib/test/test_capi/test_object.py b/Lib/test/test_capi/test_object.py
index 5d0a383de64520..3e8fd91b9a67a0 100644
--- a/Lib/test/test_capi/test_object.py
+++ b/Lib/test/test_capi/test_object.py
@@ -210,5 +210,18 @@ def test_decref_freed_object(self):
         """
         self.check_negative_refcount(code)
 
+    def test_decref_delayed(self):
+        # gh-130519: Test that _PyObject_XDecRefDelayed() and QSBR code path
+        # handles destructors that are possibly re-entrant or trigger a GC.
+        import gc
+
+        class MyObj:
+            def __del__(self):
+                gc.collect()
+
+        for _ in range(1000):
+            obj = MyObj()
+            _testinternalcapi.incref_decref_delayed(obj)
+
 if __name__ == "__main__":
     unittest.main()
diff --git a/Modules/_testinternalcapi.c b/Modules/_testinternalcapi.c
index 902984cb3db0ed..c03652259d0e50 100644
--- a/Modules/_testinternalcapi.c
+++ b/Modules/_testinternalcapi.c
@@ -1995,6 +1995,13 @@ is_static_immortal(PyObject *self, PyObject *op)
     Py_RETURN_FALSE;
 }
 
+static PyObject *
+incref_decref_delayed(PyObject *self, PyObject *op)
+{
+    _PyObject_XDecRefDelayed(Py_NewRef(op));
+    Py_RETURN_NONE;
+}
+
 static PyMethodDef module_functions[] = {
     {"get_configs", get_configs, METH_NOARGS},
     {"get_recursion_depth", get_recursion_depth, METH_NOARGS},
@@ -2089,6 +2096,7 @@ static PyMethodDef module_functions[] = {
     {"has_deferred_refcount", has_deferred_refcount, METH_O},
     {"get_tracked_heap_size", get_tracked_heap_size, METH_NOARGS},
     {"is_static_immortal", is_static_immortal, METH_O},
+    {"incref_decref_delayed", incref_decref_delayed, METH_O},
     {NULL, NULL} /* sentinel */
 };
 
diff --git a/Objects/obmalloc.c b/Objects/obmalloc.c
index 5e70e06b9e3171..dd6be1490af016 100644
--- a/Objects/obmalloc.c
+++ b/Objects/obmalloc.c
@@ -1143,10 +1143,16 @@ struct _mem_work_chunk {
     struct _mem_work_item array[WORK_ITEMS_PER_CHUNK];
 };
 
+static int
+work_item_should_decref(uintptr_t ptr)
+{
+    return ptr & 0x01;
+}
+
 static void
 free_work_item(uintptr_t ptr, delayed_dealloc_cb cb, void *state)
 {
-    if (ptr & 0x01) {
+    if (work_item_should_decref(ptr)) {
         PyObject *obj = (PyObject *)(ptr - 1);
 #ifdef Py_GIL_DISABLED
         if (cb == NULL) {
@@ -1154,7 +1160,7 @@ free_work_item(uintptr_t ptr, delayed_dealloc_cb cb, void *state)
             Py_DECREF(obj);
             return;
         }
-
+        assert(_PyInterpreterState_GET()->stoptheworld.world_stopped);
         Py_ssize_t refcount = _Py_ExplicitMergeRefcount(obj, -1);
         if (refcount == 0) {
             cb(obj, state);
@@ -1180,7 +1186,7 @@ free_delayed(uintptr_t ptr)
     {
         // Free immediately during interpreter shutdown or if the world is
         // stopped.
-        assert(!interp->stoptheworld.world_stopped || !(ptr & 0x01));
+        assert(!interp->stoptheworld.world_stopped || !work_item_should_decref(ptr));
         free_work_item(ptr, NULL, NULL);
         return;
     }
@@ -1207,10 +1213,22 @@ free_delayed(uintptr_t ptr)
 
     if (buf == NULL) {
         // failed to allocate a buffer, free immediately
+        PyObject *to_dealloc = NULL;
         _PyEval_StopTheWorld(tstate->base.interp);
-        // TODO: Fix me
-        free_work_item(ptr, NULL, NULL);
+        if (work_item_should_decref(ptr)) {
+            PyObject *obj = (PyObject *)(ptr - 1);
+            Py_ssize_t refcount = _Py_ExplicitMergeRefcount(obj, -1);
+            if (refcount == 0) {
+                to_dealloc = obj;
+            }
+        }
+        else {
+            PyMem_Free((void *)ptr);
+        }
         _PyEval_StartTheWorld(tstate->base.interp);
+        if (to_dealloc != NULL) {
+            _Py_Dealloc(to_dealloc);
+        }
         return;
     }
 
@@ -1257,14 +1275,16 @@ process_queue(struct llist_node *head, struct _qsbr_thread_state *qsbr,
     while (!llist_empty(head)) {
         struct _mem_work_chunk *buf = work_queue_first(head);
 
-        while (buf->rd_idx < buf->wr_idx) {
+        if (buf->rd_idx < buf->wr_idx) {
             struct _mem_work_item *item = &buf->array[buf->rd_idx];
             if (!_Py_qsbr_poll(qsbr, item->qsbr_goal)) {
                 return;
             }
 
-            free_work_item(item->ptr, cb, state);
             buf->rd_idx++;
+            // NB: free_work_item may re-enter or execute arbitrary code
+            free_work_item(item->ptr, cb, state);
+            continue;
         }
 
         assert(buf->rd_idx == buf->wr_idx);
@@ -1360,12 +1380,14 @@ _PyMem_FiniDelayed(PyInterpreterState *interp)
     while (!llist_empty(head)) {
         struct _mem_work_chunk *buf = work_queue_first(head);
 
-        while (buf->rd_idx < buf->wr_idx) {
+        if (buf->rd_idx < buf->wr_idx) {
             // Free the remaining items immediately. There should be no other
             // threads accessing the memory at this point during shutdown.
             struct _mem_work_item *item = &buf->array[buf->rd_idx];
-            free_work_item(item->ptr, NULL, NULL);
             buf->rd_idx++;
+            // NB: free_work_item may re-enter or execute arbitrary code
+            free_work_item(item->ptr, NULL, NULL);
+            continue;
         }
 
         llist_remove(&buf->node);