diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-03-25-13-58-25.gh-issue-131719.zKv98a.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-03-25-13-58-25.gh-issue-131719.zKv98a.rst
new file mode 100644
index 00000000000000..ad917553270349
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-03-25-13-58-25.gh-issue-131719.zKv98a.rst
@@ -0,0 +1 @@
+Fix missing NULL check in ``_PyMem_FreeDelayed`` in :term:`free-threaded <free threading>` build.
diff --git a/Objects/obmalloc.c b/Objects/obmalloc.c
index 4b830f5bb63c69..6f23639645000b 100644
--- a/Objects/obmalloc.c
+++ b/Objects/obmalloc.c
@@ -1160,7 +1160,9 @@ void
 _PyMem_FreeDelayed(void *ptr)
 {
     assert(!((uintptr_t)ptr & 0x01));
-    free_delayed((uintptr_t)ptr);
+    if (ptr != NULL) {
+        free_delayed((uintptr_t)ptr);
+    }
 }
 
 void