diff --git a/Misc/NEWS.d/next/Library/2024-06-21-14-32-56.gh-issue-120811.eBmVTV.rst b/Misc/NEWS.d/next/Library/2024-06-21-14-32-56.gh-issue-120811.eBmVTV.rst
new file mode 100644
index 00000000000000..62cd7b5620474a
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2024-06-21-14-32-56.gh-issue-120811.eBmVTV.rst
@@ -0,0 +1 @@
+Fix possible memory leak in :meth:`contextvars.Context.run`.
diff --git a/Python/context.c b/Python/context.c
index 1ffae9871be7b3..7bccfad11a45b1 100644
--- a/Python/context.c
+++ b/Python/context.c
@@ -669,6 +669,7 @@ context_run(PyContext *self, PyObject *const *args,
         ts, args[0], args + 1, nargs - 1, kwnames);
 
     if (_PyContext_Exit(ts, (PyObject *)self)) {
+        Py_XDECREF(call_result);
         return NULL;
     }