diff --git a/drivers/net/ethernet/mellanox/mlx5/core/en_tc.c b/drivers/net/ethernet/mellanox/mlx5/core/en_tc.c
index a7acb7fcbf5a..b6a91e3054c0 100644
--- a/drivers/net/ethernet/mellanox/mlx5/core/en_tc.c
+++ b/drivers/net/ethernet/mellanox/mlx5/core/en_tc.c
@@ -39,6 +39,7 @@
 #include <linux/mlx5/device.h>
 #include <linux/rhashtable.h>
 #include <linux/refcount.h>
+#include <linux/completion.h>
 #include <net/tc_act/tc_mirred.h>
 #include <net/tc_act/tc_vlan.h>
 #include <net/tc_act/tc_tunnel_key.h>
@@ -166,11 +167,16 @@ struct mlx5e_hairpin_entry {
 	spinlock_t flows_lock;
 	/* flows sharing the same hairpin */
 	struct list_head flows;
+	/* hpe's that were not fully initialized when dead peer update event
+	 * function traversed them.
+	 */
+	struct list_head dead_peer_wait_list;
 
 	u16 peer_vhca_id;
 	u8 prio;
 	struct mlx5e_hairpin *hp;
 	refcount_t refcnt;
+	struct completion res_ready;
 };
 
 struct mod_hdr_key {
@@ -657,11 +663,14 @@ static void mlx5e_hairpin_put(struct mlx5e_priv *priv,
 	hash_del(&hpe->hairpin_hlist);
 	mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
 
-	netdev_dbg(priv->netdev, "del hairpin: peer %s\n",
-		   dev_name(hpe->hp->pair->peer_mdev->device));
+	if (!IS_ERR_OR_NULL(hpe->hp)) {
+		netdev_dbg(priv->netdev, "del hairpin: peer %s\n",
+			   dev_name(hpe->hp->pair->peer_mdev->device));
+
+		mlx5e_hairpin_destroy(hpe->hp);
+	}
 
 	WARN_ON(!list_empty(&hpe->flows));
-	mlx5e_hairpin_destroy(hpe->hp);
 	kfree(hpe);
 }
 
@@ -733,20 +742,34 @@ static int mlx5e_hairpin_flow_add(struct mlx5e_priv *priv,
 
 	mutex_lock(&priv->fs.tc.hairpin_tbl_lock);
 	hpe = mlx5e_hairpin_get(priv, peer_id, match_prio);
-	if (hpe)
+	if (hpe) {
+		mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
+		wait_for_completion(&hpe->res_ready);
+
+		if (IS_ERR(hpe->hp)) {
+			err = -EREMOTEIO;
+			goto out_err;
+		}
 		goto attach_flow;
+	}
 
 	hpe = kzalloc(sizeof(*hpe), GFP_KERNEL);
 	if (!hpe) {
-		err = -ENOMEM;
-		goto create_hairpin_err;
+		mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
+		return -ENOMEM;
 	}
 
 	spin_lock_init(&hpe->flows_lock);
 	INIT_LIST_HEAD(&hpe->flows);
+	INIT_LIST_HEAD(&hpe->dead_peer_wait_list);
 	hpe->peer_vhca_id = peer_id;
 	hpe->prio = match_prio;
 	refcount_set(&hpe->refcnt, 1);
+	init_completion(&hpe->res_ready);
+
+	hash_add(priv->fs.tc.hairpin_tbl, &hpe->hairpin_hlist,
+		 hash_hairpin_info(peer_id, match_prio));
+	mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
 
 	params.log_data_size = 15;
 	params.log_data_size = min_t(u8, params.log_data_size,
@@ -768,9 +791,11 @@ static int mlx5e_hairpin_flow_add(struct mlx5e_priv *priv,
 	params.num_channels = link_speed64;
 
 	hp = mlx5e_hairpin_create(priv, &params, peer_ifindex);
+	hpe->hp = hp;
+	complete_all(&hpe->res_ready);
 	if (IS_ERR(hp)) {
 		err = PTR_ERR(hp);
-		goto create_hairpin_err;
+		goto out_err;
 	}
 
 	netdev_dbg(priv->netdev, "add hairpin: tirn %x rqn %x peer %s sqn %x prio %d (log) data %d packets %d\n",
@@ -778,10 +803,6 @@ static int mlx5e_hairpin_flow_add(struct mlx5e_priv *priv,
 		   dev_name(hp->pair->peer_mdev->device),
 		   hp->pair->sqn[0], match_prio, params.log_data_size, params.log_num_packets);
 
-	hpe->hp = hp;
-	hash_add(priv->fs.tc.hairpin_tbl, &hpe->hairpin_hlist,
-		 hash_hairpin_info(peer_id, match_prio));
-
 attach_flow:
 	if (hpe->hp->num_channels > 1) {
 		flow_flag_set(flow, HAIRPIN_RSS);
@@ -789,7 +810,6 @@ attach_flow:
 	} else {
 		flow->nic_attr->hairpin_tirn = hpe->hp->tirn;
 	}
-	mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
 
 	flow->hpe = hpe;
 	spin_lock(&hpe->flows_lock);
@@ -798,9 +818,8 @@ attach_flow:
 
 	return 0;
 
-create_hairpin_err:
-	mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
-	kfree(hpe);
+out_err:
+	mlx5e_hairpin_put(priv, hpe);
 	return err;
 }
 
@@ -3767,7 +3786,8 @@ static void mlx5e_tc_hairpin_update_dead_peer(struct mlx5e_priv *priv,
 					      struct mlx5e_priv *peer_priv)
 {
 	struct mlx5_core_dev *peer_mdev = peer_priv->mdev;
-	struct mlx5e_hairpin_entry *hpe;
+	struct mlx5e_hairpin_entry *hpe, *tmp;
+	LIST_HEAD(init_wait_list);
 	u16 peer_vhca_id;
 	int bkt;
 
@@ -3777,11 +3797,18 @@ static void mlx5e_tc_hairpin_update_dead_peer(struct mlx5e_priv *priv,
 	peer_vhca_id = MLX5_CAP_GEN(peer_mdev, vhca_id);
 
 	mutex_lock(&priv->fs.tc.hairpin_tbl_lock);
-	hash_for_each(priv->fs.tc.hairpin_tbl, bkt, hpe, hairpin_hlist) {
-		if (hpe->peer_vhca_id == peer_vhca_id)
-			hpe->hp->pair->peer_gone = true;
-	}
+	hash_for_each(priv->fs.tc.hairpin_tbl, bkt, hpe, hairpin_hlist)
+		if (refcount_inc_not_zero(&hpe->refcnt))
+			list_add(&hpe->dead_peer_wait_list, &init_wait_list);
 	mutex_unlock(&priv->fs.tc.hairpin_tbl_lock);
+
+	list_for_each_entry_safe(hpe, tmp, &init_wait_list, dead_peer_wait_list) {
+		wait_for_completion(&hpe->res_ready);
+		if (!IS_ERR_OR_NULL(hpe->hp) && hpe->peer_vhca_id == peer_vhca_id)
+			hpe->hp->pair->peer_gone = true;
+
+		mlx5e_hairpin_put(priv, hpe);
+	}
 }
 
 static int mlx5e_tc_netdev_event(struct notifier_block *this,