diff --git a/kernel/bpf/helpers.c b/kernel/bpf/helpers.c
index 27b9f78195b2cd..f12565ba136b08 100644
--- a/kernel/bpf/helpers.c
+++ b/kernel/bpf/helpers.c
@@ -1926,8 +1926,12 @@ __bpf_kfunc void *bpf_refcount_acquire_impl(void *p__refcounted_kptr, void *meta
 	 * bpf_refcount type so that it is emitted in vmlinux BTF
 	 */
 	ref = (struct bpf_refcount *)(p__refcounted_kptr + meta->record->refcount_off);
+	if (!refcount_inc_not_zero((refcount_t *)ref))
+		return NULL;
 
-	refcount_inc((refcount_t *)ref);
+	/* Verifier strips KF_RET_NULL if input is owned ref, see is_kfunc_ret_null
+	 * in verifier.c
+	 */
 	return (void *)p__refcounted_kptr;
 }
 
@@ -2325,7 +2329,7 @@ BTF_ID_FLAGS(func, crash_kexec, KF_DESTRUCTIVE)
 #endif
 BTF_ID_FLAGS(func, bpf_obj_new_impl, KF_ACQUIRE | KF_RET_NULL)
 BTF_ID_FLAGS(func, bpf_obj_drop_impl, KF_RELEASE)
-BTF_ID_FLAGS(func, bpf_refcount_acquire_impl, KF_ACQUIRE)
+BTF_ID_FLAGS(func, bpf_refcount_acquire_impl, KF_ACQUIRE | KF_RET_NULL)
 BTF_ID_FLAGS(func, bpf_list_push_front_impl)
 BTF_ID_FLAGS(func, bpf_list_push_back_impl)
 BTF_ID_FLAGS(func, bpf_list_pop_front, KF_ACQUIRE | KF_RET_NULL)
diff --git a/kernel/bpf/verifier.c b/kernel/bpf/verifier.c
index 405f29079a8cbc..8e4ccbc0ae6040 100644
--- a/kernel/bpf/verifier.c
+++ b/kernel/bpf/verifier.c
@@ -292,16 +292,19 @@ struct bpf_kfunc_call_arg_meta {
 		bool found;
 	} arg_constant;
 
-	/* arg_btf and arg_btf_id are used by kfunc-specific handling,
+	/* arg_{btf,btf_id,owning_ref} are used by kfunc-specific handling,
 	 * generally to pass info about user-defined local kptr types to later
 	 * verification logic
 	 *   bpf_obj_drop
 	 *     Record the local kptr type to be drop'd
 	 *   bpf_refcount_acquire (via KF_ARG_PTR_TO_REFCOUNTED_KPTR arg type)
-	 *     Record the local kptr type to be refcount_incr'd
+	 *     Record the local kptr type to be refcount_incr'd and use
+	 *     arg_owning_ref to determine whether refcount_acquire should be
+	 *     fallible
 	 */
 	struct btf *arg_btf;
 	u32 arg_btf_id;
+	bool arg_owning_ref;
 
 	struct {
 		struct btf_field *field;
@@ -9497,11 +9500,6 @@ static bool is_kfunc_acquire(struct bpf_kfunc_call_arg_meta *meta)
 	return meta->kfunc_flags & KF_ACQUIRE;
 }
 
-static bool is_kfunc_ret_null(struct bpf_kfunc_call_arg_meta *meta)
-{
-	return meta->kfunc_flags & KF_RET_NULL;
-}
-
 static bool is_kfunc_release(struct bpf_kfunc_call_arg_meta *meta)
 {
 	return meta->kfunc_flags & KF_RELEASE;
@@ -9809,6 +9807,16 @@ BTF_ID(func, bpf_dynptr_from_xdp)
 BTF_ID(func, bpf_dynptr_slice)
 BTF_ID(func, bpf_dynptr_slice_rdwr)
 
+static bool is_kfunc_ret_null(struct bpf_kfunc_call_arg_meta *meta)
+{
+	if (meta->func_id == special_kfunc_list[KF_bpf_refcount_acquire_impl] &&
+	    meta->arg_owning_ref) {
+		return false;
+	}
+
+	return meta->kfunc_flags & KF_RET_NULL;
+}
+
 static bool is_kfunc_bpf_rcu_read_lock(struct bpf_kfunc_call_arg_meta *meta)
 {
 	return meta->func_id == special_kfunc_list[KF_bpf_rcu_read_lock];
@@ -10669,10 +10677,12 @@ static int check_kfunc_args(struct bpf_verifier_env *env, struct bpf_kfunc_call_
 			meta->subprogno = reg->subprogno;
 			break;
 		case KF_ARG_PTR_TO_REFCOUNTED_KPTR:
-			if (!type_is_ptr_alloc_obj(reg->type) && !type_is_non_owning_ref(reg->type)) {
+			if (!type_is_ptr_alloc_obj(reg->type)) {
 				verbose(env, "arg#%d is neither owning or non-owning ref\n", i);
 				return -EINVAL;
 			}
+			if (!type_is_non_owning_ref(reg->type))
+				meta->arg_owning_ref = true;
 
 			rec = reg_btf_record(reg);
 			if (!rec) {
diff --git a/tools/testing/selftests/bpf/progs/refcounted_kptr.c b/tools/testing/selftests/bpf/progs/refcounted_kptr.c
index 1d348a225140dd..a3da610b1e6b0c 100644
--- a/tools/testing/selftests/bpf/progs/refcounted_kptr.c
+++ b/tools/testing/selftests/bpf/progs/refcounted_kptr.c
@@ -375,6 +375,8 @@ long rbtree_refcounted_node_ref_escapes(void *ctx)
 	bpf_rbtree_add(&aroot, &n->node, less_a);
 	m = bpf_refcount_acquire(n);
 	bpf_spin_unlock(&alock);
+	if (!m)
+		return 2;
 
 	m->key = 2;
 	bpf_obj_drop(m);
diff --git a/tools/testing/selftests/bpf/progs/refcounted_kptr_fail.c b/tools/testing/selftests/bpf/progs/refcounted_kptr_fail.c
index efcb308f80adf2..0b09e5c915b155 100644
--- a/tools/testing/selftests/bpf/progs/refcounted_kptr_fail.c
+++ b/tools/testing/selftests/bpf/progs/refcounted_kptr_fail.c
@@ -29,7 +29,7 @@ static bool less(struct bpf_rb_node *a, const struct bpf_rb_node *b)
 }
 
 SEC("?tc")
-__failure __msg("Unreleased reference id=3 alloc_insn=21")
+__failure __msg("Unreleased reference id=4 alloc_insn=21")
 long rbtree_refcounted_node_ref_escapes(void *ctx)
 {
 	struct node_acquire *n, *m;
@@ -43,6 +43,8 @@ long rbtree_refcounted_node_ref_escapes(void *ctx)
 	/* m becomes an owning ref but is never drop'd or added to a tree */
 	m = bpf_refcount_acquire(n);
 	bpf_spin_unlock(&glock);
+	if (!m)
+		return 2;
 
 	m->key = 2;
 	return 0;