diff --git a/esphome/components/mqtt/mqtt_client.cpp b/esphome/components/mqtt/mqtt_client.cpp
index 0708d371a8d..803f486333a 100644
--- a/esphome/components/mqtt/mqtt_client.cpp
+++ b/esphome/components/mqtt/mqtt_client.cpp
@@ -491,8 +491,11 @@ void MQTTClientComponent::unsubscribe(const std::string &topic) {
       subscription.removed = true;
   }
   // A callback may be running; the outermost dispatch erases them once it returns.
-  if (!this->dispatching_)
+  if (this->dispatching_) {
+    this->removed_while_dispatching_ = true;
+  } else {
     this->erase_removed_subscriptions_();
+  }
 }
 
 void MQTTClientComponent::erase_removed_subscriptions_() {
@@ -668,8 +671,10 @@ void MQTTClientComponent::on_message(const std::string &topic, const std::string
         subscription.callback.call(topic, payload);
     }
     this->dispatching_ = was_dispatching;
-    if (!was_dispatching)
+    if (!was_dispatching && this->removed_while_dispatching_) {
+      this->removed_while_dispatching_ = false;
       this->erase_removed_subscriptions_();
+    }
 #ifdef USE_ESP8266
   });
 #endif
diff --git a/esphome/components/mqtt/mqtt_client.h b/esphome/components/mqtt/mqtt_client.h
index 50fa706c09d..30edb812975 100644
--- a/esphome/components/mqtt/mqtt_client.h
+++ b/esphome/components/mqtt/mqtt_client.h
@@ -369,6 +369,7 @@ class MQTTClientComponent final : public Component {
   bool publish_nan_as_none_{false};
   bool wait_for_connection_{false};
   bool dispatching_{false};
+  bool removed_while_dispatching_{false};
 };
 
 extern MQTTClientComponent *global_mqtt_client;  // NOLINT(cppcoreguidelines-avoid-non-const-global-variables)