diff --git a/Include/cpython/funcobject.h b/Include/cpython/funcobject.h
index 9e1599a76485646..e8a985ca37a35ff 100644
--- a/Include/cpython/funcobject.h
+++ b/Include/cpython/funcobject.h
@@ -43,6 +43,7 @@ typedef struct {
     PyObject *func_annotations; /* Annotations, a dict or NULL */
     PyObject *func_annotate;    /* Callable to fill the annotations dictionary */
     PyObject *func_typeparams;  /* Tuple of active type variables or NULL */
+    PyObject *func_old_codes;   /* List of past code objects or NULL */
     vectorcallfunc vectorcall;
     /* Version number for use by specializer.
      * Can set to non-zero when we want to specialize.
diff --git a/Include/internal/pycore_interpframe.h b/Include/internal/pycore_interpframe.h
index 9809cd292995f0b..2ea4811080b35c0 100644
--- a/Include/internal/pycore_interpframe.h
+++ b/Include/internal/pycore_interpframe.h
@@ -132,7 +132,7 @@ _PyFrame_NumSlotsForCodeObject(PyCodeObject *code)
 
 static inline void _PyFrame_Copy(_PyInterpreterFrame *src, _PyInterpreterFrame *dest)
 {
-    dest->f_executable = PyStackRef_MakeHeapSafe(src->f_executable);
+    dest->f_executable = PyStackRef_Borrow(src->f_executable);
     // Don't leave a dangling pointer to the old frame when creating generators
     // and coroutines:
     dest->previous = NULL;
@@ -160,6 +160,15 @@ static inline void _PyFrame_Copy(_PyInterpreterFrame *src, _PyInterpreterFrame *
     }
 }
 
+/* Generator frames need a strong reference to the code object */
+static inline void
+_PyFrame_CopyForGenerators(_PyInterpreterFrame *old_frame, _PyInterpreterFrame *gen_frame)
+{
+    _PyFrame_Copy(old_frame, gen_frame);
+    gen_frame->owner = FRAME_OWNED_BY_GENERATOR;
+    gen_frame->f_executable = PyStackRef_MakeHeapSafe(gen_frame->f_executable);
+}
+
 #ifdef Py_GIL_DISABLED
 static inline void
 _PyFrame_InitializeTLBC(PyThreadState *tstate, _PyInterpreterFrame *frame,
@@ -191,7 +200,7 @@ _PyFrame_Initialize(
 {
     frame->previous = previous;
     frame->f_funcobj = func;
-    frame->f_executable = PyStackRef_FromPyObjectNew(code);
+    frame->f_executable = PyStackRef_FromPyObjectBorrow((PyObject *)code);
     PyFunctionObject *func_obj = (PyFunctionObject *)PyStackRef_AsPyObjectBorrow(func);
     frame->f_builtins = func_obj->func_builtins;
     frame->f_globals = func_obj->func_globals;
@@ -424,7 +433,7 @@ _PyFrame_PushTrampolineUnchecked(PyThreadState *tstate, PyCodeObject *code, int
     assert(tstate->datastack_top < tstate->datastack_limit);
     frame->previous = previous;
     frame->f_funcobj = PyStackRef_None;
-    frame->f_executable = PyStackRef_FromPyObjectNew(code);
+    frame->f_executable = PyStackRef_FromPyObjectBorrow((PyObject *)code);
 #ifdef Py_DEBUG
     frame->f_builtins = NULL;
     frame->f_globals = NULL;
diff --git a/Include/internal/pycore_interpframe_structs.h b/Include/internal/pycore_interpframe_structs.h
index 4d267e35504b94d..5f534214cbe0bc6 100644
--- a/Include/internal/pycore_interpframe_structs.h
+++ b/Include/internal/pycore_interpframe_structs.h
@@ -27,7 +27,9 @@ enum _frameowner {
 };
 
 struct _PyInterpreterFrame {
-    _PyStackRef f_executable; /* Deferred or strong reference (code object or None) */
+    /* Borrowed reference (code object or None) */
+    /* Strong reference for generators */
+    _PyStackRef f_executable;
     struct _PyInterpreterFrame *previous;
     _PyStackRef f_funcobj; /* Deferred or strong reference. Only valid if not on C stack */
     PyObject *f_globals; /* Borrowed reference. Only valid if not on C stack */
diff --git a/Lib/test/test_capi/test_function.py b/Lib/test/test_capi/test_function.py
index c1a278e5d4da916..eb976a97c81dc3e 100644
--- a/Lib/test/test_capi/test_function.py
+++ b/Lib/test/test_capi/test_function.py
@@ -325,6 +325,28 @@ def annofn(arg: int) -> str:
         with self.assertRaises(SystemError):
             _testcapi.function_get_annotations(None)
 
+    def test_function_old_codes(self):
+        def f():
+            pass
+
+        def g():
+            pass
+
+        def h():
+            pass
+
+        old_codes = _testcapi.function_get_old_codes(f)
+        self.assertIsNone(old_codes)
+
+        f.__code__ = g.__code__
+        old_codes = _testcapi.function_get_old_codes(f)
+        self.assertIsInstance(old_codes, list)
+        self.assertEqual(len(old_codes), 1)
+
+        f.__code__ = h.__code__
+        old_codes = _testcapi.function_get_old_codes(f)
+        self.assertEqual(len(old_codes), 2)
+
     # TODO: test PyFunction_New()
     # TODO: test PyFunction_NewWithQualName()
     # TODO: test PyFunction_SetVectorcall()
diff --git a/Lib/test/test_sys.py b/Lib/test/test_sys.py
index 1773633730ea001..fd1fa40b73e2149 100644
--- a/Lib/test/test_sys.py
+++ b/Lib/test/test_sys.py
@@ -1703,7 +1703,7 @@ def func():
         check(x, size('3PiccPPP' + INTERPRETER_FRAME + 'P'))
         # function
         def func(): pass
-        check(func, size('16Pi'))
+        check(func, size('17Pi'))
         class c():
             @staticmethod
             def foo():
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-07-04-17-04-03.gh-issue-152666.Vo5wJv.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-07-04-17-04-03.gh-issue-152666.Vo5wJv.rst
new file mode 100644
index 000000000000000..299f4961d2c13bc
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-07-04-17-04-03.gh-issue-152666.Vo5wJv.rst
@@ -0,0 +1,3 @@
+Avoid reference counting of :class:`code` objects when creating and destroying
+frames by having functions retain a list of all past :class:`code` objects.
+
diff --git a/Modules/_testcapi/function.c b/Modules/_testcapi/function.c
index 40767adbd3f14a7..bc790a63254b436 100644
--- a/Modules/_testcapi/function.c
+++ b/Modules/_testcapi/function.c
@@ -130,6 +130,19 @@ function_get_annotations(PyObject *self, PyObject *func)
 }
 
 
+static PyObject *
+function_get_old_codes(PyObject *self, PyObject *func)
+{
+    PyFunctionObject *func_o = (PyFunctionObject *) func;
+    PyObject *old_codes = func_o->func_old_codes;
+    if (old_codes == NULL) {
+        Py_RETURN_NONE;
+    }
+
+    return Py_NewRef(old_codes);
+}
+
+
 static PyMethodDef test_methods[] = {
     {"function_get_code", function_get_code, METH_O, NULL},
     {"function_get_globals", function_get_globals, METH_O, NULL},
@@ -141,6 +154,7 @@ static PyMethodDef test_methods[] = {
     {"function_get_closure", function_get_closure, METH_O, NULL},
     {"function_set_closure", function_set_closure, METH_VARARGS, NULL},
     {"function_get_annotations", function_get_annotations, METH_O, NULL},
+    {"function_get_old_codes", function_get_old_codes, METH_O, NULL},
     {NULL},
 };
 
diff --git a/Modules/_testinternalcapi/test_cases.c.h b/Modules/_testinternalcapi/test_cases.c.h
index 5f2b1ae5d978aab..18336b13147ca9b 100644
--- a/Modules/_testinternalcapi/test_cases.c.h
+++ b/Modules/_testinternalcapi/test_cases.c.h
@@ -11555,10 +11555,9 @@
             _PyFrame_StackPointerValidate(frame);
             _PyInterpreterFrame *gen_frame = &gen->gi_iframe;
             frame->instr_ptr++;
-            _PyFrame_Copy(frame, gen_frame);
+            _PyFrame_CopyForGenerators(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
-            gen_frame->owner = FRAME_OWNED_BY_GENERATOR;
             _Py_LeaveRecursiveCallPy(tstate);
             _PyInterpreterFrame *prev = frame->previous;
             _PyThreadState_UpdateLastProfiledFrame(tstate, frame, prev);
diff --git a/Objects/funcobject.c b/Objects/funcobject.c
index 0fffd36ad462dab..1d898ba71f42685 100644
--- a/Objects/funcobject.c
+++ b/Objects/funcobject.c
@@ -145,6 +145,7 @@ _PyFunction_FromConstructor(PyFrameConstructor *constr)
     op->func_typeparams = NULL;
     op->vectorcall = _PyFunction_Vectorcall;
     op->func_version = FUNC_VERSION_UNSET;
+    op->func_old_codes = NULL;
     // NOTE: functions created via FrameConstructor do not use deferred
     // reference counting because they are typically not part of cycles
     // nor accessed by multiple threads.
@@ -223,6 +224,7 @@ PyFunction_NewWithQualName(PyObject *code, PyObject *globals, PyObject *qualname
     op->func_typeparams = NULL;
     op->vectorcall = _PyFunction_Vectorcall;
     op->func_version = FUNC_VERSION_UNSET;
+    op->func_old_codes = NULL;
     if (((code_obj->co_flags & CO_NESTED) == 0) ||
         (code_obj->co_flags & CO_METHOD)) {
         // Use deferred reference counting for top-level functions, but not
@@ -686,6 +688,17 @@ func_set_code(PyObject *self, PyObject *value, void *Py_UNUSED(ignored))
 
     handle_func_event(PyFunction_EVENT_MODIFY_CODE, op, value);
     _PyFunction_ClearVersion(op);
+    if (op->func_old_codes == NULL) {
+        op->func_old_codes = PyList_New(0);
+        if (op->func_old_codes == NULL) {
+            return -1;
+        }
+    }
+
+    if (PyList_Append(op->func_old_codes, op->func_code) < 0) {
+        return -1;
+    }
+
     Py_XSETREF(op->func_code, Py_NewRef(value));
     return 0;
 }
@@ -1114,6 +1127,7 @@ func_clear(PyObject *self)
     Py_CLEAR(op->func_annotations);
     Py_CLEAR(op->func_annotate);
     Py_CLEAR(op->func_typeparams);
+    Py_CLEAR(op->func_old_codes);
     // Don't Py_CLEAR(op->func_code), since code is always required
     // to be non-NULL. Similarly, name and qualname shouldn't be NULL.
     // However, name and qualname could be str subclasses, so they
@@ -1169,6 +1183,7 @@ func_traverse(PyObject *self, visitproc visit, void *arg)
     Py_VISIT(f->func_annotate);
     Py_VISIT(f->func_typeparams);
     Py_VISIT(f->func_qualname);
+    Py_VISIT(f->func_old_codes);
     return 0;
 }
 
diff --git a/Objects/genobject.c b/Objects/genobject.c
index 3cdc06733363d3e..fd982eee8187185 100644
--- a/Objects/genobject.c
+++ b/Objects/genobject.c
@@ -1176,11 +1176,10 @@ gen_new_with_qualname(PyTypeObject *type, PyFrameObject *f,
     assert(f->f_frame->frame_obj == NULL);
     assert(f->f_frame->owner == FRAME_OWNED_BY_FRAME_OBJECT);
     _PyInterpreterFrame *frame = &gen->gi_iframe;
-    _PyFrame_Copy((_PyInterpreterFrame *)f->_f_frame_data, frame);
+    _PyFrame_CopyForGenerators((_PyInterpreterFrame *)f->_f_frame_data, frame);
     gen->gi_frame_state = FRAME_CREATED;
     assert(frame->frame_obj == f);
     f->f_frame = frame;
-    frame->owner = FRAME_OWNED_BY_GENERATOR;
     assert(PyObject_GC_IsTracked((PyObject *)f));
     Py_DECREF(f);
     gen->gi_weakreflist = NULL;
diff --git a/Python/bytecodes.c b/Python/bytecodes.c
index 8ac397081e27384..d45fc8f9fd9f46f 100644
--- a/Python/bytecodes.c
+++ b/Python/bytecodes.c
@@ -5854,10 +5854,9 @@ dummy_func(
             SAVE_STACK();
             _PyInterpreterFrame *gen_frame = &gen->gi_iframe;
             frame->instr_ptr++;
-            _PyFrame_Copy(frame, gen_frame);
+            _PyFrame_CopyForGenerators(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
-            gen_frame->owner = FRAME_OWNED_BY_GENERATOR;
             _Py_LeaveRecursiveCallPy(tstate);
             _PyInterpreterFrame *prev = frame->previous;
             _PyThreadState_UpdateLastProfiledFrame(tstate, frame, prev);
diff --git a/Python/executor_cases.c.h b/Python/executor_cases.c.h
index 96dea2d2a6d5bc1..e33108c9bc8f3ca 100644
--- a/Python/executor_cases.c.h
+++ b/Python/executor_cases.c.h
@@ -20714,10 +20714,9 @@
             _PyFrame_StackPointerValidate(frame);
             _PyInterpreterFrame *gen_frame = &gen->gi_iframe;
             frame->instr_ptr++;
-            _PyFrame_Copy(frame, gen_frame);
+            _PyFrame_CopyForGenerators(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
-            gen_frame->owner = FRAME_OWNED_BY_GENERATOR;
             _Py_LeaveRecursiveCallPy(tstate);
             _PyInterpreterFrame *prev = frame->previous;
             _PyThreadState_UpdateLastProfiledFrame(tstate, frame, prev);
diff --git a/Python/generated_cases.c.h b/Python/generated_cases.c.h
index cc95179ccaab17c..3b5bac69a4fbc5d 100644
--- a/Python/generated_cases.c.h
+++ b/Python/generated_cases.c.h
@@ -11552,10 +11552,9 @@
             _PyFrame_StackPointerValidate(frame);
             _PyInterpreterFrame *gen_frame = &gen->gi_iframe;
             frame->instr_ptr++;
-            _PyFrame_Copy(frame, gen_frame);
+            _PyFrame_CopyForGenerators(frame, gen_frame);
             assert(frame->frame_obj == NULL);
             gen->gi_frame_state = FRAME_CREATED;
-            gen_frame->owner = FRAME_OWNED_BY_GENERATOR;
             _Py_LeaveRecursiveCallPy(tstate);
             _PyInterpreterFrame *prev = frame->previous;
             _PyThreadState_UpdateLastProfiledFrame(tstate, frame, prev);