diff --git a/drivers/net/mdio/fwnode_mdio.c b/drivers/net/mdio/fwnode_mdio.c
index 403b07f8ec2c..2c47efdae73b 100644
--- a/drivers/net/mdio/fwnode_mdio.c
+++ b/drivers/net/mdio/fwnode_mdio.c
@@ -77,6 +77,7 @@ int fwnode_mdiobus_phy_device_register(struct mii_bus *mdio,
 	 */
 	rc = phy_device_register(phy);
 	if (rc) {
+		device_set_node(&phy->mdio.dev, NULL);
 		fwnode_handle_put(child);
 		return rc;
 	}
@@ -125,7 +126,8 @@ int fwnode_mdiobus_register_phy(struct mii_bus *bus,
 		/* All data is now stored in the phy struct, so register it */
 		rc = phy_device_register(phy);
 		if (rc) {
-			fwnode_handle_put(phy->mdio.dev.fwnode);
+			phy->mdio.dev.fwnode = NULL;
+			fwnode_handle_put(child);
 			goto clean_phy;
 		}
 	} else if (is_of_node(child)) {