diff --git a/lib/internal/async_hooks.js b/lib/internal/async_hooks.js
index eac2471ff79fb2..a6d258cf25757a 100644
--- a/lib/internal/async_hooks.js
+++ b/lib/internal/async_hooks.js
@@ -357,7 +357,9 @@ function updatePromiseHookMode() {
   wantPromiseHook = true;
   if (destroyHooksExist()) {
     enablePromiseHook();
+    setPromiseHooks(undefined, undefined, undefined, undefined);
   } else {
+    disablePromiseHook();
     setPromiseHooks(
       initHooksExist() ? promiseInitHook : undefined,
       promiseBeforeHook,
diff --git a/test/parallel/test-async-hooks-correctly-switch-promise-hook.js b/test/parallel/test-async-hooks-correctly-switch-promise-hook.js
new file mode 100644
index 00000000000000..54290686c60e82
--- /dev/null
+++ b/test/parallel/test-async-hooks-correctly-switch-promise-hook.js
@@ -0,0 +1,61 @@
+'use strict';
+require('../common');
+const assert = require('assert');
+const async_hooks = require('async_hooks');
+
+// Regression test for:
+// - https://github.com/nodejs/node/issues/38814
+// - https://github.com/nodejs/node/issues/38815
+
+const expected = [
+  ['init', 2, 'PROMISE', 1],
+  ['init', 3, 'PROMISE', 1],
+  ['promiseResolve', 3],
+  ['promiseResolve', 2],
+  ['before', 2],
+  ['init', 4, 'PROMISE', 3],
+  ['after', 2],
+  ['before', 4],
+  ['promiseResolve', 2],
+  ['promiseResolve', 4],
+  ['after', 4],
+];
+
+const actual = [];
+
+// Only init to start context-based promise hook
+async_hooks.createHook({
+  init() { }
+}).enable();
+
+// With destroy, this should switch to native
+// and disable context - based promise hook
+async_hooks.createHook({
+  init(asyncId, type, triggerAsyncId) {
+    actual.push([ 'init', asyncId, type, triggerAsyncId ]);
+  },
+  before(asyncId) {
+    actual.push([ 'before', asyncId ]);
+  },
+  after(asyncId) {
+    actual.push([ 'after', asyncId ]);
+  },
+  promiseResolve(asyncId) {
+    actual.push([ 'promiseResolve', asyncId ]);
+  },
+  destroy(asyncId) {
+    actual.push([ 'destroy', asyncId ]);
+  }
+}).enable();
+
+async function main() {
+  return Promise.resolve();
+}
+
+main();
+
+process.on('exit', () => {
+  for (const event of expected) {
+    assert.deepStrictEqual(actual.shift(), event);
+  }
+});