diff --git a/futures-util/src/stream/stream/flatten_unordered.rs b/futures-util/src/stream/stream/flatten_unordered.rs
index 484c3733aa..f5430bc309 100644
--- a/futures-util/src/stream/stream/flatten_unordered.rs
+++ b/futures-util/src/stream/stream/flatten_unordered.rs
@@ -209,9 +209,8 @@ impl WrappedWaker {
     ///
     /// This function will modify waker's `inner_waker` via `UnsafeCell`, so
     /// it should be used only during `POLLING` phase by one thread at the time.
-    unsafe fn replace_waker(self_arc: &mut Arc<Self>, cx: &Context<'_>) -> Waker {
+    unsafe fn replace_waker(self_arc: &mut Arc<Self>, cx: &Context<'_>) {
         *self_arc.inner_waker.get() = cx.waker().clone().into();
-        waker(self_arc.clone())
     }
 
     /// Attempts to start the waking process for the waker with the given value.
@@ -414,6 +413,12 @@ where
             }
         };
 
+        // Safety: now state is `POLLING`.
+        unsafe {
+            WrappedWaker::replace_waker(this.stream_waker, cx);
+            WrappedWaker::replace_waker(this.inner_streams_waker, cx)
+        };
+
         if poll_state_value & NEED_TO_POLL_STREAM != NONE {
             let mut stream_waker = None;
 
@@ -431,13 +436,9 @@ where
 
                     break;
                 } else {
-                    // Initialize base stream waker if it's not yet initialized
-                    if stream_waker.is_none() {
-                        // Safety: now state is `POLLING`.
-                        stream_waker
-                            .replace(unsafe { WrappedWaker::replace_waker(this.stream_waker, cx) });
-                    }
-                    let mut cx = Context::from_waker(stream_waker.as_ref().unwrap());
+                    let mut cx = Context::from_waker(
+                        stream_waker.get_or_insert_with(|| waker(this.stream_waker.clone())),
+                    );
 
                     match this.stream.as_mut().poll_next(&mut cx) {
                         Poll::Ready(Some(item)) => {
@@ -475,9 +476,7 @@ where
         }
 
         if poll_state_value & NEED_TO_POLL_INNER_STREAMS != NONE {
-            // Safety: now state is `POLLING`.
-            let inner_streams_waker =
-                unsafe { WrappedWaker::replace_waker(this.inner_streams_waker, cx) };
+            let inner_streams_waker = waker(this.inner_streams_waker.clone());
             let mut cx = Context::from_waker(&inner_streams_waker);
 
             match this.inner_streams.as_mut().poll_next(&mut cx) {
diff --git a/futures/tests/no-std/src/lib.rs b/futures/tests/no-std/src/lib.rs
index 89a8fa1ff1..4e2196860b 100644
--- a/futures/tests/no-std/src/lib.rs
+++ b/futures/tests/no-std/src/lib.rs
@@ -1,5 +1,6 @@
 #![cfg(nightly)]
 #![no_std]
+#![allow(useless_anonymous_reexport)]
 
 #[cfg(feature = "futures-core-alloc")]
 #[cfg(target_has_atomic = "ptr")]
diff --git a/futures/tests/stream.rs b/futures/tests/stream.rs
index 6a302b798e..83f49579bc 100644
--- a/futures/tests/stream.rs
+++ b/futures/tests/stream.rs
@@ -14,6 +14,7 @@ use futures::stream::{self, StreamExt};
 use futures::task::Poll;
 use futures::{ready, FutureExt};
 use futures_core::Stream;
+use futures_executor::ThreadPool;
 use futures_test::task::noop_context;
 
 #[test]
@@ -82,6 +83,7 @@ fn flatten_unordered() {
     use futures::task::*;
     use std::convert::identity;
     use std::pin::Pin;
+    use std::sync::atomic::{AtomicBool, Ordering};
     use std::thread;
     use std::time::Duration;
 
@@ -339,6 +341,47 @@ fn flatten_unordered() {
             assert_eq!(values, (0..60).collect::<Vec<u8>>());
         });
     }
+
+    // nested `flatten_unordered`
+    let te = ThreadPool::new().unwrap();
+    let handle = te
+        .spawn_with_handle(async move {
+            let inner = stream::iter(0..10)
+                .then(|_| {
+                    let task = Arc::new(AtomicBool::new(false));
+                    let mut spawned = false;
+
+                    future::poll_fn(move |cx| {
+                        if !spawned {
+                            let waker = cx.waker().clone();
+                            let task = task.clone();
+
+                            std::thread::spawn(move || {
+                                std::thread::sleep(Duration::from_millis(500));
+                                task.store(true, Ordering::Release);
+
+                                waker.wake_by_ref()
+                            });
+                            spawned = true;
+                        }
+
+                        if task.load(Ordering::Acquire) {
+                            Poll::Ready(Some(()))
+                        } else {
+                            Poll::Pending
+                        }
+                    })
+                })
+                .map(|_| stream::once(future::ready(())))
+                .flatten_unordered(None);
+
+            let stream = stream::once(future::ready(inner)).flatten_unordered(None);
+
+            assert_eq!(stream.count().await, 10);
+        })
+        .unwrap();
+
+    block_on(handle);
 }
 
 #[test]