diff --git a/Include/internal/pycore_object.h b/Include/internal/pycore_object.h
index f022f8246989d1..238292dffbdaea 100644
--- a/Include/internal/pycore_object.h
+++ b/Include/internal/pycore_object.h
@@ -44,6 +44,11 @@ _Py_DECREF_SPECIALIZED(PyObject *op, const destructor destruct)
 #ifdef Py_TRACE_REFS
         _Py_ForgetReference(op);
 #endif
+        struct _reftracer_runtime_state *tracer = &_PyRuntime.ref_tracer;
+        if (tracer->tracer_func != NULL) {
+            void* data = tracer->tracer_data;
+            tracer->tracer_func(op, PyRefTracer_DESTROY, data);
+        }
         destruct(op);
     }
 }
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2024-10-18-16-00-10.gh-issue-125703.QRoqMo.rst b/Misc/NEWS.d/next/Core_and_Builtins/2024-10-18-16-00-10.gh-issue-125703.QRoqMo.rst
new file mode 100644
index 00000000000000..7cbfa725e78cef
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2024-10-18-16-00-10.gh-issue-125703.QRoqMo.rst
@@ -0,0 +1,2 @@
+Correctly honour :mod:`tracemalloc` hooks in specialized ``Py_DECREF``
+paths. Patch by Pablo Galindo