diff --git a/lib/klist.c b/lib/klist.c
index 358a368a2947..2e59aecbec0d 100644
--- a/lib/klist.c
+++ b/lib/klist.c
@@ -282,9 +282,9 @@ void klist_iter_init_node(struct klist *k, struct klist_iter *i,
 			  struct klist_node *n)
 {
 	i->i_klist = k;
-	i->i_cur = n;
-	if (n)
-		kref_get(&n->n_ref);
+	i->i_cur = NULL;
+	if (n && kref_get_unless_zero(&n->n_ref))
+		i->i_cur = n;
 }
 EXPORT_SYMBOL_GPL(klist_iter_init_node);