diff --git a/Lib/asyncio/tasks.py b/Lib/asyncio/tasks.py
index fa853283c0c5e4..74b0bf0713ad66 100644
--- a/Lib/asyncio/tasks.py
+++ b/Lib/asyncio/tasks.py
@@ -468,15 +468,13 @@ async def wait_for(fut, timeout):
         try:
             await waiter
         except exceptions.CancelledError:
-            if fut.done():
-                return fut.result()
-            else:
-                fut.remove_done_callback(cb)
+            if not fut.done():
                 # We must ensure that the task is not running
                 # after wait_for() returns.
                 # See https://bugs.python.org/issue32751
+                fut.remove_done_callback(cb)
                 await _cancel_and_wait(fut, loop=loop)
-                raise
+            raise
 
         if fut.done():
             return fut.result()
diff --git a/Lib/test/test_asyncio/test_waitfor.py b/Lib/test/test_asyncio/test_waitfor.py
index 45498fa097f6bc..a428ec2d9a0fd6 100644
--- a/Lib/test/test_asyncio/test_waitfor.py
+++ b/Lib/test/test_asyncio/test_waitfor.py
@@ -289,6 +289,60 @@ async def test_cancel_blocking_wait_for(self):
     async def test_cancel_wait_for(self):
         await self._test_cancel_wait_for(60.0)
 
+    async def simultaneous_self_cancel_and_inner_result(
+        self,
+        waitfor_timeout,
+        inner_action,
+    ):
+        """Construct scenario where external cancellation and
+        awaitable becoming done happen simultaneously.
+        inner_acion is one of 'cancel', 'exception' or 'result'.
+        Make sure waitfor_timeout > 0.1. Trying to make it == 0.1 is not
+        a reliable way to make timeout happen at the same time as the above.
+        """
+        loop = asyncio.get_running_loop()
+        inner = loop.create_future()
+        waitfor_task = asyncio.create_task(
+            asyncio.wait_for(inner, timeout=waitfor_timeout))
+        await asyncio.sleep(0.1)
+        # Even if waitfor_timeout == 0.1, there's still no guarantee whether the
+        # timer handler (or similar) in wait_for() or code below in this
+        # coroutine executes first. If the timer handler executes first, then
+        # inner will be cancelled(), and code below will raise
+        # InvalidStateError.
+        if inner_action == 'cancel':
+            inner.cancel()
+        elif inner_action == 'exception':
+            inner.set_exception(RuntimeError('inner exception'))
+        else:
+            assert inner_action == 'result'
+            inner.set_result('inner result')
+        waitfor_task.cancel()
+        with self.assertRaises(asyncio.CancelledError):
+            return await waitfor_task
+        # Consume inner's exception, to avoid "Future exception was never
+        # retrieved" messages
+        if inner_action == 'exception':
+            self.assertIsInstance(inner.exception(), RuntimeError)
+
+    async def test_simultaneous_self_cancel_and_inner_result(self):
+        for timeout in (10, None):
+            with self.subTest(waitfor_timeout=timeout):
+                await self.simultaneous_self_cancel_and_inner_result(
+                    timeout, 'result')
+
+    async def test_simultaneous_self_cancel_and_inner_exc(self):
+        for timeout in (10, None):
+            with self.subTest(waitfor_timeout=timeout):
+                await self.simultaneous_self_cancel_and_inner_result(
+                    timeout, 'exception')
+
+    async def test_simultaneous_self_cancel_and_inner_cancel(self):
+        for timeout in (10, None):
+            with self.subTest(waitfor_timeout=timeout):
+                await self.simultaneous_self_cancel_and_inner_result(
+                    timeout, 'cancel')
+
 
 if __name__ == '__main__':
     unittest.main()
diff --git a/Misc/NEWS.d/next/Library/2022-10-26-06-51-59.gh-issue-86296.l1MdXh.rst b/Misc/NEWS.d/next/Library/2022-10-26-06-51-59.gh-issue-86296.l1MdXh.rst
new file mode 100644
index 00000000000000..b37e5ec9dca050
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2022-10-26-06-51-59.gh-issue-86296.l1MdXh.rst
@@ -0,0 +1 @@
+Make :func:`asyncio.wait_for` not ignore external cancellation if the inner awaitable becomes done at the same time. Patch by twisteroid ambassador.