diff --git a/arch/x86/kvm/mmu/mmu.c b/arch/x86/kvm/mmu/mmu.c
index 7c059b23ae16..73a9f6ee683f 100644
--- a/arch/x86/kvm/mmu/mmu.c
+++ b/arch/x86/kvm/mmu/mmu.c
@@ -2924,6 +2924,11 @@ static int mmu_set_spte(struct kvm_vcpu *vcpu, struct kvm_memory_slot *slot,
 	bool host_writable = !fault || fault->map_writable;
 	bool prefetch = !fault || fault->prefetch;
 	bool write_fault = fault && fault->write;
+	/*
+	 * Prefetching uses gfn_to_page_many_atomic, which never gets
+	 * non-refcounted pages.
+	 */
+	bool is_refcounted = !fault || !!fault->accessed_page;
 
 	if (unlikely(is_noslot_pfn(pfn))) {
 		vcpu->stat.pf_mmio_spte_created++;
@@ -2951,7 +2956,7 @@ static int mmu_set_spte(struct kvm_vcpu *vcpu, struct kvm_memory_slot *slot,
 	}
 
 	wrprot = make_spte(vcpu, sp, slot, pte_access, gfn, pfn, *sptep, prefetch,
-			   true, host_writable, true, &spte);
+			   true, host_writable, is_refcounted, &spte);
 
 	if (*sptep == spte) {
 		ret = RET_PF_SPURIOUS;
@@ -4319,8 +4324,8 @@ static int kvm_faultin_pfn_private(struct kvm_vcpu *vcpu,
 		return -EFAULT;
 	}
 
-	r = kvm_gmem_get_pfn(vcpu->kvm, fault->slot, fault->gfn, &fault->pfn,
-			     &max_order);
+	r = kvm_gmem_get_pfn(vcpu->kvm, fault->slot, fault->gfn,
+			     &fault->pfn, &fault->accessed_page, &max_order);
 	if (r) {
 		kvm_mmu_prepare_memory_fault_exit(vcpu, fault);
 		return r;
@@ -4330,6 +4335,9 @@ static int kvm_faultin_pfn_private(struct kvm_vcpu *vcpu,
 			       fault->max_level);
 	fault->map_writable = !(fault->slot->flags & KVM_MEM_READONLY);
 
+	/* kvm_gmem_get_pfn takes a refcount, but accessed_page doesn't need it. */
+	put_page(fault->accessed_page);
+
 	return RET_PF_CONTINUE;
 }
 
@@ -4339,10 +4347,10 @@ static int __kvm_faultin_pfn(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 	struct kvm_follow_pfn kfp = {
 		.slot = slot,
 		.gfn = fault->gfn,
-		.flags = FOLL_GET | (fault->write ? FOLL_WRITE : 0),
+		.flags = fault->write ? FOLL_WRITE : 0,
 		.try_map_writable = true,
 		.guarded_by_mmu_notifier = true,
-		.allow_non_refcounted_struct_page = false,
+		.allow_non_refcounted_struct_page = spte_has_refcount_bit(),
 	};
 
 	/*
@@ -4359,6 +4367,7 @@ static int __kvm_faultin_pfn(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 			fault->slot = NULL;
 			fault->pfn = KVM_PFN_NOSLOT;
 			fault->map_writable = false;
+			fault->accessed_page = NULL;
 			return RET_PF_CONTINUE;
 		}
 		/*
@@ -4422,6 +4431,7 @@ static int __kvm_faultin_pfn(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 success:
 	fault->hva = kfp.hva;
 	fault->map_writable = kfp.writable;
+	fault->accessed_page = kfp.refcounted_page;
 	return RET_PF_CONTINUE;
 }
 
@@ -4510,8 +4520,8 @@ static int direct_page_fault(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 	r = direct_map(vcpu, fault);
 
 out_unlock:
+	kvm_set_page_accessed(fault->accessed_page);
 	write_unlock(&vcpu->kvm->mmu_lock);
-	kvm_release_pfn_clean(fault->pfn);
 	return r;
 }
 
@@ -4586,8 +4596,8 @@ static int kvm_tdp_mmu_page_fault(struct kvm_vcpu *vcpu,
 	r = kvm_tdp_mmu_map(vcpu, fault);
 
 out_unlock:
+	kvm_set_page_accessed(fault->accessed_page);
 	read_unlock(&vcpu->kvm->mmu_lock);
-	kvm_release_pfn_clean(fault->pfn);
 	return r;
 }
 #endif
diff --git a/arch/x86/kvm/mmu/mmu_internal.h b/arch/x86/kvm/mmu/mmu_internal.h
index 0669a8a668ca..0b05183600af 100644
--- a/arch/x86/kvm/mmu/mmu_internal.h
+++ b/arch/x86/kvm/mmu/mmu_internal.h
@@ -240,6 +240,8 @@ struct kvm_page_fault {
 	kvm_pfn_t pfn;
 	hva_t hva;
 	bool map_writable;
+	/* Does NOT have an elevated refcount */
+	struct page *accessed_page;
 
 	/*
 	 * Indicates the guest is trying to write a gfn that contains one or
diff --git a/arch/x86/kvm/mmu/paging_tmpl.h b/arch/x86/kvm/mmu/paging_tmpl.h
index c965f77ac4d5..b39dce802394 100644
--- a/arch/x86/kvm/mmu/paging_tmpl.h
+++ b/arch/x86/kvm/mmu/paging_tmpl.h
@@ -847,8 +847,8 @@ static int FNAME(page_fault)(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 	r = FNAME(fetch)(vcpu, fault, &walker);
 
 out_unlock:
+	kvm_set_page_accessed(fault->accessed_page);
 	write_unlock(&vcpu->kvm->mmu_lock);
-	kvm_release_pfn_clean(fault->pfn);
 	return r;
 }
 
diff --git a/arch/x86/kvm/mmu/tdp_mmu.c b/arch/x86/kvm/mmu/tdp_mmu.c
index ee497fb78d90..0524be7c0796 100644
--- a/arch/x86/kvm/mmu/tdp_mmu.c
+++ b/arch/x86/kvm/mmu/tdp_mmu.c
@@ -958,7 +958,8 @@ static int tdp_mmu_map_handle_target_level(struct kvm_vcpu *vcpu,
 	else
 		wrprot = make_spte(vcpu, sp, fault->slot, ACC_ALL, iter->gfn,
 				   fault->pfn, iter->old_spte, fault->prefetch, true,
-				   fault->map_writable, true, &new_spte);
+				   fault->map_writable, !!fault->accessed_page,
+				   &new_spte);
 
 	if (new_spte == iter->old_spte)
 		ret = RET_PF_SPURIOUS;
diff --git a/include/linux/kvm_host.h b/include/linux/kvm_host.h
index cff5df6b0c52..0aae27771fea 100644
--- a/include/linux/kvm_host.h
+++ b/include/linux/kvm_host.h
@@ -2421,11 +2421,13 @@ static inline bool kvm_mem_is_private(struct kvm *kvm, gfn_t gfn)
 
 #ifdef CONFIG_KVM_PRIVATE_MEM
 int kvm_gmem_get_pfn(struct kvm *kvm, struct kvm_memory_slot *slot,
-		     gfn_t gfn, kvm_pfn_t *pfn, int *max_order);
+		     gfn_t gfn, kvm_pfn_t *pfn, struct page **page,
+		     int *max_order);
 #else
 static inline int kvm_gmem_get_pfn(struct kvm *kvm,
 				   struct kvm_memory_slot *slot, gfn_t gfn,
-				   kvm_pfn_t *pfn, int *max_order)
+				   kvm_pfn_t *pfn, struct page **page,
+				   int *max_order)
 {
 	KVM_BUG_ON(1, kvm);
 	return -EIO;
diff --git a/virt/kvm/guest_memfd.c b/virt/kvm/guest_memfd.c
index 0f4e0cf4f158..dabcca2ecc37 100644
--- a/virt/kvm/guest_memfd.c
+++ b/virt/kvm/guest_memfd.c
@@ -483,12 +483,12 @@ void kvm_gmem_unbind(struct kvm_memory_slot *slot)
 }
 
 int kvm_gmem_get_pfn(struct kvm *kvm, struct kvm_memory_slot *slot,
-		     gfn_t gfn, kvm_pfn_t *pfn, int *max_order)
+		     gfn_t gfn, kvm_pfn_t *pfn, struct page **page,
+		     int *max_order)
 {
 	pgoff_t index = gfn - slot->base_gfn + slot->gmem.pgoff;
 	struct kvm_gmem *gmem;
 	struct folio *folio;
-	struct page *page;
 	struct file *file;
 	int r;
 
@@ -514,9 +514,9 @@ int kvm_gmem_get_pfn(struct kvm *kvm, struct kvm_memory_slot *slot,
 		goto out_unlock;
 	}
 
-	page = folio_file_page(folio, index);
+	*page = folio_file_page(folio, index);
 
-	*pfn = page_to_pfn(page);
+	*pfn = page_to_pfn(*page);
 	if (max_order)
 		*max_order = 0;
 
diff --git a/virt/kvm/kvm_main.c b/virt/kvm/kvm_main.c
index e53a14adf149..4db7248fb678 100644
--- a/virt/kvm/kvm_main.c
+++ b/virt/kvm/kvm_main.c
@@ -3288,11 +3288,17 @@ void kvm_set_page_dirty(struct page *page)
 }
 EXPORT_SYMBOL_GPL(kvm_set_page_dirty);
 
-void kvm_set_page_accessed(struct page *page)
+static void __kvm_set_page_accessed(struct page *page)
 {
 	if (kvm_is_ad_tracked_page(page))
 		mark_page_accessed(page);
 }
+
+void kvm_set_page_accessed(struct page *page)
+{
+	if (page)
+		__kvm_set_page_accessed(page);
+}
 EXPORT_SYMBOL_GPL(kvm_set_page_accessed);
 
 void kvm_release_page_clean(struct page *page)
@@ -3302,7 +3308,7 @@ void kvm_release_page_clean(struct page *page)
 	if (!page)
 		return;
 
-	kvm_set_page_accessed(page);
+	__kvm_set_page_accessed(page);
 	put_page(page);
 }
 EXPORT_SYMBOL_GPL(kvm_release_page_clean);
