diff --git a/drivers/net/ethernet/intel/ice/ice_main.c b/drivers/net/ethernet/intel/ice/ice_main.c
index 199f78464f7e..8bf632de0a34 100644
--- a/drivers/net/ethernet/intel/ice/ice_main.c
+++ b/drivers/net/ethernet/intel/ice/ice_main.c
@@ -7403,7 +7403,7 @@ static void ice_rebuild(struct ice_pf *pf, enum ice_reset_req reset_type)
 	 * fail.
 	 */
 	if (test_bit(ICE_FLAG_PTP_SUPPORTED, pf->flags))
-		ice_ptp_reset(pf, reset_type);
+		ice_ptp_rebuild(pf, reset_type);
 
 	if (ice_is_feature_supported(pf, ICE_F_GNSS))
 		ice_gnss_init(pf);
diff --git a/drivers/net/ethernet/intel/ice/ice_ptp.c b/drivers/net/ethernet/intel/ice/ice_ptp.c
index 486692a5bf64..f8f55488f620 100644
--- a/drivers/net/ethernet/intel/ice/ice_ptp.c
+++ b/drivers/net/ethernet/intel/ice/ice_ptp.c
@@ -2484,6 +2484,7 @@ ice_ptp_prepare_for_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
 	if (reset_type == ICE_RESET_PFR)
 		return;
 
+	kthread_cancel_delayed_work_sync(&pf->ptp.port.ov_work);
 	ice_ptp_release_tx_tracker(pf, &pf->ptp.port.tx);
 
 	/* Disable periodic outputs */
@@ -2499,11 +2500,13 @@ ice_ptp_prepare_for_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
 }
 
 /**
- * ice_ptp_reset - Initialize PTP hardware clock support after reset
+ * ice_ptp_rebuild_owner - Initialize PTP clock owner after reset
  * @pf: Board private structure
- * @reset_type: the reset type being performed
+ *
+ * Companion function for ice_ptp_rebuild() which handles tasks that only the
+ * PTP clock owner instance should perform.
  */
-void ice_ptp_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
+static int ice_ptp_rebuild_owner(struct ice_pf *pf)
 {
 	struct ice_ptp *ptp = &pf->ptp;
 	struct ice_hw *hw = &pf->hw;
@@ -2511,34 +2514,21 @@ void ice_ptp_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
 	u64 time_diff;
 	int err;
 
-	if (ptp->state != ICE_PTP_RESETTING) {
-		if (ptp->state == ICE_PTP_READY) {
-			ice_ptp_prepare_for_reset(pf, reset_type);
-		} else {
-			err = -EINVAL;
-			dev_err(ice_pf_to_dev(pf), "PTP was not initialized\n");
-			goto err;
-		}
-	}
-
-	if (reset_type == ICE_RESET_PFR || !ice_pf_src_tmr_owned(pf))
-		goto pfr;
-
 	err = ice_ptp_init_phc(hw);
 	if (err)
-		goto err;
+		return err;
 
 	/* Acquire the global hardware lock */
 	if (!ice_ptp_lock(hw)) {
 		err = -EBUSY;
-		goto err;
+		return err;
 	}
 
 	/* Write the increment time value to PHY and LAN */
 	err = ice_ptp_write_incval(hw, ice_base_incval(pf));
 	if (err) {
 		ice_ptp_unlock(hw);
-		goto err;
+		return err;
 	}
 
 	/* Write the initial Time value to PHY and LAN using the cached PHC
@@ -2554,7 +2544,7 @@ void ice_ptp_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
 	err = ice_ptp_write_init(pf, &ts);
 	if (err) {
 		ice_ptp_unlock(hw);
-		goto err;
+		return err;
 	}
 
 	/* Release the global hardware lock */
@@ -2564,13 +2554,37 @@ void ice_ptp_reset(struct ice_pf *pf, enum ice_reset_req reset_type)
 		/* Enable quad interrupts */
 		err = ice_ptp_cfg_phy_interrupt(pf, true, 1);
 		if (err)
+			return err;
+
+		ice_ptp_restart_all_phy(pf);
+	}
+
+	return 0;
+}
+
+/**
+ * ice_ptp_rebuild - Initialize PTP hardware clock support after reset
+ * @pf: Board private structure
+ * @reset_type: the reset type being performed
+ */
+void ice_ptp_rebuild(struct ice_pf *pf, enum ice_reset_req reset_type)
+{
+	struct ice_ptp *ptp = &pf->ptp;
+	int err;
+
+	if (ptp->state != ICE_PTP_RESETTING) {
+		if (ptp->state == ICE_PTP_READY) {
+			ice_ptp_prepare_for_reset(pf, reset_type);
+		} else {
+			err = -EINVAL;
+			dev_err(ice_pf_to_dev(pf), "PTP was not initialized\n");
 			goto err;
+		}
 	}
 
-	/* Restart the PHY timestamping block */
-	ice_ptp_reset_phy_timestamping(pf);
+	if (ice_pf_src_tmr_owned(pf) && reset_type != ICE_RESET_PFR)
+		ice_ptp_rebuild_owner(pf);
 
-pfr:
 	/* Init Tx structures */
 	if (ice_is_e810(&pf->hw)) {
 		err = ice_ptp_init_tx_e810(pf, &ptp->port.tx);
diff --git a/drivers/net/ethernet/intel/ice/ice_ptp.h b/drivers/net/ethernet/intel/ice/ice_ptp.h
index 30ad714a2a21..210e2a1b35a5 100644
--- a/drivers/net/ethernet/intel/ice/ice_ptp.h
+++ b/drivers/net/ethernet/intel/ice/ice_ptp.h
@@ -315,7 +315,7 @@ enum ice_tx_tstamp_work ice_ptp_process_ts(struct ice_pf *pf);
 void
 ice_ptp_rx_hwtstamp(struct ice_rx_ring *rx_ring,
 		    union ice_32b_rx_flex_desc *rx_desc, struct sk_buff *skb);
-void ice_ptp_reset(struct ice_pf *pf, enum ice_reset_req reset_type);
+void ice_ptp_rebuild(struct ice_pf *pf, enum ice_reset_req reset_type);
 void ice_ptp_prepare_for_reset(struct ice_pf *pf,
 			       enum ice_reset_req reset_type);
 void ice_ptp_init(struct ice_pf *pf);
@@ -348,8 +348,8 @@ static inline bool ice_ptp_process_ts(struct ice_pf *pf)
 static inline void
 ice_ptp_rx_hwtstamp(struct ice_rx_ring *rx_ring,
 		    union ice_32b_rx_flex_desc *rx_desc, struct sk_buff *skb) { }
-static inline void ice_ptp_reset(struct ice_pf *pf,
-				 enum ice_reset_req reset_type)
+static inline void ice_ptp_rebuild(struct ice_pf *pf,
+				   enum ice_reset_req reset_type)
 {
 }
 
