diff --git a/include/block/aio.h b/include/block/aio.h
index 7ba9bd7874..1a2ce9ca26 100644
--- a/include/block/aio.h
+++ b/include/block/aio.h
@@ -51,6 +51,19 @@ struct ThreadPool;
 struct LinuxAioState;
 struct LuringState;
 
+/*
+ * Each aio_bh_poll() call carves off a slice of the BH list, so that newly
+ * scheduled BHs are not processed until the next aio_bh_poll() call.  All
+ * active aio_bh_poll() calls chain their slices together in a list, so that
+ * nested aio_bh_poll() calls process all scheduled bottom halves.
+ */
+typedef QSLIST_HEAD(, QEMUBH) BHList;
+typedef struct BHListSlice BHListSlice;
+struct BHListSlice {
+    BHList bh_list;
+    QSIMPLEQ_ENTRY(BHListSlice) next;
+};
+
 struct AioContext {
     GSource source;
 
@@ -91,8 +104,11 @@ struct AioContext {
      */
     QemuLockCnt list_lock;
 
-    /* Anchor of the list of Bottom Halves belonging to the context */
-    struct QEMUBH *first_bh;
+    /* Bottom Halves pending aio_bh_poll() processing */
+    BHList bh_list;
+
+    /* Chained BH list slices for each nested aio_bh_poll() call */
+    QSIMPLEQ_HEAD(, BHListSlice) bh_slice_list;
 
     /* Used by aio_notify.
      *
diff --git a/tests/test-aio.c b/tests/test-aio.c
index 86fb73b3d5..8a46078463 100644
--- a/tests/test-aio.c
+++ b/tests/test-aio.c
@@ -615,7 +615,8 @@ static void test_source_bh_delete_from_cb(void)
     g_assert_cmpint(data1.n, ==, data1.max);
     g_assert(data1.bh == NULL);
 
-    g_assert(!g_main_context_iteration(NULL, false));
+    assert(g_main_context_iteration(NULL, false));
+    assert(!g_main_context_iteration(NULL, false));
 }
 
 static void test_source_bh_delete_from_cb_many(void)
diff --git a/util/async.c b/util/async.c
index c192a24a61..b94518b948 100644
--- a/util/async.c
+++ b/util/async.c
@@ -29,6 +29,7 @@
 #include "block/thread-pool.h"
 #include "qemu/main-loop.h"
 #include "qemu/atomic.h"
+#include "qemu/rcu_queue.h"
 #include "block/raw-aio.h"
 #include "qemu/coroutine_int.h"
 #include "trace.h"
@@ -36,16 +37,76 @@
 /***********************************************************/
 /* bottom halves (can be seen as timers which expire ASAP) */
 
+/* QEMUBH::flags values */
+enum {
+    /* Already enqueued and waiting for aio_bh_poll() */
+    BH_PENDING   = (1 << 0),
+
+    /* Invoke the callback */
+    BH_SCHEDULED = (1 << 1),
+
+    /* Delete without invoking callback */
+    BH_DELETED   = (1 << 2),
+
+    /* Delete after invoking callback */
+    BH_ONESHOT   = (1 << 3),
+
+    /* Schedule periodically when the event loop is idle */
+    BH_IDLE      = (1 << 4),
+};
+
 struct QEMUBH {
     AioContext *ctx;
     QEMUBHFunc *cb;
     void *opaque;
-    QEMUBH *next;
-    bool scheduled;
-    bool idle;
-    bool deleted;
+    QSLIST_ENTRY(QEMUBH) next;
+    unsigned flags;
 };
 
+/* Called concurrently from any thread */
+static void aio_bh_enqueue(QEMUBH *bh, unsigned new_flags)
+{
+    AioContext *ctx = bh->ctx;
+    unsigned old_flags;
+
+    /*
+     * The memory barrier implicit in atomic_fetch_or makes sure that:
+     * 1. idle & any writes needed by the callback are done before the
+     *    locations are read in the aio_bh_poll.
+     * 2. ctx is loaded before the callback has a chance to execute and bh
+     *    could be freed.
+     */
+    old_flags = atomic_fetch_or(&bh->flags, BH_PENDING | new_flags);
+    if (!(old_flags & BH_PENDING)) {
+        QSLIST_INSERT_HEAD_ATOMIC(&ctx->bh_list, bh, next);
+    }
+
+    aio_notify(ctx);
+}
+
+/* Only called from aio_bh_poll() and aio_ctx_finalize() */
+static QEMUBH *aio_bh_dequeue(BHList *head, unsigned *flags)
+{
+    QEMUBH *bh = QSLIST_FIRST_RCU(head);
+
+    if (!bh) {
+        return NULL;
+    }
+
+    QSLIST_REMOVE_HEAD(head, next);
+
+    /*
+     * The atomic_and is paired with aio_bh_enqueue().  The implicit memory
+     * barrier ensures that the callback sees all writes done by the scheduling
+     * thread.  It also ensures that the scheduling thread sees the cleared
+     * flag before bh->cb has run, and thus will call aio_notify again if
+     * necessary.
+     */
+    *flags = atomic_fetch_and(&bh->flags,
+                              ~(BH_PENDING | BH_SCHEDULED | BH_IDLE));
+    return bh;
+}
+
 void aio_bh_schedule_oneshot(AioContext *ctx, QEMUBHFunc *cb, void *opaque)
 {
     QEMUBH *bh;
@@ -55,15 +116,7 @@ void aio_bh_schedule_oneshot(AioContext *ctx, QEMUBHFunc *cb, void *opaque)
         .cb = cb,
         .opaque = opaque,
     };
-    qemu_lockcnt_lock(&ctx->list_lock);
-    bh->next = ctx->first_bh;
-    bh->scheduled = 1;
-    bh->deleted = 1;
-    /* Make sure that the members are ready before putting bh into list */
-    smp_wmb();
-    ctx->first_bh = bh;
-    qemu_lockcnt_unlock(&ctx->list_lock);
-    aio_notify(ctx);
+    aio_bh_enqueue(bh, BH_SCHEDULED | BH_ONESHOT);
 }
 
 QEMUBH *aio_bh_new(AioContext *ctx, QEMUBHFunc *cb, void *opaque)
@@ -75,12 +128,6 @@ QEMUBH *aio_bh_new(AioContext *ctx, QEMUBHFunc *cb, void *opaque)
         .cb = cb,
         .opaque = opaque,
     };
-    qemu_lockcnt_lock(&ctx->list_lock);
-    bh->next = ctx->first_bh;
-    /* Make sure that the members are ready before putting bh into list */
-    smp_wmb();
-    ctx->first_bh = bh;
-    qemu_lockcnt_unlock(&ctx->list_lock);
     return bh;
 }
 
@@ -89,91 +136,56 @@ void aio_bh_call(QEMUBH *bh)
     bh->cb(bh->opaque);
 }
 
-/* Multiple occurrences of aio_bh_poll cannot be called concurrently.
- * The count in ctx->list_lock is incremented before the call, and is
- * not affected by the call.
- */
+/* Multiple occurrences of aio_bh_poll cannot be called concurrently. */
 int aio_bh_poll(AioContext *ctx)
 {
-    QEMUBH *bh, **bhp, *next;
-    int ret;
-    bool deleted = false;
-
-    ret = 0;
-    for (bh = atomic_rcu_read(&ctx->first_bh); bh; bh = next) {
-        next = atomic_rcu_read(&bh->next);
-        /* The atomic_xchg is paired with the one in qemu_bh_schedule.  The
-         * implicit memory barrier ensures that the callback sees all writes
-         * done by the scheduling thread.  It also ensures that the scheduling
-         * thread sees the zero before bh->cb has run, and thus will call
-         * aio_notify again if necessary.
-         */
-        if (atomic_xchg(&bh->scheduled, 0)) {
+    BHListSlice slice;
+    BHListSlice *s;
+    int ret = 0;
+
+    QSLIST_MOVE_ATOMIC(&slice.bh_list, &ctx->bh_list);
+    QSIMPLEQ_INSERT_TAIL(&ctx->bh_slice_list, &slice, next);
+
+    while ((s = QSIMPLEQ_FIRST(&ctx->bh_slice_list))) {
+        QEMUBH *bh;
+        unsigned flags;
+
+        bh = aio_bh_dequeue(&s->bh_list, &flags);
+        if (!bh) {
+            QSIMPLEQ_REMOVE_HEAD(&ctx->bh_slice_list, next);
+            continue;
+        }
+
+        if ((flags & (BH_SCHEDULED | BH_DELETED)) == BH_SCHEDULED) {
             /* Idle BHs don't count as progress */
-            if (!bh->idle) {
+            if (!(flags & BH_IDLE)) {
                 ret = 1;
             }
-            bh->idle = 0;
             aio_bh_call(bh);
         }
-        if (bh->deleted) {
-            deleted = true;
+        if (flags & (BH_DELETED | BH_ONESHOT)) {
+            g_free(bh);
         }
     }
 
-    /* remove deleted bhs */
-    if (!deleted) {
-        return ret;
-    }
-
-    if (qemu_lockcnt_dec_if_lock(&ctx->list_lock)) {
-        bhp = &ctx->first_bh;
-        while (*bhp) {
-            bh = *bhp;
-            if (bh->deleted && !bh->scheduled) {
-                *bhp = bh->next;
-                g_free(bh);
-            } else {
-                bhp = &bh->next;
-            }
-        }
-        qemu_lockcnt_inc_and_unlock(&ctx->list_lock);
-    }
     return ret;
 }
 
 void qemu_bh_schedule_idle(QEMUBH *bh)
 {
-    bh->idle = 1;
-    /* Make sure that idle & any writes needed by the callback are done
-     * before the locations are read in the aio_bh_poll.
-     */
-    atomic_mb_set(&bh->scheduled, 1);
+    aio_bh_enqueue(bh, BH_SCHEDULED | BH_IDLE);
 }
 
 void qemu_bh_schedule(QEMUBH *bh)
 {
-    AioContext *ctx;
-
-    ctx = bh->ctx;
-    bh->idle = 0;
-    /* The memory barrier implicit in atomic_xchg makes sure that:
-     * 1. idle & any writes needed by the callback are done before the
-     *    locations are read in the aio_bh_poll.
-     * 2. ctx is loaded before scheduled is set and the callback has a chance
-     *    to execute.
-     */
-    if (atomic_xchg(&bh->scheduled, 1) == 0) {
-        aio_notify(ctx);
-    }
+    aio_bh_enqueue(bh, BH_SCHEDULED);
 }
 
-
 /* This func is async.
  */
 void qemu_bh_cancel(QEMUBH *bh)
 {
-    atomic_mb_set(&bh->scheduled, 0);
+    atomic_and(&bh->flags, ~BH_SCHEDULED);
 }
 
 /* This func is async.The bottom half will do the delete action at the finial
@@ -181,21 +193,16 @@ void qemu_bh_cancel(QEMUBH *bh)
  */
 void qemu_bh_delete(QEMUBH *bh)
 {
-    bh->scheduled = 0;
-    bh->deleted = 1;
+    aio_bh_enqueue(bh, BH_DELETED);
 }
 
-int64_t
-aio_compute_timeout(AioContext *ctx)
+static int64_t aio_compute_bh_timeout(BHList *head, int timeout)
 {
-    int64_t deadline;
-    int timeout = -1;
     QEMUBH *bh;
 
-    for (bh = atomic_rcu_read(&ctx->first_bh); bh;
-         bh = atomic_rcu_read(&bh->next)) {
-        if (bh->scheduled) {
-            if (bh->idle) {
+    QSLIST_FOREACH_RCU(bh, head, next) {
+        if ((bh->flags & (BH_SCHEDULED | BH_DELETED)) == BH_SCHEDULED) {
+            if (bh->flags & BH_IDLE) {
                 /* idle bottom halves will be polled at least
                  * every 10ms */
                 timeout = 10000000;
@@ -207,6 +214,28 @@ aio_compute_timeout(AioContext *ctx)
         }
     }
 
+    return timeout;
+}
+
+int64_t
+aio_compute_timeout(AioContext *ctx)
+{
+    BHListSlice *s;
+    int64_t deadline;
+    int timeout = -1;
+
+    timeout = aio_compute_bh_timeout(&ctx->bh_list, timeout);
+    if (timeout == 0) {
+        return 0;
+    }
+
+    QSIMPLEQ_FOREACH(s, &ctx->bh_slice_list, next) {
+        timeout = aio_compute_bh_timeout(&s->bh_list, timeout);
+        if (timeout == 0) {
+            return 0;
+        }
+    }
+
     deadline = timerlistgroup_deadline_ns(&ctx->tlg);
     if (deadline == 0) {
         return 0;
@@ -237,15 +266,24 @@ aio_ctx_check(GSource *source)
 {
     AioContext *ctx = (AioContext *) source;
     QEMUBH *bh;
+    BHListSlice *s;
 
     atomic_and(&ctx->notify_me, ~1);
     aio_notify_accept(ctx);
 
-    for (bh = ctx->first_bh; bh; bh = bh->next) {
-        if (bh->scheduled) {
+    QSLIST_FOREACH_RCU(bh, &ctx->bh_list, next) {
+        if ((bh->flags & (BH_SCHEDULED | BH_DELETED)) == BH_SCHEDULED) {
             return true;
         }
     }
+
+    QSIMPLEQ_FOREACH(s, &ctx->bh_slice_list, next) {
+        QSLIST_FOREACH_RCU(bh, &s->bh_list, next) {
+            if ((bh->flags & (BH_SCHEDULED | BH_DELETED)) == BH_SCHEDULED) {
+                return true;
+            }
+        }
+    }
     return aio_pending(ctx) || (timerlistgroup_deadline_ns(&ctx->tlg) == 0);
 }
 
@@ -265,6 +303,8 @@ static void
 aio_ctx_finalize(GSource     *source)
 {
     AioContext *ctx = (AioContext *) source;
+    QEMUBH *bh;
+    unsigned flags;
 
     thread_pool_free(ctx->thread_pool);
 
@@ -287,18 +327,15 @@ aio_ctx_finalize(GSource     *source)
     assert(QSLIST_EMPTY(&ctx->scheduled_coroutines));
     qemu_bh_delete(ctx->co_schedule_bh);
 
-    qemu_lockcnt_lock(&ctx->list_lock);
-    assert(!qemu_lockcnt_count(&ctx->list_lock));
-    while (ctx->first_bh) {
-        QEMUBH *next = ctx->first_bh->next;
+    /* There must be no aio_bh_poll() calls going on */
+    assert(QSIMPLEQ_EMPTY(&ctx->bh_slice_list));
 
+    while ((bh = aio_bh_dequeue(&ctx->bh_list, &flags))) {
         /* qemu_bh_delete() must have been called on BHs in this AioContext */
-        assert(ctx->first_bh->deleted);
+        assert(flags & BH_DELETED);
 
-        g_free(ctx->first_bh);
-        ctx->first_bh = next;
+        g_free(bh);
     }
-    qemu_lockcnt_unlock(&ctx->list_lock);
 
     aio_set_event_notifier(ctx, &ctx->notifier, false, NULL, NULL);
     event_notifier_cleanup(&ctx->notifier);
@@ -445,6 +482,8 @@ AioContext *aio_context_new(Error **errp)
     AioContext *ctx;
 
     ctx = (AioContext *) g_source_new(&aio_source_funcs, sizeof(AioContext));
+    QSLIST_INIT(&ctx->bh_list);
+    QSIMPLEQ_INIT(&ctx->bh_slice_list);
     aio_context_setup(ctx);
 
     ret = event_notifier_init(&ctx->notifier, false);
