diff --git a/arch/x86/include/asm/kvm_host.h b/arch/x86/include/asm/kvm_host.h
index ebbe692acf3f..4322c7020d5d 100644
--- a/arch/x86/include/asm/kvm_host.h
+++ b/arch/x86/include/asm/kvm_host.h
@@ -791,6 +791,11 @@ struct kvm_vcpu_arch {
 	struct kvm_mmu_memory_cache mmu_shadowed_info_cache;
 	struct kvm_mmu_memory_cache mmu_page_header_cache;
 
+	/*
+	 * Protect allocation and release of pages from mmu_shadow_page_cache.
+	 */
+	struct mutex mmu_shadow_page_cache_lock;
+
 	/*
 	 * QEMU userspace and the guest each have their own FPU state.
 	 * In vcpu_run, we switch between the user and guest FPU contexts.
diff --git a/arch/x86/kvm/mmu/mmu.c b/arch/x86/kvm/mmu/mmu.c
index 3a452989f5cd..13f41b7ac280 100644
--- a/arch/x86/kvm/mmu/mmu.c
+++ b/arch/x86/kvm/mmu/mmu.c
@@ -167,6 +167,11 @@ struct kvm_shadow_walk_iterator {
 static struct kmem_cache *pte_list_desc_cache;
 struct kmem_cache *mmu_page_header_cache;
 
+/*
+ * Global count of unused pages in MMU page caches across all VMs.
+ */
+static struct percpu_counter kvm_total_unused_cached_pages;
+
 static void mmu_spte_set(u64 *sptep, u64 spte);
 
 struct kvm_mmu_role_regs {
@@ -667,6 +672,34 @@ static void walk_shadow_page_lockless_end(struct kvm_vcpu *vcpu)
 	}
 }
 
+/**
+ * Caller should hold mutex lock corresponding to cache, if available.
+ */
+static int mmu_topup_sp_memory_cache(struct kvm_mmu_memory_cache *cache,
+				     int min)
+{
+	int orig_nobjs, r;
+
+	orig_nobjs = cache->nobjs;
+	r = kvm_mmu_topup_memory_cache(cache, min);
+	if (orig_nobjs != cache->nobjs)
+		percpu_counter_add(&kvm_total_unused_cached_pages,
+				   (cache->nobjs - orig_nobjs));
+
+	return r;
+}
+
+/**
+ * Caller should hold mutex lock corresponding to kvm_mmu_memory_cache, if
+ * available.
+ */
+static void mmu_free_sp_memory_cache(struct kvm_mmu_memory_cache *cache)
+{
+	if (cache->nobjs)
+		percpu_counter_sub(&kvm_total_unused_cached_pages, cache->nobjs);
+	kvm_mmu_free_memory_cache(cache);
+}
+
 static int mmu_topup_memory_caches(struct kvm_vcpu *vcpu, bool maybe_indirect)
 {
 	int r;
@@ -676,10 +709,11 @@ static int mmu_topup_memory_caches(struct kvm_vcpu *vcpu, bool maybe_indirect)
 				       1 + PT64_ROOT_MAX_LEVEL + PTE_PREFETCH_NUM);
 	if (r)
 		return r;
-	r = kvm_mmu_topup_memory_cache(&vcpu->arch.mmu_shadow_page_cache,
-				       PT64_ROOT_MAX_LEVEL);
+
+	r = mmu_topup_sp_memory_cache(&vcpu->arch.mmu_shadow_page_cache, PT64_ROOT_MAX_LEVEL);
 	if (r)
 		return r;
+
 	if (maybe_indirect) {
 		r = kvm_mmu_topup_memory_cache(&vcpu->arch.mmu_shadowed_info_cache,
 					       PT64_ROOT_MAX_LEVEL);
@@ -693,7 +727,9 @@ static int mmu_topup_memory_caches(struct kvm_vcpu *vcpu, bool maybe_indirect)
 static void mmu_free_memory_caches(struct kvm_vcpu *vcpu)
 {
 	kvm_mmu_free_memory_cache(&vcpu->arch.mmu_pte_list_desc_cache);
-	kvm_mmu_free_memory_cache(&vcpu->arch.mmu_shadow_page_cache);
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
+	mmu_free_sp_memory_cache(&vcpu->arch.mmu_shadow_page_cache);
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	kvm_mmu_free_memory_cache(&vcpu->arch.mmu_shadowed_info_cache);
 	kvm_mmu_free_memory_cache(&vcpu->arch.mmu_page_header_cache);
 }
@@ -2148,6 +2184,7 @@ struct shadow_page_caches {
 	struct kvm_mmu_memory_cache *page_header_cache;
 	struct kvm_mmu_memory_cache *shadow_page_cache;
 	struct kvm_mmu_memory_cache *shadowed_info_cache;
+	bool count_shadow_page_allocation;
 };
 
 static struct kvm_mmu_page *kvm_mmu_alloc_shadow_page(struct kvm *kvm,
@@ -2159,7 +2196,8 @@ static struct kvm_mmu_page *kvm_mmu_alloc_shadow_page(struct kvm *kvm,
 	struct kvm_mmu_page *sp;
 
 	sp = kvm_mmu_memory_cache_alloc(caches->page_header_cache);
-	sp->spt = kvm_mmu_memory_cache_alloc(caches->shadow_page_cache);
+	sp->spt = mmu_sp_memory_cache_alloc(caches->shadow_page_cache,
+					    caches->count_shadow_page_allocation);
 	if (!role.direct)
 		sp->shadowed_translation = kvm_mmu_memory_cache_alloc(caches->shadowed_info_cache);
 
@@ -2216,6 +2254,7 @@ static struct kvm_mmu_page *kvm_mmu_get_shadow_page(struct kvm_vcpu *vcpu,
 		.page_header_cache = &vcpu->arch.mmu_page_header_cache,
 		.shadow_page_cache = &vcpu->arch.mmu_shadow_page_cache,
 		.shadowed_info_cache = &vcpu->arch.mmu_shadowed_info_cache,
+		.count_shadow_page_allocation = true,
 	};
 
 	return __kvm_mmu_get_shadow_page(vcpu->kvm, vcpu, &caches, gfn, role);
@@ -4314,29 +4353,32 @@ static int direct_page_fault(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 	if (r != RET_PF_INVALID)
 		return r;
 
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	r = mmu_topup_memory_caches(vcpu, false);
 	if (r)
-		return r;
+		goto out_page_cache_unlock;
 
 	r = kvm_faultin_pfn(vcpu, fault, ACC_ALL);
 	if (r != RET_PF_CONTINUE)
-		return r;
+		goto out_page_cache_unlock;
 
 	r = RET_PF_RETRY;
 	write_lock(&vcpu->kvm->mmu_lock);
 
 	if (is_page_fault_stale(vcpu, fault))
-		goto out_unlock;
+		goto out_mmu_unlock;
 
 	r = make_mmu_pages_available(vcpu);
 	if (r)
-		goto out_unlock;
+		goto out_mmu_unlock;
 
 	r = direct_map(vcpu, fault);
 
-out_unlock:
+out_mmu_unlock:
 	write_unlock(&vcpu->kvm->mmu_lock);
 	kvm_release_pfn_clean(fault->pfn);
+out_page_cache_unlock:
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	return r;
 }
 
@@ -4396,25 +4438,28 @@ static int kvm_tdp_mmu_page_fault(struct kvm_vcpu *vcpu,
 	if (r != RET_PF_INVALID)
 		return r;
 
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	r = mmu_topup_memory_caches(vcpu, false);
 	if (r)
-		return r;
+		goto out_page_cache_unlock;
 
 	r = kvm_faultin_pfn(vcpu, fault, ACC_ALL);
 	if (r != RET_PF_CONTINUE)
-		return r;
+		goto out_page_cache_unlock;
 
 	r = RET_PF_RETRY;
 	read_lock(&vcpu->kvm->mmu_lock);
 
 	if (is_page_fault_stale(vcpu, fault))
-		goto out_unlock;
+		goto out_mmu_unlock;
 
 	r = kvm_tdp_mmu_map(vcpu, fault);
 
-out_unlock:
+out_mmu_unlock:
 	read_unlock(&vcpu->kvm->mmu_lock);
 	kvm_release_pfn_clean(fault->pfn);
+out_page_cache_unlock:
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	return r;
 }
 #endif
@@ -5394,6 +5439,7 @@ int kvm_mmu_load(struct kvm_vcpu *vcpu)
 {
 	int r;
 
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	r = mmu_topup_memory_caches(vcpu, !vcpu->arch.mmu->root_role.direct);
 	if (r)
 		goto out;
@@ -5420,6 +5466,7 @@ int kvm_mmu_load(struct kvm_vcpu *vcpu)
 	 */
 	static_call(kvm_x86_flush_tlb_current)(vcpu);
 out:
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	return r;
 }
 
@@ -5924,6 +5971,7 @@ int kvm_mmu_create(struct kvm_vcpu *vcpu)
 	vcpu->arch.mmu_page_header_cache.gfp_zero = __GFP_ZERO;
 
 	vcpu->arch.mmu_shadow_page_cache.gfp_zero = __GFP_ZERO;
+	mutex_init(&vcpu->arch.mmu_shadow_page_cache_lock);
 
 	vcpu->arch.mmu = &vcpu->arch.root_mmu;
 	vcpu->arch.walk_mmu = &vcpu->arch.root_mmu;
@@ -6769,12 +6817,17 @@ int kvm_mmu_vendor_module_init(void)
 	if (!mmu_page_header_cache)
 		goto out;
 
+	if (percpu_counter_init(&kvm_total_unused_cached_pages, 0, GFP_KERNEL))
+		goto out;
+
 	ret = register_shrinker(&mmu_shrinker, "x86-mmu");
 	if (ret)
-		goto out;
+		goto out_shrinker;
 
 	return 0;
 
+out_shrinker:
+	percpu_counter_destroy(&kvm_total_unused_cached_pages);
 out:
 	mmu_destroy_caches();
 	return ret;
@@ -6792,6 +6845,7 @@ void kvm_mmu_vendor_module_exit(void)
 {
 	mmu_destroy_caches();
 	unregister_shrinker(&mmu_shrinker);
+	percpu_counter_destroy(&kvm_total_unused_cached_pages);
 }
 
 /*
@@ -6994,3 +7048,11 @@ void kvm_mmu_pre_destroy_vm(struct kvm *kvm)
 	if (kvm->arch.nx_huge_page_recovery_thread)
 		kthread_stop(kvm->arch.nx_huge_page_recovery_thread);
 }
+
+void *mmu_sp_memory_cache_alloc(struct kvm_mmu_memory_cache *shadow_page_cache,
+				bool count_allocation)
+{
+	if (count_allocation && shadow_page_cache->nobjs)
+		percpu_counter_dec(&kvm_total_unused_cached_pages);
+	return kvm_mmu_memory_cache_alloc(shadow_page_cache);
+}
diff --git a/arch/x86/kvm/mmu/mmu_internal.h b/arch/x86/kvm/mmu/mmu_internal.h
index cc58631e2336..798cfbf0a36b 100644
--- a/arch/x86/kvm/mmu/mmu_internal.h
+++ b/arch/x86/kvm/mmu/mmu_internal.h
@@ -338,5 +338,7 @@ void *mmu_memory_cache_alloc(struct kvm_mmu_memory_cache *mc);
 
 void track_possible_nx_huge_page(struct kvm *kvm, struct kvm_mmu_page *sp);
 void untrack_possible_nx_huge_page(struct kvm *kvm, struct kvm_mmu_page *sp);
+void *mmu_sp_memory_cache_alloc(struct kvm_mmu_memory_cache *cache,
+				bool count_allocation);
 
 #endif /* __KVM_X86_MMU_INTERNAL_H */
diff --git a/arch/x86/kvm/mmu/paging_tmpl.h b/arch/x86/kvm/mmu/paging_tmpl.h
index 57f0b75c80f9..1dea9be6849d 100644
--- a/arch/x86/kvm/mmu/paging_tmpl.h
+++ b/arch/x86/kvm/mmu/paging_tmpl.h
@@ -821,9 +821,10 @@ static int FNAME(page_fault)(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 		return RET_PF_EMULATE;
 	}
 
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	r = mmu_topup_memory_caches(vcpu, true);
 	if (r)
-		return r;
+		goto out_page_cache_unlock;
 
 	vcpu->arch.write_fault_to_shadow_pgtable = false;
 
@@ -837,7 +838,7 @@ static int FNAME(page_fault)(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 
 	r = kvm_faultin_pfn(vcpu, fault, walker.pte_access);
 	if (r != RET_PF_CONTINUE)
-		return r;
+		goto out_page_cache_unlock;
 
 	/*
 	 * Do not change pte_access if the pfn is a mmio page, otherwise
@@ -862,16 +863,18 @@ static int FNAME(page_fault)(struct kvm_vcpu *vcpu, struct kvm_page_fault *fault
 	write_lock(&vcpu->kvm->mmu_lock);
 
 	if (is_page_fault_stale(vcpu, fault))
-		goto out_unlock;
+		goto out_mmu_unlock;
 
 	r = make_mmu_pages_available(vcpu);
 	if (r)
-		goto out_unlock;
+		goto out_mmu_unlock;
 	r = FNAME(fetch)(vcpu, fault, &walker);
 
-out_unlock:
+out_mmu_unlock:
 	write_unlock(&vcpu->kvm->mmu_lock);
 	kvm_release_pfn_clean(fault->pfn);
+out_page_cache_unlock:
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	return r;
 }
 
@@ -897,17 +900,18 @@ static void FNAME(invlpg)(struct kvm_vcpu *vcpu, gva_t gva, hpa_t root_hpa)
 
 	vcpu_clear_mmio_info(vcpu, gva);
 
+	if (!VALID_PAGE(root_hpa)) {
+		WARN_ON(1);
+		return;
+	}
+
+	mutex_lock(&vcpu->arch.mmu_shadow_page_cache_lock);
 	/*
 	 * No need to check return value here, rmap_can_add() can
 	 * help us to skip pte prefetch later.
 	 */
 	mmu_topup_memory_caches(vcpu, true);
 
-	if (!VALID_PAGE(root_hpa)) {
-		WARN_ON(1);
-		return;
-	}
-
 	write_lock(&vcpu->kvm->mmu_lock);
 	for_each_shadow_entry_using_root(vcpu, root_hpa, gva, iterator) {
 		level = iterator.level;
@@ -943,6 +947,7 @@ static void FNAME(invlpg)(struct kvm_vcpu *vcpu, gva_t gva, hpa_t root_hpa)
 			break;
 	}
 	write_unlock(&vcpu->kvm->mmu_lock);
+	mutex_unlock(&vcpu->arch.mmu_shadow_page_cache_lock);
 }
 
 /* Note, @addr is a GPA when gva_to_gpa() translates an L2 GPA to an L1 GPA. */
diff --git a/arch/x86/kvm/mmu/tdp_mmu.c b/arch/x86/kvm/mmu/tdp_mmu.c
index 7c25dbf32ecc..fa6eb1e9101e 100644
--- a/arch/x86/kvm/mmu/tdp_mmu.c
+++ b/arch/x86/kvm/mmu/tdp_mmu.c
@@ -265,7 +265,8 @@ static struct kvm_mmu_page *tdp_mmu_alloc_sp(struct kvm_vcpu *vcpu)
 	struct kvm_mmu_page *sp;
 
 	sp = kvm_mmu_memory_cache_alloc(&vcpu->arch.mmu_page_header_cache);
-	sp->spt = kvm_mmu_memory_cache_alloc(&vcpu->arch.mmu_shadow_page_cache);
+	sp->spt = mmu_sp_memory_cache_alloc(&vcpu->arch.mmu_shadow_page_cache,
+					    true);
 
 	return sp;
 }
