diff --git a/Zend/tests/lazy_objects/gh18038-004.phpt b/Zend/tests/lazy_objects/gh18038-004.phpt
index 8810efb6bec2e..c1495c5a6d8d6 100644
--- a/Zend/tests/lazy_objects/gh18038-004.phpt
+++ b/Zend/tests/lazy_objects/gh18038-004.phpt
@@ -36,7 +36,6 @@ var_dump($real->prop);
 --EXPECTF--
 init
 string(19) "RealInstance::__get"
-string(12) "Proxy::__get"
 
 Warning: Undefined property: RealInstance::$prop in %s on line %d
 NULL
diff --git a/Zend/tests/lazy_objects/gh18038-007.phpt b/Zend/tests/lazy_objects/gh18038-007.phpt
index 9925190a19801..4c7c0d0b4b0a6 100644
--- a/Zend/tests/lazy_objects/gh18038-007.phpt
+++ b/Zend/tests/lazy_objects/gh18038-007.phpt
@@ -36,6 +36,5 @@ var_dump(isset($real->prop['']));
 --EXPECT--
 init
 string(21) "RealInstance::__isset"
-string(14) "Proxy::__isset"
 bool(false)
 bool(false)
diff --git a/Zend/tests/lazy_objects/gh20875.phpt b/Zend/tests/lazy_objects/gh20875.phpt
index 72e16011320c3..ff036edabd596 100644
--- a/Zend/tests/lazy_objects/gh20875.phpt
+++ b/Zend/tests/lazy_objects/gh20875.phpt
@@ -31,14 +31,6 @@ Warning: Undefined variable $a in %s on line %d
 
 Warning: Undefined variable $v in %s on line %d
 
-Notice: Indirect modification of overloaded property A::$b has no effect in %s on line %d
-
-Warning: Undefined variable $x in %s on line %d
-
-Notice: Object of class stdClass could not be converted to int in %s on line %d
-
-Warning: Undefined variable $v in %s on line %d
-
 Notice: Indirect modification of overloaded property A::$f has no effect in %s on line %d
 
 Fatal error: Uncaught Error: Cannot assign by reference to overloaded object in %s:%d
diff --git a/Zend/tests/lazy_objects/gh21478-proxy-get-override.phpt b/Zend/tests/lazy_objects/gh21478-proxy-get-override.phpt
new file mode 100644
index 0000000000000..520c8f6623531
--- /dev/null
+++ b/Zend/tests/lazy_objects/gh21478-proxy-get-override.phpt
@@ -0,0 +1,30 @@
+--TEST--
+GH-21478: Proxy's own __get runs when accessed directly (not from real instance)
+--FILE--
+<?php
+
+class Foo {
+    private $_;
+
+    public function __get($name) {
+        echo __CLASS__, " ", $name, "\n";
+    }
+}
+
+class Bar extends Foo {
+    public function __get($name) {
+        echo __CLASS__, " ", $name, "\n";
+    }
+}
+
+$rc = new ReflectionClass(Bar::class);
+$proxy = $rc->newLazyProxy(function () {
+    return new Foo();
+});
+$rc->initializeLazyObject($proxy);
+
+$proxy->x;
+
+?>
+--EXPECT--
+Bar x
diff --git a/Zend/tests/lazy_objects/gh21478.phpt b/Zend/tests/lazy_objects/gh21478.phpt
new file mode 100644
index 0000000000000..aaa226a9a09a7
--- /dev/null
+++ b/Zend/tests/lazy_objects/gh21478.phpt
@@ -0,0 +1,32 @@
+--TEST--
+GH-21478 (Property access on lazy proxy may invoke magic method despite real instance guards)
+--FILE--
+<?php
+
+class Foo {
+    public $_;
+
+    public function __get($name) {
+        global $proxy;
+        printf("__get(\$%s) on %s\n", $name, $this::class);
+        return $proxy->{$name};
+    }
+}
+
+class Bar extends Foo {}
+
+$rc = new ReflectionClass(Bar::class);
+$proxy = $rc->newLazyProxy(function () {
+    echo "Init\n";
+    return new Foo();
+});
+
+$real = $rc->initializeLazyObject($proxy);
+$real->x;
+
+?>
+--EXPECTF--
+Init
+__get($x) on Foo
+
+Warning: Undefined property: Foo::$x in %s on line %d
diff --git a/Zend/zend_object_handlers.c b/Zend/zend_object_handlers.c
index 7e03139dc426b..c41d76bf453a8 100644
--- a/Zend/zend_object_handlers.c
+++ b/Zend/zend_object_handlers.c
@@ -893,6 +893,23 @@ ZEND_API zval *zend_std_read_property(zend_object *zobj, zend_string *name, int
 
 	retval = &EG(uninitialized_zval);
 
+	/* For initialized lazy proxies: if the real instance's magic method
+	 * guard is already set for this property, we are inside a recursive
+	 * call from the real instance's __get/__isset. Forward directly to
+	 * the real instance to avoid double invocation. (GH-21478) */
+	if (UNEXPECTED(zend_object_is_lazy_proxy(zobj)
+			&& zend_lazy_object_initialized(zobj))) {
+		zend_object *instance = zend_lazy_object_get_instance(zobj);
+		if (instance->ce->ce_flags & ZEND_ACC_USE_GUARDS) {
+			uint32_t *instance_guard = zend_get_property_guard(instance, name);
+			uint32_t guard_type = ((type == BP_VAR_IS) && zobj->ce->__isset)
+				? IN_ISSET : IN_GET;
+			if ((*instance_guard) & guard_type) {
+				return zend_std_read_property(instance, name, type, cache_slot, rv);
+			}
+		}
+	}
+
 	/* magic isset */
 	if ((type == BP_VAR_IS) && zobj->ce->__isset) {
 		zval tmp_result;