diff --git a/packages/react-reconciler/src/ReactFiberBeginWork.js b/packages/react-reconciler/src/ReactFiberBeginWork.js
index 0a6ae9df7bc..5f85952a9b2 100644
--- a/packages/react-reconciler/src/ReactFiberBeginWork.js
+++ b/packages/react-reconciler/src/ReactFiberBeginWork.js
@@ -949,27 +949,19 @@ function updatePlaceholderComponent(
 
     // Check if we already attempted to render the normal state. If we did,
     // and we timed out, render the placeholder state.
-    const alreadyCaptured =
-      (workInProgress.effectTag & DidCapture) === NoEffect;
+    const nextDidTimeout = workInProgress.updateQueue !== null;
 
-    let nextDidTimeout;
-    if (current !== null && workInProgress.updateQueue !== null) {
-      if (enableSchedulerTracing) {
+    if ((workInProgress.mode & StrictMode) === NoEffect) {
+      if (enableSchedulerTracing && nextDidTimeout) {
         // Handle special case of rendering a Placeholder for a sync, suspended tree.
         // We flag this to properly trace and count interactions.
         // Otherwise interaction pending count will be decremented too many times.
         captureWillSyncRenderPlaceholder();
       }
-
-      // We're outside strict mode. Something inside this Placeholder boundary
-      // suspended during the last commit. Switch to the placholder.
+      // The next time we render, we try the primary children again even if no
+      // promise has timed out.
       workInProgress.updateQueue = null;
-      nextDidTimeout = true;
     } else {
-      nextDidTimeout = !alreadyCaptured;
-    }
-
-    if ((workInProgress.mode & StrictMode) !== NoEffect) {
       if (nextDidTimeout) {
         // If the timed-out view commits, schedule an update effect to record
         // the committed time.
diff --git a/packages/react-reconciler/src/ReactFiberCommitWork.js b/packages/react-reconciler/src/ReactFiberCommitWork.js
index 53993f4136a..b24f9a43d42 100644
--- a/packages/react-reconciler/src/ReactFiberCommitWork.js
+++ b/packages/react-reconciler/src/ReactFiberCommitWork.js
@@ -356,11 +356,7 @@ function commitLifeCycles(
       if (enableSuspense) {
         if ((finishedWork.mode & StrictMode) === NoEffect) {
           // In loose mode, a placeholder times out by scheduling a synchronous
-          // update in the commit phase. Use `updateQueue` field to signal that
-          // the Timeout needs to switch to the placeholder. We don't need an
-          // entire queue. Any non-null value works.
-          // $FlowFixMe - Intentionally using a value other than an UpdateQueue.
-          finishedWork.updateQueue = emptyObject;
+          // update in the commit phase.
           scheduleWork(finishedWork, Sync);
         } else {
           // In strict mode, the Update effect is used to record the time at
diff --git a/packages/react-reconciler/src/ReactFiberScheduler.js b/packages/react-reconciler/src/ReactFiberScheduler.js
index 69fc983fb13..8ad004b5263 100644
--- a/packages/react-reconciler/src/ReactFiberScheduler.js
+++ b/packages/react-reconciler/src/ReactFiberScheduler.js
@@ -1597,6 +1597,12 @@ function retrySuspendedRoot(
       markPendingPriorityLevel(root, retryTime);
     }
 
+    // Mark that we should try rendering the primary children again.
+    fiber.updateQueue = null;
+    if (fiber.alternate !== null) {
+      fiber.alternate.updateQueue = null;
+    }
+
     scheduleWorkToRoot(fiber, retryTime);
     const rootExpirationTime = root.expirationTime;
     if (rootExpirationTime !== NoWork) {
diff --git a/packages/react-reconciler/src/ReactFiberUnwindWork.js b/packages/react-reconciler/src/ReactFiberUnwindWork.js
index bba16ed0b64..f58d1658fc7 100644
--- a/packages/react-reconciler/src/ReactFiberUnwindWork.js
+++ b/packages/react-reconciler/src/ReactFiberUnwindWork.js
@@ -72,6 +72,8 @@ import {
 import {findEarliestOutstandingPriorityLevel} from './ReactFiberPendingPriority';
 import {reconcileChildren} from './ReactFiberBeginWork';
 
+const emptyObject = {};
+
 function NoopComponent() {
   return null;
 }
@@ -232,6 +234,12 @@ function throwException(
           );
           thenable.then(onResolveOrReject, onResolveOrReject);
 
+          // Use `updateQueue` field to signal that the Timeout needs to switch
+          // to the placeholder. We don't need an entire queue. Any non-null
+          // value works.
+          // $FlowFixMe - Intentionally using a value other than an UpdateQueue.
+          workInProgress.updateQueue = emptyObject;
+
           // If the boundary is outside of strict mode, we should *not* suspend
           // the commit. Pretend as if the suspended component rendered null and
           // keep rendering. In the commit phase, we'll schedule a subsequent
diff --git a/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.internal.js b/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.internal.js
index 017817fd621..3c766b276de 100644
--- a/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.internal.js
@@ -649,6 +649,25 @@ describe('ReactSuspenseWithNoopRenderer', () => {
     expect(ReactNoop.getChildren()).toEqual([span('Async'), span('Sync')]);
   });
 
+  it('resolves successfully even if fallback render is pending', async () => {
+    ReactNoop.render(
+      <Placeholder delayMs={1000} fallback={<Text text="Loading..." />}>
+        <AsyncText text="Async" ms={3000} />
+      </Placeholder>,
+    );
+    expect(ReactNoop.flushNextYield()).toEqual(['Suspend! [Async]']);
+
+    await advanceTimers(1500);
+    expect(ReactNoop.expire(1500)).toEqual([]);
+
+    // Before we have a chance to flush, the promise resolves.
+    await advanceTimers(2000);
+    expect(ReactNoop.clearYields()).toEqual(['Promise resolved [Async]']);
+
+    expect(ReactNoop.flush()).toEqual(['Async']);
+    expect(ReactNoop.getChildren()).toEqual([span('Async')]);
+  });
+
   it('throws a helpful error when an update is suspends without a placeholder', () => {
     expect(() => {
       ReactNoop.flushSync(() =>