diff --git a/CHANGES.md b/CHANGES.md
index e8d7c0b4e9a..f6ec50fe8ba 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -14,6 +14,9 @@
 
 <!-- Changes that affect Black's preview style -->
 
+- Fix bug where module docstrings would be treated as normal strings if preceeded by
+  comments (#4764)
+
 ### Configuration
 
 <!-- Changes to how Black can be configured -->
diff --git a/docs/the_black_code_style/future_style.md b/docs/the_black_code_style/future_style.md
index 837aec457b0..c1e88c1cba5 100644
--- a/docs/the_black_code_style/future_style.md
+++ b/docs/the_black_code_style/future_style.md
@@ -35,6 +35,8 @@ Currently, the following features are included in the preview style:
   types in `except` and `except*` without `as`. See PEP 758 for details.
 - `normalize_cr_newlines`: Add `\r` style newlines to the potential newlines to
   normalize file newlines both from and to.
+- `fix_module_docstring_detection`: Fix module docstrings being treated as normal
+  strings if preceeded by comments.
 
 (labels/unstable-features)=
 
diff --git a/src/black/lines.py b/src/black/lines.py
index 21e6cec571d..b3fdd4ae3a3 100644
--- a/src/black/lines.py
+++ b/src/black/lines.py
@@ -559,15 +559,20 @@ def maybe_empty_lines(self, current_line: Line) -> LinesBlock:
         before, after = self._maybe_empty_lines(current_line)
         previous_after = self.previous_block.after if self.previous_block else 0
         before = max(0, before - previous_after)
-        if (
+        if Preview.fix_module_docstring_detection in self.mode:
             # Always have one empty line after a module docstring
-            self.previous_block
-            and self.previous_block.previous_block is None
-            and len(self.previous_block.original_line.leaves) == 1
-            and self.previous_block.original_line.is_docstring
-            and not (current_line.is_class or current_line.is_def)
-        ):
-            before = 1
+            if self._line_is_module_docstring(current_line):
+                before = 1
+        else:
+            if (
+                # Always have one empty line after a module docstring
+                self.previous_block
+                and self.previous_block.previous_block is None
+                and len(self.previous_block.original_line.leaves) == 1
+                and self.previous_block.original_line.is_docstring
+                and not (current_line.is_class or current_line.is_def)
+            ):
+                before = 1
 
         block = LinesBlock(
             mode=self.mode,
@@ -595,6 +600,22 @@ def maybe_empty_lines(self, current_line: Line) -> LinesBlock:
         self.previous_block = block
         return block
 
+    def _line_is_module_docstring(self, current_line: Line) -> bool:
+        previous_block = self.previous_block
+        if not previous_block:
+            return False
+        if (
+            len(previous_block.original_line.leaves) != 1
+            or not previous_block.original_line.is_docstring
+            or current_line.is_class
+            or current_line.is_def
+        ):
+            return False
+        while previous_block := previous_block.previous_block:
+            if not previous_block.original_line.is_comment:
+                return False
+        return True
+
     def _maybe_empty_lines(self, current_line: Line) -> tuple[int, int]:  # noqa: C901
         max_allowed = 1
         if current_line.depth == 0:
diff --git a/src/black/mode.py b/src/black/mode.py
index 85a205949dc..9927f73c4a7 100644
--- a/src/black/mode.py
+++ b/src/black/mode.py
@@ -236,6 +236,7 @@ class Preview(Enum):
     # except* without as. See PEP 758 for details.
     remove_parens_around_except_types = auto()
     normalize_cr_newlines = auto()
+    fix_module_docstring_detection = auto()
 
 
 UNSTABLE_FEATURES: set[Preview] = {
diff --git a/src/black/resources/black.schema.json b/src/black/resources/black.schema.json
index 549e0e8049f..8ea19908570 100644
--- a/src/black/resources/black.schema.json
+++ b/src/black/resources/black.schema.json
@@ -88,7 +88,8 @@
           "fix_fmt_skip_in_one_liners",
           "wrap_comprehension_in",
           "remove_parens_around_except_types",
-          "normalize_cr_newlines"
+          "normalize_cr_newlines",
+          "fix_module_docstring_detection"
         ]
       },
       "description": "Enable specific features included in the `--unstable` style. Requires `--preview`. No compatibility guarantees are provided on the behavior or existence of any unstable features."
diff --git a/src/blib2to3/pgen2/parse.py b/src/blib2to3/pgen2/parse.py
index 36e865cdb46..06b3790b115 100644
--- a/src/blib2to3/pgen2/parse.py
+++ b/src/blib2to3/pgen2/parse.py
@@ -9,6 +9,7 @@
 how this parsing engine works.
 
 """
+
 from collections.abc import Callable, Iterator
 from contextlib import contextmanager
 from typing import TYPE_CHECKING, Any, Optional, Union, cast
diff --git a/tests/data/cases/module_docstring_after_comment.py b/tests/data/cases/module_docstring_after_comment.py
new file mode 100644
index 00000000000..6a755b36dd2
--- /dev/null
+++ b/tests/data/cases/module_docstring_after_comment.py
@@ -0,0 +1,22 @@
+# flags: --preview
+#!/python
+
+# regression test for #4762
+"""
+docstring
+"""
+from __future__ import annotations
+
+import os
+
+# output
+#!/python
+
+# regression test for #4762
+"""
+docstring
+"""
+
+from __future__ import annotations
+
+import os