diff --git a/packages/react-debug-tools/src/ReactDebugHooks.js b/packages/react-debug-tools/src/ReactDebugHooks.js
index e7f3fb0ee58ae..145dae4ddb0f4 100644
--- a/packages/react-debug-tools/src/ReactDebugHooks.js
+++ b/packages/react-debug-tools/src/ReactDebugHooks.js
@@ -177,15 +177,20 @@ function readContext<T>(context: ReactContext<T>): T {
       );
     }
 
+    let value: T;
     // For now we don't expose readContext usage in the hooks debugging info.
-    const value = hasOwnProperty.call(currentContextDependency, 'memoizedValue')
-      ? // $FlowFixMe[incompatible-use] Flow thinks `hasOwnProperty` mutates `currentContextDependency`
-        ((currentContextDependency.memoizedValue: any): T)
-      : // Before React 18, we did not have `memoizedValue` so we rely on `setupContexts` in those versions.
-        // $FlowFixMe[incompatible-use] Flow thinks `hasOwnProperty` mutates `currentContextDependency`
-        ((currentContextDependency.context._currentValue: any): T);
-    // $FlowFixMe[incompatible-use] Flow thinks `hasOwnProperty` mutates `currentContextDependency`
-    currentContextDependency = currentContextDependency.next;
+    if (hasOwnProperty.call(currentContextDependency, 'memoizedValue')) {
+      // $FlowFixMe[incompatible-use] Flow thinks `hasOwnProperty` mutates `currentContextDependency`
+      value = ((currentContextDependency.memoizedValue: any): T);
+
+      // $FlowFixMe[incompatible-use] Flow thinks `hasOwnProperty` mutates `currentContextDependency`
+      currentContextDependency = currentContextDependency.next;
+    } else {
+      // Before React 18, we did not have `memoizedValue` so we rely on `setupContexts` in those versions.
+      // Multiple reads of the same context were also only tracked as a single dependency.
+      // We just give up on advancing context dependencies and solely rely on `setupContexts`.
+      value = context._currentValue;
+    }
 
     return value;
   }
diff --git a/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.js b/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.js
index b0d18c3b5d5ac..0c54464b72a4a 100644
--- a/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.js
+++ b/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.js
@@ -833,6 +833,45 @@ describe('ReactHooksInspectionIntegration', () => {
     `);
   });
 
+  // @reactVersion >= 16.8
+  it('should inspect the value of the current provider in useContext reading the same context multiple times', async () => {
+    const ContextA = React.createContext('default A');
+    const ContextB = React.createContext('default B');
+    function Foo(props) {
+      React.useContext(ContextA);
+      React.useContext(ContextA);
+      React.useContext(ContextB);
+      React.useContext(ContextB);
+      React.useContext(ContextA);
+      React.useContext(ContextB);
+      React.useContext(ContextB);
+      React.useContext(ContextB);
+      return null;
+    }
+    let renderer;
+    await act(() => {
+      renderer = ReactTestRenderer.create(
+        <ContextA.Provider value="contextual A">
+          <Foo prop="prop" />
+        </ContextA.Provider>,
+        {unstable_isConcurrent: true},
+      );
+    });
+    const childFiber = renderer.root.findByType(Foo)._currentFiber();
+    const tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+
+    expect(normalizeSourceLoc(tree)).toEqual([
+      expect.objectContaining({value: 'contextual A'}),
+      expect.objectContaining({value: 'contextual A'}),
+      expect.objectContaining({value: 'default B'}),
+      expect.objectContaining({value: 'default B'}),
+      expect.objectContaining({value: 'contextual A'}),
+      expect.objectContaining({value: 'default B'}),
+      expect.objectContaining({value: 'default B'}),
+      expect.objectContaining({value: 'default B'}),
+    ]);
+  });
+
   it('should inspect forwardRef', async () => {
     const obj = function () {};
     const Foo = React.forwardRef(function (props, ref) {