diff --git a/packages/runtime-core/__tests__/apiTemplateRef.spec.ts b/packages/runtime-core/__tests__/apiTemplateRef.spec.ts
index cb5da3a9533..044785b8928 100644
--- a/packages/runtime-core/__tests__/apiTemplateRef.spec.ts
+++ b/packages/runtime-core/__tests__/apiTemplateRef.spec.ts
@@ -268,4 +268,68 @@ describe('api: template refs', () => {
     // ref should be updated
     expect(serializeInner(root)).toBe(`<div id="foo">foo</div>`)
   })
+
+  // #1789
+  test('the same ref should save the last non-null value', async () => {
+    const root = nodeOps.createElement('div')
+    const toggle = ref(true)
+    const el = ref(null)
+
+    const Comp = {
+      render() {
+        return [
+          h('div', { ref: el }),
+          toggle.value ? h('div', { ref: el }) : null
+        ]
+      }
+    }
+    render(h(Comp), root)
+    expect(el.value).toBe(root.children[2])
+
+    toggle.value = false
+    await nextTick()
+    expect(el.value).toBe(root.children[1])
+
+    toggle.value = true
+    await nextTick()
+    expect(el.value).toBe(root.children[2])
+  })
+
+  // #1789
+  test('the same ref should save the last non-null value about setupState', async () => {
+    const root = nodeOps.createElement('div')
+    const toggle = ref(true)
+    const el = ref(null)
+    let instanceProxy: any
+
+    const Comp = {
+      setup() {
+        return {
+          el
+        }
+      },
+      render() {
+        return [
+          h('div', { ref: 'el' }),
+          toggle.value ? h('div', { ref: 'el' }) : null
+        ]
+      },
+      mounted() {
+        instanceProxy = this
+      }
+    }
+    render(h(Comp), root)
+    expect(el.value).toBe(root.children[2])
+    expect(instanceProxy.$refs.el).toBe(root.children[2])
+
+    toggle.value = false
+    await nextTick()
+    expect(el.value).toBe(root.children[1])
+    expect(instanceProxy.$refs.el).toBe(root.children[1])
+
+    toggle.value = true
+    await nextTick()
+    expect(el.value).toBe(root.children[2])
+    expect(instanceProxy.$refs.el).toBe(root.children[2])
+  })
 })
diff --git a/packages/runtime-core/src/renderer.ts b/packages/runtime-core/src/renderer.ts
index 9f045182ce7..a2b4cd69b06 100644
--- a/packages/runtime-core/src/renderer.ts
+++ b/packages/runtime-core/src/renderer.ts
@@ -319,14 +319,28 @@ export const setRef = (
   }
 
   if (isString(ref)) {
-    refs[ref] = value
-    if (hasOwn(setupState, ref)) {
-      queuePostRenderEffect(() => {
+    // #1789, should save the last non-null value
+    if (value == null) {
+      refs[ref] = value
+      if (hasOwn(setupState, ref)) {
         setupState[ref] = value
-      }, parentSuspense)
+      }
+      return
     }
+    queuePostRenderEffect(() => {
+      refs[ref] = value
+      if (hasOwn(setupState, ref)) {
+        setupState[ref] = value
+      }
+    }, parentSuspense)
   } else if (isRef(ref)) {
-    ref.value = value
+    if (value == null) {
+      ref.value = value
+      return
+    }
+    queuePostRenderEffect(() => {
+      ref.value = value
+    }, parentSuspense)
   } else if (isFunction(ref)) {
     callWithErrorHandling(ref, parentComponent, ErrorCodes.FUNCTION_REF, [
       value,
diff --git a/packages/vue/__tests__/index.spec.ts b/packages/vue/__tests__/index.spec.ts
index 974fffc0442..294eb33d3e5 100644
--- a/packages/vue/__tests__/index.spec.ts
+++ b/packages/vue/__tests__/index.spec.ts
@@ -71,6 +71,41 @@ describe('compiler + runtime integration', () => {
     expect(one.destroyed).toHaveBeenCalledTimes(0)
   })
 
+  // #1789
+  it('$refs should refer to the correct value', async () => {
+    const container = document.createElement('div')
+    const toggle = ref(true)
+    let instanceProxy: any
+    const App = {
+      template: `
+        <div v-if="toggle" ref="divEl">true</div>
+        <div v-if="!toggle" ref="divEl">false</div>
+      `,
+      data() {
+        return {
+          toggle
+        }
+      },
+      mounted() {
+        instanceProxy = this
+      }
+    }
+
+    createApp(App).mount(container)
+    expect(container.innerHTML).toBe('<div>true</div><!--v-if-->')
+    expect(instanceProxy.$refs.divEl).toBe(container.children[0])
+
+    toggle.value = false
+    await nextTick()
+    expect(container.innerHTML).toBe('<!--v-if--><div>false</div>')
+    expect(instanceProxy.$refs.divEl).toBe(container.children[0])
+
+    toggle.value = true
+    await nextTick()
+    expect(container.innerHTML).toBe('<div>true</div><!--v-if-->')
+    expect(instanceProxy.$refs.divEl).toBe(container.children[0])
+  })
+
   it('should support runtime template via CSS ID selector', () => {
     const container = document.createElement('div')
     const template = document.createElement('div')