diff --git a/src/fastmcp/server/mixins/lifespan.py b/src/fastmcp/server/mixins/lifespan.py
index 267736a83..0f2589272 100644
--- a/src/fastmcp/server/mixins/lifespan.py
+++ b/src/fastmcp/server/mixins/lifespan.py
@@ -136,30 +136,49 @@ async def _docket_lifespan(self: FastMCP) -> AsyncIterator[None]:
 
     @asynccontextmanager
     async def _lifespan_manager(self: FastMCP) -> AsyncIterator[None]:
-        if self._lifespan_result_set:
-            yield
+        async with self._lifespan_lock:
+            if self._lifespan_result_set:
+                self._lifespan_ref_count += 1
+                should_enter_lifespan = False
+            else:
+                self._lifespan_ref_count = 1
+                should_enter_lifespan = True
+
+        if not should_enter_lifespan:
+            try:
+                yield
+            finally:
+                async with self._lifespan_lock:
+                    self._lifespan_ref_count -= 1
+                    if self._lifespan_ref_count == 0:
+                        self._lifespan_result_set = False
+                        self._lifespan_result = None
             return
 
-        async with (
-            self._lifespan(self) as user_lifespan_result,
-            self._docket_lifespan(),
-        ):
-            self._lifespan_result = user_lifespan_result
-            self._lifespan_result_set = True
-
-            async with AsyncExitStack[bool | None]() as stack:
-                # Start lifespans for all providers
-                for provider in self.providers:
-                    await stack.enter_async_context(provider.lifespan())
-
-                self._started.set()
-                try:
-                    yield
-                finally:
-                    self._started.clear()
-
-        self._lifespan_result_set = False
-        self._lifespan_result = None
+        try:
+            async with (
+                self._lifespan(self) as user_lifespan_result,
+                self._docket_lifespan(),
+            ):
+                self._lifespan_result = user_lifespan_result
+                self._lifespan_result_set = True
+
+                async with AsyncExitStack[bool | None]() as stack:
+                    # Start lifespans for all providers
+                    for provider in self.providers:
+                        await stack.enter_async_context(provider.lifespan())
+
+                    self._started.set()
+                    try:
+                        yield
+                    finally:
+                        self._started.clear()
+        finally:
+            async with self._lifespan_lock:
+                self._lifespan_ref_count -= 1
+                if self._lifespan_ref_count == 0:
+                    self._lifespan_result_set = False
+                    self._lifespan_result = None
 
     def _setup_task_protocol_handlers(self: FastMCP) -> None:
         """Register SEP-1686 task protocol handlers with SDK.
diff --git a/src/fastmcp/server/server.py b/src/fastmcp/server/server.py
index 0dc47f143..a55aa8187 100644
--- a/src/fastmcp/server/server.py
+++ b/src/fastmcp/server/server.py
@@ -300,6 +300,8 @@ def __init__(
             self._lifespan = cast(LifespanCallable[LifespanResultT], default_lifespan)
         self._lifespan_result: LifespanResultT | None = None
         self._lifespan_result_set: bool = False
+        self._lifespan_ref_count: int = 0
+        self._lifespan_lock: asyncio.Lock = asyncio.Lock()
         self._started: asyncio.Event = asyncio.Event()
 
         # Generate random ID if no name provided
diff --git a/tests/server/test_server_lifespan.py b/tests/server/test_server_lifespan.py
index ef52e4e22..2d2b3446e 100644
--- a/tests/server/test_server_lifespan.py
+++ b/tests/server/test_server_lifespan.py
@@ -54,6 +54,44 @@ def get_value() -> str:
         # when the client session closes
         assert lifespan_events == ["enter", "exit"]
 
+    async def test_server_lifespan_overlapping_sessions(self):
+        """Test that overlapping sessions keep lifespan active until all sessions close."""
+        lifespan_events: list[str] = []
+
+        resource_state = "missing"
+
+        @asynccontextmanager
+        async def server_lifespan(mcp: FastMCP) -> AsyncIterator[dict[str, Any]]:
+            nonlocal resource_state
+            lifespan_events.append("enter")
+            resource_state = "open"
+            try:
+                yield {"initialized": True}
+            finally:
+                resource_state = "closed"
+                lifespan_events.append("exit")
+
+        mcp = FastMCP("TestServer", lifespan=server_lifespan)
+
+        @mcp.tool
+        def get_resource_state() -> str:
+            return resource_state
+
+        async with Client(mcp) as client1:
+            result1 = await client1.call_tool("get_resource_state", {})
+            assert result1.data == "open"
+
+            async with Client(mcp) as client2:
+                result2 = await client2.call_tool("get_resource_state", {})
+                assert result2.data == "open"
+
+            # client2 exited while client1 is still active; lifespan should remain open
+            result3 = await client1.call_tool("get_resource_state", {})
+            assert result3.data == "open"
+            assert lifespan_events == ["enter"]
+
+        assert lifespan_events == ["enter", "exit"]
+
     async def test_server_lifespan_context_available(self):
         """Test that server_lifespan context is available to tools."""