diff --git a/src/qemu/qemu_driver.c b/src/qemu/qemu_driver.c
index d5c1274e7efefcbbd42752f89ce52d8c7be25f52..f6e503ab9d0601b8cd6e4f91bfb309f9f2e41118 100644
--- a/src/qemu/qemu_driver.c
+++ b/src/qemu/qemu_driver.c
@@ -2442,6 +2442,9 @@ static void processWatchdogEvent(void *data, void *opaque)
     struct qemuDomainWatchdogEvent *wdEvent = data;
     struct qemud_driver *driver = opaque;
 
+    qemuDriverLock(driver);
+    virDomainObjLock(wdEvent->vm);
+
     switch (wdEvent->action) {
     case VIR_DOMAIN_WATCHDOG_ACTION_DUMP:
         {
@@ -2452,19 +2455,19 @@ static void processWatchdogEvent(void *data, void *opaque)
                             wdEvent->vm->def->name,
                             (unsigned int)time(NULL)) < 0) {
                 virReportOOMError();
-                break;
+                goto unlock;
             }
 
-            qemuDriverLock(driver);
-            virDomainObjLock(wdEvent->vm);
-
-            if (qemuDomainObjBeginJobWithDriver(driver, wdEvent->vm) < 0)
-                break;
+            if (qemuDomainObjBeginJobWithDriver(driver, wdEvent->vm) < 0) {
+                VIR_FREE(dumpfile);
+                goto unlock;
+            }
 
             if (!virDomainObjIsActive(wdEvent->vm)) {
                 qemuReportError(VIR_ERR_OPERATION_INVALID,
                                 "%s", _("domain is not running"));
-                break;
+                VIR_FREE(dumpfile);
+                goto endjob;
             }
 
             ret = doCoreDump(driver,
@@ -2481,16 +2484,23 @@ static void processWatchdogEvent(void *data, void *opaque)
                 qemuReportError(VIR_ERR_OPERATION_FAILED,
                                 "%s", _("Resuming after dump failed"));
 
-            if (qemuDomainObjEndJob(wdEvent->vm) > 0)
-                virDomainObjUnlock(wdEvent->vm);
-
-            qemuDriverUnlock(driver);
-
             VIR_FREE(dumpfile);
         }
         break;
+    default:
+        goto unlock;
     }
 
+endjob:
+    /* Safe to ignore value since ref count was incremented in
+     * qemuProcessHandleWatchdog().
+     */
+    ignore_value(qemuDomainObjEndJob(wdEvent->vm));
+
+unlock:
+    if (virDomainObjUnref(wdEvent->vm) > 0)
+        virDomainObjUnlock(wdEvent->vm);
+    qemuDriverUnlock(driver);
     VIR_FREE(wdEvent);
 }
 
diff --git a/src/qemu/qemu_process.c b/src/qemu/qemu_process.c
index 7295f9ee14fea1b2c0c73a9df7e1b35f565b8562..d405ddae4e93bcd3c51f37468cec9d0b8f0c211f 100644
--- a/src/qemu/qemu_process.c
+++ b/src/qemu/qemu_process.c
@@ -428,7 +428,14 @@ qemuProcessHandleWatchdog(qemuMonitorPtr mon ATTRIBUTE_UNUSED,
         if (VIR_ALLOC(wdEvent) == 0) {
             wdEvent->action = VIR_DOMAIN_WATCHDOG_ACTION_DUMP;
             wdEvent->vm = vm;
-            ignore_value(virThreadPoolSendJob(driver->workerPool, wdEvent));
+            /* Hold an extra reference because we can't allow 'vm' to be
+             * deleted before handling watchdog event is finished.
+             */
+            virDomainObjRef(vm);
+            if (virThreadPoolSendJob(driver->workerPool, wdEvent) < 0) {
+                virDomainObjUnref(vm);
+                VIR_FREE(wdEvent);
+            }
         } else
             virReportOOMError();
     }