diff --git a/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts b/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
index 10de6f48353..e590a719946 100644
--- a/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
+++ b/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
@@ -90,12 +90,14 @@ describe('useTemplateRef', () => {
     const Comp = {
       setup() {
         tRef = useTemplateRef(key)
+        const foo = useTemplateRef('bar')
         return {
           [key]: tRef,
+          foo,
         }
       },
       render() {
-        return h('div', { ref: key })
+        return [h('div', { ref: key }), h('div', { ref: 'foo' })]
       },
     }
     const root = nodeOps.createElement('div')
diff --git a/packages/runtime-core/src/component.ts b/packages/runtime-core/src/component.ts
index cccb7280fd4..b6f47b79b51 100644
--- a/packages/runtime-core/src/component.ts
+++ b/packages/runtime-core/src/component.ts
@@ -940,6 +940,10 @@ export function handleSetupResult(
     }
     instance.setupState = proxyRefs(setupResult)
     if (__DEV__) {
+      // dev only
+      Object.defineProperty(setupResult, '__v__setupResult', {
+        value: setupResult,
+      })
       exposeSetupStateOnRenderContext(instance)
     }
   } else if (__DEV__ && setupResult !== undefined) {
diff --git a/packages/runtime-core/src/helpers/useTemplateRef.ts b/packages/runtime-core/src/helpers/useTemplateRef.ts
index 58c109a9246..b15d52e6fd5 100644
--- a/packages/runtime-core/src/helpers/useTemplateRef.ts
+++ b/packages/runtime-core/src/helpers/useTemplateRef.ts
@@ -8,6 +8,8 @@ export function useTemplateRef<T = unknown, Keys extends string = string>(
 ): Readonly<ShallowRef<T | null>> {
   const i = getCurrentInstance()
   const r = shallowRef(null)
+  // @ts-expect-error
+  r.__v__TemplateRef = true
   if (i) {
     const refs = i.refs === EMPTY_OBJ ? (i.refs = {}) : i.refs
 
diff --git a/packages/runtime-core/src/rendererTemplateRef.ts b/packages/runtime-core/src/rendererTemplateRef.ts
index c7b15fe4022..f961f1219b2 100644
--- a/packages/runtime-core/src/rendererTemplateRef.ts
+++ b/packages/runtime-core/src/rendererTemplateRef.ts
@@ -66,9 +66,22 @@ export function setRef(
   const canSetSetupRef =
     setupState === EMPTY_OBJ
       ? () => false
-      : (key: string) =>
-          hasOwn(setupState, key) &&
-          !(Object.getOwnPropertyDescriptor(refs, key) || EMPTY_OBJ).get
+      : (key: string) => {
+          if (!hasOwn(setupState, key)) return false
+          if (__DEV__) {
+            if (
+              setupState.__v__setupResult &&
+              // @ts-expect-error
+              setupState.__v__setupResult[ref] &&
+              // @ts-expect-error
+              setupState.__v__setupResult[ref].__v__TemplateRef
+            ) {
+              return false
+            }
+            return true
+          }
+          return true
+        }
 
   // dynamic ref changed. unset old ref
   if (oldRef != null && oldRef !== ref) {
@@ -118,7 +131,9 @@ export function setRef(
           if (canSetSetupRef(ref)) {
             setupState[ref] = value
           }
-        } else if (_isRef) {
+        }
+        // @ts-expect-error
+        else if (_isRef && !ref.__v__TemplateRef) {
           ref.value = value
           if (rawRef.k) refs[rawRef.k] = value
         } else if (__DEV__) {