diff --git a/packages/react-native/React/Fabric/Mounting/ComponentViews/Image/RCTImageComponentView.mm b/packages/react-native/React/Fabric/Mounting/ComponentViews/Image/RCTImageComponentView.mm
index 40cfa512e5c..25f9eec7fd8 100644
--- a/packages/react-native/React/Fabric/Mounting/ComponentViews/Image/RCTImageComponentView.mm
+++ b/packages/react-native/React/Fabric/Mounting/ComponentViews/Image/RCTImageComponentView.mm
@@ -38,8 +38,6 @@ using namespace facebook::react;
     _imageView.layer.minificationFilter = kCAFilterTrilinear;
     _imageView.layer.magnificationFilter = kCAFilterTrilinear;
 
-    _imageResponseObserverProxy = std::make_shared<RCTImageResponseObserverProxy>(self);
-
     self.contentView = _imageView;
   }
 
@@ -124,6 +122,11 @@ using namespace facebook::react;
   _state = state;
 
   if (_state) {
+    // A new observer per subscription: callbacks of a previous request can still be queued on the
+    // main queue (e.g. after this view was recycled and reused), and must not be applied here.
+    // The callbacks are matched by the proxy's address. The new proxy is allocated before the
+    // previous one is released, so two consecutive subscriptions never share an address.
+    _imageResponseObserverProxy = std::make_shared<RCTImageResponseObserverProxy>(self);
     auto &observerCoordinator = _state->getData().getImageRequest().getObserverCoordinator();
     observerCoordinator.addObserver(_imageResponseObserverProxy);
   }
@@ -140,8 +143,9 @@ using namespace facebook::react;
 
 - (void)didReceiveImage:(UIImage *)image metadata:(id)metadata fromObserver:(const void *)observer
 {
-  if (!_eventEmitter || !_state) {
-    // Notifications are delivered asynchronously and might arrive after the view is already recycled.
+  if (!_eventEmitter || !_state || observer != _imageResponseObserverProxy.get()) {
+    // Notifications are delivered asynchronously and might arrive after the view is already recycled,
+    // or after it has been reused for another image.
     // In the future, we should incorporate an `EventEmitter` into a separate object owned by `ImageRequest` or `State`.
     // See for more info: T46311063.
     return;
@@ -187,7 +191,7 @@ using namespace facebook::react;
                      total:(int64_t)total
               fromObserver:(const void *)observer
 {
-  if (!_eventEmitter) {
+  if (!_eventEmitter || observer != _imageResponseObserverProxy.get()) {
     return;
   }
 
@@ -196,6 +200,10 @@ using namespace facebook::react;
 
 - (void)didReceiveFailure:(NSError *)error fromObserver:(const void *)observer
 {
+  if (observer != _imageResponseObserverProxy.get()) {
+    return;
+  }
+
   _imageView.image = nil;
 
   if (!_eventEmitter) {