diff --git a/arch/x86/kernel/nmi.c b/arch/x86/kernel/nmi.c
index 697f90db0e37..fca87938d739 100644
--- a/arch/x86/kernel/nmi.c
+++ b/arch/x86/kernel/nmi.c
@@ -231,7 +231,7 @@ pci_serr_error(unsigned char reason, struct pt_regs *regs)
 #endif
 
 	if (panic_on_unrecovered_nmi)
-		panic("NMI: Not continuing");
+		nmi_panic("NMI: Not continuing");
 
 	pr_emerg("Dazed and confused, but trying to continue\n");
 
@@ -255,8 +255,16 @@ io_check_error(unsigned char reason, struct pt_regs *regs)
 		 reason, smp_processor_id());
 	show_regs(regs);
 
-	if (panic_on_io_nmi)
-		panic("NMI IOCK error: Not continuing");
+	if (panic_on_io_nmi) {
+		nmi_panic("NMI IOCK error: Not continuing");
+
+		/*
+		 * If we end up here, it means we have received an NMI while
+		 * processing panic(). Simply return without delaying and
+		 * re-enabling NMIs.
+		 */
+		return;
+	}
 
 	/* Re-enable the IOCK line, wait for a few seconds */
 	reason = (reason & NMI_REASON_CLEAR_MASK) | NMI_REASON_CLEAR_IOCHK;
@@ -297,7 +305,7 @@ unknown_nmi_error(unsigned char reason, struct pt_regs *regs)
 
 	pr_emerg("Do you have a strange power saving mode enabled?\n");
 	if (unknown_nmi_panic || panic_on_unrecovered_nmi)
-		panic("NMI: Not continuing");
+		nmi_panic("NMI: Not continuing");
 
 	pr_emerg("Dazed and confused, but trying to continue\n");
 }
diff --git a/include/linux/kernel.h b/include/linux/kernel.h
index 350dfb08aee3..750cc5c7c999 100644
--- a/include/linux/kernel.h
+++ b/include/linux/kernel.h
@@ -445,6 +445,26 @@ extern int sysctl_panic_on_stackoverflow;
 
 extern bool crash_kexec_post_notifiers;
 
+/*
+ * panic_cpu is used for synchronizing panic() and crash_kexec() execution. It
+ * holds a CPU number which is executing panic() currently. A value of
+ * PANIC_CPU_INVALID means no CPU has entered panic() or crash_kexec().
+ */
+extern atomic_t panic_cpu;
+#define PANIC_CPU_INVALID	-1
+
+/*
+ * A variant of panic() called from NMI context. We return if we've already
+ * panicked on this CPU.
+ */
+#define nmi_panic(fmt, ...)						\
+do {									\
+	int cpu = raw_smp_processor_id();				\
+									\
+	if (atomic_cmpxchg(&panic_cpu, PANIC_CPU_INVALID, cpu) != cpu)	\
+		panic(fmt, ##__VA_ARGS__);				\
+} while (0)
+
 /*
  * Only to be used by arch init code. If the user over-wrote the default
  * CONFIG_PANIC_TIMEOUT, honor it.
diff --git a/kernel/panic.c b/kernel/panic.c
index 4b150bc0c6c1..3344524cf6ff 100644
--- a/kernel/panic.c
+++ b/kernel/panic.c
@@ -61,6 +61,8 @@ void __weak panic_smp_self_stop(void)
 		cpu_relax();
 }
 
+atomic_t panic_cpu = ATOMIC_INIT(PANIC_CPU_INVALID);
+
 /**
  *	panic - halt the system
  *	@fmt: The text string to print
@@ -71,17 +73,17 @@ void __weak panic_smp_self_stop(void)
  */
 void panic(const char *fmt, ...)
 {
-	static DEFINE_SPINLOCK(panic_lock);
 	static char buf[1024];
 	va_list args;
 	long i, i_next = 0;
 	int state = 0;
+	int old_cpu, this_cpu;
 
 	/*
 	 * Disable local interrupts. This will prevent panic_smp_self_stop
 	 * from deadlocking the first cpu that invokes the panic, since
 	 * there is nothing to prevent an interrupt handler (that runs
-	 * after the panic_lock is acquired) from invoking panic again.
+	 * after setting panic_cpu) from invoking panic() again.
 	 */
 	local_irq_disable();
 
@@ -94,8 +96,16 @@ void panic(const char *fmt, ...)
 	 * multiple parallel invocations of panic, all other CPUs either
 	 * stop themself or will wait until they are stopped by the 1st CPU
 	 * with smp_send_stop().
+	 *
+	 * `old_cpu == PANIC_CPU_INVALID' means this is the 1st CPU which
+	 * comes here, so go ahead.
+	 * `old_cpu == this_cpu' means we came from nmi_panic() which sets
+	 * panic_cpu to this CPU.  In this case, this is also the 1st CPU.
 	 */
-	if (!spin_trylock(&panic_lock))
+	this_cpu = raw_smp_processor_id();
+	old_cpu  = atomic_cmpxchg(&panic_cpu, PANIC_CPU_INVALID, this_cpu);
+
+	if (old_cpu != PANIC_CPU_INVALID && old_cpu != this_cpu)
 		panic_smp_self_stop();
 
 	console_verbose();
diff --git a/kernel/watchdog.c b/kernel/watchdog.c
index 18f34cf75f74..b9be18fae154 100644
--- a/kernel/watchdog.c
+++ b/kernel/watchdog.c
@@ -351,7 +351,7 @@ static void watchdog_overflow_callback(struct perf_event *event,
 			trigger_allbutself_cpu_backtrace();
 
 		if (hardlockup_panic)
-			panic("Hard LOCKUP");
+			nmi_panic("Hard LOCKUP");
 
 		__this_cpu_write(hard_watchdog_warn, true);
 		return;