diff --git a/mm/khugepaged.c b/mm/khugepaged.c
index f6a92958157d..1b5c2e942df9 100644
--- a/mm/khugepaged.c
+++ b/mm/khugepaged.c
@@ -1717,6 +1717,43 @@ drop_folio:
 	return result;
 }
 
+/* Can we retract page tables for this file-backed VMA? */
+static bool file_backed_vma_is_retractable(struct vm_area_struct *vma)
+{
+	/*
+	 * Check vma->anon_vma to exclude MAP_PRIVATE mappings that
+	 * got written to. These VMAs are likely not worth removing
+	 * page tables from, as PMD-mapping is likely to be split later.
+	 */
+	if (READ_ONCE(vma->anon_vma))
+		return false;
+
+	/*
+	 * When a vma is registered with uffd-wp, we cannot recycle
+	 * the page table because there may be pte markers installed.
+	 * Other vmas can still have the same file mapped hugely, but
+	 * skip this one: it will always be mapped in small page size
+	 * for uffd-wp registered ranges.
+	 */
+	if (userfaultfd_wp(vma))
+		return false;
+
+	/*
+	 * If the VMA contains guard regions then we can't collapse it.
+	 *
+	 * This is set atomically on guard marker installation under mmap/VMA
+	 * read lock, and here we may not hold any VMA or mmap lock at all.
+	 *
+	 * This is therefore serialised on the PTE page table lock, which is
+	 * obtained on guard region installation after the flag is set, so this
+	 * check being performed under this lock excludes races.
+	 */
+	if (vma_flag_test_atomic(vma, VM_MAYBE_GUARD_BIT))
+		return false;
+
+	return true;
+}
+
 static void retract_page_tables(struct address_space *mapping, pgoff_t pgoff)
 {
 	struct vm_area_struct *vma;
@@ -1731,14 +1768,6 @@ static void retract_page_tables(struct address_space *mapping, pgoff_t pgoff)
 		spinlock_t *ptl;
 		bool success = false;
 
-		/*
-		 * Check vma->anon_vma to exclude MAP_PRIVATE mappings that
-		 * got written to. These VMAs are likely not worth removing
-		 * page tables from, as PMD-mapping is likely to be split later.
-		 */
-		if (READ_ONCE(vma->anon_vma))
-			continue;
-
 		addr = vma->vm_start + ((pgoff - vma->vm_pgoff) << PAGE_SHIFT);
 		if (addr & ~HPAGE_PMD_MASK ||
 		    vma->vm_end < addr + HPAGE_PMD_SIZE)
@@ -1750,14 +1779,8 @@ static void retract_page_tables(struct address_space *mapping, pgoff_t pgoff)
 
 		if (hpage_collapse_test_exit(mm))
 			continue;
-		/*
-		 * When a vma is registered with uffd-wp, we cannot recycle
-		 * the page table because there may be pte markers installed.
-		 * Other vmas can still have the same file mapped hugely, but
-		 * skip this one: it will always be mapped in small page size
-		 * for uffd-wp registered ranges.
-		 */
-		if (userfaultfd_wp(vma))
+
+		if (!file_backed_vma_is_retractable(vma))
 			continue;
 
 		/* PTEs were notified when unmapped; but now for the PMD? */
@@ -1784,15 +1807,15 @@ static void retract_page_tables(struct address_space *mapping, pgoff_t pgoff)
 			spin_lock_nested(ptl, SINGLE_DEPTH_NESTING);
 
 		/*
-		 * Huge page lock is still held, so normally the page table
-		 * must remain empty; and we have already skipped anon_vma
-		 * and userfaultfd_wp() vmas.  But since the mmap_lock is not
-		 * held, it is still possible for a racing userfaultfd_ioctl()
-		 * to have inserted ptes or markers.  Now that we hold ptlock,
-		 * repeating the anon_vma check protects from one category,
-		 * and repeating the userfaultfd_wp() check from another.
+		 * Huge page lock is still held, so normally the page table must
+		 * remain empty; and we have already skipped anon_vma and
+		 * userfaultfd_wp() vmas.  But since the mmap_lock is not held,
+		 * it is still possible for a racing userfaultfd_ioctl() or
+		 * madvise() to have inserted ptes or markers.  Now that we hold
+		 * ptlock, repeating the retractable checks protects us from
+		 * races against the prior checks.
 		 */
-		if (likely(!vma->anon_vma && !userfaultfd_wp(vma))) {
+		if (likely(file_backed_vma_is_retractable(vma))) {
 			pgt_pmd = pmdp_collapse_flush(vma, addr, pmd);
 			pmdp_get_lockless_sync();
 			success = true;
diff --git a/mm/madvise.c b/mm/madvise.c
index 0b3280752bfb..5dbe40be7c65 100644
--- a/mm/madvise.c
+++ b/mm/madvise.c
@@ -1141,15 +1141,21 @@ static long madvise_guard_install(struct madvise_behavior *madv_behavior)
 		return -EINVAL;
 
 	/*
-	 * If we install guard markers, then the range is no longer
-	 * empty from a page table perspective and therefore it's
-	 * appropriate to have an anon_vma.
-	 *
-	 * This ensures that on fork, we copy page tables correctly.
+	 * Set atomically under read lock. All pertinent readers will need to
+	 * acquire an mmap/VMA write lock to read it. All remaining readers may
+	 * or may not see the flag set, but we don't care.
 	 */
-	err = anon_vma_prepare(vma);
-	if (err)
-		return err;
+	vma_flag_set_atomic(vma, VM_MAYBE_GUARD_BIT);
+
+	/*
+	 * If anonymous and we are establishing page tables the VMA ought to
+	 * have an anon_vma associated with it.
+	 */
+	if (vma_is_anonymous(vma)) {
+		err = anon_vma_prepare(vma);
+		if (err)
+			return err;
+	}
 
 	/*
 	 * Optimistically try to install the guard marker pages first. If any