diff --git a/futures-util/src/stream/stream/flatten_unordered.rs b/futures-util/src/stream/stream/flatten_unordered.rs
index 2cdd49c4ed..6361565f2b 100644
--- a/futures-util/src/stream/stream/flatten_unordered.rs
+++ b/futures-util/src/stream/stream/flatten_unordered.rs
@@ -1,6 +1,7 @@
 use alloc::sync::Arc;
 use core::{
     cell::UnsafeCell,
+    convert::identity,
     fmt,
     num::NonZeroUsize,
     pin::Pin,
@@ -67,7 +68,8 @@ impl SharedPollState {
     fn start_polling(
         &self,
     ) -> Option<(u8, PollStateBomb<'_, impl FnOnce(&SharedPollState) -> u8>)> {
-        self.state
+        let value = self
+            .state
             .fetch_update(Ordering::SeqCst, Ordering::SeqCst, |value| {
                 if value & WAKING_ALL == NONE {
                     Some(POLLING)
@@ -75,12 +77,10 @@ impl SharedPollState {
                     None
                 }
             })
-            .ok()
-            .map(|value| {
-                let bomb = PollStateBomb::new(self, SharedPollState::reset);
+            .ok()?;
+        let bomb = PollStateBomb::new(self, SharedPollState::reset);
 
-                (value, bomb)
-            })
+        Some((value, bomb))
     }
 
     /// Starts the waking process and performs bitwise or with the given value.
@@ -88,20 +88,29 @@ impl SharedPollState {
         &self,
         to_poll: u8,
         waking: u8,
-    ) -> (u8, PollStateBomb<'_, impl FnOnce(&SharedPollState) -> u8>) {
+    ) -> Option<(u8, PollStateBomb<'_, impl FnOnce(&SharedPollState) -> u8>)> {
         let value = self
             .state
             .fetch_update(Ordering::SeqCst, Ordering::SeqCst, |value| {
+                let next_value = value | to_poll;
+
                 if value & (WOKEN | POLLING) == NONE {
-                    Some(value | to_poll | waking)
+                    Some(next_value | waking)
+                } else if next_value != value {
+                    Some(next_value)
                 } else {
-                    Some(value | to_poll)
+                    None
                 }
             })
-            .unwrap();
-        let bomb = PollStateBomb::new(self, move |state| state.stop_waking(waking));
+            .ok()?;
+
+        if value & (WOKEN | POLLING) == NONE {
+            let bomb = PollStateBomb::new(self, move |state| state.stop_waking(waking));
 
-        (value, bomb)
+            Some((value, bomb))
+        } else {
+            None
+        }
     }
 
     /// Sets current state to
@@ -112,16 +121,18 @@ impl SharedPollState {
     ///   * Wakers called during the `POLLING` phase won't propagate their calls
     ///   * `POLLING` phase can't start if some of the wakers are active
     ///   So no wrapped waker can touch the inner waker's cell, it's safe to poll again.
-    fn stop_polling(&self, mut to_poll: u8, will_be_woken: bool) -> u8 {
+    fn stop_polling(&self, to_poll: u8, will_be_woken: bool) -> u8 {
         self.state
             .fetch_update(Ordering::SeqCst, Ordering::SeqCst, |mut value| {
+                let mut next_value = to_poll;
+
                 value &= NEED_TO_POLL_ALL;
                 if value != NONE || will_be_woken {
-                    to_poll |= WOKEN;
+                    next_value |= WOKEN;
                 }
-                to_poll |= value;
+                next_value |= value;
 
-                Some(to_poll & !POLLING & !WAKING_ALL)
+                Some(next_value & !POLLING & !WAKING_ALL)
             })
             .unwrap()
     }
@@ -129,13 +140,23 @@ impl SharedPollState {
     /// Toggles state to non-waking, allowing to start polling.
     fn stop_waking(&self, waking: u8) -> u8 {
         self.state
-            .fetch_update(Ordering::SeqCst, Ordering::SeqCst, |value| Some(value & !waking | WOKEN))
-            .unwrap()
+            .fetch_update(Ordering::SeqCst, Ordering::SeqCst, |value| {
+                let next_value = value & !waking;
+
+                if value & WAKING_ALL == waking {
+                    Some(next_value | WOKEN)
+                } else if next_value != value {
+                    Some(next_value)
+                } else {
+                    None
+                }
+            })
+            .unwrap_or_else(identity)
     }
 
     /// Resets current state allowing to poll the stream and wake up wakers.
     fn reset(&self) -> u8 {
-        self.state.swap(NEED_TO_POLL_ALL, Ordering::SeqCst)
+        self.state.swap(NEED_TO_POLL_ALL, Ordering::AcqRel)
     }
 }
 
@@ -195,8 +216,9 @@ impl InnerWaker {
         waker(self_arc.clone())
     }
 
-    /// Flags state that waking is started for the waker with the given value.
-    fn start_waking(&self) -> (u8, PollStateBomb<'_, impl FnOnce(&SharedPollState) -> u8>) {
+    /// Attempts to start the waking process for the waker with the given value.
+    /// If succeeded, then the stream isn't yet woken and not being polled at the moment.
+    fn start_waking(&self) -> Option<(u8, PollStateBomb<'_, impl FnOnce(&SharedPollState) -> u8>)> {
         self.poll_state.start_waking(self.need_to_poll, self.waking_state())
     }
 
@@ -208,14 +230,7 @@ impl InnerWaker {
 
 impl ArcWake for InnerWaker {
     fn wake_by_ref(self_arc: &Arc<Self>) {
-        let (poll_state_value, state_bomb) = self_arc.start_waking();
-
-        // Only call waker if the stream
-        // - isn't woken already
-        // - isn't being polled at the moment because of safety reasons
-        //
-        // Waker will be called at the end of polling if state was changed
-        if poll_state_value & (WOKEN | POLLING) == NONE {
+        if let Some((_, state_bomb)) = self_arc.start_waking() {
             // Safety: now state is not `POLLING`
             let waker_opt = unsafe { self_arc.inner_waker.get().as_ref().unwrap() };
 
@@ -223,18 +238,16 @@ impl ArcWake for InnerWaker {
                 // Stop waking to allow polling stream
                 let poll_state_value = state_bomb.fire().unwrap();
 
-                // Check if the stream isn't woken yet
-                if poll_state_value & WOKEN == NONE {
+                // Here we want to call waker only if stream isn't woken yet and
+                // also to optimize the case when two wakers are called at the same time.
+                //
+                // In this case the best strategy will be to propagate only the latest waker's awake,
+                // and then poll both entities in a single `poll_next` call
+                if poll_state_value & (WOKEN | WAKING_ALL) == self_arc.waking_state() {
                     // Wake up inner waker
                     inner_waker.wake();
                 }
             }
-        } else {
-            // At the end of polling state will become `!WAKING_ALL` if stream is being polled
-            //
-            // And it's already non-waking if it's woken
-
-            state_bomb.deactivate();
         }
     }
 }