diff --git a/src/qweb.ts b/src/qweb.ts
index 1dd49bb7..33fb8ceb 100644
--- a/src/qweb.ts
+++ b/src/qweb.ts
@@ -1072,27 +1072,31 @@ const widgetDirective: Directive = {
       ctx.addLine(`w${widgetID}.on('${event}', owner, owner['${method}'])`);
     }
     let ref = node.getAttribute("t-ref");
-    let refExpr = ref ? `context.refs[${ctx.formatExpression(ref)}] = w${widgetID};` : '';
+    let refExpr = ref
+      ? `context.refs[${ctx.formatExpression(ref)}] = w${widgetID};`
+      : "";
 
     ctx.addLine(`def${defID} = w${widgetID}._prepare();`);
     ctx.closeIf();
     ctx.closeIf();
 
+    let finalizeWidgetCode = `w${widgetID}.${
+      keepAlive ? "unmount" : "destroy"
+    }()`;
+    if (ref) {
+      finalizeWidgetCode += `;delete context.refs[${ctx.formatExpression(
+        ref
+      )}]`;
+    }
     ctx.addIf(`isNew${widgetID}`);
     ctx.addLine(
       `def${defID} = def${defID}.then(vnode=>{let pvnode=h(vnode.sel, {key: ${templateID}});c${
         ctx.parentNode
-      }[_${dummyID}_index]=pvnode;pvnode.data.hook = {insert(vn){let nvn=w${widgetID}._mount(vnode, vn.elm);pvnode.elm=nvn.elm;${refExpr}},remove(){w${widgetID}.${
-        keepAlive ? "unmount" : "destroy"
-      }()},destroy(){w${widgetID}.${
-        keepAlive ? "unmount" : "destroy"
-      }()}}; w${widgetID}.__owl__.pvnode = pvnode;});`
+      }[_${dummyID}_index]=pvnode;pvnode.data.hook = {insert(vn){let nvn=w${widgetID}._mount(vnode, vn.elm);pvnode.elm=nvn.elm;${refExpr}},remove(){${finalizeWidgetCode}},destroy(){${finalizeWidgetCode}}}; w${widgetID}.__owl__.pvnode = pvnode;});`
     );
     ctx.addElse();
     ctx.addLine(
-      `def${defID} = def${defID}.then(()=>{if (w${widgetID}.__owl__.isDestroyed) {return};let vnode;if (!w${widgetID}.__owl__.vnode){vnode=w${widgetID}.__owl__.pvnode} else { vnode=h(w${widgetID}.__owl__.vnode.sel, {key: ${templateID}});vnode.elm=w${widgetID}.el;vnode.data.hook = {insert(a){a.elm.parentNode.replaceChild(w${widgetID}.el,a.elm);a.elm=w${widgetID}.el;w${widgetID}.__mount();},remove(){w${widgetID}.${
-        keepAlive ? "unmount" : "destroy"
-      }()}, destroy() {w${widgetID}.${keepAlive ? "unmount" : "destroy"}()}}}c${
+      `def${defID} = def${defID}.then(()=>{if (w${widgetID}.__owl__.isDestroyed) {return};let vnode;if (!w${widgetID}.__owl__.vnode){vnode=w${widgetID}.__owl__.pvnode} else { vnode=h(w${widgetID}.__owl__.vnode.sel, {key: ${templateID}});vnode.elm=w${widgetID}.el;vnode.data.hook = {insert(a){a.elm.parentNode.replaceChild(w${widgetID}.el,a.elm);a.elm=w${widgetID}.el;w${widgetID}.__mount();},remove(){${finalizeWidgetCode}}, destroy() {${finalizeWidgetCode}}}}c${
         ctx.parentNode
       }[_${dummyID}_index]=vnode;});`
     );
diff --git a/tests/component.test.ts b/tests/component.test.ts
index eb4a0f33..2ecf89ec 100644
--- a/tests/component.test.ts
+++ b/tests/component.test.ts
@@ -680,6 +680,52 @@ describe("composition", () => {
     await nextTick()
   });
 
+  test("t-refs are bound at proper timing (2)", async () => {
+    expect.assertions(10);
+    class ParentWidget extends Widget {
+      inlineTemplate = `
+        <div>
+          <t t-if="state.child1" t-ref="'child1'" t-widget="Widget"/>
+          <t t-if="state.child2" t-ref="'child2'" t-widget="Widget"/>
+        </div>`;
+      widgets = { Widget };
+      state = { child1: true, child2: false };
+      count = 0;
+      mounted() {
+        expect(this.refs.child1).toBeDefined();
+        expect(this.refs.child2).toBeUndefined();
+      }
+      willPatch() {
+        if (this.count === 0) {
+          expect(this.refs.child1).toBeDefined();
+          expect(this.refs.child2).toBeUndefined();
+        }
+        if (this.count === 1) {
+          expect(this.refs.child1).toBeDefined();
+          expect(this.refs.child2).toBeDefined();
+        }
+      }
+      patched() {
+        if (this.count === 0) {
+          expect(this.refs.child1).toBeDefined();
+          expect(this.refs.child2).toBeDefined();
+        }
+        if (this.count === 1) {
+          expect(this.refs.child1).toBeUndefined();
+          expect(this.refs.child2).toBeDefined();
+        }
+        this.count++;
+      }
+    }
+
+    const parent = new ParentWidget(env);
+    await parent.mount(fixture);
+    parent.state.child2 = true;
+    await nextTick()
+    parent.state.child1 = false;
+    await nextTick()
+  });
+
   test("modifying a sub widget", async () => {
     class ParentWidget extends Widget {
       inlineTemplate = `<div><t t-widget="Counter"/></div>`;