diff --git a/src/compiler/code_generator.ts b/src/compiler/code_generator.ts
index 97ee8409..3b9a0e72 100644
--- a/src/compiler/code_generator.ts
+++ b/src/compiler/code_generator.ts
@@ -672,8 +672,9 @@ export class CodeGenerator {
       this.target.hasRef = true;
       const isDynamic = INTERP_REGEXP.test(ast.ref);
       if (isDynamic) {
+        this.helpers.add("singleRefSetter");
         const str = replaceDynamicParts(ast.ref, (expr) => this.captureExpression(expr, true));
-        const idx = block!.insertData(`(el) => refs[${str}] = el`, "ref");
+        const idx = block!.insertData(`singleRefSetter(refs, ${str})`, "ref");
         attrs["block-ref"] = String(idx);
       } else {
         let name = ast.ref;
@@ -686,7 +687,8 @@ export class CodeGenerator {
           info[1] = `multiRefSetter(refs, \`${name}\`)`;
         } else {
           let id = generateId("ref");
-          this.target.refInfo[name] = [id, `(el) => refs[\`${name}\`] = el`];
+          this.helpers.add("singleRefSetter");
+          this.target.refInfo[name] = [id, `singleRefSetter(refs, \`${name}\`)`];
           const index = block!.data.push(id) - 1;
           attrs["block-ref"] = String(index);
         }
diff --git a/src/runtime/template_helpers.ts b/src/runtime/template_helpers.ts
index 82a68e1a..0085d7de 100644
--- a/src/runtime/template_helpers.ts
+++ b/src/runtime/template_helpers.ts
@@ -202,6 +202,16 @@ function multiRefSetter(refs: RefMap, name: string): RefSetter {
   };
 }
 
+function singleRefSetter(refs: RefMap, name: string): RefSetter {
+  let _el: HTMLElement | null = null;
+  return (el) => {
+    if (el || refs[name] === _el) {
+      refs[name] = el;
+      _el = el;
+    }
+  };
+}
+
 /**
  * Validate the component props (or next props) against the (static) props
  * description.  This is potentially an expensive operation: it may needs to
@@ -260,6 +270,7 @@ export const helpers = {
   prepareList,
   setContextValue,
   multiRefSetter,
+  singleRefSetter,
   shallowEqual,
   toNumber,
   validateProps,
diff --git a/tests/compiler/__snapshots__/misc.test.ts.snap b/tests/compiler/__snapshots__/misc.test.ts.snap
index 33f7acc2..b7a7ee29 100644
--- a/tests/compiler/__snapshots__/misc.test.ts.snap
+++ b/tests/compiler/__snapshots__/misc.test.ts.snap
@@ -182,7 +182,7 @@ exports[`misc other complex template 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { prepareList, withKey } = helpers;
+  let { prepareList, withKey, singleRefSetter } = helpers;
   const callTemplate_1 = app.getTemplate(\`LOAD_INFOS_TEMPLATE\`);
   const comp1 = app.createComponent(\`BundlesList\`, true, false, false, false);
   const comp2 = app.createComponent(\`BundlesList\`, true, false, false, false);
@@ -218,8 +218,8 @@ exports[`misc other complex template 1`] = `
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`search_input\`] = el;
-    const ref2 = (el) => refs[\`settings_menu\`] = el;
+    const ref1 = singleRefSetter(refs, \`search_input\`);
+    const ref2 = singleRefSetter(refs, \`settings_menu\`);
     let b2,b4,b14,b17,b22,b23,b24,b25;
     let attr1 = \`/runbot/\${ctx['project'].slug}\`;
     let txt1 = ctx['project'].name;
diff --git a/tests/compiler/__snapshots__/t_ref.test.ts.snap b/tests/compiler/__snapshots__/t_ref.test.ts.snap
index 6048615a..22ece76f 100644
--- a/tests/compiler/__snapshots__/t_ref.test.ts.snap
+++ b/tests/compiler/__snapshots__/t_ref.test.ts.snap
@@ -4,13 +4,14 @@ exports[`t-ref can get a dynamic ref on a node 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><span block-ref=\\"0\\"/></div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
     const v1 = ctx['id'];
-    let ref1 = (el) => refs[\`myspan\${v1}\`] = el;
+    let ref1 = singleRefSetter(refs, \`myspan\${v1}\`);
     return block1([ref1]);
   }
 }"
@@ -20,13 +21,14 @@ exports[`t-ref can get a dynamic ref on a node, alternate syntax 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><span block-ref=\\"0\\"/></div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
     const v1 = ctx['id'];
-    let ref1 = (el) => refs[\`myspan\${v1}\`] = el;
+    let ref1 = singleRefSetter(refs, \`myspan\${v1}\`);
     return block1([ref1]);
   }
 }"
@@ -36,12 +38,13 @@ exports[`t-ref can get a ref on a node 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><span block-ref=\\"0\\"/></div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`myspan\`] = el;
+    const ref1 = singleRefSetter(refs, \`myspan\`);
     return block1([ref1]);
   }
 }"
@@ -66,12 +69,13 @@ exports[`t-ref ref in a t-call 2`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div>1<span block-ref=\\"0\\"/>2</div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`name\`] = el;
+    const ref1 = singleRefSetter(refs, \`name\`);
     return block1([ref1]);
   }
 }"
@@ -81,13 +85,14 @@ exports[`t-ref ref in a t-if 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><block-child-0/></div>\`);
   let block2 = createBlock(\`<span block-ref=\\"0\\"/>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`name\`] = el;
+    const ref1 = singleRefSetter(refs, \`name\`);
     let b2;
     if (ctx['condition']) {
       b2 = block2([ref1]);
@@ -101,7 +106,7 @@ exports[`t-ref refs in a loop 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { prepareList, withKey } = helpers;
+  let { prepareList, singleRefSetter, withKey } = helpers;
   
   let block1 = createBlock(\`<div><block-child-0/></div>\`);
   let block3 = createBlock(\`<div block-ref=\\"0\\"><block-text-1/></div>\`);
@@ -115,7 +120,7 @@ exports[`t-ref refs in a loop 1`] = `
       const key1 = ctx['item'];
       const tKey_1 = ctx['item'];
       const v1 = ctx['item'];
-      let ref1 = (el) => refs[(v1)] = el;
+      let ref1 = singleRefSetter(refs, (v1));
       let txt1 = ctx['item'];
       c_block2[i1] = withKey(block3([ref1, txt1]), tKey_1 + key1);
     }
@@ -129,14 +134,15 @@ exports[`t-ref two refs, one in a t-if 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><block-child-0/><p block-ref=\\"0\\"/></div>\`);
   let block2 = createBlock(\`<span block-ref=\\"0\\"/>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`name\`] = el;
-    const ref2 = (el) => refs[\`p\`] = el;
+    const ref1 = singleRefSetter(refs, \`name\`);
+    const ref2 = singleRefSetter(refs, \`p\`);
     let b2;
     if (ctx['condition']) {
       b2 = block2([ref1]);
diff --git a/tests/components/__snapshots__/hooks.test.ts.snap b/tests/components/__snapshots__/hooks.test.ts.snap
index 3fd4d391..e7c427f7 100644
--- a/tests/components/__snapshots__/hooks.test.ts.snap
+++ b/tests/components/__snapshots__/hooks.test.ts.snap
@@ -4,14 +4,15 @@ exports[`hooks autofocus hook input in a t-if 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><input block-ref=\\"0\\"/><block-child-0/></div>\`);
   let block2 = createBlock(\`<input block-ref=\\"0\\"/>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`input1\`] = el;
-    const ref2 = (el) => refs[\`input2\`] = el;
+    const ref1 = singleRefSetter(refs, \`input1\`);
+    const ref2 = singleRefSetter(refs, \`input2\`);
     let b2;
     if (ctx['state'].flag) {
       b2 = block2([ref2]);
@@ -25,13 +26,14 @@ exports[`hooks autofocus hook simple input 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><input block-ref=\\"0\\"/><input block-ref=\\"1\\"/></div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`input1\`] = el;
-    const ref2 = (el) => refs[\`input2\`] = el;
+    const ref1 = singleRefSetter(refs, \`input1\`);
+    const ref2 = singleRefSetter(refs, \`input2\`);
     return block1([ref1, ref2]);
   }
 }"
@@ -264,12 +266,13 @@ exports[`hooks useEffect hook effect can depend on stuff in dom 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block2 = createBlock(\`<div block-ref=\\"0\\"/>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`div\`] = el;
+    const ref1 = singleRefSetter(refs, \`div\`);
     let b2;
     if (ctx['state'].value) {
       b2 = block2([ref1]);
@@ -353,12 +356,13 @@ exports[`hooks useRef hook: basic use 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div><button block-ref=\\"0\\"><block-text-1/></button></div>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`button\`] = el;
+    const ref1 = singleRefSetter(refs, \`button\`);
     let txt1 = ctx['value'];
     return block1([ref1, txt1]);
   }
diff --git a/tests/components/__snapshots__/refs.test.ts.snap b/tests/components/__snapshots__/refs.test.ts.snap
index e90390d4..88b0284b 100644
--- a/tests/components/__snapshots__/refs.test.ts.snap
+++ b/tests/components/__snapshots__/refs.test.ts.snap
@@ -4,12 +4,13 @@ exports[`refs basic use 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   
   let block1 = createBlock(\`<div block-ref=\\"0\\"/>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`div\`] = el;
+    const ref1 = singleRefSetter(refs, \`div\`);
     return block1([ref1]);
   }
 }"
@@ -19,7 +20,7 @@ exports[`refs can use 2 refs with same name in a t-if/t-else situation 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { multiRefSetter } = helpers;
+  let { singleRefSetter, multiRefSetter } = helpers;
   
   let block2 = createBlock(\`<div block-ref=\\"0\\"/>\`);
   let block3 = createBlock(\`<span block-ref=\\"0\\"/>\`);
@@ -42,13 +43,14 @@ exports[`refs refs and recursive templates 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
   const comp1 = app.createComponent(\`Test\`, true, false, false, false);
   
   let block1 = createBlock(\`<p block-ref=\\"0\\"><block-text-1/><block-child-0/></p>\`);
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`root\`] = el;
+    const ref1 = singleRefSetter(refs, \`root\`);
     let b2;
     let txt1 = ctx['props'].tree.value;
     if (ctx['props'].tree.child) {
@@ -59,11 +61,33 @@ exports[`refs refs and recursive templates 1`] = `
 }"
 `;
 
+exports[`refs refs and t-key 1`] = `
+"function anonymous(app, bdom, helpers
+) {
+  let { text, createBlock, list, multi, html, toggler, comment } = bdom;
+  let { singleRefSetter } = helpers;
+  
+  let block2 = createBlock(\`<button block-handler-0=\\"click\\"/>\`);
+  let block3 = createBlock(\`<p block-ref=\\"0\\"/>\`);
+  
+  return function template(ctx, node, key = \\"\\") {
+    const refs = this.__owl__.refs;
+    const ref1 = singleRefSetter(refs, \`root\`);
+    const v1 = ctx['state'];
+    let hdlr1 = [()=>v1.renderId++, ctx];
+    const b2 = block2([hdlr1]);
+    const tKey_1 = ctx['state'].renderId;
+    const b3 = toggler(tKey_1, block3([ref1]));
+    return multi([b2, b3]);
+  }
+}"
+`;
+
 exports[`refs refs are properly bound in slots 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { capture, markRaw } = helpers;
+  let { capture, singleRefSetter, markRaw } = helpers;
   const comp1 = app.createComponent(\`Dialog\`, true, true, false, true);
   
   let block1 = createBlock(\`<div><span class=\\"counter\\"><block-text-0/></span><block-child-0/></div>\`);
@@ -71,7 +95,7 @@ exports[`refs refs are properly bound in slots 1`] = `
   
   function slot1(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`myButton\`] = el;
+    const ref1 = singleRefSetter(refs, \`myButton\`);
     let hdlr1 = [ctx['doSomething'], ctx];
     return block2([hdlr1, ref1]);
   }
@@ -104,7 +128,7 @@ exports[`refs throws if there are 2 same refs at the same time 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { multiRefSetter } = helpers;
+  let { singleRefSetter, multiRefSetter } = helpers;
   
   let block2 = createBlock(\`<div block-ref=\\"0\\"/>\`);
   let block3 = createBlock(\`<span block-ref=\\"0\\"/>\`);
diff --git a/tests/components/__snapshots__/slots.test.ts.snap b/tests/components/__snapshots__/slots.test.ts.snap
index cf61d22a..2a3521ea 100644
--- a/tests/components/__snapshots__/slots.test.ts.snap
+++ b/tests/components/__snapshots__/slots.test.ts.snap
@@ -158,7 +158,7 @@ exports[`slots can render node with t-ref and Component in same slot 1`] = `
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { markRaw } = helpers;
+  let { singleRefSetter, markRaw } = helpers;
   const comp1 = app.createComponent(\`Child\`, true, false, false, true);
   const comp2 = app.createComponent(\`Child\`, true, true, false, true);
   
@@ -166,7 +166,7 @@ exports[`slots can render node with t-ref and Component in same slot 1`] = `
   
   function slot1(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`div\`] = el;
+    const ref1 = singleRefSetter(refs, \`div\`);
     const b2 = block2([ref1]);
     const b3 = comp1({}, key + \`__1\`, node, this, null);
     return multi([b2, b3]);
diff --git a/tests/components/__snapshots__/t_call.test.ts.snap b/tests/components/__snapshots__/t_call.test.ts.snap
index 7cffa0ae..ee11586e 100644
--- a/tests/components/__snapshots__/t_call.test.ts.snap
+++ b/tests/components/__snapshots__/t_call.test.ts.snap
@@ -534,7 +534,7 @@ exports[`t-call t-call-context: ComponentNode is not looked up in the context 2`
 "function anonymous(app, bdom, helpers
 ) {
   let { text, createBlock, list, multi, html, toggler, comment } = bdom;
-  let { bind, capture, isBoundary, withDefault, setContextValue, markRaw } = helpers;
+  let { singleRefSetter, bind, capture, isBoundary, withDefault, setContextValue, markRaw } = helpers;
   const comp1 = app.createComponent(\`Child\`, true, true, false, false);
   
   let block2 = createBlock(\`<div block-ref=\\"0\\">outside slot</div>\`);
@@ -543,7 +543,7 @@ exports[`t-call t-call-context: ComponentNode is not looked up in the context 2`
   
   function slot1(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref2 = (el) => refs[\`myRef2\`] = el;
+    const ref2 = singleRefSetter(refs, \`myRef2\`);
     ctx = Object.create(ctx);
     ctx[isBoundary] = 1
     const b4 = block4([ref2]);
@@ -555,7 +555,7 @@ exports[`t-call t-call-context: ComponentNode is not looked up in the context 2`
   
   return function template(ctx, node, key = \\"\\") {
     const refs = this.__owl__.refs;
-    const ref1 = (el) => refs[\`myRef\`] = el;
+    const ref1 = singleRefSetter(refs, \`myRef\`);
     const b2 = block2([ref1]);
     const ctx1 = capture(ctx);
     const b6 = comp1({prop: bind(this, ctx['method']),slots: markRaw({'default': {__render: slot1.bind(this), __ctx: ctx1}})}, key + \`__1\`, node, this, null);
diff --git a/tests/components/refs.test.ts b/tests/components/refs.test.ts
index b67b559e..4e2cf07e 100644
--- a/tests/components/refs.test.ts
+++ b/tests/components/refs.test.ts
@@ -1,4 +1,13 @@
-import { App, Component, mount, onMounted, useRef, useState, xml } from "../../src/index";
+import {
+  App,
+  Component,
+  mount,
+  onMounted,
+  onPatched,
+  useRef,
+  useState,
+  xml,
+} from "../../src/index";
 import { logStep, makeTestFixture, nextAppError, nextTick, snapshotEverything } from "../helpers";
 
 snapshotEverything();
@@ -127,4 +136,33 @@ describe("refs", () => {
     expect(fixture.innerHTML).toBe("<p>a<p>b</p></p>");
     expect(["<p>b</p>", "<p>a<p>b</p></p>"]).toBeLogged();
   });
+
+  test("refs and t-key", async () => {
+    let el;
+    class Test extends Component {
+      static components = {};
+      static template = xml`
+        <button t-on-click="() => state.renderId++" />
+        <p t-ref="root" t-key="state.renderId"/>`;
+      root = useRef("root");
+      state = useState({ renderId: 1 });
+
+      setup() {
+        onMounted(() => {
+          el = this.root.el;
+        });
+        onPatched(() => {
+          el = this.root.el;
+        });
+      }
+    }
+    await mount(Test, fixture);
+
+    expect(el).toBe(fixture.querySelector("p"));
+    const _el = el;
+    fixture.querySelector("button")!.click();
+    await nextTick();
+    expect(el).not.toBe(_el);
+    expect(el).toBe(fixture.querySelector("p"));
+  });
 });