diff --git a/packages/runtime-core/__tests__/rendererTemplateRef.spec.ts b/packages/runtime-core/__tests__/rendererTemplateRef.spec.ts
index 53e03c827b9..2663601d296 100644
--- a/packages/runtime-core/__tests__/rendererTemplateRef.spec.ts
+++ b/packages/runtime-core/__tests__/rendererTemplateRef.spec.ts
@@ -111,6 +111,26 @@ describe('api: template refs', () => {
     expect(fn2.mock.calls[0][0]).toBe(root.children[0])
   })
 
+  it('function ref should not track dependencies read by callback', async () => {
+    const root = nodeOps.createElement('div')
+    const visible = ref(new Set<number>())
+    const fn = vi.fn((el: any) => {
+      if (!el || visible.value.has(0)) {
+        return
+      }
+      visible.value = new Set([0])
+    })
+
+    const Comp = defineComponent(() => () => h('div', { ref: fn }))
+
+    render(h(Comp), root)
+    expect(fn).toHaveBeenCalledTimes(1)
+    expect(visible.value.has(0)).toBe(true)
+
+    await nextTick()
+    expect(fn).toHaveBeenCalledTimes(1)
+  })
+
   it('function ref unmount', async () => {
     const root = nodeOps.createElement('div')
     const fn = vi.fn()
diff --git a/packages/runtime-core/src/rendererTemplateRef.ts b/packages/runtime-core/src/rendererTemplateRef.ts
index 737c1c8c38a..42925c39633 100644
--- a/packages/runtime-core/src/rendererTemplateRef.ts
+++ b/packages/runtime-core/src/rendererTemplateRef.ts
@@ -17,7 +17,7 @@ import {
 } from '@vue/shared'
 import { isAsyncWrapper } from './apiAsyncComponent'
 import { warn } from './warning'
-import { isRef, toRaw } from '@vue/reactivity'
+import { isRef, pauseTracking, resetTracking, toRaw } from '@vue/reactivity'
 import { ErrorCodes, callWithErrorHandling } from './errorHandling'
 import { type SchedulerJob, SchedulerJobFlags } from './scheduler'
 import { queuePostRenderEffect } from './renderer'
@@ -136,7 +136,12 @@ export function setRef(
   }
 
   if (isFunction(ref)) {
-    callWithErrorHandling(ref, owner, ErrorCodes.FUNCTION_REF, [value, refs])
+    pauseTracking()
+    try {
+      callWithErrorHandling(ref, owner, ErrorCodes.FUNCTION_REF, [value, refs])
+    } finally {
+      resetTracking()
+    }
   } else {
     const _isString = isString(ref)
     const _isRef = isRef(ref)