diff --git a/packages/react-native/Libraries/Image/Image.android.js b/packages/react-native/Libraries/Image/Image.android.js
index e5c5d9f223b..eeec72e2724 100644
--- a/packages/react-native/Libraries/Image/Image.android.js
+++ b/packages/react-native/Libraries/Image/Image.android.js
@@ -15,10 +15,11 @@ import type {AbstractImageAndroid, ImageAndroid} from './ImageTypes.flow';
 import flattenStyle from '../StyleSheet/flattenStyle';
 import StyleSheet from '../StyleSheet/StyleSheet';
 import TextAncestor from '../Text/TextAncestor';
+import useMergeRefs from '../Utilities/useMergeRefs';
 import ImageAnalyticsTagContext from './ImageAnalyticsTagContext';
 import {
   unstable_getImageComponentDecorator,
-  useWrapRefWithImageAttachedCallbacks,
+  useRefWithImageAttachedCallbacks,
 } from './ImageInjection';
 import {getImageSourcesFromImageProps} from './ImageSourceUtils';
 import {convertObjectFitToResizeMode} from './ImageUtils';
@@ -199,7 +200,15 @@ let BaseImage: AbstractImageAndroid = React.forwardRef(
     const resizeMode =
       objectFit || props.resizeMode || style?.resizeMode || 'cover';
 
-    const actualRef = useWrapRefWithImageAttachedCallbacks(forwardedRef);
+    const imageAttachedCallbacksRef = useRefWithImageAttachedCallbacks();
+
+    const actualRef =
+      useMergeRefs<React.ElementRef<AbstractImageAndroid> | null>(
+        // $FlowFixMe[incompatible-call]
+        forwardedRef,
+        // $FlowFixMe[incompatible-call]
+        imageAttachedCallbacksRef,
+      );
 
     return (
       <ImageAnalyticsTagContext.Consumer>
diff --git a/packages/react-native/Libraries/Image/Image.ios.js b/packages/react-native/Libraries/Image/Image.ios.js
index ce21b5b4edf..2dabd798485 100644
--- a/packages/react-native/Libraries/Image/Image.ios.js
+++ b/packages/react-native/Libraries/Image/Image.ios.js
@@ -15,10 +15,11 @@ import type {AbstractImageIOS, ImageIOS} from './ImageTypes.flow';
 import {createRootTag} from '../ReactNative/RootTag';
 import flattenStyle from '../StyleSheet/flattenStyle';
 import StyleSheet from '../StyleSheet/StyleSheet';
+import useMergeRefs from '../Utilities/useMergeRefs';
 import ImageAnalyticsTagContext from './ImageAnalyticsTagContext';
 import {
   unstable_getImageComponentDecorator,
-  useWrapRefWithImageAttachedCallbacks,
+  useRefWithImageAttachedCallbacks,
 } from './ImageInjection';
 import {getImageSourcesFromImageProps} from './ImageSourceUtils';
 import {convertObjectFitToResizeMode} from './ImageUtils';
@@ -161,7 +162,14 @@ let BaseImage: AbstractImageIOS = React.forwardRef((props, forwardedRef) => {
   };
   const accessibilityLabel = props['aria-label'] ?? props.accessibilityLabel;
 
-  const actualRef = useWrapRefWithImageAttachedCallbacks(forwardedRef);
+  const imageAttachedCallbacksRef = useRefWithImageAttachedCallbacks();
+
+  const actualRef = useMergeRefs<React.ElementRef<AbstractImageIOS> | null>(
+    // $FlowFixMe[incompatible-call]
+    forwardedRef,
+    // $FlowFixMe[incompatible-call]
+    imageAttachedCallbacksRef,
+  );
 
   return (
     <ImageAnalyticsTagContext.Consumer>
diff --git a/packages/react-native/Libraries/Image/ImageInjection.js b/packages/react-native/Libraries/Image/ImageInjection.js
index 38515d46e32..7a2e59ca9a4 100644
--- a/packages/react-native/Libraries/Image/ImageInjection.js
+++ b/packages/react-native/Libraries/Image/ImageInjection.js
@@ -52,19 +52,10 @@ export function unstable_unregisterImageAttachedCallback(
   imageAttachedCallbacks.delete(callback);
 }
 
-type ProxyRef = (ImageInstance | null) => void;
-
-export function useWrapRefWithImageAttachedCallbacks(
-  forwardedRef?: React.Ref<ImageComponent>,
-): ProxyRef {
+export function useRefWithImageAttachedCallbacks(): React.RefSetter<ImageInstance> {
   const pendingCleanupCallbacks = useRef<Array<() => void>>([]);
-  const proxyRef = useRef<ProxyRef>(node => {
-    if (typeof forwardedRef === 'function') {
-      forwardedRef(node);
-    } else if (typeof forwardedRef === 'object' && forwardedRef != null) {
-      forwardedRef.current = node;
-    }
 
+  const ref = useRef((node: ImageInstance | null) => {
     if (node == null) {
       if (pendingCleanupCallbacks.current.length > 0) {
         pendingCleanupCallbacks.current.forEach(cb => cb());
@@ -80,5 +71,5 @@ export function useWrapRefWithImageAttachedCallbacks(
     }
   });
 
-  return proxyRef.current;
+  return ref.current;
 }
diff --git a/packages/react-native/Libraries/Image/__tests__/Image-test.js b/packages/react-native/Libraries/Image/__tests__/Image-test.js
index 4cc8d11176d..46124adc88e 100644
--- a/packages/react-native/Libraries/Image/__tests__/Image-test.js
+++ b/packages/react-native/Libraries/Image/__tests__/Image-test.js
@@ -45,6 +45,67 @@ describe('<Image />', () => {
     expect(instance).toMatchSnapshot();
   });
 
+  it('should invoke original ref callbacks correctly when using image attached callbacks', () => {
+    jest.dontMock('../Image');
+
+    let imageInstanceFromCallback = null;
+    let imageInstanceFromRef1 = null;
+    let imageInstanceFromRef2 = null;
+
+    const callback = jest.fn((instance: ElementRef<typeof Image>) => {
+      imageInstanceFromCallback = instance;
+
+      return () => {
+        imageInstanceFromCallback = null;
+      };
+    });
+
+    ImageInjection.unstable_registerImageAttachedCallback(callback);
+
+    expect(imageInstanceFromCallback).toBe(null);
+
+    let testRenderer;
+
+    const ref1 = jest.fn(instance => {
+      imageInstanceFromRef1 = instance;
+    });
+
+    act(() => {
+      testRenderer = create(<Image source={{uri: 'foo-bar.jpg'}} ref={ref1} />);
+    });
+
+    expect(imageInstanceFromCallback).not.toBe(null);
+    expect(imageInstanceFromRef1).not.toBe(null);
+    expect(imageInstanceFromCallback).toBe(imageInstanceFromRef1);
+    expect(callback).toHaveBeenCalledTimes(1);
+    expect(ref1).toHaveBeenCalledTimes(1);
+
+    const ref2 = jest.fn(
+      (instance: React.ElementRef<typeof Image> | null): void => {
+        imageInstanceFromRef2 = instance;
+      },
+    );
+
+    act(() => {
+      testRenderer.update(<Image source={{uri: 'foo-bar.jpg'}} ref={ref2} />);
+    });
+
+    expect(imageInstanceFromCallback).not.toBe(null);
+    expect(imageInstanceFromRef1).toBe(null);
+    expect(imageInstanceFromRef2).not.toBe(null);
+    expect(imageInstanceFromCallback).toBe(imageInstanceFromRef2);
+    expect(callback).toHaveBeenCalledTimes(2);
+    expect(ref1).toHaveBeenCalledTimes(2);
+    expect(ref2).toHaveBeenCalledTimes(1);
+
+    act(() => {
+      testRenderer.update(<Image source={{uri: 'foo-bar.jpg'}} ref={ref2} />);
+    });
+
+    expect(callback).toHaveBeenCalledTimes(2);
+    expect(ref2).toHaveBeenCalledTimes(1);
+  });
+
   it('should call image attached callbacks (basic)', () => {
     jest.dontMock('../Image');