diff --git a/changelogs/unreleased/gh-9717-fix-crash-on-new-connection-drop.md b/changelogs/unreleased/gh-9717-fix-crash-on-new-connection-drop.md
new file mode 100644
index 000000000000..890e31db007f
--- /dev/null
+++ b/changelogs/unreleased/gh-9717-fix-crash-on-new-connection-drop.md
@@ -0,0 +1,3 @@
+## bugfix/core
+
+* Fixed a crash on dropping a just accepted connection (gh-9717).
diff --git a/src/box/iproto.cc b/src/box/iproto.cc
index 9ab4b0d4b008..4cce543d9e7c 100644
--- a/src/box/iproto.cc
+++ b/src/box/iproto.cc
@@ -918,6 +918,8 @@ struct iproto_connection
 	 * connection.
 	 */
 	struct cmsg cancel_msg;
+	/** Set if connection is accepted in TX. */
+	bool is_established;
 };
 
 /** Returns a string suitable for logging. */
@@ -1663,6 +1665,7 @@ iproto_connection_new(struct iproto_thread *iproto_thread)
 	con->session = NULL;
 	con->is_in_replication = false;
 	con->is_drop_pending = false;
+	con->is_established = false;
 	rlist_create(&con->in_stop_list);
 	rlist_create(&con->tx.inprogress);
 	rlist_add_entry(&iproto_thread->connections, con, in_connections);
@@ -3329,6 +3332,11 @@ net_send_greeting(struct cmsg *m)
 {
 	struct iproto_msg *msg = (struct iproto_msg *) m;
 	struct iproto_connection *con = msg->connection;
+	if (con->is_drop_pending) {
+		iproto_connection_close(con);
+		iproto_msg_delete(msg);
+		return;
+	}
 	if (msg->close_connection) {
 		struct obuf *out = msg->wpos.obuf;
 		int64_t nwr = iostream_writev(&con->io, out->iov,
@@ -3345,6 +3353,7 @@ net_send_greeting(struct cmsg *m)
 		iproto_msg_delete(msg);
 		return;
 	}
+	con->is_established = true;
 	con->wend = msg->wpos;
 	/*
 	 * Connect is synchronous, so no one could have been
@@ -3988,9 +3997,16 @@ iproto_do_cfg_f(struct cbus_call_msg *m)
 			 * cannot close them as usual. Anyway we cancel
 			 * replication fibers as well and close connection
 			 * after replication is breaked.
+			 *
+			 * Do not close connection that is not yet
+			 * established. Otherwise session
+			 * on_connect/on_disconnect callbacks may be
+			 * executed in reverse order in case of yields
+			 * in on_connect callbacks.
 			 */
 			if (!con->is_in_replication &&
-			    con->state == IPROTO_CONNECTION_ALIVE)
+			    con->state == IPROTO_CONNECTION_ALIVE &&
+			    con->is_established)
 				iproto_connection_close(con);
 			/*
 			 * Do not wait deletion of connection that called
diff --git a/test/box-luatest/shutdown_test.lua b/test/box-luatest/shutdown_test.lua
index be2402f0311e..fd02c1a289aa 100644
--- a/test/box-luatest/shutdown_test.lua
+++ b/test/box-luatest/shutdown_test.lua
@@ -1,5 +1,6 @@
 local server = require('luatest.server')
 local utils = require('luatest.utils')
+local justrun = require('test.justrun')
 local fio = require('fio')
 local popen = require('popen')
 local fiber = require('fiber')
@@ -74,6 +75,33 @@ g_crash.test_shutdown_during_snapshot_on_signal = function(cg)
     t.assert_equals(status.exit_code, 0)
 end
 
+-- Test shutdown when new iproto connection is accepted but
+-- not yet fully established.
+g_crash.test_shutdown_during_new_connection = function(cg)
+    local script = [[
+        local net = require('net.box')
+        local fiber = require('fiber')
+
+        local sock = 'unix/:./iproto.sock'
+        box.cfg{listen = sock}
+        local cond = fiber.cond()
+        local in_trigger = false
+        box.session.on_connect(function()
+            in_trigger = true
+            cond:signal()
+            fiber.sleep(1)
+        end)
+        net.connect(sock, {wait_connected = false})
+        while not in_trigger do
+            cond:wait()
+        end
+        os.exit()
+    ]]
+    local result = justrun.tarantool(cg.workdir, {}, {'-e', script},
+                                     {nojson = true, quote_args = true})
+    t.assert_equals(result.exit_code, 0)
+end
+
 local g = t.group()
 
 g.before_each(function(cg)