diff --git a/runtime/mem_obj/mem_obj.cpp b/runtime/mem_obj/mem_obj.cpp
index 8c480c4922..e687d6742a 100644
--- a/runtime/mem_obj/mem_obj.cpp
+++ b/runtime/mem_obj/mem_obj.cpp
@@ -67,7 +67,10 @@ MemObj::~MemObj() {
     }
 
     if (memoryManager) {
-        if (graphicsAllocation && !associatedMemObject && !isObjectRedescribed && !isHostPtrSVM) {
+        if (peekSharingHandler()) {
+            peekSharingHandler()->releaseReusedGraphicsAllocation();
+        }
+        if (graphicsAllocation && !associatedMemObject && !isObjectRedescribed && !isHostPtrSVM && graphicsAllocation->reuseCount == 0) {
             bool doAsyncDestrucions = DebugManager.flags.EnableAsyncDestroyAllocations.get();
             if (!doAsyncDestrucions) {
                 needWait = true;
diff --git a/runtime/memory_manager/graphics_allocation.h b/runtime/memory_manager/graphics_allocation.h
index 53820085d3..75e619d837 100644
--- a/runtime/memory_manager/graphics_allocation.h
+++ b/runtime/memory_manager/graphics_allocation.h
@@ -24,6 +24,7 @@
 #include <cstddef>
 #include <cstdint>
 #include <vector>
+#include <atomic>
 
 #include "runtime/helpers/debug_helpers.h"
 #include "runtime/memory_manager/host_ptr_defines.h"
@@ -116,6 +117,7 @@ class GraphicsAllocation : public IDNode<GraphicsAllocation> {
     uint64_t gpuBaseAddress = 0;
     Gmm *gmm = nullptr;
     uint64_t allocationOffset = 0u;
+    std::atomic<uint32_t> reuseCount{0}; // GraphicsAllocation can be reused by shared resources
 
     int residencyTaskCount = ObjectNotResident;
 
diff --git a/runtime/sharings/sharing.h b/runtime/sharings/sharing.h
index 3ab62b8e9d..cc3d7384ac 100644
--- a/runtime/sharings/sharing.h
+++ b/runtime/sharings/sharing.h
@@ -55,6 +55,7 @@ class SharingHandler {
     virtual ~SharingHandler() = default;
 
     virtual void getMemObjectInfo(size_t &paramValueSize, void *&paramValue){};
+    virtual void releaseReusedGraphicsAllocation(){};
 
   protected:
     virtual void synchronizeHandler(UpdateData *updateData);
diff --git a/unit_tests/mem_obj/mem_obj_tests.cpp b/unit_tests/mem_obj/mem_obj_tests.cpp
index a83f8ae99a..386d21c9cf 100644
--- a/unit_tests/mem_obj/mem_obj_tests.cpp
+++ b/unit_tests/mem_obj/mem_obj_tests.cpp
@@ -27,6 +27,7 @@
 #include "unit_tests/mocks/mock_deferred_deleter.h"
 #include "unit_tests/mocks/mock_graphics_allocation.h"
 #include "unit_tests/mocks/mock_memory_manager.h"
+#include "unit_tests/fixtures/memory_management_fixture.h"
 #include "gtest/gtest.h"
 
 using namespace OCLRT;
@@ -305,3 +306,47 @@ TEST(MemObj, givenDefaultWhenAskedForCpuMappingThenReturnTrue) {
     EXPECT_FALSE(memObj.peekSharingHandler());
     EXPECT_TRUE(memObj.mappingOnCpuAllowed());
 }
+
+TEST(MemObj, givenMultipleMemObjectsWithReusedGraphicsAllocationWhenDestroyedThenFreeAllocationOnce) {
+    // Each SharingHandler should have own implementation of reuseCount management
+    struct MySharingHandler : public SharingHandler {
+        MySharingHandler(GraphicsAllocation *allocation) : allocation(allocation) {
+            allocation->reuseCount++;
+        }
+        void releaseReusedGraphicsAllocation() override {
+            allocation->reuseCount--;
+        }
+
+        GraphicsAllocation *allocation = nullptr;
+    };
+
+    MockMemoryManager memoryManager;
+    MockContext context;
+    context.setMemoryManager(&memoryManager);
+
+    MemoryManagementFixture memoryLeaksCheck;
+    memoryLeaksCheck.SetUp();
+
+    auto allocation = memoryManager.allocateGraphicsMemory(1);
+
+    auto memObj1 = new MemObj(&context, CL_MEM_OBJECT_BUFFER, 0, 1, nullptr, nullptr, allocation, true, false, false);
+    memObj1->setSharingHandler(new MySharingHandler(allocation));
+
+    auto memObj2 = new MemObj(&context, CL_MEM_OBJECT_BUFFER, 0, 1, nullptr, nullptr, allocation, true, false, false);
+    memObj2->setSharingHandler(new MySharingHandler(allocation));
+
+    auto memObj3 = new MemObj(&context, CL_MEM_OBJECT_BUFFER, 0, 1, nullptr, nullptr, allocation, true, false, false);
+    memObj3->setSharingHandler(new MySharingHandler(allocation));
+
+    EXPECT_EQ(3u, allocation->reuseCount.load());
+
+    delete memObj3;
+    EXPECT_EQ(2u, allocation->reuseCount.load());
+    delete memObj1;
+    EXPECT_EQ(1u, allocation->reuseCount.load());
+
+    delete memObj2;
+
+    // GraphicsAllocation should be removed by last memObj
+    memoryLeaksCheck.TearDown();
+}