diff --git a/drivers/net/phy/phy_device.c b/drivers/net/phy/phy_device.c
index 3ef12bedaf94..418b1e652829 100644
--- a/drivers/net/phy/phy_device.c
+++ b/drivers/net/phy/phy_device.c
@@ -3087,10 +3087,11 @@ static __maybe_unused int phy_led_hw_is_supported(struct led_classdev *led_cdev,
 
 static void phy_leds_unregister(struct phy_device *phydev)
 {
-	struct phy_led *phyled;
+	struct phy_led *phyled, *tmp;
 
-	list_for_each_entry(phyled, &phydev->leds, list) {
+	list_for_each_entry_safe(phyled, tmp, &phydev->leds, list) {
 		led_classdev_unregister(&phyled->led_cdev);
+		list_del(&phyled->list);
 	}
 }