diff --git a/base/task.jl b/base/task.jl
index 8b40e73bbc845..9841bd947fdee 100644
--- a/base/task.jl
+++ b/base/task.jl
@@ -383,8 +383,11 @@ completed tasks, and the other consists of uncompleted tasks.
     each runs serially, since this needs to scan the list of `tasks` each time and
     synchronize with each one every time this is called. Or consider using
     [`waitall(tasks; failfast=true)`](@ref waitall) instead.
+
+!!! compat "Julia 1.12"
+    This function requires at least Julia 1.12.
 """
-waitany(tasks; throw=true) = _wait_multiple(tasks, throw)
+waitany(tasks; throw=true) = _wait_multiple(collect_tasks(tasks), throw)
 
 """
     waitall(tasks; failfast=true, throw=true) -> (done_tasks, remaining_tasks)
@@ -400,17 +403,22 @@ given tasks is finished by exception. If `throw` is `true`, throw
 
 The return value consists of two task vectors. The first one consists of
 completed tasks, and the other consists of uncompleted tasks.
+
+!!! compat "Julia 1.12"
+    This function requires at least Julia 1.12.
 """
-waitall(tasks; failfast=true, throw=true) = _wait_multiple(tasks, throw, true, failfast)
+waitall(tasks; failfast=true, throw=true) = _wait_multiple(collect_tasks(tasks), throw, true, failfast)
 
-function _wait_multiple(waiting_tasks, throwexc=false, all=false, failfast=false)
+function collect_tasks(waiting_tasks)
     tasks = Task[]
-
     for t in waiting_tasks
         t isa Task || error("Expected an iterator of `Task` object")
         push!(tasks, t)
     end
+    return tasks
+end
 
+function _wait_multiple(tasks::Vector{Task}, throwexc::Bool=false, all::Bool=false, failfast::Bool=false)
     if (all && !failfast) || length(tasks) <= 1
         exception = false
         # Force everything to finish synchronously for the case of waitall
@@ -474,22 +482,36 @@ function _wait_multiple(waiting_tasks, throwexc=false, all=false, failfast=false
     end
 
     while nremaining > 0
+        exception && failfast && break
         i = take!(chan)
         t = tasks[i]
         waiter_tasks[i] = sentinel
         done_mask[i] = true
         exception |= istaskfailed(t)
         nremaining -= 1
-
-        # stop early if requested, unless there is something immediately
-        # ready to consume from the channel (using a race-y check)
-        if (!all || (failfast && exception)) && !isready(chan)
-            break
-        end
+        # stop early if requested
+        all || break
     end
 
     close(chan)
 
+    # now just read which tasks finished directly: the channel is not needed anymore for that
+    # repeat until we get (acquire) the list of all dependent-exited tasks
+    changed = true
+    while changed
+        changed = false
+        for (i, done) in enumerate(done_mask)
+            done && continue
+            t = tasks[i]
+            if istaskdone(t)
+                done_mask[i] = true
+                exception |= istaskfailed(t)
+                nremaining -= 1
+                changed = true
+            end
+        end
+    end
+
     if nremaining == 0
         if throwexc && exception
             exceptions = [TaskFailedException(t) for t in tasks if istaskfailed(t)]
@@ -500,6 +522,7 @@ function _wait_multiple(waiting_tasks, throwexc=false, all=false, failfast=false
         remaining_mask = .~done_mask
         for i in findall(remaining_mask)
             waiter = waiter_tasks[i]
+            waiter === sentinel && continue
             donenotify = tasks[i].donenotify::ThreadSynchronizer
             @lock donenotify list_deletefirst!(donenotify.waitq, waiter)
         end
diff --git a/test/threads_exec.jl b/test/threads_exec.jl
index 54ab20538e70f..2780888546964 100644
--- a/test/threads_exec.jl
+++ b/test/threads_exec.jl
@@ -1372,9 +1372,7 @@ end
                 tasks = [Threads.@spawn(div(1, i)) for i = 0:1]
                 wait(tasks[1]; throw=false)
                 wait(tasks[2]; throw=false)
-                @test_throws CompositeException begin
-                    waitall(Threads.@spawn(div(1, i)) for i = 0:1)
-                end
+                @test_throws CompositeException waitall(tasks)
             end
         end
     end