diff --git a/Lib/test/test_module.py b/Lib/test/test_module.py
index 80d440d..638f55b 100644
--- a/Lib/test/test_module.py
+++ b/Lib/test/test_module.py
@@ -55,6 +55,14 @@
               {"__name__": "foo", "__doc__": "foodoc", "bar": 42})
         self.assertTrue(foo.__dict__ is d)
 
+    def test_dont_clear_dict(self):
+        # See issue 7140.
+        def f():
+            foo = ModuleType("foo")
+            foo.bar = 4
+            return foo
+        self.assertEqual(f().__dict__["bar"], 4)
+
 def test_main():
     run_unittest(ModuleTests)
 
diff --git a/Misc/NEWS b/Misc/NEWS
index 276fc56..0e85ba0 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -12,6 +12,9 @@
 Core and Builtins
 -----------------
 
+- Issue #7140: The __dict__ of a module should not be cleared unless the module
+  is the only object holding a reference to it.
+
 - Issue #1754094: Improve the stack depth calculation in the compiler.
   There should be no other effect than a small decrease in memory use.
   Patch by Christopher Tur Lesniewski-Laas.
diff --git a/Objects/moduleobject.c b/Objects/moduleobject.c
index d1aa771..c9f00e9 100644
--- a/Objects/moduleobject.c
+++ b/Objects/moduleobject.c
@@ -175,7 +175,10 @@
 {
 	PyObject_GC_UnTrack(m);
 	if (m->md_dict != NULL) {
-		_PyModule_Clear((PyObject *)m);
+		/* If we are the only ones holding a reference, we can clear
+		   the dictionary. */
+		if (Py_REFCNT(m->md_dict) == 1)
+			_PyModule_Clear((PyObject *)m);
 		Py_DECREF(m->md_dict);
 	}
 	Py_TYPE(m)->tp_free((PyObject *)m);