diff --git a/Lib/test/test_exceptions.py b/Lib/test/test_exceptions.py
index 0741bb1..47f3711 100644
--- a/Lib/test/test_exceptions.py
+++ b/Lib/test/test_exceptions.py
@@ -1,6 +1,7 @@
 # Python test set -- part 5, built-in exceptions
 
 import copy
+import gc
 import os
 import sys
 import unittest
@@ -1327,6 +1328,36 @@
             del AssertionError
             self.fail('Expected exception')
 
+    def test_memory_error_subclasses(self):
+        # bpo-41654: MemoryError instances use a freelist of objects that are
+        # linked using the 'dict' attribute when they are inactive/dead.
+        # Subclasses of MemoryError should not participate in the freelist
+        # schema. This test creates a MemoryError object and keeps it alive
+        # (therefore advancing the freelist) and then it creates and destroys a
+        # subclass object. Finally, it checks that creating a new MemoryError
+        # succeeds, proving that the freelist is not corrupted.
+
+        class TestException(MemoryError):
+            pass
+
+        try:
+            raise MemoryError
+        except MemoryError as exc:
+            inst = exc
+
+        try:
+            raise TestException
+        except Exception:
+            pass
+
+        for _ in range(10):
+            try:
+                raise MemoryError
+            except MemoryError as exc:
+                pass
+
+            gc_collect()
+
 
 class ImportErrorTests(unittest.TestCase):
 
diff --git a/Misc/NEWS.d/next/Core and Builtins/2020-08-30-20-38-33.bpo-41654.HtnhAM.rst b/Misc/NEWS.d/next/Core and Builtins/2020-08-30-20-38-33.bpo-41654.HtnhAM.rst
new file mode 100644
index 0000000..e05c313
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2020-08-30-20-38-33.bpo-41654.HtnhAM.rst
@@ -0,0 +1,2 @@
+Fix a crash that occurred when destroying subclasses of
+:class:`MemoryError`. Patch by Pablo Galindo.
diff --git a/Objects/exceptions.c b/Objects/exceptions.c
index db5e3da..e44ce72 100644
--- a/Objects/exceptions.c
+++ b/Objects/exceptions.c
@@ -2282,8 +2282,12 @@
 {
     PyBaseExceptionObject *self;
 
-    if (type != (PyTypeObject *) PyExc_MemoryError)
+    /* If this is a subclass of MemoryError, don't use the freelist
+     * and just return a fresh object */
+    if (type != (PyTypeObject *) PyExc_MemoryError) {
         return BaseException_new(type, args, kwds);
+    }
+
     if (memerrors_freelist == NULL)
         return BaseException_new(type, args, kwds);
     /* Fetch object from freelist and revive it */
@@ -2303,8 +2307,14 @@
 static void
 MemoryError_dealloc(PyBaseExceptionObject *self)
 {
-    _PyObject_GC_UNTRACK(self);
     BaseException_clear(self);
+
+    if (!Py_IS_TYPE(self, (PyTypeObject *) PyExc_MemoryError)) {
+        return Py_TYPE(self)->tp_free((PyObject *)self);
+    }
+
+    _PyObject_GC_UNTRACK(self);
+
     if (memerrors_numfree >= MEMERRORS_SAVE)
         Py_TYPE(self)->tp_free((PyObject *)self);
     else {