diff --git a/drivers/hv/channel_mgmt.c b/drivers/hv/channel_mgmt.c
index 8eb167540b4f..c8296d5e74c3 100644
--- a/drivers/hv/channel_mgmt.c
+++ b/drivers/hv/channel_mgmt.c
@@ -839,6 +839,9 @@ void vmbus_initiate_unload(bool crash)
 {
 	struct vmbus_channel_message_header hdr;
 
+	if (xchg(&vmbus_connection.conn_state, DISCONNECTED) == DISCONNECTED)
+		return;
+
 	/* Pre-Win2012R2 hosts don't support reconnect */
 	if (vmbus_proto_version < VERSION_WIN8_1)
 		return;
diff --git a/drivers/hv/vmbus_drv.c b/drivers/hv/vmbus_drv.c
index 05ead1735c6e..1a9b321773b5 100644
--- a/drivers/hv/vmbus_drv.c
+++ b/drivers/hv/vmbus_drv.c
@@ -53,9 +53,12 @@ static int hyperv_panic_event(struct notifier_block *nb, unsigned long val,
 {
 	struct pt_regs *regs;
 
-	regs = current_pt_regs();
+	vmbus_initiate_unload(true);
 
-	hyperv_report_panic(regs, val);
+	if (ms_hyperv.misc_features & HV_FEATURE_GUEST_CRASH_MSR_AVAILABLE) {
+		regs = current_pt_regs();
+		hyperv_report_panic(regs, val);
+	}
 	return NOTIFY_DONE;
 }
 
@@ -1389,10 +1392,16 @@ static int vmbus_bus_init(void)
 		}
 
 		register_die_notifier(&hyperv_die_block);
-		atomic_notifier_chain_register(&panic_notifier_list,
-					       &hyperv_panic_block);
 	}
 
+	/*
+	 * Always register the panic notifier because we need to unload
+	 * the VMbus channel connection to prevent any VMbus
+	 * activity after the VM panics.
+	 */
+	atomic_notifier_chain_register(&panic_notifier_list,
+			       &hyperv_panic_block);
+
 	vmbus_request_offers();
 
 	return 0;
@@ -2202,8 +2211,6 @@ static int vmbus_bus_suspend(struct device *dev)
 
 	vmbus_initiate_unload(false);
 
-	vmbus_connection.conn_state = DISCONNECTED;
-
 	/* Reset the event for the next resume. */
 	reinit_completion(&vmbus_connection.ready_for_resume_event);
 
@@ -2288,7 +2295,6 @@ static void hv_kexec_handler(void)
 {
 	hv_stimer_global_cleanup();
 	vmbus_initiate_unload(false);
-	vmbus_connection.conn_state = DISCONNECTED;
 	/* Make sure conn_state is set as hv_synic_cleanup checks for it */
 	mb();
 	cpuhp_remove_state(hyperv_cpuhp_online);
@@ -2305,7 +2311,6 @@ static void hv_crash_handler(struct pt_regs *regs)
 	 * doing the cleanup for current CPU only. This should be sufficient
 	 * for kdump.
 	 */
-	vmbus_connection.conn_state = DISCONNECTED;
 	cpu = smp_processor_id();
 	hv_stimer_cleanup(cpu);
 	hv_synic_disable_regs(cpu);