diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -100,9 +100,13 @@
     });
 }
 
+static Mutex g_loading_wallet_mutex;
 static Mutex g_wallet_release_mutex;
 static std::condition_variable g_wallet_release_cv;
-static std::set<std::string> g_unloading_wallet_set;
+static std::set<std::string>
+    g_loading_wallet_set GUARDED_BY(g_loading_wallet_mutex);
+static std::set<std::string>
+    g_unloading_wallet_set GUARDED_BY(g_wallet_release_mutex);
 
 // Custom deleter for shared_ptr<CWallet>.
 static void ReleaseWallet(CWallet *wallet) {
@@ -146,11 +150,11 @@
 
 static const size_t OUTPUT_GROUP_MAX_ENTRIES = 10;
 
-std::shared_ptr<CWallet> LoadWallet(const CChainParams &chainParams,
-                                    interfaces::Chain &chain,
-                                    const WalletLocation &location,
-                                    bilingual_str &error,
-                                    std::vector<bilingual_str> &warnings) {
+namespace {
+std::shared_ptr<CWallet>
+LoadWalletInternal(const CChainParams &chainParams, interfaces::Chain &chain,
+                   const WalletLocation &location, bilingual_str &error,
+                   std::vector<bilingual_str> &warnings) {
     try {
         if (!CWallet::Verify(chainParams, chain, location, error, warnings)) {
             error = Untranslated("Wallet file verification failed.") +
@@ -173,6 +177,25 @@
         return nullptr;
     }
 }
+} // namespace
+
+std::shared_ptr<CWallet> LoadWallet(const CChainParams &chainParams,
+                                    interfaces::Chain &chain,
+                                    const WalletLocation &location,
+                                    bilingual_str &error,
+                                    std::vector<bilingual_str> &warnings) {
+    auto result =
+        WITH_LOCK(g_loading_wallet_mutex,
+                  return g_loading_wallet_set.insert(location.GetName()));
+    if (!result.second) {
+        error = Untranslated("Wallet already being loading.");
+        return nullptr;
+    }
+    auto wallet =
+        LoadWalletInternal(chainParams, chain, location, error, warnings);
+    WITH_LOCK(g_loading_wallet_mutex, g_loading_wallet_set.erase(result.first));
+    return wallet;
+}
 
 std::shared_ptr<CWallet> LoadWallet(const CChainParams &chainParams,
                                     interfaces::Chain &chain,
diff --git a/test/functional/wallet_multiwallet.py b/test/functional/wallet_multiwallet.py
--- a/test/functional/wallet_multiwallet.py
+++ b/test/functional/wallet_multiwallet.py
@@ -7,19 +7,39 @@
 Verify that a bitcoind node can load multiple wallet files
 """
 from decimal import Decimal
+from threading import Thread
 import os
 import shutil
 import time
 
+from test_framework.authproxy import JSONRPCException
 from test_framework.test_framework import BitcoinTestFramework
 from test_framework.test_node import ErrorMatch
 from test_framework.util import (
     assert_equal,
     assert_raises_rpc_error,
+    get_rpc_proxy,
 )
 
 FEATURE_LATEST = 200300
 
+got_loading_error = False
+
+
+def test_load_unload(node, name):
+    global got_loading_error
+    for i in range(10):
+        if got_loading_error:
+            return
+        try:
+            node.loadwallet(name)
+            node.unloadwallet(name)
+        except JSONRPCException as e:
+            if e.error['code'] == - \
+                    4 and 'Wallet already being loading' in e.error['message']:
+                got_loading_error = True
+                return
+
 
 class MultiWalletTest(BitcoinTestFramework):
     def set_test_params(self):
@@ -257,6 +277,19 @@
         w2 = node.get_wallet_rpc(wallet_names[1])
         w2.getwalletinfo()
 
+        self.log.info("Concurrent wallet loading")
+        threads = []
+        for _ in range(3):
+            n = node.cli if self.options.usecli else get_rpc_proxy(
+                node.url, 1, timeout=600, coveragedir=node.coverage_dir)
+            t = Thread(target=test_load_unload, args=(n, wallet_names[2], ))
+            t.start()
+            threads.append(t)
+        for t in threads:
+            t.join()
+        global got_loading_error
+        assert_equal(got_loading_error, True)
+
         self.log.info("Load remaining wallets")
         for wallet_name in wallet_names[2:]:
             loadwallet_name = self.nodes[0].loadwallet(wallet_name)