diff --git a/mm/iob/iob_alloc.c b/mm/iob/iob_alloc.c
index c182b943a9d..637425d9f8b 100644
--- a/mm/iob/iob_alloc.c
+++ b/mm/iob/iob_alloc.c
@@ -163,36 +163,6 @@ static FAR struct iob_s *iob_allocwait(bool throttled, unsigned int timeout)
            */
 
           iob = iob_alloc_committed();
-          if (iob == NULL)
-            {
-              /* We need release our count so that it is available to
-               * iob_tryalloc(), perhaps allowing another thread to take our
-               * count.  In that event, iob_tryalloc() will fail above and
-               * we will have to wait again.
-               */
-
-              sem->semcount++;
-              iob = iob_tryalloc(throttled);
-            }
-
-          /* REVISIT: I think this logic should be moved inside of
-           * iob_alloc_committed, so that it can exist inside of the critical
-           * section along with all other sem count changes.
-           */
-
-#if CONFIG_IOB_THROTTLE > 0
-          else
-            {
-              if (throttled)
-                {
-                  g_iob_sem.semcount--;
-                }
-              else
-                {
-                  g_throttle_sem.semcount--;
-                }
-            }
-#endif
         }
     }
 
@@ -297,8 +267,7 @@ FAR struct iob_s *iob_tryalloc(bool throttled)
 #if CONFIG_IOB_THROTTLE > 0
   /* If there are free I/O buffers for this allocation */
 
-  if (sem->semcount > 0 ||
-      (throttled && g_iob_sem.semcount - CONFIG_IOB_THROTTLE > 0))
+  if (sem->semcount > 0)
 #endif
     {
       /* Take the I/O buffer from the head of the free list */
@@ -324,14 +293,17 @@ FAR struct iob_s *iob_tryalloc(bool throttled)
           DEBUGASSERT(g_iob_sem.semcount >= 0);
 
 #if CONFIG_IOB_THROTTLE > 0
-          /* The throttle semaphore is a little more complicated because
-           * it can be negative!  Decrementing is still safe, however.
-           *
-           * Note: usually g_throttle_sem.semcount >= -CONFIG_IOB_THROTTLE.
-           * But it can be smaller than that if there are blocking threads.
+          /* The throttle semaphore is used to throttle the number of
+           * free buffers that are available.  It is used to prevent
+           * the overrunning of the free buffer list. Please note that
+           * it can only be decremented to zero, which indicates no
+           * throttled buffers are available.
            */
 
-          g_throttle_sem.semcount--;
+          if (g_throttle_sem.semcount > 0)
+            {
+              g_throttle_sem.semcount--;
+            }
 #endif
 
           spin_unlock_irqrestore(&g_iob_lock, flags);
diff --git a/mm/iob/iob_free.c b/mm/iob/iob_free.c
index b8a26cce497..6638a5a1a73 100644
--- a/mm/iob/iob_free.c
+++ b/mm/iob/iob_free.c
@@ -81,6 +81,9 @@ FAR struct iob_s *iob_free(FAR struct iob_s *iob)
 #ifdef CONFIG_IOB_NOTIFIER
   int16_t navail;
 #endif
+#if CONFIG_IOB_THROTTLE > 0
+  bool committed_thottled = false;
+#endif
 
   iobinfo("iob=%p io_pktlen=%u io_len=%u next=%p\n",
           iob, iob->io_pktlen, iob->io_len, next);
@@ -135,13 +138,27 @@ FAR struct iob_s *iob_free(FAR struct iob_s *iob)
   /* Which list?  If there is a task waiting for an IOB, then put
    * the IOB on either the free list or on the committed list where
    * it is reserved for that allocation (and not available to
-   * iob_tryalloc()).
+   * iob_tryalloc()). This is true for both throttled and non-throttled
+   * cases.
    */
 
+#if CONFIG_IOB_THROTTLE > 0
+  if ((g_iob_sem.semcount < 0) ||
+      ((g_iob_sem.semcount >= CONFIG_IOB_THROTTLE) &&
+       (g_throttle_sem.semcount < 0)))
+#else
   if (g_iob_sem.semcount < 0)
+#endif
     {
       iob->io_flink   = g_iob_committed;
       g_iob_committed = iob;
+#if CONFIG_IOB_THROTTLE > 0
+      if ((g_iob_sem.semcount >= CONFIG_IOB_THROTTLE) &&
+          (g_throttle_sem.semcount < 0))
+        {
+          committed_thottled = true;
+        }
+#endif
     }
   else
     {
@@ -151,21 +168,55 @@ FAR struct iob_s *iob_free(FAR struct iob_s *iob)
 
   spin_unlock_irqrestore(&g_iob_lock, flags);
 
-  /* Signal that an IOB is available.  If there is a thread blocked,
-   * waiting for an IOB, this will wake up exactly one thread.  The
-   * semaphore count will correctly indicated that the awakened task
-   * owns an IOB and should find it in the committed list.
+  /* Signal that an IOB is available. This is done with schedule locked
+   * to make sure that both g_iob_sem and g_throttle_sem are incremented
+   * together (if applicable). After the schedule is unlocked, if there
+   * is a thread blocked, waiting for an IOB, this will wake up exactly
+   * one thread.  The semaphore count will correctly indicate that the
+   * awakened task owns an IOB and should find it in the committed list.
    */
 
+  sched_lock();
+
   nxsem_post(&g_iob_sem);
   DEBUGASSERT(g_iob_sem.semcount <= CONFIG_IOB_NBUFFERS);
 
 #if CONFIG_IOB_THROTTLE > 0
-  nxsem_post(&g_throttle_sem);
-  DEBUGASSERT(g_throttle_sem.semcount <=
+  flags = spin_lock_irqsave(&g_iob_lock);
+
+  if (g_iob_sem.semcount > CONFIG_IOB_THROTTLE)
+    {
+      /* If posting to the the throttled semaphore is going to awake a
+       * waiting task, then the g_iob_sem count should be decremented
+       * because an I/O buffer (from the head of the g_iob_committed list)
+       * will be allocated to this waiting task.
+       * Decrementing the g_throttled_sem (when posting to the g_iob_sem)
+       * is not necessary because this condition can only occur when the
+       * g_throttled_sem is less or equal to zero. On the other hand, if
+       * the g_iob_sem is greater than the CONFIG_IOB_THROTTLE and there
+       * is a waiting thread, then the I/O buffer just freed will be
+       * committed to a waiting task and is not available for general use.
+       */
+
+      if (committed_thottled)
+        {
+          g_iob_sem.semcount--;
+        }
+
+      spin_unlock_irqrestore(&g_iob_lock, flags);
+
+      nxsem_post(&g_throttle_sem);
+      DEBUGASSERT(g_throttle_sem.semcount <=
               (CONFIG_IOB_NBUFFERS - CONFIG_IOB_THROTTLE));
+    }
+  else
+    {
+      spin_unlock_irqrestore(&g_iob_lock, flags);
+    }
 #endif
 
+  sched_unlock();
+
 #ifdef CONFIG_IOB_NOTIFIER
   /* Check if the IOB was claimed by a thread that is blocked waiting
    * for an IOB.