diff --git a/pulsar-client/src/main/java/org/apache/pulsar/client/impl/TableViewImpl.java b/pulsar-client/src/main/java/org/apache/pulsar/client/impl/TableViewImpl.java
index 8ed4e61a7cb43..b8145be208834 100644
--- a/pulsar-client/src/main/java/org/apache/pulsar/client/impl/TableViewImpl.java
+++ b/pulsar-client/src/main/java/org/apache/pulsar/client/impl/TableViewImpl.java
@@ -206,7 +206,6 @@ public void close() throws PulsarClientException {
     }
 
     private void handleMessage(Message<T> msg) {
-        lastReadPositions.put(msg.getTopicName(), msg.getMessageId());
         try {
             if (msg.hasKey()) {
                 String key = msg.getKey();
@@ -224,6 +223,8 @@ private void handleMessage(Message<T> msg) {
                                 .attr("value", cur)
                                 .attr("prev", prev)
                                 .log("Skipped the message");
+                        // The retained value is current before notifying the skipped-message callback.
+                        lastReadPositions.put(msg.getTopicName(), msg.getMessageId());
                         compactionStrategy.handleSkippedMessage(key, cur);
                     }
                 }
@@ -237,6 +238,8 @@ private void handleMessage(Message<T> msg) {
                             data.put(key, cur);
                         }
 
+                        // Refresh must see the updated table, including when called from a listener.
+                        lastReadPositions.put(msg.getTopicName(), msg.getMessageId());
                         for (BiConsumer<String, T> listener : listeners) {
                             try {
                                 listener.accept(key, cur);
@@ -248,6 +251,9 @@ private void handleMessage(Message<T> msg) {
                         listenersMutex.unlock();
                     }
                 }
+            } else {
+                // Keyless messages also advance the refresh position.
+                lastReadPositions.put(msg.getTopicName(), msg.getMessageId());
             }
             checkAllFreshTask(msg);
         } finally {
diff --git a/pulsar-client/src/test/java/org/apache/pulsar/client/impl/TableViewImplTest.java b/pulsar-client/src/test/java/org/apache/pulsar/client/impl/TableViewImplTest.java
index 4f89e2369f5b5..332a6f7cf7273 100644
--- a/pulsar-client/src/test/java/org/apache/pulsar/client/impl/TableViewImplTest.java
+++ b/pulsar-client/src/test/java/org/apache/pulsar/client/impl/TableViewImplTest.java
@@ -18,14 +18,33 @@
  */
 package org.apache.pulsar.client.impl;
 
+import static org.mockito.Mockito.RETURNS_SELF;
 import static org.mockito.Mockito.any;
+import static org.mockito.Mockito.doAnswer;
 import static org.mockito.Mockito.mock;
+import static org.mockito.Mockito.mockStatic;
 import static org.mockito.Mockito.when;
+import static org.testng.Assert.assertEquals;
+import static org.testng.Assert.assertFalse;
 import static org.testng.Assert.assertNotNull;
+import static org.testng.Assert.assertNull;
+import static org.testng.Assert.assertTrue;
+import java.util.List;
+import java.util.concurrent.CompletableFuture;
+import java.util.concurrent.CountDownLatch;
+import java.util.concurrent.ExecutorService;
+import java.util.concurrent.Executors;
+import java.util.concurrent.TimeUnit;
+import java.util.concurrent.atomic.AtomicBoolean;
 import org.apache.pulsar.client.api.CryptoKeyReader;
+import org.apache.pulsar.client.api.Message;
+import org.apache.pulsar.client.api.Reader;
+import org.apache.pulsar.client.api.ReaderBuilder;
 import org.apache.pulsar.client.api.Schema;
 import org.apache.pulsar.client.api.TableView;
+import org.apache.pulsar.common.topics.TopicCompactionStrategy;
 import org.testng.annotations.BeforeClass;
+import org.testng.annotations.DataProvider;
 import org.testng.annotations.Test;
 
 public class TableViewImplTest {
@@ -54,4 +73,75 @@ public void testTableViewImpl() {
 
         assertNotNull(tableView);
     }
+    @DataProvider
+    public Object[][] skippedMessage() {
+        return new Object[][]{{false}, {true}};
+    }
+
+    @Test(timeOut = 10_000, dataProvider = "skippedMessage")
+    @SuppressWarnings("unchecked")
+    public void testRefreshWaitsForMessageToBeApplied(boolean skipped) throws Exception {
+        String topic = "persistent://public/default/refresh-applied";
+        PulsarClientImpl client = mock(PulsarClientImpl.class);
+        ReaderBuilder<String> builder = mock(ReaderBuilder.class, RETURNS_SELF);
+        Reader<String> reader = mock(Reader.class);
+        when(client.newReader(Schema.STRING)).thenReturn(builder);
+        when(builder.createAsync()).thenReturn(CompletableFuture.completedFuture(reader));
+        when(reader.closeAsync()).thenReturn(CompletableFuture.completedFuture(null));
+        TopicMessageIdImpl messageId = new TopicMessageIdImpl(topic, new MessageIdImpl(1, 0, -1));
+        when(reader.getLastMessageIdsAsync()).thenReturn(
+                CompletableFuture.completedFuture(List.of()),
+                CompletableFuture.completedFuture(List.of(messageId)));
+        CompletableFuture<Message<String>> nextMessage = new CompletableFuture<>();
+        when(reader.readNextAsync()).thenReturn(nextMessage, new CompletableFuture<>());
+        TableViewConfigurationData conf = new TableViewConfigurationData();
+        conf.setTopicName(topic);
+        TopicCompactionStrategy<String> strategy = mock(TopicCompactionStrategy.class);
+        when(strategy.shouldKeepLeft(any(), any())).thenReturn(skipped);
+        TableViewImpl<String> tableView;
+        try (var strategies = mockStatic(TopicCompactionStrategy.class)) {
+            strategies.when(() -> TopicCompactionStrategy.load(TopicCompactionStrategy.TABLE_VIEW_TAG, null))
+                    .thenReturn(strategy);
+            tableView = new TableViewImpl<>(client, Schema.STRING, conf);
+        }
+        tableView.start().get(5, TimeUnit.SECONDS);
+        AtomicBoolean callbackRefreshCompleted = new AtomicBoolean();
+        tableView.listen((key, value) -> callbackRefreshCompleted.set(tableView.refreshAsync().isDone()));
+        doAnswer(invocation -> {
+            callbackRefreshCompleted.set(tableView.refreshAsync().isDone());
+            return null;
+        }).when(strategy).handleSkippedMessage(any(), any());
+
+        CountDownLatch decoding = new CountDownLatch(1);
+        CountDownLatch applyMessage = new CountDownLatch(1);
+        Message<String> message = mock(Message.class);
+        when(message.getTopicName()).thenReturn(topic);
+        when(message.getMessageId()).thenReturn(messageId);
+        when(message.hasKey()).thenReturn(true);
+        when(message.getKey()).thenReturn("key");
+        when(message.size()).thenReturn(1);
+        when(message.getValue()).thenAnswer(invocation -> {
+            decoding.countDown();
+            assertTrue(applyMessage.await(5, TimeUnit.SECONDS));
+            return "value";
+        });
+        ExecutorService executor = Executors.newSingleThreadExecutor();
+        try {
+            var delivery = executor.submit(() -> nextMessage.complete(message));
+            assertTrue(decoding.await(5, TimeUnit.SECONDS));
+            assertNull(tableView.get("key"));
+            var refresh = tableView.refreshAsync();
+            assertFalse(refresh.isDone(), "Refresh must not finish before the message updates the table");
+            applyMessage.countDown();
+            delivery.get(5, TimeUnit.SECONDS);
+            refresh.get(5, TimeUnit.SECONDS);
+            assertEquals(tableView.get("key"), skipped ? null : "value");
+            assertTrue(callbackRefreshCompleted.get(), "A callback must observe the current message as applied");
+        } finally {
+            applyMessage.countDown();
+            executor.shutdownNow();
+            tableView.close();
+        }
+    }
+
 }