diff --git a/features/TESTS/filesystem/util_block_device/main.cpp b/features/TESTS/filesystem/util_block_device/main.cpp
index e4fff615b4..f551861824 100644
--- a/features/TESTS/filesystem/util_block_device/main.cpp
+++ b/features/TESTS/filesystem/util_block_device/main.cpp
@@ -92,10 +92,6 @@ void test_slicing() {
         TEST_ASSERT_EQUAL(0xff & rand(), read_block[i]);
     }
 
-    err = slice1.deinit();
-    TEST_ASSERT_EQUAL(0, err);
-
-
     // Test with second slice of block device
     err = slice2.init();
     TEST_ASSERT_EQUAL(0, err);
@@ -109,6 +105,10 @@ void test_slicing() {
         write_block[i] = 0xff & rand();
     }
 
+    // Deinitialize slice1 here, to check whether init reference count works
+    err = slice1.deinit();
+    TEST_ASSERT_EQUAL(0, err);
+
     // Write, sync, and read the block
     err = slice2.program(write_block, 0, BLOCK_SIZE);
     TEST_ASSERT_EQUAL(0, err);
diff --git a/features/filesystem/bd/BufferedBlockDevice.cpp b/features/filesystem/bd/BufferedBlockDevice.cpp
index 7fba7c7f7e..996f2c0bcb 100644
--- a/features/filesystem/bd/BufferedBlockDevice.cpp
+++ b/features/filesystem/bd/BufferedBlockDevice.cpp
@@ -16,6 +16,7 @@
 
 #include "BufferedBlockDevice.h"
 #include "mbed_assert.h"
+#include "mbed_critical.h"
 #include <algorithm>
 #include <string.h>
 
@@ -25,7 +26,7 @@ static inline uint32_t align_down(bd_size_t val, bd_size_t size)
 }
 
 BufferedBlockDevice::BufferedBlockDevice(BlockDevice *bd)
-    : _bd(bd), _bd_program_size(0), _curr_aligned_addr(0), _flushed(true), _cache(0)
+    : _bd(bd), _bd_program_size(0), _curr_aligned_addr(0), _flushed(true), _cache(0), _init_ref_count(0)
 {
 }
 
@@ -36,6 +37,12 @@ BufferedBlockDevice::~BufferedBlockDevice()
 
 int BufferedBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     int err = _bd->init();
     if (err) {
         return err;
@@ -55,6 +62,12 @@ int BufferedBlockDevice::init()
 
 int BufferedBlockDevice::deinit()
 {
+    uint32_t val = core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (val) {
+        return BD_ERROR_OK;
+    }
+
     delete[] _cache;
     _cache = 0;
     return _bd->deinit();
diff --git a/features/filesystem/bd/BufferedBlockDevice.h b/features/filesystem/bd/BufferedBlockDevice.h
index 85aa117662..52742f78ce 100644
--- a/features/filesystem/bd/BufferedBlockDevice.h
+++ b/features/filesystem/bd/BufferedBlockDevice.h
@@ -153,6 +153,7 @@ protected:
     bd_size_t _curr_aligned_addr;
     bool _flushed;
     uint8_t *_cache;
+    uint32_t _init_ref_count;
 
     /** Flush data in cache
      *
diff --git a/features/filesystem/bd/ChainingBlockDevice.cpp b/features/filesystem/bd/ChainingBlockDevice.cpp
index f0be36b314..fd00fea473 100644
--- a/features/filesystem/bd/ChainingBlockDevice.cpp
+++ b/features/filesystem/bd/ChainingBlockDevice.cpp
@@ -15,12 +15,13 @@
  */
 
 #include "ChainingBlockDevice.h"
+#include "mbed_critical.h"
 
 
 ChainingBlockDevice::ChainingBlockDevice(BlockDevice **bds, size_t bd_count)
     : _bds(bds), _bd_count(bd_count)
     , _read_size(0), _program_size(0), _erase_size(0), _size(0)
-    , _erase_value(-1)
+    , _erase_value(-1), _init_ref_count(0)
 {
 }
 
@@ -31,6 +32,12 @@ static bool is_aligned(uint64_t x, uint64_t alignment)
 
 int ChainingBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     _read_size = 0;
     _program_size = 0;
     _erase_size = 0;
@@ -83,6 +90,12 @@ int ChainingBlockDevice::init()
 
 int ChainingBlockDevice::deinit()
 {
+    uint32_t val = core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (val) {
+        return BD_ERROR_OK;
+    }
+
     for (size_t i = 0; i < _bd_count; i++) {
         int err = _bds[i]->deinit();
         if (err) {
diff --git a/features/filesystem/bd/ChainingBlockDevice.h b/features/filesystem/bd/ChainingBlockDevice.h
index ad3c6e884a..d1d1085e8f 100644
--- a/features/filesystem/bd/ChainingBlockDevice.h
+++ b/features/filesystem/bd/ChainingBlockDevice.h
@@ -64,7 +64,7 @@ public:
     template <size_t Size>
     ChainingBlockDevice(BlockDevice *(&bds)[Size])
         : _bds(bds), _bd_count(sizeof(bds) / sizeof(bds[0]))
-        , _read_size(0), _program_size(0), _erase_size(0), _size(0)
+        , _read_size(0), _program_size(0), _erase_size(0), _size(0),  _init_ref_count(0)
     {
     }
 
@@ -175,6 +175,7 @@ protected:
     bd_size_t _erase_size;
     bd_size_t _size;
     int _erase_value;
+    uint32_t _init_ref_count;
 };
 
 
diff --git a/features/filesystem/bd/ExhaustibleBlockDevice.cpp b/features/filesystem/bd/ExhaustibleBlockDevice.cpp
index 2c5ed3d104..a7bb0bc05d 100644
--- a/features/filesystem/bd/ExhaustibleBlockDevice.cpp
+++ b/features/filesystem/bd/ExhaustibleBlockDevice.cpp
@@ -16,10 +16,11 @@
 
 #include "ExhaustibleBlockDevice.h"
 #include "mbed.h"
+#include "mbed_critical.h"
 
 
 ExhaustibleBlockDevice::ExhaustibleBlockDevice(BlockDevice *bd, uint32_t erase_cycles)
-    : _bd(bd), _erase_array(NULL), _erase_cycles(erase_cycles)
+    : _bd(bd), _erase_array(NULL), _erase_cycles(erase_cycles), _init_ref_count(0)
 {
 }
 
@@ -30,6 +31,12 @@ ExhaustibleBlockDevice::~ExhaustibleBlockDevice()
 
 int ExhaustibleBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     int err = _bd->init();
     if (err) {
         return err;
@@ -48,6 +55,12 @@ int ExhaustibleBlockDevice::init()
 
 int ExhaustibleBlockDevice::deinit()
 {
+    core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (_init_ref_count) {
+        return BD_ERROR_OK;
+    }
+
     // _erase_array is lazily cleaned up in destructor to allow
     // data to live across de/reinitialization
     return _bd->deinit();
diff --git a/features/filesystem/bd/ExhaustibleBlockDevice.h b/features/filesystem/bd/ExhaustibleBlockDevice.h
index e55f662fe9..55b0041a7c 100644
--- a/features/filesystem/bd/ExhaustibleBlockDevice.h
+++ b/features/filesystem/bd/ExhaustibleBlockDevice.h
@@ -154,6 +154,7 @@ private:
     BlockDevice *_bd;
     uint32_t *_erase_array;
     uint32_t _erase_cycles;
+    uint32_t _init_ref_count;
 };
 
 
diff --git a/features/filesystem/bd/FlashSimBlockDevice.cpp b/features/filesystem/bd/FlashSimBlockDevice.cpp
index 35bb8b69f4..631ea42b7c 100644
--- a/features/filesystem/bd/FlashSimBlockDevice.cpp
+++ b/features/filesystem/bd/FlashSimBlockDevice.cpp
@@ -16,6 +16,7 @@
 
 #include "FlashSimBlockDevice.h"
 #include "mbed_assert.h"
+#include "mbed_critical.h"
 #include <algorithm>
 #include <stdlib.h>
 #include <string.h>
@@ -29,7 +30,7 @@ static inline uint32_t align_up(bd_size_t val, bd_size_t size)
 
 FlashSimBlockDevice::FlashSimBlockDevice(BlockDevice *bd, uint8_t erase_value) :
     _erase_value(erase_value), _blank_buf_size(0),
-    _blank_buf(0), _bd(bd)
+    _blank_buf(0), _bd(bd), _init_ref_count(0)
 {
 }
 
@@ -41,6 +42,12 @@ FlashSimBlockDevice::~FlashSimBlockDevice()
 
 int FlashSimBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     int ret = _bd->init();
     if (ret) {
         return ret;
@@ -55,6 +62,12 @@ int FlashSimBlockDevice::init()
 
 int FlashSimBlockDevice::deinit()
 {
+    uint32_t val = core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (val) {
+        return BD_ERROR_OK;
+    }
+
     return _bd->deinit();
 }
 
diff --git a/features/filesystem/bd/FlashSimBlockDevice.h b/features/filesystem/bd/FlashSimBlockDevice.h
index 6ee7cc4abe..832374ab82 100644
--- a/features/filesystem/bd/FlashSimBlockDevice.h
+++ b/features/filesystem/bd/FlashSimBlockDevice.h
@@ -135,6 +135,7 @@ private:
     bd_size_t _blank_buf_size;
     uint8_t *_blank_buf;
     BlockDevice *_bd;
+    uint32_t _init_ref_count;
 };
 
 #endif
diff --git a/features/filesystem/bd/HeapBlockDevice.cpp b/features/filesystem/bd/HeapBlockDevice.cpp
index 379fea8c75..70de3f4730 100644
--- a/features/filesystem/bd/HeapBlockDevice.cpp
+++ b/features/filesystem/bd/HeapBlockDevice.cpp
@@ -15,18 +15,19 @@
  */
 
 #include "HeapBlockDevice.h"
+#include "mbed_critical.h"
 
 
 HeapBlockDevice::HeapBlockDevice(bd_size_t size, bd_size_t block)
     : _read_size(block), _program_size(block), _erase_size(block)
-    , _count(size / block), _blocks(0)
+    , _count(size / block), _blocks(0), _init_ref_count(0)
 {
     MBED_ASSERT(_count * _erase_size == size);
 }
 
 HeapBlockDevice::HeapBlockDevice(bd_size_t size, bd_size_t read, bd_size_t program, bd_size_t erase)
     : _read_size(read), _program_size(program), _erase_size(erase)
-    , _count(size / erase), _blocks(0)
+    , _count(size / erase), _blocks(0), _init_ref_count(0)
 {
     MBED_ASSERT(_count * _erase_size == size);
 }
@@ -45,6 +46,12 @@ HeapBlockDevice::~HeapBlockDevice()
 
 int HeapBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     if (!_blocks) {
         _blocks = new uint8_t*[_count];
         for (size_t i = 0; i < _count; i++) {
@@ -57,6 +64,12 @@ int HeapBlockDevice::init()
 
 int HeapBlockDevice::deinit()
 {
+    uint32_t val = core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (val) {
+        return BD_ERROR_OK;
+    }
+
     MBED_ASSERT(_blocks != NULL);
     // Memory is lazily cleaned up in destructor to allow
     // data to live across de/reinitialization
diff --git a/features/filesystem/bd/HeapBlockDevice.h b/features/filesystem/bd/HeapBlockDevice.h
index 8d65e82b3d..874661b8f8 100644
--- a/features/filesystem/bd/HeapBlockDevice.h
+++ b/features/filesystem/bd/HeapBlockDevice.h
@@ -150,6 +150,7 @@ private:
     bd_size_t _erase_size;
     bd_size_t _count;
     uint8_t **_blocks;
+    uint32_t _init_ref_count;
 };
 
 
diff --git a/features/filesystem/bd/MBRBlockDevice.cpp b/features/filesystem/bd/MBRBlockDevice.cpp
index bcea66f69b..9a841bbcc2 100644
--- a/features/filesystem/bd/MBRBlockDevice.cpp
+++ b/features/filesystem/bd/MBRBlockDevice.cpp
@@ -15,6 +15,7 @@
  */
 
 #include "MBRBlockDevice.h"
+#include "mbed_critical.h"
 #include <algorithm>
 
 
@@ -194,13 +195,19 @@ int MBRBlockDevice::partition(BlockDevice *bd, int part, uint8_t type,
 }
 
 MBRBlockDevice::MBRBlockDevice(BlockDevice *bd, int part)
-    : _bd(bd), _part(part)
+    : _bd(bd), _part(part), _init_ref_count(0)
 {
     MBED_ASSERT(_part >= 1 && _part <= 4);
 }
 
 int MBRBlockDevice::init()
 {
+    uint32_t val = core_util_atomic_incr_u32(&_init_ref_count, 1);
+
+    if (val != 1) {
+        return BD_ERROR_OK;
+    }
+
     int err = _bd->init();
     if (err) {
         return err;
@@ -252,6 +259,12 @@ int MBRBlockDevice::init()
 
 int MBRBlockDevice::deinit()
 {
+    uint32_t val = core_util_atomic_decr_u32(&_init_ref_count, 1);
+
+    if (val) {
+        return BD_ERROR_OK;
+    }
+
     return _bd->deinit();
 }
 
diff --git a/features/filesystem/bd/MBRBlockDevice.h b/features/filesystem/bd/MBRBlockDevice.h
index c2ad5d5082..ef2e12233a 100644
--- a/features/filesystem/bd/MBRBlockDevice.h
+++ b/features/filesystem/bd/MBRBlockDevice.h
@@ -252,6 +252,7 @@ protected:
     bd_size_t _size;
     uint8_t _type;
     uint8_t _part;
+    uint32_t _init_ref_count;
 };