diff --git a/homeassistant/helpers/debounce.py b/homeassistant/helpers/debounce.py
index 83555b56dcb..c46c6806d5d 100644
--- a/homeassistant/helpers/debounce.py
+++ b/homeassistant/helpers/debounce.py
@@ -146,6 +146,10 @@ class Debouncer[_R_co]:
         """Cancel any scheduled call, and prevent new runs."""
         self._shutdown_requested = True
         self.async_cancel()
+        # Release hard references to parent function
+        # https://github.com/home-assistant/core/issues/137237
+        self._function = None
+        self._job = None
 
     @callback
     def async_cancel(self) -> None:
diff --git a/tests/helpers/test_debounce.py b/tests/helpers/test_debounce.py
index 6fa758aec6e..b2dd8943e78 100644
--- a/tests/helpers/test_debounce.py
+++ b/tests/helpers/test_debounce.py
@@ -4,6 +4,7 @@ import asyncio
 from datetime import timedelta
 import logging
 from unittest.mock import AsyncMock, Mock
+import weakref
 
 import pytest
 
@@ -529,3 +530,37 @@ async def test_background(
     async_fire_time_changed(hass, utcnow() + timedelta(seconds=1))
     await hass.async_block_till_done(wait_background_tasks=False)
     assert len(calls) == 2
+
+
+async def test_shutdown_releases_parent_class(hass: HomeAssistant) -> None:
+    """Test shutdown releases parent class.
+
+    See https://github.com/home-assistant/core/issues/137237
+    """
+    calls = []
+
+    class SomeClass:
+        def run_func(self) -> None:
+            calls.append(None)
+
+    my_class = SomeClass()
+    my_class_weak_ref = weakref.ref(my_class)
+
+    debouncer = debounce.Debouncer(
+        hass,
+        _LOGGER,
+        cooldown=0.01,
+        immediate=True,
+        function=my_class.run_func,
+    )
+
+    # Debouncer keeps a reference to the function, prevening GC
+    del my_class
+    await debouncer.async_call()
+    await hass.async_block_till_done()
+    assert len(calls) == 1
+    assert my_class_weak_ref() is not None
+
+    # Debouncer shutdown releases the class
+    debouncer.async_shutdown()
+    assert my_class_weak_ref() is None