diff --git a/homeassistant/components/mqtt/client.py b/homeassistant/components/mqtt/client.py
index 830ab538096..0d89dc55d6a 100644
--- a/homeassistant/components/mqtt/client.py
+++ b/homeassistant/components/mqtt/client.py
@@ -328,6 +328,7 @@ class EnsureJobAfterCooldown:
         self._callback = callback_job
         self._task: asyncio.Task | None = None
         self._timer: asyncio.TimerHandle | None = None
+        self._next_execute_time = 0.0
 
     def set_timeout(self, timeout: float) -> None:
         """Set a new timeout period."""
@@ -371,8 +372,28 @@ class EnsureJobAfterCooldown:
         """Ensure we execute after a cooldown period."""
         # We want to reschedule the timer in the future
         # every time this is called.
-        self._async_cancel_timer()
-        self._timer = self._loop.call_later(self._timeout, self.async_execute)
+        next_when = self._loop.time() + self._timeout
+        if not self._timer:
+            self._timer = self._loop.call_at(next_when, self._async_timer_reached)
+            return
+
+        if self._timer.when() < next_when:
+            # Timer already running, set the next execute time
+            # if it fires too early, it will get rescheduled
+            self._next_execute_time = next_when
+
+    @callback
+    def _async_timer_reached(self) -> None:
+        """Handle timer fire."""
+        self._timer = None
+        if self._loop.time() >= self._next_execute_time:
+            self.async_execute()
+            return
+        # Timer fired too early because there were multiple
+        # calls async_schedule. Reschedule the timer.
+        self._timer = self._loop.call_at(
+            self._next_execute_time, self._async_timer_reached
+        )
 
     async def async_cleanup(self) -> None:
         """Cleanup any pending task."""
diff --git a/tests/components/mqtt/test_init.py b/tests/components/mqtt/test_init.py
index 6ce7707a3f1..d2b7f7021f4 100644
--- a/tests/components/mqtt/test_init.py
+++ b/tests/components/mqtt/test_init.py
@@ -1839,6 +1839,7 @@ async def test_restore_all_active_subscriptions_on_reconnect(
     mqtt_client_mock: MqttMockPahoClient,
     mqtt_mock_entry: MqttMockHAClientGenerator,
     record_calls: MessageCallbackType,
+    freezer: FrozenDateTimeFactory,
 ) -> None:
     """Test active subscriptions are restored correctly on reconnect."""
     mqtt_mock = await mqtt_mock_entry()
@@ -1849,7 +1850,8 @@ async def test_restore_all_active_subscriptions_on_reconnect(
     await mqtt.async_subscribe(hass, "test/state", record_calls, qos=1)
     await mqtt.async_subscribe(hass, "test/state", record_calls, qos=0)
     await hass.async_block_till_done()
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=3))  # cooldown
+    freezer.tick(3)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
 
     # the subscribtion with the highest QoS should survive
@@ -1865,15 +1867,18 @@ async def test_restore_all_active_subscriptions_on_reconnect(
     mqtt_client_mock.on_disconnect(None, None, 0)
     await hass.async_block_till_done()
     mqtt_client_mock.on_connect(None, None, None, 0)
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=3))  # cooldown
+    freezer.tick(3)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
 
     expected.append(call([("test/state", 1)]))
     assert mqtt_client_mock.subscribe.mock_calls == expected
 
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=3))  # cooldown
+    freezer.tick(3)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=3))  # cooldown
+    freezer.tick(3)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
 
 
@@ -1889,6 +1894,7 @@ async def test_subscribed_at_highest_qos(
     mqtt_client_mock: MqttMockPahoClient,
     mqtt_mock_entry: MqttMockHAClientGenerator,
     record_calls: MessageCallbackType,
+    freezer: FrozenDateTimeFactory,
 ) -> None:
     """Test the highest qos as assigned when subscribing to the same topic."""
     mqtt_mock = await mqtt_mock_entry()
@@ -1897,18 +1903,21 @@ async def test_subscribed_at_highest_qos(
 
     await mqtt.async_subscribe(hass, "test/state", record_calls, qos=0)
     await hass.async_block_till_done()
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=5))  # cooldown
+    freezer.tick(5)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
     assert ("test/state", 0) in help_all_subscribe_calls(mqtt_client_mock)
     mqtt_client_mock.reset_mock()
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=5))  # cooldown
+    freezer.tick(5)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
     await hass.async_block_till_done()
 
     await mqtt.async_subscribe(hass, "test/state", record_calls, qos=1)
     await mqtt.async_subscribe(hass, "test/state", record_calls, qos=2)
     await hass.async_block_till_done()
-    async_fire_time_changed(hass, utcnow() + timedelta(seconds=5))  # cooldown
+    freezer.tick(5)
+    async_fire_time_changed(hass)  # cooldown
     await hass.async_block_till_done()
     # the subscribtion with the highest QoS should survive
     assert help_all_subscribe_calls(mqtt_client_mock) == [("test/state", 2)]