diff --git a/conn.go b/conn.go
index 96ed452d9..a7a5ef73d 100644
--- a/conn.go
+++ b/conn.go
@@ -1359,12 +1359,12 @@ func (c *Conn) deallocateInvalidatedCachedStatements(ctx context.Context) error
 	}
 
 	if c.descriptionCache != nil {
-		c.descriptionCache.HandleInvalidated()
+		c.descriptionCache.RemoveInvalidated()
 	}
 
 	var invalidatedStatements []*pgconn.StatementDescription
 	if c.statementCache != nil {
-		invalidatedStatements = c.statementCache.HandleInvalidated()
+		invalidatedStatements = c.statementCache.GetInvalidated()
 	}
 
 	if len(invalidatedStatements) == 0 {
@@ -1376,7 +1376,6 @@ func (c *Conn) deallocateInvalidatedCachedStatements(ctx context.Context) error
 
 	for _, sd := range invalidatedStatements {
 		pipeline.SendDeallocate(sd.Name)
-		delete(c.preparedStatements, sd.Name)
 	}
 
 	err := pipeline.Sync()
@@ -1389,5 +1388,10 @@ func (c *Conn) deallocateInvalidatedCachedStatements(ctx context.Context) error
 		return fmt.Errorf("failed to deallocate cached statement(s): %w", err)
 	}
 
+	c.statementCache.RemoveInvalidated()
+	for _, sd := range invalidatedStatements {
+		delete(c.preparedStatements, sd.Name)
+	}
+
 	return nil
 }
diff --git a/conn_test.go b/conn_test.go
index a7f7f2f88..e9415b229 100644
--- a/conn_test.go
+++ b/conn_test.go
@@ -1338,3 +1338,32 @@ func TestRawValuesUnderlyingMemoryReused(t *testing.T) {
 		t.Fatal("expected buffer from RawValues to be overwritten by subsequent queries but it was not")
 	})
 }
+
+// https://github.com/jackc/pgx/issues/1847
+func TestConnDeallocateInvalidatedCachedStatementsWhenCanceled(t *testing.T) {
+	ctx, cancel := context.WithTimeout(context.Background(), 120*time.Second)
+	defer cancel()
+
+	pgxtest.RunWithQueryExecModes(ctx, t, defaultConnTestRunner, nil, func(ctx context.Context, t testing.TB, conn *pgx.Conn) {
+		var n int32
+		err := conn.QueryRow(ctx, "select 1 / $1::int", 1).Scan(&n)
+		require.NoError(t, err)
+		require.EqualValues(t, 1, n)
+
+		// Divide by zero causes an error. baseRows.Close() calls Invalidate on the statement cache whenever an error was
+		// encountered by the query. Use this to purposely invalidate the query. If we had access to private fields of conn
+		// we could call conn.statementCache.InvalidateAll() instead.
+		err = conn.QueryRow(ctx, "select 1 / $1::int", 0).Scan(&n)
+		require.Error(t, err)
+
+		ctx2, cancel2 := context.WithCancel(ctx)
+		cancel2()
+		err = conn.QueryRow(ctx2, "select 1 / $1::int", 1).Scan(&n)
+		require.Error(t, err)
+		require.ErrorIs(t, err, context.Canceled)
+
+		err = conn.QueryRow(ctx, "select 1 / $1::int", 1).Scan(&n)
+		require.NoError(t, err)
+		require.EqualValues(t, 1, n)
+	})
+}
diff --git a/internal/stmtcache/lru_cache.go b/internal/stmtcache/lru_cache.go
index 859345fcb..dec83f47b 100644
--- a/internal/stmtcache/lru_cache.go
+++ b/internal/stmtcache/lru_cache.go
@@ -81,12 +81,16 @@ func (c *LRUCache) InvalidateAll() {
 	c.l = list.New()
 }
 
-// HandleInvalidated returns a slice of all statement descriptions invalidated since the last call to HandleInvalidated.
-// Typically, the caller will then deallocate them.
-func (c *LRUCache) HandleInvalidated() []*pgconn.StatementDescription {
-	invalidStmts := c.invalidStmts
+// GetInvalidated returns a slice of all statement descriptions invalidated since the last call to RemoveInvalidated.
+func (c *LRUCache) GetInvalidated() []*pgconn.StatementDescription {
+	return c.invalidStmts
+}
+
+// RemoveInvalidated removes all invalidated statement descriptions. No other calls to Cache must be made between a
+// call to GetInvalidated and RemoveInvalidated or RemoveInvalidated may remove statement descriptions that were
+// never seen by the call to GetInvalidated.
+func (c *LRUCache) RemoveInvalidated() {
 	c.invalidStmts = nil
-	return invalidStmts
 }
 
 // Len returns the number of cached prepared statement descriptions.
diff --git a/internal/stmtcache/stmtcache.go b/internal/stmtcache/stmtcache.go
index b2940e230..d57bdd29e 100644
--- a/internal/stmtcache/stmtcache.go
+++ b/internal/stmtcache/stmtcache.go
@@ -29,8 +29,13 @@ type Cache interface {
 	// InvalidateAll invalidates all statement descriptions.
 	InvalidateAll()
 
-	// HandleInvalidated returns a slice of all statement descriptions invalidated since the last call to HandleInvalidated.
-	HandleInvalidated() []*pgconn.StatementDescription
+	// GetInvalidated returns a slice of all statement descriptions invalidated since the last call to RemoveInvalidated.
+	GetInvalidated() []*pgconn.StatementDescription
+
+	// RemoveInvalidated removes all invalidated statement descriptions. No other calls to Cache must be made between a
+	// call to GetInvalidated and RemoveInvalidated or RemoveInvalidated may remove statement descriptions that were
+	// never seen by the call to GetInvalidated.
+	RemoveInvalidated()
 
 	// Len returns the number of cached prepared statement descriptions.
 	Len() int
diff --git a/internal/stmtcache/unlimited_cache.go b/internal/stmtcache/unlimited_cache.go
index f5f59396e..696413291 100644
--- a/internal/stmtcache/unlimited_cache.go
+++ b/internal/stmtcache/unlimited_cache.go
@@ -54,10 +54,16 @@ func (c *UnlimitedCache) InvalidateAll() {
 	c.m = make(map[string]*pgconn.StatementDescription)
 }
 
-func (c *UnlimitedCache) HandleInvalidated() []*pgconn.StatementDescription {
-	invalidStmts := c.invalidStmts
+// GetInvalidated returns a slice of all statement descriptions invalidated since the last call to RemoveInvalidated.
+func (c *UnlimitedCache) GetInvalidated() []*pgconn.StatementDescription {
+	return c.invalidStmts
+}
+
+// RemoveInvalidated removes all invalidated statement descriptions. No other calls to Cache must be made between a
+// call to GetInvalidated and RemoveInvalidated or RemoveInvalidated may remove statement descriptions that were
+// never seen by the call to GetInvalidated.
+func (c *UnlimitedCache) RemoveInvalidated() {
 	c.invalidStmts = nil
-	return invalidStmts
 }
 
 // Len returns the number of cached prepared statement descriptions.