diff --git a/news/10846.bugfix.rst b/news/10846.bugfix.rst
new file mode 100644
index 00000000000..63c35750d6a
--- /dev/null
+++ b/news/10846.bugfix.rst
@@ -0,0 +1 @@
+Properly handle links parsed by html5lib, when using ```--use-deprecated=html5lib``.
diff --git a/src/pip/_internal/index/collector.py b/src/pip/_internal/index/collector.py
index c30c37661f5..ead5fcf7c8e 100644
--- a/src/pip/_internal/index/collector.py
+++ b/src/pip/_internal/index/collector.py
@@ -343,7 +343,8 @@ def parse_links(page: "HTMLPage", use_deprecated_html5lib: bool) -> Iterable[Lin
     Parse an HTML document, and yield its anchor elements as Link objects.
     """
     if use_deprecated_html5lib:
-        return _parse_links_html5lib(page)
+        yield from _parse_links_html5lib(page)
+        return
 
     parser = HTMLLinkParser()
     encoding = page.encoding or "utf-8"
diff --git a/tests/unit/test_collector.py b/tests/unit/test_collector.py
index 2225a32bf45..4b51d1cff98 100644
--- a/tests/unit/test_collector.py
+++ b/tests/unit/test_collector.py
@@ -539,6 +539,18 @@ def test_parse_links_caches_same_page_by_url() -> None:
     assert "pkg2" in parsed_links_3[0].url
 
 
+def test_parse_link_handles_deprecated_usage_properly() -> None:
+    html = b'<a href="/pkg1-1.0.tar.gz"><a href="/pkg1-2.0.tar.gz">'
+    url = "https://example.com/simple/"
+    page = HTMLPage(html, encoding=None, url=url)
+
+    parsed_links = list(parse_links(page, use_deprecated_html5lib=True))
+
+    assert len(parsed_links) == 2
+    assert "pkg1-1.0" in parsed_links[0].url
+    assert "pkg1-2.0" in parsed_links[1].url
+
+
 @mock.patch("pip._internal.index.collector.raise_for_status")
 def test_request_http_error(
     mock_raise_for_status: mock.Mock, caplog: pytest.LogCaptureFixture