diff --git a/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js b/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
index 01397d00004fc..0b14e567c7e0d 100644
--- a/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
@@ -301,6 +301,72 @@ describe('ReactDOMFizzServer', () => {
     );
   });
 
+  // @gate experimental
+  it('#23331: does not warn about hydration mismatches if something suspended in an earlier sibling', async () => {
+    const makeApp = () => {
+      let resolve;
+      const imports = new Promise(r => {
+        resolve = () => r({default: () => <span id="async">async</span>});
+      });
+      const Lazy = React.lazy(() => imports);
+
+      const App = () => (
+        <div>
+          <Suspense fallback={<span>Loading...</span>}>
+            <Lazy />
+            <span id="after">after</span>
+          </Suspense>
+        </div>
+      );
+
+      return [App, resolve];
+    };
+
+    // Server-side
+    const [App, resolve] = makeApp();
+    await act(async () => {
+      const {pipe} = ReactDOMFizzServer.renderToPipeableStream(<App />);
+      pipe(writable);
+    });
+    expect(getVisibleChildren(container)).toEqual(
+      <div>
+        <span>Loading...</span>
+      </div>,
+    );
+    await act(async () => {
+      resolve();
+    });
+    expect(getVisibleChildren(container)).toEqual(
+      <div>
+        <span id="async">async</span>
+        <span id="after">after</span>
+      </div>,
+    );
+
+    // Client-side
+    const [HydrateApp, hydrateResolve] = makeApp();
+    await act(async () => {
+      ReactDOM.hydrateRoot(container, <HydrateApp />);
+    });
+
+    expect(getVisibleChildren(container)).toEqual(
+      <div>
+        <span id="async">async</span>
+        <span id="after">after</span>
+      </div>,
+    );
+
+    await act(async () => {
+      hydrateResolve();
+    });
+    expect(getVisibleChildren(container)).toEqual(
+      <div>
+        <span id="async">async</span>
+        <span id="after">after</span>
+      </div>,
+    );
+  });
+
   // @gate experimental
   it('should support nonce scripts', async () => {
     CSPnonce = 'R4nd0m';
diff --git a/packages/react-dom/src/client/ReactDOMComponent.js b/packages/react-dom/src/client/ReactDOMComponent.js
index 767b200f29093..1552629da1744 100644
--- a/packages/react-dom/src/client/ReactDOMComponent.js
+++ b/packages/react-dom/src/client/ReactDOMComponent.js
@@ -230,6 +230,7 @@ export function checkForUnmatchedText(
   serverText: string,
   clientText: string | number,
   isConcurrentMode: boolean,
+  shouldWarnDev: boolean,
 ) {
   const normalizedClientText = normalizeMarkupForTextOrAttribute(clientText);
   const normalizedServerText = normalizeMarkupForTextOrAttribute(serverText);
@@ -237,14 +238,16 @@ export function checkForUnmatchedText(
     return;
   }
 
-  if (__DEV__) {
-    if (!didWarnInvalidHydration) {
-      didWarnInvalidHydration = true;
-      console.error(
-        'Text content did not match. Server: "%s" Client: "%s"',
-        normalizedServerText,
-        normalizedClientText,
-      );
+  if (shouldWarnDev) {
+    if (__DEV__) {
+      if (!didWarnInvalidHydration) {
+        didWarnInvalidHydration = true;
+        console.error(
+          'Text content did not match. Server: "%s" Client: "%s"',
+          normalizedServerText,
+          normalizedClientText,
+        );
+      }
     }
   }
 
@@ -866,6 +869,7 @@ export function diffHydratedProperties(
   parentNamespace: string,
   rootContainerElement: Element | Document,
   isConcurrentMode: boolean,
+  shouldWarnDev: boolean,
 ): null | Array<mixed> {
   let isCustomComponentTag;
   let extraAttributeNames: Set<string>;
@@ -985,6 +989,7 @@ export function diffHydratedProperties(
               domElement.textContent,
               nextProp,
               isConcurrentMode,
+              shouldWarnDev,
             );
           }
           updatePayload = [CHILDREN, nextProp];
@@ -996,6 +1001,7 @@ export function diffHydratedProperties(
               domElement.textContent,
               nextProp,
               isConcurrentMode,
+              shouldWarnDev,
             );
           }
           updatePayload = [CHILDREN, '' + nextProp];
@@ -1011,6 +1017,7 @@ export function diffHydratedProperties(
         }
       }
     } else if (
+      shouldWarnDev &&
       __DEV__ &&
       // Convince Flow we've calculated it (it's DEV-only in this method.)
       typeof isCustomComponentTag === 'boolean'
@@ -1142,10 +1149,12 @@ export function diffHydratedProperties(
   }
 
   if (__DEV__) {
-    // $FlowFixMe - Should be inferred as not undefined.
-    if (extraAttributeNames.size > 0 && !suppressHydrationWarning) {
+    if (shouldWarnDev) {
       // $FlowFixMe - Should be inferred as not undefined.
-      warnForExtraAttributes(extraAttributeNames);
+      if (extraAttributeNames.size > 0 && !suppressHydrationWarning) {
+        // $FlowFixMe - Should be inferred as not undefined.
+        warnForExtraAttributes(extraAttributeNames);
+      }
     }
   }
 
diff --git a/packages/react-dom/src/client/ReactDOMHostConfig.js b/packages/react-dom/src/client/ReactDOMHostConfig.js
index 4863a16eda68e..97eb494ecba2a 100644
--- a/packages/react-dom/src/client/ReactDOMHostConfig.js
+++ b/packages/react-dom/src/client/ReactDOMHostConfig.js
@@ -786,6 +786,7 @@ export function hydrateInstance(
   rootContainerInstance: Container,
   hostContext: HostContext,
   internalInstanceHandle: Object,
+  shouldWarnDev: boolean,
 ): null | Array<mixed> {
   precacheFiberNode(internalInstanceHandle, instance);
   // TODO: Possibly defer this until the commit phase where all the events
@@ -811,6 +812,7 @@ export function hydrateInstance(
     parentNamespace,
     rootContainerInstance,
     isConcurrentMode,
+    shouldWarnDev,
   );
 }
 
@@ -818,6 +820,7 @@ export function hydrateTextInstance(
   textInstance: TextInstance,
   text: string,
   internalInstanceHandle: Object,
+  shouldWarnDev: boolean,
 ): boolean {
   precacheFiberNode(internalInstanceHandle, textInstance);
 
@@ -924,7 +927,13 @@ export function didNotMatchHydratedContainerTextInstance(
   text: string,
   isConcurrentMode: boolean,
 ) {
-  checkForUnmatchedText(textInstance.nodeValue, text, isConcurrentMode);
+  const shouldWarnDev = true;
+  checkForUnmatchedText(
+    textInstance.nodeValue,
+    text,
+    isConcurrentMode,
+    shouldWarnDev,
+  );
 }
 
 export function didNotMatchHydratedTextInstance(
@@ -936,7 +945,13 @@ export function didNotMatchHydratedTextInstance(
   isConcurrentMode: boolean,
 ) {
   if (parentProps[SUPPRESS_HYDRATION_WARNING] !== true) {
-    checkForUnmatchedText(textInstance.nodeValue, text, isConcurrentMode);
+    const shouldWarnDev = true;
+    checkForUnmatchedText(
+      textInstance.nodeValue,
+      text,
+      isConcurrentMode,
+      shouldWarnDev,
+    );
   }
 }
 
diff --git a/packages/react-reconciler/src/ReactFiberHydrationContext.new.js b/packages/react-reconciler/src/ReactFiberHydrationContext.new.js
index 6905f58e2ab1b..6a7a175d6cff3 100644
--- a/packages/react-reconciler/src/ReactFiberHydrationContext.new.js
+++ b/packages/react-reconciler/src/ReactFiberHydrationContext.new.js
@@ -84,6 +84,7 @@ import {queueRecoverableErrors} from './ReactFiberWorkLoop.new';
 let hydrationParentFiber: null | Fiber = null;
 let nextHydratableInstance: null | HydratableInstance = null;
 let isHydrating: boolean = false;
+let didSuspend: boolean = false;
 
 // Hydration errors that were thrown inside this boundary
 let hydrationErrors: Array<mixed> | null = null;
@@ -98,6 +99,12 @@ function warnIfHydrating() {
   }
 }
 
+export function markDidSuspendWhileHydratingDEV() {
+  if (__DEV__) {
+    didSuspend = true;
+  }
+}
+
 function enterHydrationState(fiber: Fiber): boolean {
   if (!supportsHydration) {
     return false;
@@ -110,6 +117,7 @@ function enterHydrationState(fiber: Fiber): boolean {
   hydrationParentFiber = fiber;
   isHydrating = true;
   hydrationErrors = null;
+  didSuspend = false;
   return true;
 }
 
@@ -127,6 +135,7 @@ function reenterHydrationStateFromDehydratedSuspenseInstance(
   hydrationParentFiber = fiber;
   isHydrating = true;
   hydrationErrors = null;
+  didSuspend = false;
   if (treeContext !== null) {
     restoreSuspendedTreeContext(fiber, treeContext);
   }
@@ -185,6 +194,13 @@ function deleteHydratableInstance(
 
 function warnNonhydratedInstance(returnFiber: Fiber, fiber: Fiber) {
   if (__DEV__) {
+    if (didSuspend) {
+      // Inside a boundary that already suspended. We're currently rendering the
+      // siblings of a suspended node. The mismatch may be due to the missing
+      // data, so it's probably a false positive.
+      return;
+    }
+
     switch (returnFiber.tag) {
       case HostRoot: {
         const parentContainer = returnFiber.stateNode.containerInfo;
@@ -418,6 +434,7 @@ function prepareToHydrateHostInstance(
   }
 
   const instance: Instance = fiber.stateNode;
+  const shouldWarnIfMismatchDev = !didSuspend;
   const updatePayload = hydrateInstance(
     instance,
     fiber.type,
@@ -425,6 +442,7 @@ function prepareToHydrateHostInstance(
     rootContainerInstance,
     hostContext,
     fiber,
+    shouldWarnIfMismatchDev,
   );
   // TODO: Type this specific to this type of component.
   fiber.updateQueue = (updatePayload: any);
@@ -446,7 +464,13 @@ function prepareToHydrateHostTextInstance(fiber: Fiber): boolean {
 
   const textInstance: TextInstance = fiber.stateNode;
   const textContent: string = fiber.memoizedProps;
-  const shouldUpdate = hydrateTextInstance(textInstance, textContent, fiber);
+  const shouldWarnIfMismatchDev = !didSuspend;
+  const shouldUpdate = hydrateTextInstance(
+    textInstance,
+    textContent,
+    fiber,
+    shouldWarnIfMismatchDev,
+  );
   if (shouldUpdate) {
     // We assume that prepareToHydrateHostTextInstance is called in a context where the
     // hydration parent is the parent host component of this host text.
@@ -616,6 +640,7 @@ function resetHydrationState(): void {
   hydrationParentFiber = null;
   nextHydratableInstance = null;
   isHydrating = false;
+  didSuspend = false;
 }
 
 export function upgradeHydrationErrorsToRecoverable(): void {
diff --git a/packages/react-reconciler/src/ReactFiberHydrationContext.old.js b/packages/react-reconciler/src/ReactFiberHydrationContext.old.js
index b9e88d3a21af0..8c334924943ab 100644
--- a/packages/react-reconciler/src/ReactFiberHydrationContext.old.js
+++ b/packages/react-reconciler/src/ReactFiberHydrationContext.old.js
@@ -84,6 +84,7 @@ import {queueRecoverableErrors} from './ReactFiberWorkLoop.old';
 let hydrationParentFiber: null | Fiber = null;
 let nextHydratableInstance: null | HydratableInstance = null;
 let isHydrating: boolean = false;
+let didSuspend: boolean = false;
 
 // Hydration errors that were thrown inside this boundary
 let hydrationErrors: Array<mixed> | null = null;
@@ -98,6 +99,12 @@ function warnIfHydrating() {
   }
 }
 
+export function markDidSuspendWhileHydratingDEV() {
+  if (__DEV__) {
+    didSuspend = true;
+  }
+}
+
 function enterHydrationState(fiber: Fiber): boolean {
   if (!supportsHydration) {
     return false;
@@ -110,6 +117,7 @@ function enterHydrationState(fiber: Fiber): boolean {
   hydrationParentFiber = fiber;
   isHydrating = true;
   hydrationErrors = null;
+  didSuspend = false;
   return true;
 }
 
@@ -127,6 +135,7 @@ function reenterHydrationStateFromDehydratedSuspenseInstance(
   hydrationParentFiber = fiber;
   isHydrating = true;
   hydrationErrors = null;
+  didSuspend = false;
   if (treeContext !== null) {
     restoreSuspendedTreeContext(fiber, treeContext);
   }
@@ -185,6 +194,13 @@ function deleteHydratableInstance(
 
 function warnNonhydratedInstance(returnFiber: Fiber, fiber: Fiber) {
   if (__DEV__) {
+    if (didSuspend) {
+      // Inside a boundary that already suspended. We're currently rendering the
+      // siblings of a suspended node. The mismatch may be due to the missing
+      // data, so it's probably a false positive.
+      return;
+    }
+
     switch (returnFiber.tag) {
       case HostRoot: {
         const parentContainer = returnFiber.stateNode.containerInfo;
@@ -418,6 +434,7 @@ function prepareToHydrateHostInstance(
   }
 
   const instance: Instance = fiber.stateNode;
+  const shouldWarnIfMismatchDev = !didSuspend;
   const updatePayload = hydrateInstance(
     instance,
     fiber.type,
@@ -425,6 +442,7 @@ function prepareToHydrateHostInstance(
     rootContainerInstance,
     hostContext,
     fiber,
+    shouldWarnIfMismatchDev,
   );
   // TODO: Type this specific to this type of component.
   fiber.updateQueue = (updatePayload: any);
@@ -446,7 +464,13 @@ function prepareToHydrateHostTextInstance(fiber: Fiber): boolean {
 
   const textInstance: TextInstance = fiber.stateNode;
   const textContent: string = fiber.memoizedProps;
-  const shouldUpdate = hydrateTextInstance(textInstance, textContent, fiber);
+  const shouldWarnIfMismatchDev = !didSuspend;
+  const shouldUpdate = hydrateTextInstance(
+    textInstance,
+    textContent,
+    fiber,
+    shouldWarnIfMismatchDev,
+  );
   if (shouldUpdate) {
     // We assume that prepareToHydrateHostTextInstance is called in a context where the
     // hydration parent is the parent host component of this host text.
@@ -616,6 +640,7 @@ function resetHydrationState(): void {
   hydrationParentFiber = null;
   nextHydratableInstance = null;
   isHydrating = false;
+  didSuspend = false;
 }
 
 export function upgradeHydrationErrorsToRecoverable(): void {
diff --git a/packages/react-reconciler/src/ReactFiberThrow.new.js b/packages/react-reconciler/src/ReactFiberThrow.new.js
index cc5e3215c786d..815cb25ef045f 100644
--- a/packages/react-reconciler/src/ReactFiberThrow.new.js
+++ b/packages/react-reconciler/src/ReactFiberThrow.new.js
@@ -83,6 +83,7 @@ import {
 } from './ReactFiberLane.new';
 import {
   getIsHydrating,
+  markDidSuspendWhileHydratingDEV,
   queueHydrationError,
 } from './ReactFiberHydrationContext.new';
 
@@ -513,6 +514,8 @@ function throwException(
   } else {
     // This is a regular error, not a Suspense wakeable.
     if (getIsHydrating() && sourceFiber.mode & ConcurrentMode) {
+      markDidSuspendWhileHydratingDEV();
+
       const suspenseBoundary = getNearestSuspenseBoundaryToCapture(returnFiber);
       // If the error was thrown during hydration, we may be able to recover by
       // discarding the dehydrated content and switching to a client render.
diff --git a/packages/react-reconciler/src/ReactFiberThrow.old.js b/packages/react-reconciler/src/ReactFiberThrow.old.js
index 727c613d7622f..ec89f5ab0cd5e 100644
--- a/packages/react-reconciler/src/ReactFiberThrow.old.js
+++ b/packages/react-reconciler/src/ReactFiberThrow.old.js
@@ -83,6 +83,7 @@ import {
 } from './ReactFiberLane.old';
 import {
   getIsHydrating,
+  markDidSuspendWhileHydratingDEV,
   queueHydrationError,
 } from './ReactFiberHydrationContext.old';
 
@@ -513,6 +514,8 @@ function throwException(
   } else {
     // This is a regular error, not a Suspense wakeable.
     if (getIsHydrating() && sourceFiber.mode & ConcurrentMode) {
+      markDidSuspendWhileHydratingDEV();
+
       const suspenseBoundary = getNearestSuspenseBoundaryToCapture(returnFiber);
       // If the error was thrown during hydration, we may be able to recover by
       // discarding the dehydrated content and switching to a client render.