diff --git a/packages/react-reconciler/src/ReactFiberBeginWork.js b/packages/react-reconciler/src/ReactFiberBeginWork.js
index 3ad78e2a7926..f08189c3ef01 100644
--- a/packages/react-reconciler/src/ReactFiberBeginWork.js
+++ b/packages/react-reconciler/src/ReactFiberBeginWork.js
@@ -856,7 +856,7 @@ function updateClassComponent(
   );
   if (__DEV__) {
     const inst = workInProgress.stateNode;
-    if (inst.props !== nextProps) {
+    if (shouldUpdate && inst.props !== nextProps) {
       if (!didWarnAboutReassigningProps) {
         console.error(
           'It looks like %s is reassigning its own `this.props` while rendering. ' +
diff --git a/packages/react-reconciler/src/ReactFiberClassComponent.js b/packages/react-reconciler/src/ReactFiberClassComponent.js
index 7b9be3544e71..a688b891fa51 100644
--- a/packages/react-reconciler/src/ReactFiberClassComponent.js
+++ b/packages/react-reconciler/src/ReactFiberClassComponent.js
@@ -997,11 +997,13 @@ function updateClassInstance(
 
   cloneUpdateQueue(current, workInProgress);
 
-  const oldProps = workInProgress.memoizedProps;
-  instance.props =
+  const unresolvedOldProps = workInProgress.memoizedProps;
+  const oldProps =
     workInProgress.type === workInProgress.elementType
-      ? oldProps
-      : resolveDefaultProps(workInProgress.type, oldProps);
+      ? unresolvedOldProps
+      : resolveDefaultProps(workInProgress.type, unresolvedOldProps);
+  instance.props = oldProps;
+  const unresolvedNewProps = workInProgress.pendingProps;
 
   const oldContext = instance.context;
   const contextType = ctor.contextType;
@@ -1029,7 +1031,10 @@ function updateClassInstance(
     (typeof instance.UNSAFE_componentWillReceiveProps === 'function' ||
       typeof instance.componentWillReceiveProps === 'function')
   ) {
-    if (oldProps !== newProps || oldContext !== nextContext) {
+    if (
+      unresolvedOldProps !== unresolvedNewProps ||
+      oldContext !== nextContext
+    ) {
       callComponentWillReceiveProps(
         workInProgress,
         instance,
@@ -1047,7 +1052,7 @@ function updateClassInstance(
   newState = workInProgress.memoizedState;
 
   if (
-    oldProps === newProps &&
+    unresolvedOldProps === unresolvedNewProps &&
     oldState === newState &&
     !hasContextChanged() &&
     !checkHasForceUpdateAfterProcessing()
@@ -1056,7 +1061,7 @@ function updateClassInstance(
     // effect even though we're bailing out, so that cWU/cDU are called.
     if (typeof instance.componentDidUpdate === 'function') {
       if (
-        oldProps !== current.memoizedProps ||
+        unresolvedOldProps !== current.memoizedProps ||
         oldState !== current.memoizedState
       ) {
         workInProgress.effectTag |= Update;
@@ -1064,7 +1069,7 @@ function updateClassInstance(
     }
     if (typeof instance.getSnapshotBeforeUpdate === 'function') {
       if (
-        oldProps !== current.memoizedProps ||
+        unresolvedOldProps !== current.memoizedProps ||
         oldState !== current.memoizedState
       ) {
         workInProgress.effectTag |= Snapshot;
@@ -1121,7 +1126,7 @@ function updateClassInstance(
     // effect even though we're bailing out, so that cWU/cDU are called.
     if (typeof instance.componentDidUpdate === 'function') {
       if (
-        oldProps !== current.memoizedProps ||
+        unresolvedOldProps !== current.memoizedProps ||
         oldState !== current.memoizedState
       ) {
         workInProgress.effectTag |= Update;
@@ -1129,7 +1134,7 @@ function updateClassInstance(
     }
     if (typeof instance.getSnapshotBeforeUpdate === 'function') {
       if (
-        oldProps !== current.memoizedProps ||
+        unresolvedOldProps !== current.memoizedProps ||
         oldState !== current.memoizedState
       ) {
         workInProgress.effectTag |= Snapshot;
diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index d542173fce30..33533a754586 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -343,6 +343,97 @@ describe('ReactLazy', () => {
     expect(root).toMatchRenderedOutput('SiblingB');
   });
 
+  it('resolves defaultProps without breaking bailout due to unchanged props and state, #17151', async () => {
+    class LazyImpl extends React.Component {
+      static defaultProps = {value: 0};
+
+      render() {
+        const text = `${this.props.label}: ${this.props.value}`;
+        return <Text text={text} />;
+      }
+    }
+
+    const Lazy = lazy(() => fakeImport(LazyImpl));
+
+    const instance1 = React.createRef(null);
+    const instance2 = React.createRef(null);
+
+    const root = ReactTestRenderer.create(
+      <>
+        <LazyImpl ref={instance1} label="Not lazy" />
+        <Suspense fallback={<Text text="Loading..." />}>
+          <Lazy ref={instance2} label="Lazy" />
+        </Suspense>
+      </>,
+      {
+        unstable_isConcurrent: true,
+      },
+    );
+    expect(Scheduler).toFlushAndYield(['Not lazy: 0', 'Loading...']);
+    expect(root).not.toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    await Promise.resolve();
+
+    expect(Scheduler).toFlushAndYield(['Lazy: 0']);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    // Should bailout due to unchanged props and state
+    instance1.current.setState(null);
+    expect(Scheduler).toFlushAndYield([]);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    // Should bailout due to unchanged props and state
+    instance2.current.setState(null);
+    expect(Scheduler).toFlushAndYield([]);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+  });
+
+  it('resolves defaultProps without breaking bailout in PureComponent, #17151', async () => {
+    class LazyImpl extends React.PureComponent {
+      static defaultProps = {value: 0};
+      state = {};
+
+      render() {
+        const text = `${this.props.label}: ${this.props.value}`;
+        return <Text text={text} />;
+      }
+    }
+
+    const Lazy = lazy(() => fakeImport(LazyImpl));
+
+    const instance1 = React.createRef(null);
+    const instance2 = React.createRef(null);
+
+    const root = ReactTestRenderer.create(
+      <>
+        <LazyImpl ref={instance1} label="Not lazy" />
+        <Suspense fallback={<Text text="Loading..." />}>
+          <Lazy ref={instance2} label="Lazy" />
+        </Suspense>
+      </>,
+      {
+        unstable_isConcurrent: true,
+      },
+    );
+    expect(Scheduler).toFlushAndYield(['Not lazy: 0', 'Loading...']);
+    expect(root).not.toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    await Promise.resolve();
+
+    expect(Scheduler).toFlushAndYield(['Lazy: 0']);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    // Should bailout due to shallow equal props and state
+    instance1.current.setState({});
+    expect(Scheduler).toFlushAndYield([]);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+
+    // Should bailout due to shallow equal props and state
+    instance2.current.setState({});
+    expect(Scheduler).toFlushAndYield([]);
+    expect(root).toMatchRenderedOutput('Not lazy: 0Lazy: 0');
+  });
+
   it('sets defaultProps for modern lifecycles', async () => {
     class C extends React.Component {
       static defaultProps = {text: 'A'};