diff --git a/src/mixin.ts b/src/mixin.ts
index fb714135..dc100fda 100644
--- a/src/mixin.ts
+++ b/src/mixin.ts
@@ -14,7 +14,7 @@ import {
 import { ref } from './apis'
 import vmStateManager from './utils/vmStateManager'
 import {
-  updateTemplateRef,
+  afterRender,
   activateCurrentInstance,
   resolveScopedSlots,
   asVmProperty,
@@ -31,16 +31,13 @@ export function mixin(Vue: VueConstructor) {
   Vue.mixin({
     beforeCreate: functionApiInit,
     mounted(this: ComponentInstance) {
-      updateTemplateRef(this)
+      afterRender(this)
     },
     beforeUpdate() {
       updateVmAttrs(this as ComponentInstance)
     },
     updated(this: ComponentInstance) {
-      updateTemplateRef(this)
-      if (this.$vnode?.context) {
-        updateTemplateRef(this.$vnode.context)
-      }
+      afterRender(this)
     },
   })
 
diff --git a/src/utils/instance.ts b/src/utils/instance.ts
index 5544f976..9a5be538 100644
--- a/src/utils/instance.ts
+++ b/src/utils/instance.ts
@@ -1,3 +1,4 @@
+import type { VNode } from 'vue'
 import { ComponentInstance } from '../component'
 import vmStateManager from './vmStateManager'
 import {
@@ -76,7 +77,7 @@ export function asVmProperty(
   }
 }
 
-export function updateTemplateRef(vm: ComponentInstance) {
+function updateTemplateRef(vm: ComponentInstance) {
   const rawBindings = vmStateManager.get(vm, 'rawBindings') || {}
   if (!rawBindings || !Object.keys(rawBindings).length) return
 
@@ -103,6 +104,19 @@ export function updateTemplateRef(vm: ComponentInstance) {
   vmStateManager.set(vm, 'refs', validNewKeys)
 }
 
+export function afterRender(vm: ComponentInstance) {
+  const stack = [(vm as any)._vnode as VNode]
+  while (stack.length) {
+    const vnode = stack.pop()!
+    if (vnode.context) updateTemplateRef(vnode.context)
+    if (vnode.children) {
+      for (let i = 0; i < vnode.children.length; ++i) {
+        stack.push(vnode.children[i])
+      }
+    }
+  }
+}
+
 export function updateVmAttrs(vm: ComponentInstance, ctx?: SetupContext) {
   if (!vm) {
     return
diff --git a/test/templateRefs.spec.js b/test/templateRefs.spec.js
index f41ec845..2becd297 100644
--- a/test/templateRefs.spec.js
+++ b/test/templateRefs.spec.js
@@ -113,6 +113,36 @@ describe('ref', () => {
     //@ts-ignore
     expect(vm.$refs.barRef).toBe(vm.barRef)
   })
+
+  it('should update deeply nested component refs using scoped slots', async () => {
+    const vm = new Vue({
+      setup() {
+        const divRef = ref(null)
+        const showDiv = ref(false)
+        return {
+          divRef,
+          showDiv,
+        }
+      },
+      template: `<div><foo #default>Slot: <div ref="divRef" v-if="showDiv" /></foo></div>`,
+      components: {
+        foo: {
+          components: {
+            bar: {
+              template: `<div><slot /></div>`,
+            },
+          },
+          template: '<div><bar #default><slot /></bar></div>',
+        },
+      },
+    }).$mount()
+    await nextTick()
+    //@ts-ignore
+    vm.showDiv = true
+    await nextTick()
+    //@ts-ignore
+    expect(vm.$refs.divRef).toBe(vm.divRef)
+  })
   // TODO: how ?
   // it('work with createElement', () => {
   //   let root;