diff --git a/src/eval.c b/src/eval.c
index e05a17f7b4b..ca1eb84ff3f 100644
--- a/src/eval.c
+++ b/src/eval.c
@@ -1553,7 +1553,10 @@ signal_or_quit (Lisp_Object error_symbol, Lisp_Object data, bool keyboard_quit)
 
   /* This hook is used by edebug.  */
   if (! NILP (Vsignal_hook_function)
-      && ! NILP (error_symbol))
+      && ! NILP (error_symbol)
+      /* Don't try to call a lisp function if we've already overflowed
+         the specpdl stack.  */
+      && specpdl_ptr < specpdl + specpdl_size)
     {
       /* Edebug takes care of restoring these variables when it exits.  */
       if (lisp_eval_depth + 20 > max_lisp_eval_depth)
diff --git a/test/src/eval-tests.el b/test/src/eval-tests.el
index 201382da9c4..e68fd136113 100644
--- a/test/src/eval-tests.el
+++ b/test/src/eval-tests.el
@@ -79,4 +79,24 @@ Bug#24912 and Bug#24913."
   (let ((clauses (list '((progn (setcdr clauses "ouch") nil)))))
     (should-error (eval (cons 'cond clauses)))))
 
+(defun eval-tests--exceed-specbind-limit ()
+  (defvar eval-tests--var1)
+  (defvar eval-tests--var2)
+  ;; Bind two variables, to make extra sure we hit the
+  ;; `max-specpdl-size' limit before the `max-lisp-eval-depth' limit.
+  (let ((eval-tests--var1 1)
+        (eval-tests--var2 2))
+    ;; Recurse until we hit the limit.
+    (eval-tests--exceed-specbind-limit)))
+
+(ert-deftest eval-exceed-specbind-with-signal-hook ()
+  "Test for Bug#30481.
+Check that Emacs doesn't crash when exceeding specbind limit with
+`signal-hook-function' bound.  NOTE: Without the fix for
+Bug#30481, this test can appear to pass, but cause a
+crash/abort/malloc assert failure on the next test."
+  (let ((max-specpdl-size (/ max-lisp-eval-depth 2))
+        (signal-hook-function #'ignore))
+    (should-error (eval-tests--exceed-specbind-limit))))
+
 ;;; eval-tests.el ends here