diff --git a/src/corelib/io/qfilesystemwatcher_win.cpp b/src/corelib/io/qfilesystemwatcher_win.cpp
index 039992adba..4907a20a5f 100644
--- a/src/corelib/io/qfilesystemwatcher_win.cpp
+++ b/src/corelib/io/qfilesystemwatcher_win.cpp
@@ -248,6 +248,7 @@ QStringList QWindowsFileSystemWatcherEngine::removePaths(const QStringList &path
                     // ###
                     files->removeAll(path);
                     directories->removeAll(path);
+                    it.remove();
 
                     if (h.isEmpty()) {
                         DEBUG() << "Closing handle" << handle.handle;
@@ -260,8 +261,6 @@ QStringList QWindowsFileSystemWatcherEngine::removePaths(const QStringList &path
                         thread->handleForDir.remove(QFileSystemWatcherPathKey(absolutePath));
                         // h is now invalid
 
-                        it.remove();
-
                         if (thread->handleForDir.isEmpty()) {
                             DEBUG() << "Stopping thread " << thread;
                             locker.unlock();
diff --git a/tests/auto/corelib/io/qfilesystemwatcher/tst_qfilesystemwatcher.cpp b/tests/auto/corelib/io/qfilesystemwatcher/tst_qfilesystemwatcher.cpp
index 0ebfd2ae35..7e56ecaab3 100644
--- a/tests/auto/corelib/io/qfilesystemwatcher/tst_qfilesystemwatcher.cpp
+++ b/tests/auto/corelib/io/qfilesystemwatcher/tst_qfilesystemwatcher.cpp
@@ -62,6 +62,7 @@ private slots:
     void removePath();
     void addPaths();
     void removePaths();
+    void removePathsFilesInSameDirectory();
 
     void watchFileAndItsDirectory_data() { basicTest_data(); }
     void watchFileAndItsDirectory();
@@ -460,6 +461,31 @@ void tst_QFileSystemWatcher::removePaths()
     watcher.removePaths(paths);
 }
 
+void tst_QFileSystemWatcher::removePathsFilesInSameDirectory()
+{
+    // QTBUG-46449/Windows: Check the return values of removePaths().
+    // When adding the 1st file, a thread is started to watch the temp path.
+    // After adding and removing the 2nd file, the thread is still running and
+    // success should be reported.
+    QTemporaryFile file1(m_tempDirPattern);
+    QTemporaryFile file2(m_tempDirPattern);
+    QVERIFY2(file1.open(), qPrintable(file1.errorString()));
+    QVERIFY2(file2.open(), qPrintable(file1.errorString()));
+    const QString path1 = file1.fileName();
+    const QString path2 = file2.fileName();
+    file1.close();
+    file2.close();
+    QFileSystemWatcher watcher;
+    QVERIFY(watcher.addPath(path1));
+    QCOMPARE(watcher.files().size(), 1);
+    QVERIFY(watcher.addPath(path2));
+    QCOMPARE(watcher.files().size(), 2);
+    QVERIFY(watcher.removePath(path1));
+    QCOMPARE(watcher.files().size(), 1);
+    QVERIFY(watcher.removePath(path2));
+    QCOMPARE(watcher.files().size(), 0);
+}
+
 static QByteArray msgFileOperationFailed(const char *what, const QFile &f)
 {
     return what + QByteArrayLiteral(" failed on \"")