diff --git a/module/bdev/lvol/vbdev_lvol.c b/module/bdev/lvol/vbdev_lvol.c
index 5be2cb96c..652fce8d8 100644
--- a/module/bdev/lvol/vbdev_lvol.c
+++ b/module/bdev/lvol/vbdev_lvol.c
@@ -44,12 +44,15 @@ static TAILQ_HEAD(, lvol_store_bdev) g_spdk_lvol_pairs = TAILQ_HEAD_INITIALIZER(
 			g_spdk_lvol_pairs);
 
 static int vbdev_lvs_init(void);
+static void vbdev_lvs_fini_start(void);
 static int vbdev_lvs_get_ctx_size(void);
 static void vbdev_lvs_examine(struct spdk_bdev *bdev);
+static bool g_shutdown_started = false;
 
 static struct spdk_bdev_module g_lvol_if = {
 	.name = "lvol",
 	.module_init = vbdev_lvs_init,
+	.fini_start = vbdev_lvs_fini_start,
 	.examine_disk = vbdev_lvs_examine,
 	.get_ctx_size = vbdev_lvs_get_ctx_size,
 
@@ -548,10 +551,33 @@ struct vbdev_lvol_destroy_ctx {
 	void *cb_arg;
 };
 
+static void
+_vbdev_lvol_unregister_unload_lvs(void *cb_arg, int lvserrno)
+{
+	struct lvol_bdev *lvol_bdev = cb_arg;
+	struct lvol_store_bdev *lvs_bdev = lvol_bdev->lvs_bdev;
+
+	if (lvserrno != 0) {
+		SPDK_INFOLOG(vbdev_lvol, "Lvol store removed with error: %d.\n", lvserrno);
+	}
+
+	TAILQ_REMOVE(&g_spdk_lvol_pairs, lvs_bdev, lvol_stores);
+	free(lvs_bdev);
+
+	spdk_bdev_destruct_done(&lvol_bdev->bdev, lvserrno);
+	free(lvol_bdev);
+}
+
 static void
 _vbdev_lvol_unregister_cb(void *ctx, int lvolerrno)
 {
 	struct lvol_bdev *lvol_bdev = ctx;
+	struct lvol_store_bdev *lvs_bdev = lvol_bdev->lvs_bdev;
+
+	if (g_shutdown_started && _vbdev_lvs_are_lvols_closed(lvs_bdev->lvs)) {
+		spdk_lvs_unload(lvs_bdev->lvs, _vbdev_lvol_unregister_unload_lvs, lvol_bdev);
+		return;
+	}
 
 	spdk_bdev_destruct_done(&lvol_bdev->bdev, lvolerrno);
 	free(lvol_bdev);
@@ -944,6 +970,7 @@ _create_lvol_disk(struct spdk_lvol *lvol, bool destroy)
 	}
 
 	lvol_bdev->lvol = lvol;
+	lvol_bdev->lvs_bdev = lvs_bdev;
 
 	bdev = &lvol_bdev->bdev;
 	bdev->name = lvol->unique_id;
@@ -1203,6 +1230,12 @@ vbdev_lvs_init(void)
 	return 0;
 }
 
+static void
+vbdev_lvs_fini_start(void)
+{
+	g_shutdown_started = true;
+}
+
 static int
 vbdev_lvs_get_ctx_size(void)
 {
diff --git a/module/bdev/lvol/vbdev_lvol.h b/module/bdev/lvol/vbdev_lvol.h
index d59ba1668..1ccb485cc 100644
--- a/module/bdev/lvol/vbdev_lvol.h
+++ b/module/bdev/lvol/vbdev_lvol.h
@@ -50,6 +50,7 @@ struct lvol_store_bdev {
 struct lvol_bdev {
 	struct spdk_bdev	bdev;
 	struct spdk_lvol	*lvol;
+	struct lvol_store_bdev	*lvs_bdev;
 };
 
 int vbdev_lvs_create(const char *base_bdev_name, const char *name, uint32_t cluster_sz,
diff --git a/test/unit/lib/bdev/vbdev_lvol.c/vbdev_lvol_ut.c b/test/unit/lib/bdev/vbdev_lvol.c/vbdev_lvol_ut.c
index 9feddf77c..80cd1a69e 100644
--- a/test/unit/lib/bdev/vbdev_lvol.c/vbdev_lvol_ut.c
+++ b/test/unit/lib/bdev/vbdev_lvol.c/vbdev_lvol_ut.c
@@ -1040,7 +1040,7 @@ ut_lvol_rename(void)
 }
 
 static void
-ut_lvol_destroy(void)
+ut_bdev_finish(void)
 {
 	struct spdk_lvol_store *lvs;
 	struct spdk_lvol *lvol;
@@ -1048,44 +1048,47 @@ ut_lvol_destroy(void)
 	int sz = 10;
 	int rc;
 
-	/* Lvol store is successfully created */
-	rc = vbdev_lvs_create("bdev", "lvs", 0, LVS_CLEAR_WITH_UNMAP, lvol_store_op_with_handle_complete,
-			      NULL);
+	/* Test creating lvs with two lvols. Delete first lvol explicitly,
+	 * then start bdev finish. This should unload the remaining lvol and
+	 * lvol store. */
+
+	rc = vbdev_lvs_create("bdev", "lvs", 0, LVS_CLEAR_WITH_UNMAP,
+			      lvol_store_op_with_handle_complete, NULL);
 	CU_ASSERT(rc == 0);
 	CU_ASSERT(g_lvserrno == 0);
 	SPDK_CU_ASSERT_FATAL(g_lvol_store != NULL);
-	CU_ASSERT(g_lvol_store->bs_dev != NULL);
 	lvs = g_lvol_store;
 
-	/* Successful lvols create */
-	g_lvolerrno = -1;
-	rc = vbdev_lvol_create(lvs, "lvol", sz, false, LVOL_CLEAR_WITH_DEFAULT, vbdev_lvol_create_complete,
-			       NULL);
+	rc = vbdev_lvol_create(lvs, "lvol", sz, false, LVOL_CLEAR_WITH_DEFAULT,
+			       vbdev_lvol_create_complete, NULL);
 	SPDK_CU_ASSERT_FATAL(rc == 0);
 	CU_ASSERT(g_lvol != NULL);
 	CU_ASSERT(g_lvolerrno == 0);
 	lvol = g_lvol;
 
-	g_lvolerrno = -1;
-	rc = vbdev_lvol_create(lvs, "lvol2", sz, false, LVOL_CLEAR_WITH_DEFAULT, vbdev_lvol_create_complete,
-			       NULL);
+	rc = vbdev_lvol_create(lvs, "lvol2", sz, false, LVOL_CLEAR_WITH_DEFAULT,
+			       vbdev_lvol_create_complete, NULL);
 	SPDK_CU_ASSERT_FATAL(rc == 0);
 	CU_ASSERT(g_lvol != NULL);
 	CU_ASSERT(g_lvolerrno == 0);
 	lvol2 = g_lvol;
 
-	/* Successful lvols destroy */
+	/* Destroy explicitly first lvol */
 	vbdev_lvol_destroy(lvol, lvol_store_op_complete, NULL);
 	CU_ASSERT(g_lvol == NULL);
 	CU_ASSERT(g_lvolerrno == 0);
 
-	/* Hot remove lvol bdev */
+	/* Start bdev finish and unregister remaining lvol */
+	vbdev_lvs_fini_start();
+	CU_ASSERT(g_shutdown_started == true);
 	spdk_bdev_unregister(lvol2->bdev, _spdk_bdev_unregister_cb, NULL);
 
-	/* Unload lvol store */
-	vbdev_lvs_unload(lvs, lvol_store_op_complete, NULL);
-	CU_ASSERT(g_lvserrno == 0);
+	/* During shutdown, removal of last lvol should unload lvs */
 	CU_ASSERT(g_lvol_store == NULL);
+	CU_ASSERT(TAILQ_EMPTY(&g_spdk_lvol_pairs));
+
+	/* Revert module state back to normal */
+	g_shutdown_started = false;
 }
 
 static void
@@ -1456,7 +1459,7 @@ int main(int argc, char **argv)
 	CU_ADD_TEST(suite, ut_vbdev_lvol_submit_request);
 	CU_ADD_TEST(suite, ut_lvol_examine);
 	CU_ADD_TEST(suite, ut_lvol_rename);
-	CU_ADD_TEST(suite, ut_lvol_destroy);
+	CU_ADD_TEST(suite, ut_bdev_finish);
 	CU_ADD_TEST(suite, ut_lvs_rename);
 
 	CU_basic_set_mode(CU_BRM_VERBOSE);