diff --git a/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp b/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
index f12da5c60e..d428b91a19 100644
--- a/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
+++ b/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
@@ -349,7 +349,7 @@ ScriptLoadResult ScriptSystemComponent::LoadAndGetNativeContext(const Data::Asse
 
         // Check if already loaded
         auto scriptIt = container->m_loadedScripts.find(asset.GetId().m_guid);
-        if (scriptIt != container->m_loadedScripts.end())
+        if (scriptIt != container->m_loadedScripts.end() && scriptIt->second.m_scriptAsset.Get())
         {
             lua_rawgeti(lua, LUA_REGISTRYINDEX, scriptIt->second.m_tableReference);
 
@@ -699,6 +699,10 @@ Data::AssetHandler::LoadResult ScriptSystemComponent::LoadAssetData(
         script->m_scriptBuffer.resize(scriptDataLength);
         stream->Read(scriptDataLength, script->m_scriptBuffer.data());
 
+        // Clear cached references in the event of a successful load. This function has to be queued on
+        // AssetBus where NotifyAssetReloaded is also queued, to ensure its execution before NotifyAssetReloaded
+        Data::AssetBus::QueueFunction(&ScriptSystemComponent::ClearAssetReferences, this, asset.GetId());
+
         return Data::AssetHandler::LoadResult::LoadComplete;
     }