diff --git a/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp b/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
index f12da5c60e..015554538f 100644
--- a/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
+++ b/Code/Framework/AzCore/AzCore/Script/ScriptSystemComponent.cpp
@@ -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;
     }