diff --git a/src/wp-includes/blocks.php b/src/wp-includes/blocks.php
index 829d916bfd..8791f93642 100644
--- a/src/wp-includes/blocks.php
+++ b/src/wp-includes/blocks.php
@@ -262,13 +262,6 @@ function parse_blocks( $content ) {
  * @return string Updated post content.
  */
 function do_blocks( $content ) {
-	// If there are blocks in this content, we shouldn't run wpautop() on it later.
-	$priority = has_filter( 'the_content', 'wpautop' );
-	if ( false !== $priority && doing_filter( 'the_content' ) && has_blocks( $content ) ) {
-		remove_filter( 'the_content', 'wpautop', $priority );
-		add_filter( 'the_content', '_restore_wpautop_hook', $priority + 1 );
-	}
-
 	$blocks = parse_blocks( $content );
 	$output = '';
 
@@ -276,6 +269,13 @@ function do_blocks( $content ) {
 		$output .= render_block( $block );
 	}
 
+	// If there are blocks in this content, we shouldn't run wpautop() on it later.
+	$priority = has_filter( 'the_content', 'wpautop' );
+	if ( false !== $priority && doing_filter( 'the_content' ) && has_blocks( $content ) ) {
+		remove_filter( 'the_content', 'wpautop', $priority );
+		add_filter( 'the_content', '_restore_wpautop_hook', $priority + 1 );
+	}
+
 	return $output;
 }
 
diff --git a/tests/phpunit/tests/blocks/render.php b/tests/phpunit/tests/blocks/render.php
index be41a4bb9a..05bfdeda3a 100644
--- a/tests/phpunit/tests/blocks/render.php
+++ b/tests/phpunit/tests/blocks/render.php
@@ -87,6 +87,32 @@ class WP_Test_Block_Render extends WP_UnitTestCase {
 		return $content;
 	}
 
+	/**
+	 * @ticket 45495
+	 */
+	function test_nested_calls_to_the_content() {
+		register_block_type(
+			'core/test',
+			array(
+				'render_callback' => array(
+					$this,
+					'dynamic_the_content_call',
+				),
+			)
+		);
+
+		$content = "foo\n\nbar";
+
+		$the_content = apply_filters( 'the_content', '<!-- wp:core/test -->' . $content . '<!-- /wp:core/test -->' );
+
+		$this->assertSame( $content, $the_content );
+	}
+
+	function dynamic_the_content_call( $attrs, $content ) {
+		apply_filters( 'the_content', '' );
+		return $content;
+	}
+
 	public function test_can_nest_at_least_so_deep() {
 		$minimum_depth = 99;