diff --git a/Python/compile.c b/Python/compile.c
index a0ad3687f586d8..0dc85e11cebf6a 100644
--- a/Python/compile.c
+++ b/Python/compile.c
@@ -892,10 +892,10 @@ static PyObject*
 merge_consts_recursive(PyObject *const_cache, PyObject *o)
 {
     assert(PyDict_CheckExact(const_cache));
-    // None and Ellipsis are singleton, and key is the singleton.
+    // None and Ellipsis are immortal object, and key is the singleton.
     // No need to merge object and key.
     if (o == Py_None || o == Py_Ellipsis) {
-        return Py_NewRef(o);
+        return o;
     }
 
     PyObject *key = _PyCode_ConstantKey(o);