diff --git a/Misc/NEWS.d/next/Library/2026-06-30-13-00-00.gh-issue-151842.OOM31g.rst b/Misc/NEWS.d/next/Library/2026-06-30-13-00-00.gh-issue-151842.OOM31g.rst
new file mode 100644
index 000000000000000..8a2ecf3c40032f5
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-06-30-13-00-00.gh-issue-151842.OOM31g.rst
@@ -0,0 +1,2 @@
+Fix a crash in :func:`!_interpreters.capture_exception` when
+:exc:`MemoryError` happens. Patch by Amrutha Modela.
diff --git a/Modules/_interpretersmodule.c b/Modules/_interpretersmodule.c
index faf3b25b68c4eb3..70adb59d6fdd54c 100644
--- a/Modules/_interpretersmodule.c
+++ b/Modules/_interpretersmodule.c
@@ -1580,7 +1580,9 @@ capture_exception(PyObject *self, PyObject *args, PyObject *kwds)
     }
 
 finally:
-    _PyXI_FreeExcInfo(info);
+    if (info != NULL) {
+        _PyXI_FreeExcInfo(info);
+    }
     if (exc != exc_arg) {
         if (PyErr_Occurred()) {
             PyErr_SetRaisedException(exc);
diff --git a/Python/crossinterp.c b/Python/crossinterp.c
index ba31f356d511f0e..143b77996481467 100644
--- a/Python/crossinterp.c
+++ b/Python/crossinterp.c
@@ -1648,6 +1648,7 @@ _PyXI_NewExcInfo(PyObject *exc)
     }
     _PyXI_excinfo *info = PyMem_RawCalloc(1, sizeof(_PyXI_excinfo));
     if (info == NULL) {
+        PyErr_NoMemory();
         return NULL;
     }
     const char *failure;
@@ -1668,6 +1669,7 @@ _PyXI_NewExcInfo(PyObject *exc)
 void
 _PyXI_FreeExcInfo(_PyXI_excinfo *info)
 {
+    assert(info != NULL);
     _PyXI_excinfo_clear(info);
     PyMem_RawFree(info);
 }