diff --git a/iree/vm/bytecode_dispatch.c b/iree/vm/bytecode_dispatch.c
index 8765945..1019149 100644
--- a/iree/vm/bytecode_dispatch.c
+++ b/iree/vm/bytecode_dispatch.c
@@ -1230,12 +1230,16 @@
         // Select LHS.
         IREE_RETURN_IF_ERROR(iree_vm_ref_retain_or_move_checked(
             true_value_is_move, true_value, type_def->ref_type, result));
-        if (false_value_is_move) iree_vm_ref_release(false_value);
+        if (false_value_is_move && false_value != result) {
+          iree_vm_ref_release(false_value);
+        }
       } else {
         // Select RHS.
         IREE_RETURN_IF_ERROR(iree_vm_ref_retain_or_move_checked(
             false_value_is_move, false_value, type_def->ref_type, result));
-        if (true_value_is_move) iree_vm_ref_release(true_value);
+        if (true_value_is_move && true_value != result) {
+          iree_vm_ref_release(true_value);
+        }
       }
     });
 
diff --git a/iree/vm/ref.h b/iree/vm/ref.h
index 191a6d4..5ee6343 100644
--- a/iree/vm/ref.h
+++ b/iree/vm/ref.h
@@ -170,8 +170,12 @@
 // Checks that the given reference-counted pointer |ref| is of |type|.
 static inline iree_status_t iree_vm_ref_check(const iree_vm_ref_t ref,
                                               iree_vm_ref_type_t type) {
-  return ref.type == type ? iree_ok_status()
-                          : iree_make_status(IREE_STATUS_INVALID_ARGUMENT);
+  return IREE_LIKELY(ref.type == type)
+             ? iree_ok_status()
+             : iree_make_status(IREE_STATUS_INVALID_ARGUMENT,
+                                ref.type == IREE_VM_REF_TYPE_NULL
+                                    ? "ref is null"
+                                    : "ref type mismatch");
 }
 
 // Retains the reference-counted pointer |ref|.
diff --git a/iree/vm/test/assignment_ops.mlir b/iree/vm/test/assignment_ops.mlir
index ef10708..967ceb8 100644
--- a/iree/vm/test/assignment_ops.mlir
+++ b/iree/vm/test/assignment_ops.mlir
@@ -16,4 +16,17 @@
     vm.check.eq %v2, %c0, "1 ? 0 : 1 = 0" : i32
     vm.return
   }
+
+  vm.export @test_select_ref
+  vm.func @test_select_ref() {
+    %c0 = vm.const.i32 0 : i32
+    %list0 = vm.list.alloc %c0 : (i32) -> !vm.list<i8>
+    %c1 = vm.const.i32 1 : i32
+    %list1 = vm.list.alloc %c1 : (i32) -> !vm.list<i8>
+    %cond = vm.const.i32 0 : i32
+    %cond_dno = iree.do_not_optimize(%cond) : i32
+    %list = vm.select.ref %cond_dno, %list0, %list1 : !vm.list<i8>
+    vm.check.eq %list, %list1, "0 ? list0 : list1 = list1" : !vm.list<i8>
+    vm.return
+  }
 }