diff --git a/mypy/checker.py b/mypy/checker.py
index 8775f1ddef29..7b91a8a3b018 100644
--- a/mypy/checker.py
+++ b/mypy/checker.py
@@ -215,6 +215,7 @@
     LiteralType,
     NoneType,
     Overloaded,
+    ParamSpecType,
     PartialType,
     ProperType,
     TupleType,
@@ -8954,6 +8955,16 @@ def overload_can_never_match(signature: CallableType, other: CallableType) -> bo
 
     Assumes that both signatures have overlapping argument counts.
     """
+    # If the signature uses ParamSpec-flavored *args or **kwargs, we cannot
+    # reliably determine overlap. Erasing a ParamSpec to Any makes
+    # P.args/P.kwargs look like *Any/**Any, which appears to accept all
+    # arguments — but in reality the ParamSpec is constrained to the
+    # wrapped function's parameters. This leads to false positives where
+    # we incorrectly conclude that the other overload can never match.
+    for arg_type in signature.arg_types:
+        if isinstance(arg_type, ParamSpecType) and arg_type.flavor != 0:  # BARE = 0
+            return False
+
     # The extra erasure is needed to prevent spurious errors
     # in situations where an `Any` overload is used as a fallback
     # for an overload with type variables. The spurious error appears
diff --git a/test-data/unit/check-parameter-specification.test b/test-data/unit/check-parameter-specification.test
index b0808105a385..d105832f1fa9 100644
--- a/test-data/unit/check-parameter-specification.test
+++ b/test-data/unit/check-parameter-specification.test
@@ -2756,3 +2756,19 @@ reveal_type(Sneaky(f8, 1, y='').kwargs)  # N: Revealed type is "builtins.dict[bu
 reveal_type(Sneaky(f9, 1, y=0).kwargs)  # N: Revealed type is "TypedDict('builtins.dict', {'x'?: builtins.int, 'y': builtins.int, 'z'?: builtins.str})"
 reveal_type(Sneaky(f9, 1, y=0, z='').kwargs)  # N: Revealed type is "TypedDict('builtins.dict', {'x'?: builtins.int, 'y': builtins.int, 'z'?: builtins.str})"
 [builtins fixtures/paramspec.pyi]
+
+[case testOverloadParamSpecNoFalsePositiveCannotMatch]
+# Test that overloads using P.args/P.kwargs don't trigger false
+# "overload will never be matched" errors when combined with
+# overloads using explicit keyword-only parameters.
+from typing import Any, overload, ParamSpec, TypeVar, Callable
+
+P = ParamSpec("P")
+T = TypeVar("T")
+
+@overload
+def bar(f: Callable[P, T], *a: P.args, **k: P.kwargs) -> T: ...
+@overload
+def bar(f: Callable[..., T], *a: Any, baz: int, **k: Any) -> T: ...
+def bar(f, *a, **k): ...
+[builtins fixtures/paramspec.pyi]