diff --git a/components/heap/heap_trace_standalone.c b/components/heap/heap_trace_standalone.c
index 4a01d5e024..3a62d24cf7 100644
--- a/components/heap/heap_trace_standalone.c
+++ b/components/heap/heap_trace_standalone.c
@@ -1,5 +1,5 @@
 /*
- * SPDX-FileCopyrightText: 2015-2022 Espressif Systems (Shanghai) CO LTD
+ * SPDX-FileCopyrightText: 2015-2023 Espressif Systems (Shanghai) CO LTD
  *
  * SPDX-License-Identifier: Apache-2.0
  */
@@ -66,7 +66,8 @@ static void list_setup(void);
 static void list_remove(heap_trace_record_t *r_remove);
 static heap_trace_record_t* list_add(const heap_trace_record_t *r_append);
 static heap_trace_record_t* list_pop_unused(void);
-static heap_trace_record_t* list_find_address_reverse(void *p);
+static heap_trace_record_t* list_find(void *p);
+static void list_find_and_remove(void* p);
 
 /* The actual records. */
 static records_t records;
@@ -86,7 +87,9 @@ static size_t r_get_idx;
 // We use a hash_map to make locating a record by memory address very fast.
 //   Key: addr                  // the memory address returned by malloc, calloc, realloc
 //   Value: hash_map[hash(key)] // a list of records ptrs, which contains the relevant record.
-static heap_trace_record_list_t* hash_map; // array of lists
+SLIST_HEAD(heap_trace_hash_list_struct_t, heap_trace_record_t);
+typedef struct heap_trace_hash_list_struct_t heap_trace_hash_list_t;
+static heap_trace_hash_list_t* hash_map; // array of lists
 static size_t total_hashmap_hits;
 static size_t total_hashmap_miss;
 
@@ -104,20 +107,20 @@ static HEAP_IRAM_ATTR size_t hash_idx(void* p)
 static HEAP_IRAM_ATTR void map_add(heap_trace_record_t *r_add)
 {
     size_t idx = hash_idx(r_add->address);
-    TAILQ_INSERT_TAIL(&hash_map[idx], r_add, tailq_hashmap);
+    SLIST_INSERT_HEAD(&hash_map[idx], r_add, slist_hashmap);
 }
 
 static HEAP_IRAM_ATTR void map_remove(heap_trace_record_t *r_remove)
 {
     size_t idx = hash_idx(r_remove->address);
-    TAILQ_REMOVE(&hash_map[idx], r_remove, tailq_hashmap);
+    SLIST_REMOVE(&hash_map[idx], r_remove, heap_trace_record_t, slist_hashmap);
 }
 
 static HEAP_IRAM_ATTR heap_trace_record_t* map_find(void *p)
 {
     size_t idx = hash_idx(p);
     heap_trace_record_t *r_cur = NULL;
-    TAILQ_FOREACH(r_cur, &hash_map[idx], tailq_hashmap) {
+    SLIST_FOREACH(r_cur, &hash_map[idx], slist_hashmap) {
         if (r_cur->address == p) {
             total_hashmap_hits++;
             return r_cur;
@@ -126,6 +129,21 @@ static HEAP_IRAM_ATTR heap_trace_record_t* map_find(void *p)
     total_hashmap_miss++;
     return NULL;
 }
+
+static HEAP_IRAM_ATTR heap_trace_record_t* map_find_and_remove(void *p)
+{
+    size_t idx = hash_idx(p);
+    heap_trace_record_t *r_cur = NULL;
+    SLIST_FOREACH(r_cur, &hash_map[idx], slist_hashmap) {
+        if (r_cur->address == p) {
+            total_hashmap_hits++;
+            SLIST_REMOVE(&hash_map[idx], r_cur, heap_trace_record_t, slist_hashmap);
+            return r_cur;
+        }
+    }
+    total_hashmap_miss++;
+    return NULL;
+}
 #endif // CONFIG_HEAP_TRACE_HASH_MAP
 
 esp_err_t heap_trace_init_standalone(heap_trace_record_t *record_buffer, size_t num_records)
@@ -182,7 +200,7 @@ esp_err_t heap_trace_start(heap_trace_mode_t mode_param)
 
 #if CONFIG_HEAP_TRACE_HASH_MAP
     for (size_t i = 0; i < (size_t)CONFIG_HEAP_TRACE_HASH_MAP_SIZE; i++) {
-        TAILQ_INIT(&hash_map[i]);
+        SLIST_INIT(&hash_map[i]);
     }
 
     total_hashmap_hits = 0;
@@ -416,6 +434,11 @@ static HEAP_IRAM_ATTR void record_allocation(const heap_trace_record_t *r_alloca
 
             heap_trace_record_t *r_first = TAILQ_FIRST(&records.list);
 
+            // always remove from hashmap first since list_remove is setting address field
+            // of the record to 0x00
+#if CONFIG_HEAP_TRACE_HASH_MAP
+            map_remove(r_first);
+#endif
             list_remove(r_first);
         }
         // push onto end of list
@@ -453,18 +476,16 @@ static HEAP_IRAM_ATTR void record_free(void *p, void **callers)
 
         total_frees++;
 
-        heap_trace_record_t *r_found = list_find_address_reverse(p);
-        if (r_found) {
-            if (mode == HEAP_TRACE_ALL) {
-
+        if (mode == HEAP_TRACE_ALL) {
+            heap_trace_record_t *r_found = list_find(p);
+            if (r_found != NULL) {
                 // add 'freed_by' info to the record
                 memcpy(r_found->freed_by, callers, sizeof(void *) * STACK_DEPTH);
-
-            } else { // HEAP_TRACE_LEAKS
-                // Leak trace mode, once an allocation is freed
-                // we remove it from the list & hashmap
-                list_remove(r_found);
             }
+        } else { // HEAP_TRACE_LEAKS
+            // Leak trace mode, once an allocation is freed
+            // we remove it from the list & hashmap
+            list_find_and_remove(p);
         }
     }
 
@@ -491,10 +512,6 @@ static HEAP_IRAM_ATTR void list_remove(heap_trace_record_t* r_remove)
 {
     assert(records.count > 0);
 
-#if CONFIG_HEAP_TRACE_HASH_MAP
-    map_remove(r_remove);
-#endif
-
     // remove from records.list
     TAILQ_REMOVE(&records.list, r_remove, tailq_list);
 
@@ -579,8 +596,8 @@ static HEAP_IRAM_ATTR heap_trace_record_t* list_add(const heap_trace_record_t *r
     }
 }
 
-// search records.list backwards for the allocation record matching this address
-static HEAP_IRAM_ATTR heap_trace_record_t* list_find_address_reverse(void* p)
+// search records.list for the allocation record matching this address
+static HEAP_IRAM_ATTR heap_trace_record_t* list_find(void* p)
 {
     heap_trace_record_t *r_found = NULL;
 
@@ -593,7 +610,6 @@ static HEAP_IRAM_ATTR heap_trace_record_t* list_find_address_reverse(void* p)
         }
 #endif
 
-    // Perf: We search backwards because new allocations are appended
     // to the end of the list and most allocations are short lived.
     heap_trace_record_t *r_cur = NULL;
     TAILQ_FOREACH(r_cur, &records.list, tailq_list) {
@@ -606,6 +622,24 @@ static HEAP_IRAM_ATTR heap_trace_record_t* list_find_address_reverse(void* p)
     return r_found;
 }
 
+static HEAP_IRAM_ATTR void list_find_and_remove(void* p)
+{
+#if CONFIG_HEAP_TRACE_HASH_MAP
+    heap_trace_record_t *r_found = map_find_and_remove(p);
+    if (r_found != NULL) {
+        list_remove(r_found);
+        return;
+    }
+#endif
+    heap_trace_record_t *r_cur = NULL;
+    TAILQ_FOREACH(r_cur, &records.list, tailq_list) {
+        if (r_cur->address == p) {
+            list_remove(r_cur);
+            break;
+        }
+    }
+}
+
 #include "heap_trace.inc"
 
 #endif // CONFIG_HEAP_TRACING_STANDALONE
diff --git a/components/heap/include/esp_heap_trace.h b/components/heap/include/esp_heap_trace.h
index 2b0daa2e4c..977d729fea 100644
--- a/components/heap/include/esp_heap_trace.h
+++ b/components/heap/include/esp_heap_trace.h
@@ -39,7 +39,7 @@ typedef struct heap_trace_record_t {
 #if CONFIG_HEAP_TRACING_STANDALONE
     TAILQ_ENTRY(heap_trace_record_t) tailq_list; ///< Linked list: prev & next records
 #if CONFIG_HEAP_TRACE_HASH_MAP
-    TAILQ_ENTRY(heap_trace_record_t) tailq_hashmap; ///< Linked list: prev & next in hashmap entry list
+    SLIST_ENTRY(heap_trace_record_t) slist_hashmap; ///< Linked list: next in hashmap entry list
 #endif // CONFIG_HEAP_TRACE_HASH_MAP
 #endif // CONFIG_HEAP_TRACING_STANDALONE
 } heap_trace_record_t;
diff --git a/components/heap/test_apps/heap_tests/main/test_heap_trace.c b/components/heap/test_apps/heap_tests/main/test_heap_trace.c
index 8369b1ee13..5755f499ea 100644
--- a/components/heap/test_apps/heap_tests/main/test_heap_trace.c
+++ b/components/heap/test_apps/heap_tests/main/test_heap_trace.c
@@ -70,6 +70,8 @@ TEST_CASE("heap trace leak check", "[heap-trace]")
        so recs[0].address is 0*/
     TEST_ASSERT_EQUAL_PTR(recs[0].address, 0x00);
 
+    free(b);
+
     heap_trace_stop();
 }
 
diff --git a/components/heap/test_apps/heap_tests/sdkconfig.ci.heap_trace_hashmap b/components/heap/test_apps/heap_tests/sdkconfig.ci.heap_trace_hashmap
index 26ffa6c779..58fd6d102c 100644
--- a/components/heap/test_apps/heap_tests/sdkconfig.ci.heap_trace_hashmap
+++ b/components/heap/test_apps/heap_tests/sdkconfig.ci.heap_trace_hashmap
@@ -3,3 +3,4 @@ CONFIG_SPIRAM=y
 CONFIG_HEAP_TRACING_STANDALONE=y
 CONFIG_HEAP_TRACE_HASH_MAP=y
 CONFIG_HEAP_TRACE_HASH_MAP_IN_EXT_RAM=y
+CONFIG_HEAP_TRACE_HASH_MAP_SIZE=10