diff --git a/gcc/testsuite/c-c++-common/cpp/dir-only-10.c b/gcc/testsuite/c-c++-common/cpp/dir-only-10.c
new file mode 100644
index 000000000000..902d378fd3a2
--- /dev/null
+++ b/gcc/testsuite/c-c++-common/cpp/dir-only-10.c
@@ -0,0 +1,5 @@
+/* PR preprocessor/123273 */
+/* { dg-do preprocess } */
+/* { dg-options -fdirectives-only } */
+
+/* *\/""" */
diff --git a/gcc/testsuite/c-c++-common/cpp/dir-only-11.c b/gcc/testsuite/c-c++-common/cpp/dir-only-11.c
new file mode 100644
index 000000000000..33437bd508cb
--- /dev/null
+++ b/gcc/testsuite/c-c++-common/cpp/dir-only-11.c
@@ -0,0 +1,6 @@
+/* PR preprocessor/123273 */
+/* { dg-do preprocess } */
+/* { dg-options -fdirectives-only } */
+
+/* *\\
+/""" */
diff --git a/libcpp/lex.cc b/libcpp/lex.cc
index df278534eeee..63f7a5fe5b8a 100644
--- a/libcpp/lex.cc
+++ b/libcpp/lex.cc
@@ -5490,7 +5490,13 @@ cpp_directive_only_process (cpp_reader *pfile,
 		    switch (c)
 		      {
 		      case '\\':
-			esc = true;
+			if (esc)
+			  {
+			    star = false;
+			    esc = false;
+			  }
+			else
+			  esc = true;
 			break;
 
 		      case '\r':
@@ -5521,7 +5527,7 @@ cpp_directive_only_process (cpp_reader *pfile,
 			break;
 
 		      case '/':
-			if (star)
+			if (star && !esc)
 			  goto done_comment;
 			/* FALLTHROUGH  */