diff --git a/packages/pyright-internal/src/analyzer/protocols.ts b/packages/pyright-internal/src/analyzer/protocols.ts
index 4245507c2228..f867a467bb9d 100644
--- a/packages/pyright-internal/src/analyzer/protocols.ts
+++ b/packages/pyright-internal/src/analyzer/protocols.ts
@@ -27,6 +27,7 @@ import {
     isFunction,
     isFunctionOrOverloaded,
     isInstantiableClass,
+    isOverloaded,
     isTypeSame,
     ModuleType,
     OverloadedType,
@@ -70,6 +71,10 @@ interface ProtocolCompatibility {
     isCompatible: boolean;
 }
 
+interface ProtocolCompatibilityCheckState {
+    isOverloadedTypeBindingFailure: boolean;
+}
+
 const protocolAssignmentStack: ProtocolAssignmentStackEntry[] = [];
 
 // Maximum number of different types that are cached with a protocol.
@@ -316,7 +321,12 @@ function setProtocolCompatibility(
         const genericSrcType = requiresTypeArgs(srcType)
             ? selfSpecializeClass(srcType, { overrideTypeArgs: true })
             : srcType;
+        const checkState: ProtocolCompatibilityCheckState = {
+            isOverloadedTypeBindingFailure: false,
+        };
 
+        // An overload can use its "self" annotation to filter by specialization,
+        // so a generic binding failure doesn't prove universal incompatibility.
         if (
             !assignToProtocolInternal(
                 evaluator,
@@ -325,8 +335,10 @@ function setProtocolCompatibility(
                 /* diag */ undefined,
                 /* constraints */ undefined,
                 flags,
-                recursionCount
-            )
+                recursionCount,
+                checkState
+            ) &&
+            !checkState.isOverloadedTypeBindingFailure
         ) {
             isAlwaysIncompatible = true;
         }
@@ -364,7 +376,8 @@ function assignToProtocolInternal(
     diag: DiagnosticAddendum | undefined,
     constraints: ConstraintTracker | undefined,
     flags: AssignTypeFlags,
-    recursionCount: number
+    recursionCount: number,
+    checkState?: ProtocolCompatibilityCheckState
 ): boolean {
     if ((flags & AssignTypeFlags.Invariant) !== 0) {
         return isTypeSame(destType, srcType);
@@ -555,6 +568,9 @@ function assignToProtocolInternal(
                             if (boundSrcFunction) {
                                 srcMemberType = boundSrcFunction;
                             } else {
+                                if (checkState && isOverloaded(srcMemberType)) {
+                                    checkState.isOverloadedTypeBindingFailure = true;
+                                }
                                 typesAreConsistent = false;
                                 return;
                             }
@@ -617,6 +633,9 @@ function assignToProtocolInternal(
                     boundDeclaredType = makeFunctionTypeVarsBound(boundDeclaredType);
                     destMemberType = boundDeclaredType;
                 } else {
+                    if (checkState && isOverloaded(destMemberType)) {
+                        checkState.isOverloadedTypeBindingFailure = true;
+                    }
                     typesAreConsistent = false;
                     return;
                 }
diff --git a/packages/pyright-internal/src/tests/samples/protocol54.py b/packages/pyright-internal/src/tests/samples/protocol54.py
new file mode 100644
index 000000000000..571d5c3df9dc
--- /dev/null
+++ b/packages/pyright-internal/src/tests/samples/protocol54.py
@@ -0,0 +1,94 @@
+# This sample tests that a failed protocol match for one specialization of a
+# generic class doesn't affect protocol matches for other specializations.
+
+from typing import TYPE_CHECKING, Generic, Protocol, TypeVar, assert_type, overload
+
+T_contra = TypeVar("T_contra", contravariant=True)
+T = TypeVar("T")
+S = TypeVar("S")
+S_contra = TypeVar("S_contra", contravariant=True)
+
+
+class ElementOpsMixin(Generic[S]):
+    @overload
+    def _proto_add(self: "ElementOpsMixin[bool]", other: bool, /) -> "ElementOpsMixin[bool]": ...
+
+    @overload
+    def _proto_add(self: "ElementOpsMixin[int]", other: int, /) -> "ElementOpsMixin[int]": ...
+
+    def _proto_add(self, other: object, /) -> object:
+        return self
+
+
+class SupportsProtoAdd(Protocol[T_contra, T]):
+    def _proto_add(self, other: T_contra, /) -> ElementOpsMixin[T]: ...
+
+
+class Series(ElementOpsMixin[S], Generic[S]):
+    @overload
+    def __add__(self: SupportsProtoAdd[S_contra, S], other: S_contra, /) -> "Series[S]": ...
+
+    @overload
+    def __add__(self: "Series[bool]", other: int, /) -> "Series[int]": ...
+
+    def __add__(self, other: object, /) -> object:
+        return self
+
+
+class A:
+    pass
+
+
+class B:
+    pass
+
+
+series_a: Series[A] = Series()
+b = B()
+
+if TYPE_CHECKING:
+    _ = series_a + b  # pyright: ignore[reportOperatorIssue, reportUnknownVariableType]
+
+series_bool: Series[bool] = Series()
+result = series_bool + True
+assert_type(result, Series[bool])
+
+
+# Verify the equivalent case where the protocol member rather than the source
+# member is overloaded.
+class DestinationElement(Generic[S]):
+    def method(self, value: S) -> "DestinationElement[S]":
+        return self
+
+
+class DestinationProtocol(Protocol[T_contra, T]):
+    @overload
+    def method(self: DestinationElement[bool], value: T_contra) -> DestinationElement[T]: ...
+
+    @overload
+    def method(self: DestinationElement[int], value: T_contra) -> DestinationElement[T]: ...
+
+
+class DestinationSeries(DestinationElement[S], Generic[S]):
+    @overload
+    def __add__(
+        self: DestinationProtocol[S_contra, S], other: S_contra
+    ) -> "DestinationSeries[S]": ...
+
+    @overload
+    def __add__(  # pyright: ignore[reportOverlappingOverload]
+        self: "DestinationSeries[bool]", other: int
+    ) -> "DestinationSeries[int]": ...
+
+    def __add__(self, other: object) -> object:
+        return self
+
+
+destination_series_a: DestinationSeries[A] = DestinationSeries()
+
+if TYPE_CHECKING:
+    _ = destination_series_a + b  # pyright: ignore[reportOperatorIssue, reportUnknownVariableType]
+
+destination_series_bool: DestinationSeries[bool] = DestinationSeries()
+destination_result = destination_series_bool + True
+assert_type(destination_result, DestinationSeries[bool])
diff --git a/packages/pyright-internal/src/tests/typeEvaluator7.test.ts b/packages/pyright-internal/src/tests/typeEvaluator7.test.ts
index f9b1ba182a63..4c11006f247b 100644
--- a/packages/pyright-internal/src/tests/typeEvaluator7.test.ts
+++ b/packages/pyright-internal/src/tests/typeEvaluator7.test.ts
@@ -628,6 +628,12 @@ test('Protocol53', () => {
     TestUtils.validateResults(analysisResults2, 8);
 });
 
+test('Protocol54', () => {
+    const analysisResults = TestUtils.typeAnalyzeSampleFiles(['protocol54.py']);
+
+    TestUtils.validateResults(analysisResults, 0);
+});
+
 test('ProtocolExplicit1', () => {
     const analysisResults = TestUtils.typeAnalyzeSampleFiles(['protocolExplicit1.py']);