diff --git a/src/validation.cpp b/src/validation.cpp
index fb6a902bc9..264fdd83d6 100644
--- a/src/validation.cpp
+++ b/src/validation.cpp
@@ -525,6 +525,18 @@ std::string FormatStateMessage(const CValidationState &state)
         state.GetRejectCode());
 }
 
+static bool IsCurrentForFeeEstimation()
+{
+    AssertLockHeld(cs_main);
+    if (IsInitialBlockDownload())
+        return false;
+    if (chainActive.Tip()->GetBlockTime() < (GetTime() - MAX_FEE_ESTIMATION_TIP_AGE))
+        return false;
+    if (chainActive.Height() < pindexBestHeader->nHeight - 1)
+        return false;
+    return true;
+}
+
 bool AcceptToMemoryPoolWorker(CTxMemPool& pool, CValidationState& state, const CTransactionRef& ptx, bool fLimitFree,
                               bool* pfMissingInputs, int64_t nAcceptTime, bool fOverrideMempoolLimit, const CAmount& nAbsurdFee,
                               std::vector<uint256>& vHashTxnToUncache)
@@ -941,8 +953,13 @@ bool AcceptToMemoryPoolWorker(CTxMemPool& pool, CValidationState& state, const C
         }
         pool.RemoveStaged(allConflicting, false);
 
+        // This transaction should only count for fee estimation if
+        // the node is not behind and it is not dependent on any other
+        // transactions in the mempool
+        bool validForFeeEstimation = IsCurrentForFeeEstimation() && pool.HasNoInputsOf(tx);
+
         // Store transaction in memory
-        pool.addUnchecked(hash, entry, setAncestors, !IsInitialBlockDownload() && pool.HasNoInputsOf(tx));
+        pool.addUnchecked(hash, entry, setAncestors, validForFeeEstimation);
 
         // trim mempool and check if tx was trimmed
         if (!fOverrideMempoolLimit) {
diff --git a/src/validation.h b/src/validation.h
index 981f659633..0f421d59e7 100644
--- a/src/validation.h
+++ b/src/validation.h
@@ -130,6 +130,8 @@ static const int64_t BLOCK_DOWNLOAD_TIMEOUT_PER_PEER = 500000;
 static const unsigned int DEFAULT_LIMITFREERELAY = 0;
 static const bool DEFAULT_RELAYPRIORITY = true;
 static const int64_t DEFAULT_MAX_TIP_AGE = 24 * 60 * 60;
+/** Maximum age of our tip for us to be considered current for fee estimation */
+static const int64_t MAX_FEE_ESTIMATION_TIP_AGE = 3 * 60 * 60;
 
 /** Default for -permitbaremultisig */
 static const bool DEFAULT_PERMIT_BAREMULTISIG = true;