diff --git a/drivers/net/ethernet/smsc/smsc911x.c b/drivers/net/ethernet/smsc/smsc911x.c
index 592e191adbf7..63b99dd8ca51 100644
--- a/drivers/net/ethernet/smsc/smsc911x.c
+++ b/drivers/net/ethernet/smsc/smsc911x.c
@@ -1037,6 +1037,8 @@ static int smsc911x_mii_probe(struct net_device *dev)
 		return ret;
 	}
 
+	/* Indicate that the MAC is responsible for managing PHY PM */
+	phydev->mac_managed_pm = true;
 	phy_attached_info(phydev);
 
 	phy_set_max_speed(phydev, SPEED_100);
@@ -2584,6 +2586,8 @@ static int smsc911x_suspend(struct device *dev)
 	if (netif_running(ndev)) {
 		netif_stop_queue(ndev);
 		netif_device_detach(ndev);
+		if (!device_may_wakeup(dev))
+			phy_stop(ndev->phydev);
 	}
 
 	/* enable wake on LAN, energy detection and the external PME
@@ -2625,6 +2629,8 @@ static int smsc911x_resume(struct device *dev)
 	if (netif_running(ndev)) {
 		netif_device_attach(ndev);
 		netif_start_queue(ndev);
+		if (!device_may_wakeup(dev))
+			phy_start(ndev->phydev);
 	}
 
 	return 0;