diff --git a/plugins/woocommerce-admin/includes/wc-admin-order-functions.php b/plugins/woocommerce-admin/includes/wc-admin-order-functions.php
index c1dd7981545..a9eedb98485 100644
--- a/plugins/woocommerce-admin/includes/wc-admin-order-functions.php
+++ b/plugins/woocommerce-admin/includes/wc-admin-order-functions.php
@@ -16,39 +16,87 @@ function wc_admin_order_product_lookup_entry( $order_id ) {
 	global $wpdb;
 
 	$order = wc_get_order( $order_id );
-	if ( ! $order ) {
+
+	// This hook gets called on refunds as well, so return early to avoid errors.
+	if ( ! $order || 'shop_order_refund' === $order->get_type() ) {
 		return;
 	}
 
-	foreach ( $order->get_items() as $order_item ) {
-		$wpdb->replace(
+	if ( 'refunded' === $order->get_status() ) {
+		$wpdb->delete(
 			$wpdb->prefix . 'wc_order_product_lookup',
-			array(
-				'order_item_id'       => $order_item->get_id(),
-				'order_id'            => $order->get_id(),
-				'product_id'          => $order_item->get_product_id( 'edit' ),
-				'variation_id'        => $order_item->get_variation_id( 'edit' ),
-				'customer_id'         => ( 0 < $order->get_customer_id( 'edit' ) ) ? $order->get_customer_id( 'edit' ) : null,
-				'product_qty'         => $order_item->get_quantity( 'edit' ),
-				'product_net_revenue' => $order_item->get_subtotal( 'edit' ),
-				'date_created'        => date( 'Y-m-d H:i:s', $order->get_date_created( 'edit' )->getTimestamp() ),
-			),
-			array(
-				'%d',
-				'%d',
-				'%d',
-				'%d',
-				'%d',
-				'%d',
-				'%f',
-				'%s',
-			)
+			array( 'order_id' => $order->get_id() ),
+			array( '%d' )
 		);
+		return;
+	}
+
+	$refunds = wc_admin_get_order_refund_items( $order );
+
+	foreach ( $order->get_items() as $order_item ) {
+		$order_item_id     = $order_item->get_id();
+		$quantity_refunded = isset( $refunds[ $order_item_id ] ) ? $refunds[ $order_item_id ]['quantity'] : 0;
+		$amount_refunded   = isset( $refunds[ $order_item_id ] ) ? $refunds[ $order_item_id ]['subtotal'] : 0;
+		if ( $quantity_refunded >= $order_item->get_quantity( 'edit' ) ) {
+			$wpdb->delete(
+				$wpdb->prefix . 'wc_order_product_lookup',
+				array( 'order_item_id' => $order_item_id ),
+				array( '%d' )
+			);
+		} else {
+			$wpdb->replace(
+				$wpdb->prefix . 'wc_order_product_lookup',
+				array(
+					'order_item_id'       => $order_item_id,
+					'order_id'            => $order->get_id(),
+					'product_id'          => $order_item->get_product_id( 'edit' ),
+					'variation_id'        => $order_item->get_variation_id( 'edit' ),
+					'customer_id'         => ( 0 < $order->get_customer_id( 'edit' ) ) ? $order->get_customer_id( 'edit' ) : null,
+					'product_qty'         => $order_item->get_quantity( 'edit' ) - $quantity_refunded,
+					'product_net_revenue' => $order_item->get_subtotal( 'edit' ) - $amount_refunded,
+					'date_created'        => date( 'Y-m-d H:i:s', $order->get_date_created( 'edit' )->getTimestamp() ),
+				),
+				array(
+					'%d',
+					'%d',
+					'%d',
+					'%d',
+					'%d',
+					'%d',
+					'%f',
+					'%s',
+				)
+			);
+		}
 	}
 }
 // TODO: maybe replace these with woocommerce_create_order, woocommerce_update_order, woocommerce_trash_order, woocommerce_delete_order, as clean_post_cache might be called in other circumstances and trigger too many updates?
-add_action( 'save_post', 'wc_admin_order_product_lookup_entry', 10, 1 );
-add_action( 'clean_post_cache', 'wc_admin_order_product_lookup_entry', 10, 1 );
+add_action( 'save_post', 'wc_admin_order_product_lookup_entry' );
+add_action( 'woocommerce_order_refunded', 'wc_admin_order_product_lookup_entry' );
+add_action( 'clean_post_cache', 'wc_admin_order_product_lookup_entry' );
+
+/**
+ * Get total refund amount and line items refunded.
+ *
+ * @param object $order WC_Order.
+ * @return array Refunded line items with line item ID as key.
+ */
+function wc_admin_get_order_refund_items( $order ) {
+	$refunds             = $order->get_refunds();
+	$refunded_line_items = array();
+	foreach ( $refunds as $refund ) {
+		foreach ( $refund->get_items() as $refunded_item ) {
+			$line_item_id                          = wc_get_order_item_meta( $refunded_item->get_id(), '_refunded_item_id', true );
+			if ( ! isset( $refunded_line_items[ $line_item_id ] ) ) {
+				$refunded_line_items[ $line_item_id ]['quantity'] = 0;
+				$refunded_line_items[ $line_item_id ]['subtotal'] = 0;
+			}
+			$refunded_line_items[ $line_item_id ]['quantity'] += absint( $refunded_item['quantity'] );
+			$refunded_line_items[ $line_item_id ]['subtotal'] += abs( $refunded_item['subtotal'] );
+		}
+	}
+	return $refunded_line_items;
+}
 
 /**
  * Make an entry in the wc_order_tax_lookup table for an order.