diff --git a/spec/index.spec.ts b/spec/index.spec.ts
index d3e93a3..acd6dc6 100644
--- a/spec/index.spec.ts
+++ b/spec/index.spec.ts
@@ -1,6 +1,6 @@
 import http from 'http';
 import nock from 'nock';
-import axios, { AxiosError, CanceledError, isAxiosError } from 'axios';
+import axios, { AxiosError, CanceledError, InternalAxiosRequestConfig, isAxiosError } from 'axios';
 import axiosRetry, {
   isNetworkError,
   isSafeRequestError,
@@ -1166,3 +1166,59 @@ describe('axiosRetry interceptors', () => {
     expect(client.interceptors.response.handlers[0]).toBe(null);
   });
 });
+
+describe('when requests are made', () => {
+  it('should be that lastRequestTime is accurate', (done) => {
+    const client = axios.create();
+    setupResponses(client, [
+      () => nock('http://example.com').get('/test').replyWithError(NETWORK_ERROR),
+      () => nock('http://example.com').get('/test').replyWithError(NETWORK_ERROR),
+      () => nock('http://example.com').get('/test').replyWithError(NETWORK_ERROR),
+      () => nock('http://example.com').get('/test').reply(200, 'It worked!')
+    ]);
+
+    function getLastRequestTime(config?: InternalAxiosRequestConfig<any>) {
+      const lastRequestTime = config?.['axios-retry']?.lastRequestTime;
+
+      expect(lastRequestTime).toBeInstanceOf(Number);
+      return lastRequestTime as number;
+    }
+
+    const lastRequestTimes: number[] = [];
+    const DELAY = 500;
+    axiosRetry(client, {
+      retries: 3,
+      retryDelay: () => DELAY,
+      shouldResetTimeout: true,
+      onRetry(_retryCount, error, _requestConfig) {
+        const lastRequestTime = getLastRequestTime(error.config);
+        lastRequestTimes.push(lastRequestTime);
+      }
+    });
+
+    const startTime = Date.now();
+    client
+      .get('http://example.com/test')
+      .then((response) => {
+        const lastRequestTime = getLastRequestTime(response.config);
+        lastRequestTimes.push(lastRequestTime);
+
+        expect(lastRequestTimes.length).toBe(4);
+
+        const [a, b, c, d] = lastRequestTimes;
+
+        expect(a - startTime).toBeGreaterThanOrEqual(0);
+        expect(b - a).toBeGreaterThanOrEqual(DELAY);
+        expect(c - b).toBeGreaterThanOrEqual(DELAY);
+        expect(d - c).toBeGreaterThanOrEqual(DELAY);
+
+        // check to ensure that the delays are not unreasonably long
+        expect(b - a).toBeLessThan(DELAY * 1.5);
+        expect(c - b).toBeLessThan(DELAY * 1.5);
+        expect(d - c).toBeLessThan(DELAY * 1.5);
+
+        done();
+      })
+      .catch(done.fail);
+  });
+});
diff --git a/src/index.ts b/src/index.ts
index 7f7443f..a72185e 100644
--- a/src/index.ts
+++ b/src/index.ts
@@ -188,11 +188,14 @@ function getRequestOptions(
 
 function setCurrentState(
   config: AxiosRequestConfig,
-  defaultOptions: IAxiosRetryConfig | undefined
+  defaultOptions: IAxiosRetryConfig | undefined,
+  resetLastRequestTime = false
 ) {
   const currentState = getRequestOptions(config, defaultOptions || {});
   currentState.retryCount = currentState.retryCount || 0;
-  currentState.lastRequestTime = currentState.lastRequestTime || Date.now();
+  if (!currentState.lastRequestTime || resetLastRequestTime) {
+    currentState.lastRequestTime = Date.now();
+  }
   config[namespace] = currentState;
   return currentState as Required<IAxiosRetryConfigExtended>;
 }
@@ -282,7 +285,7 @@ async function handleMaxRetryTimesExceeded(
 
 const axiosRetry: AxiosRetry = (axiosInstance, defaultOptions) => {
   const requestInterceptorId = axiosInstance.interceptors.request.use((config) => {
-    setCurrentState(config, defaultOptions);
+    setCurrentState(config, defaultOptions, true);
     if (config[namespace]?.validateResponse) {
       // by setting this, all HTTP responses will be go through the error interceptor first
       config.validateStatus = () => false;