diff --git a/CHANGES.rst b/CHANGES.rst
index 6e2a7cc..e03cf1a 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -4,6 +4,10 @@ CHANGES
 
 .. towncrier release notes start
 
+0.8.3 (2026-03-10)
+==================
+- Fix exception handling in acquire context manager to properly handle asyncio.CancelledError.
+
 0.8.2 (2024-05-07)
 ==================
 - Fix a static typing error with ``Client.get()``.
diff --git a/aiomcache/__init__.py b/aiomcache/__init__.py
index aee4b68..3bba337 100644
--- a/aiomcache/__init__.py
+++ b/aiomcache/__init__.py
@@ -14,4 +14,4 @@
 
 __all__ = ("Client", "ClientException", "FlagClient", "ValidationException")
 
-__version__ = "0.8.2"
+__version__ = "0.8.3"
diff --git a/aiomcache/client.py b/aiomcache/client.py
index 78896f4..c47b401 100644
--- a/aiomcache/client.py
+++ b/aiomcache/client.py
@@ -1,3 +1,4 @@
+import asyncio
 import functools
 import re
 import sys
@@ -35,7 +36,7 @@ async def wrapper(self: _Client, *args: _P.args,  # type: ignore[misc]
         conn = await self._pool.acquire()
         try:
             return await func(self, conn, *args, **kwargs)
-        except Exception as exc:
+        except (Exception, asyncio.CancelledError) as exc:
             conn[0].set_exception(exc)
             raise
         finally:
diff --git a/tests/pool_test.py b/tests/pool_test.py
index bc57106..6677f8e 100644
--- a/tests/pool_test.py
+++ b/tests/pool_test.py
@@ -1,6 +1,8 @@
 import asyncio
 import random
 import socket
+from typing import NoReturn
+from unittest.mock import create_autospec, call
 
 import pytest
 
@@ -149,3 +151,43 @@ async def test_bad_connection(mcache_params: McacheParams) -> None:
         assert isinstance(conn.writer, asyncio.StreamWriter)
         pool.release(conn)
     assert pool.size() == 0
+
+
+@pytest.mark.parametrize(
+    "exc_type,should_catch",
+    (
+        (Exception, True),
+        (asyncio.CancelledError, True),
+        (BaseException, False),
+        (KeyboardInterrupt, False),
+    ),
+)
+async def test_acquire_catch_exc_from_task(
+    mcache_params: McacheParams, exc_type: type[BaseException], should_catch: bool
+) -> None:
+    mock_conn = create_autospec(Connection, spec_set=True, instance=True)
+
+    mock_pool = create_autospec(MemcachePool, spec_set=True, instance=True)
+    mock_pool.acquire.return_value = mock_conn
+
+    exception_message = f"{exc_type.__name__} from acquire"
+    exception_instance = exc_type(exception_message)
+
+    class TestClient(Client):
+        def __init__(self, pool_size: int = 4):
+            self._pool = mock_pool
+
+        @acquire
+        async def acquire_wait_release(self, conn: Connection) -> NoReturn:
+            raise exception_instance
+
+    pool_size = 4
+    client = TestClient(pool_size=pool_size)
+    with pytest.raises(exc_type) as exc_info:
+        await client.acquire_wait_release()
+
+    assert str(exc_info.value) == exception_message
+
+    expected = [call(exception_instance)] if should_catch else []
+    assert mock_conn[0].set_exception.call_args_list == expected
+    assert mock_pool.release.call_args_list == [call(mock_conn)]