diff --git a/docs/changes.rst b/docs/changes.rst
index 40e6cc0a..d2e2a686 100644
--- a/docs/changes.rst
+++ b/docs/changes.rst
@@ -6,6 +6,11 @@ Version 2.5.2
 
 **Bugs Fixed**
 
+* Fixed ``wrapt.lru_cache`` retaining the class from the first call to a
+  cached class method and using it for calls through subclasses. The cache
+  remains shared, but now includes the bound class in its key, as
+  ``functools.lru_cache`` does.
+
 * The special methods added to the class generated for an
   ``wrapt.AutoObjectProxy``, and adjusted when ``__wrapped__`` was
   reassigned, were determined by inspecting the wrapped object itself,
diff --git a/src/wrapt/caching.py b/src/wrapt/caching.py
index 4ef0e19b..f0cb6b00 100644
--- a/src/wrapt/caching.py
+++ b/src/wrapt/caching.py
@@ -40,16 +40,27 @@ def __call__(self, *args, **kwargs):
 
         # For class methods and static methods, use a single shared
         # cache stored on the parent wrapper. The cache is created
-        # from the bound __wrapped__ since the parent's __wrapped__
-        # is the raw classmethod/staticmethod descriptor.
+        # from __wrapped__ since the parent's __wrapped__ is the raw
+        # classmethod/staticmethod descriptor. For class methods, cache
+        # the unbound function so the bound class can be a cache key.
 
         if not self._is_instance_method():
             if parent._self_cache is None:
                 with synchronized(parent):
                     if parent._self_cache is None:
+                        wrapped = self.__wrapped__
+                        if self._self_binding == "classmethod":
+                            wrapped = wrapped.__func__
                         parent._self_cache = _functools_lru_cache(
                             **parent._self_lru_kwargs
-                        )(self.__wrapped__)
+                        )(wrapped)
+
+            # Keep the cache shared, but include the bound class in its key.
+            # Caching the bound method itself would retain the class of the
+            # first call and incorrectly use it for inherited calls too.
+
+            if self._self_binding == "classmethod":
+                return parent._self_cache(self.__wrapped__.__self__, *args, **kwargs)
 
             return parent._self_cache(*args, **kwargs)
 
diff --git a/tests/core/test_lru_cache.py b/tests/core/test_lru_cache.py
index 065d6c05..f92a8030 100644
--- a/tests/core/test_lru_cache.py
+++ b/tests/core/test_lru_cache.py
@@ -244,6 +244,37 @@ def test_maxsize_passed_through(self):
         self.assertEqual(info.maxsize, 32)
 
 
+class TestInheritedClassMethod(unittest.TestCase):
+    def test_preserves_bound_class_and_shared_cache(self):
+        for child_first in (False, True):
+            with self.subTest(child_first=child_first):
+                calls = []
+
+                class Base:
+                    @wrapt.lru_cache(maxsize=32)
+                    @classmethod
+                    def method(cls, value):
+                        calls.append((cls, value))
+                        return cls, value
+
+                class Child(Base):
+                    pass
+
+                first, second = (Child, Base) if child_first else (Base, Child)
+                self.assertEqual(first.method(1), (first, 1))
+                self.assertEqual(second.method(1), (second, 1))
+                self.assertEqual(second.method(2), (second, 2))
+                self.assertEqual(first().method(1), (first, 1))
+                self.assertEqual(second().method(1), (second, 1))
+                self.assertEqual(calls, [(first, 1), (second, 1), (second, 2)])
+                info = Base.method.cache_info()
+                self.assertEqual(info, Child.method.cache_info())
+                self.assertEqual((info.hits, info.misses, info.currsize), (2, 3, 3))
+                self.assertEqual(info.maxsize, 32)
+                Child.method.cache_clear()
+                self.assertEqual(Base.method.cache_info().currsize, 0)
+
+
 class TestStaticMethod(unittest.TestCase):
     def setUp(self):
         CachedClass.static_method.cache_clear()