diff --git a/docs/02.API-REFERENCE.md b/docs/02.API-REFERENCE.md
index a04b9602ec..8ca2c6225d 100644
--- a/docs/02.API-REFERENCE.md
+++ b/docs/02.API-REFERENCE.md
@@ -128,17 +128,53 @@ typedef uint32_t jerry_value_t;
 
 Structure that defines how a context data item will be initialized and deinitialized. JerryScript zeroes out the memory
 for the item by default, and if the `init_cb` field is not NULL, it will be called with the pointer to the memory as
-an additional custom initializer. The `deinit_cb` (if non-`NULL`) is called during a call to `jerry_cleanup()` to run
-any custom deinitialization.
+an additional custom initializer. The `deinit_cb` (if non-`NULL`) is called during a call to `jerry_cleanup ()` to run
+any custom deinitialization *before* the VM has been fully cleaned up. The `finalize_cb` (if non-`NULL`) is also called
+during a call to `jerry_cleanup ()` to run any custom deinitialization *after* the VM has been fully cleaned up.
 
 **Prototype**
 
 ```c
 typedef struct
 {
-  void (*init_cb) (void *); /**< callback responsible for initializing a context item, or NULL */
-  void (*deinit_cb) (void *); /**< callback responsible for deinitializing a context item, or NULL */
-  size_t bytes_needed; /**< number of bytes to allocate for this manager */
+  /**
+   * Callback responsible for initializing a context item, or NULL to zero out the memory. This is called lazily, the
+   * first time jerry_get_context_data () is called with this manager.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager. The buffer is zeroed out. The size is
+   * determined by the bytes_needed field. The buffer is kept alive until jerry_cleanup () is called.
+   */
+  void (*init_cb) (void *data);
+
+  /**
+   * Callback responsible for deinitializing a context item, or NULL. This is called as part of jerry_cleanup (),
+   * right *before* the VM has been cleaned up. This is a good place to release strong references to jerry_value_t's
+   * that the manager may be holding.
+   * Note: because the VM has not been fully cleaned up yet, jerry_object_native_info_t free_cb's can still get called
+   * *after* all deinit_cb's have been run. See finalize_cb for a callback that is guaranteed to run *after* all
+   * free_cb's have been run.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager.
+   */
+  void (*deinit_cb) (void *data);
+
+  /**
+   * Callback responsible for finalizing a context item, or NULL. This is called as part of jerry_cleanup (),
+   * right *after* the VM has been cleaned up and destroyed and jerry_... APIs cannot be called any more. At this point,
+   * all values in the VM have been cleaned up. This is a good place to clean up native state that can only be cleaned
+   * up at the very end when there are no more VM values around that may need to access that state.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager. After returning from this callback,
+   * the data pointer may no longer be used.
+   */
+  void (*finalize_cb) (void *data);
+
+  /**
+   * Number of bytes to allocate for this manager. This is the size of the buffer that JerryScript will allocate on
+   * behalf of the manager. The pointer to this buffer is passed into init_cb, deinit_cb and finalize_cb. It is also
+   * returned from the jerry_get_context_data () API.
+   */
+  size_t bytes_needed;
 } jerry_context_data_manager_t;
 ```
 
diff --git a/jerry-core/api/jerry.c b/jerry-core/api/jerry.c
index dfafe6b8fe..989f815c21 100644
--- a/jerry-core/api/jerry.c
+++ b/jerry-core/api/jerry.c
@@ -210,24 +210,35 @@ jerry_cleanup (void)
   }
 #endif /* JERRY_DEBUGGER */
 
-  for (jerry_context_data_header_t *this_p = JERRY_CONTEXT (context_data_p), *next_p = NULL;
+  for (jerry_context_data_header_t *this_p = JERRY_CONTEXT (context_data_p);
        this_p != NULL;
-       this_p = next_p)
+       this_p = this_p->next_p)
   {
-    next_p = this_p->next_p;
     if (this_p->manager_p->deinit_cb)
     {
       this_p->manager_p->deinit_cb (JERRY_CONTEXT_DATA_HEADER_USER_DATA (this_p));
     }
-    jmem_heap_free_block (this_p, sizeof (jerry_context_data_header_t) + this_p->manager_p->bytes_needed);
   }
 
 #ifndef CONFIG_DISABLE_ES2015_PROMISE_BUILTIN
   ecma_free_all_enqueued_jobs ();
 #endif /* CONFIG_DISABLE_ES2015_PROMISE_BUILTIN */
   ecma_finalize ();
-  jmem_finalize ();
   jerry_make_api_unavailable ();
+
+  for (jerry_context_data_header_t *this_p = JERRY_CONTEXT (context_data_p), *next_p = NULL;
+       this_p != NULL;
+       this_p = next_p)
+  {
+    next_p = this_p->next_p;
+    if (this_p->manager_p->finalize_cb)
+    {
+      this_p->manager_p->finalize_cb (JERRY_CONTEXT_DATA_HEADER_USER_DATA (this_p));
+    }
+    jmem_heap_free_block (this_p, sizeof (jerry_context_data_header_t) + this_p->manager_p->bytes_needed);
+  }
+
+  jmem_finalize ();
 } /* jerry_cleanup */
 
 /**
diff --git a/jerry-core/include/jerryscript-core.h b/jerry-core/include/jerryscript-core.h
index 46ba3308a5..7a0811c179 100644
--- a/jerry-core/include/jerryscript-core.h
+++ b/jerry-core/include/jerryscript-core.h
@@ -233,9 +233,44 @@ typedef bool (*jerry_objects_foreach_by_native_info_t) (const jerry_value_t obje
  */
 typedef struct
 {
-  void (*init_cb) (void *); /**< callback responsible for initializing a context item, or NULL to zero out the memory */
-  void (*deinit_cb) (void *); /**< callback responsible for deinitializing a context item, or NULL */
-  size_t bytes_needed; /**< number of bytes to allocate for this manager */
+  /**
+   * Callback responsible for initializing a context item, or NULL to zero out the memory. This is called lazily, the
+   * first time jerry_get_context_data () is called with this manager.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager. The buffer is zeroed out. The size is
+   * determined by the bytes_needed field. The buffer is kept alive until jerry_cleanup () is called.
+   */
+  void (*init_cb) (void *data);
+
+  /**
+   * Callback responsible for deinitializing a context item, or NULL. This is called as part of jerry_cleanup (),
+   * right *before* the VM has been cleaned up. This is a good place to release strong references to jerry_value_t's
+   * that the manager may be holding.
+   * Note: because the VM has not been fully cleaned up yet, jerry_object_native_info_t free_cb's can still get called
+   * *after* all deinit_cb's have been run. See finalize_cb for a callback that is guaranteed to run *after* all
+   * free_cb's have been run.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager.
+   */
+  void (*deinit_cb) (void *data);
+
+  /**
+   * Callback responsible for finalizing a context item, or NULL. This is called as part of jerry_cleanup (),
+   * right *after* the VM has been cleaned up and destroyed and jerry_... APIs cannot be called any more. At this point,
+   * all values in the VM have been cleaned up. This is a good place to clean up native state that can only be cleaned
+   * up at the very end when there are no more VM values around that may need to access that state.
+   *
+   * @param [in] data The buffer that JerryScript allocated for the manager. After returning from this callback,
+   * the data pointer may no longer be used.
+   */
+  void (*finalize_cb) (void *data);
+
+  /**
+   * Number of bytes to allocate for this manager. This is the size of the buffer that JerryScript will allocate on
+   * behalf of the manager. The pointer to this buffer is passed into init_cb, deinit_cb and finalize_cb. It is also
+   * returned from the jerry_get_context_data () API.
+   */
+  size_t bytes_needed;
 } jerry_context_data_manager_t;
 
 /**
diff --git a/tests/unit-core/test-context-data.c b/tests/unit-core/test-context-data.c
index 52e3a2ed0a..56cefcefe0 100644
--- a/tests/unit-core/test-context-data.c
+++ b/tests/unit-core/test-context-data.c
@@ -19,9 +19,10 @@
 
 static bool test_context_data1_new_called = false;
 static bool test_context_data2_new_called = false;
+static bool test_context_data3_new_called = false;
 static bool test_context_data1_free_called = false;
 static bool test_context_data2_free_called = false;
-static bool test_context_data3_new_called = false;
+static bool test_context_data1_finalize_called = false;
 
 /* Context item 1 */
 const char *string1 = "item1";
@@ -38,12 +39,23 @@ test_context_data1_free (void *user_data_p)
 {
   test_context_data1_free_called = true;
   TEST_ASSERT ((*(const char **) user_data_p) == string1);
+  TEST_ASSERT (!test_context_data1_finalize_called);
 } /* test_context_data1_free */
 
+static void
+test_context_data1_finalize (void *user_data_p)
+{
+  TEST_ASSERT (test_context_data1_free_called);
+  TEST_ASSERT (!test_context_data1_finalize_called);
+  TEST_ASSERT ((*(const char **) user_data_p) == string1);
+  test_context_data1_finalize_called = true;
+} /* test_context_data1_finalize */
+
 static const jerry_context_data_manager_t manager1 =
 {
   .init_cb = test_context_data1_new,
   .deinit_cb = test_context_data1_free,
+  .finalize_cb = test_context_data1_finalize,
   .bytes_needed = sizeof (const char *)
 };
 
@@ -86,6 +98,7 @@ static const jerry_context_data_manager_t manager3 =
   .init_cb = test_context_data3_new,
   /* NULL is allowed: */
   .deinit_cb = NULL,
+  .finalize_cb = NULL,
   .bytes_needed = 0,
 };