diff --git a/clippy_lints/src/doc/markdown.rs b/clippy_lints/src/doc/markdown.rs
index 3bedd425141..d2f14756591 100644
--- a/clippy_lints/src/doc/markdown.rs
+++ b/clippy_lints/src/doc/markdown.rs
@@ -8,7 +8,7 @@ use url::Url;
 
 use crate::doc::DOC_MARKDOWN;
 
-pub fn check(cx: &LateContext<'_>, valid_idents: &FxHashSet<String>, text: &str, span: Span) {
+pub fn check(cx: &LateContext<'_>, valid_idents: &FxHashSet<String>, text: &str, span: Span, code_level: isize) {
     for orig_word in text.split(|c: char| c.is_whitespace() || c == '\'') {
         // Trim punctuation as in `some comment (see foo::bar).`
         //                                                   ^^
@@ -46,11 +46,11 @@ pub fn check(cx: &LateContext<'_>, valid_idents: &FxHashSet<String>, text: &str,
             span.parent(),
         );
 
-        check_word(cx, word, span);
+        check_word(cx, word, span, code_level);
     }
 }
 
-fn check_word(cx: &LateContext<'_>, word: &str, span: Span) {
+fn check_word(cx: &LateContext<'_>, word: &str, span: Span, code_level: isize) {
     /// Checks if a string is upper-camel-case, i.e., starts with an uppercase and
     /// contains at least two uppercase letters (`Clippy` is ok) and one lower-case
     /// letter (`NASA` is ok).
@@ -97,7 +97,7 @@ fn check_word(cx: &LateContext<'_>, word: &str, span: Span) {
     }
 
     // We assume that mixed-case words are not meant to be put inside backticks. (Issue #2343)
-    if has_underscore(word) && has_hyphen(word) {
+    if code_level > 0 || (has_underscore(word) && has_hyphen(word)) {
         return;
     }
 
diff --git a/clippy_lints/src/doc/mod.rs b/clippy_lints/src/doc/mod.rs
index 9af34c3a7bf..003d26b7b89 100644
--- a/clippy_lints/src/doc/mod.rs
+++ b/clippy_lints/src/doc/mod.rs
@@ -599,10 +599,19 @@ fn check_doc<'a, Events: Iterator<Item = (pulldown_cmark::Event<'a>, Range<usize
     let mut ignore = false;
     let mut edition = None;
     let mut ticks_unbalanced = false;
-    let mut text_to_check: Vec<(CowStr<'_>, Range<usize>)> = Vec::new();
+    let mut text_to_check: Vec<(CowStr<'_>, Range<usize>, isize)> = Vec::new();
     let mut paragraph_range = 0..0;
+    let mut code_level = 0;
+
     for (event, range) in events {
         match event {
+            Html(tag) => {
+                if tag.starts_with("<code") {
+                    code_level += 1;
+                } else if tag.starts_with("</code") {
+                    code_level -= 1;
+                }
+            },
             Start(CodeBlock(ref kind)) => {
                 in_code = true;
                 if let CodeBlockKind::Fenced(lang) = kind {
@@ -652,16 +661,15 @@ fn check_doc<'a, Events: Iterator<Item = (pulldown_cmark::Event<'a>, Range<usize
                         "a backtick may be missing a pair",
                     );
                 } else {
-                    for (text, range) in text_to_check {
+                    for (text, range, assoc_code_level) in text_to_check {
                         if let Some(span) = fragments.span(cx, range) {
-                            markdown::check(cx, valid_idents, &text, span);
+                            markdown::check(cx, valid_idents, &text, span, assoc_code_level);
                         }
                     }
                 }
                 text_to_check = Vec::new();
             },
             Start(_tag) | End(_tag) => (), // We don't care about other tags
-            Html(_html) => (),             // HTML is weird, just ignore it
             SoftBreak | HardBreak | TaskListMarker(_) | Code(_) | Rule => (),
             FootnoteReference(text) | Text(text) => {
                 paragraph_range.end = range.end;
@@ -694,7 +702,7 @@ fn check_doc<'a, Events: Iterator<Item = (pulldown_cmark::Event<'a>, Range<usize
                         // Don't check the text associated with external URLs
                         continue;
                     }
-                    text_to_check.push((text, range));
+                    text_to_check.push((text, range, code_level));
                 }
             },
         }
diff --git a/tests/ui/doc/issue_9473.fixed b/tests/ui/doc/issue_9473.fixed
new file mode 100644
index 00000000000..276ce7620ca
--- /dev/null
+++ b/tests/ui/doc/issue_9473.fixed
@@ -0,0 +1,9 @@
+#![warn(clippy::doc_markdown)]
+
+// Should not warn!
+/// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>.
+pub struct Foo(u32);
+
+// Should warn.
+/// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>[`FooBar`].
+pub struct FooBar(u32);
diff --git a/tests/ui/doc/issue_9473.rs b/tests/ui/doc/issue_9473.rs
new file mode 100644
index 00000000000..52527f7106d
--- /dev/null
+++ b/tests/ui/doc/issue_9473.rs
@@ -0,0 +1,9 @@
+#![warn(clippy::doc_markdown)]
+
+// Should not warn!
+/// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>.
+pub struct Foo(u32);
+
+// Should warn.
+/// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>[FooBar].
+pub struct FooBar(u32);
diff --git a/tests/ui/doc/issue_9473.stderr b/tests/ui/doc/issue_9473.stderr
new file mode 100644
index 00000000000..35aa2884cc1
--- /dev/null
+++ b/tests/ui/doc/issue_9473.stderr
@@ -0,0 +1,15 @@
+error: item in documentation is missing backticks
+  --> tests/ui/doc/issue_9473.rs:8:58
+   |
+LL | /// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>[FooBar].
+   |                                                          ^^^^^^
+   |
+   = note: `-D clippy::doc-markdown` implied by `-D warnings`
+   = help: to override `-D warnings` add `#[allow(clippy::doc_markdown)]`
+help: try
+   |
+LL | /// Blah blah blah <code>[FooBar]&lt;[FooBar]&gt;</code>[`FooBar`].
+   |                                                          ~~~~~~~~
+
+error: aborting due to 1 previous error
+