diff --git a/sdk/core/azure-core/CHANGELOG.md b/sdk/core/azure-core/CHANGELOG.md
index be3b2d465a..c5b9b56ff0 100644
--- a/sdk/core/azure-core/CHANGELOG.md
+++ b/sdk/core/azure-core/CHANGELOG.md
@@ -13,6 +13,8 @@
 
 ### Other Changes
 
+- [[#4756]] (https://github.com/Azure/azure-sdk-for-cpp/issues/4756) `BearerTokenAuthenticationPolicy` now uses shared mutex lock for read operations.
+
 ## 1.11.0-beta.2 (2023-11-02)
 
 ### Features Added
diff --git a/sdk/core/azure-core/inc/azure/core/http/policies/policy.hpp b/sdk/core/azure-core/inc/azure/core/http/policies/policy.hpp
index c0dbe7d9ea..186c17308c 100644
--- a/sdk/core/azure-core/inc/azure/core/http/policies/policy.hpp
+++ b/sdk/core/azure-core/inc/azure/core/http/policies/policy.hpp
@@ -25,6 +25,7 @@
 #include <memory>
 #include <mutex>
 #include <set>
+#include <shared_mutex>
 #include <string>
 #include <utility>
 #include <vector>
@@ -549,7 +550,7 @@ namespace Azure { namespace Core { namespace Http { namespace Policies {
       Credentials::TokenRequestContext m_tokenRequestContext;
 
       mutable Credentials::AccessToken m_accessToken;
-      mutable std::mutex m_accessTokenMutex;
+      mutable std::shared_timed_mutex m_accessTokenMutex;
       mutable Credentials::TokenRequestContext m_accessTokenContext;
 
     public:
@@ -581,6 +582,9 @@ namespace Azure { namespace Core { namespace Http { namespace Policies {
       BearerTokenAuthenticationPolicy(BearerTokenAuthenticationPolicy const& other)
           : BearerTokenAuthenticationPolicy(other.m_credential, other.m_tokenRequestContext)
       {
+        std::shared_lock<std::shared_timed_mutex> readLock(other.m_accessTokenMutex);
+        m_accessToken = other.m_accessToken;
+        m_accessTokenContext = other.m_accessTokenContext;
       }
 
       void operator=(BearerTokenAuthenticationPolicy const&) = delete;
diff --git a/sdk/core/azure-core/src/http/bearer_token_authentication_policy.cpp b/sdk/core/azure-core/src/http/bearer_token_authentication_policy.cpp
index 66cd6b00e0..bfce41f86b 100644
--- a/sdk/core/azure-core/src/http/bearer_token_authentication_policy.cpp
+++ b/sdk/core/azure-core/src/http/bearer_token_authentication_policy.cpp
@@ -61,21 +61,49 @@ bool BearerTokenAuthenticationPolicy::AuthorizeRequestOnChallenge(
   return false;
 }
 
+namespace {
+bool TokenNeedsRefresh(
+    Azure::Core::Credentials::AccessToken const& cachedToken,
+    Azure::Core::Credentials::TokenRequestContext const& cachedTokenRequestContext,
+    Azure::DateTime const& currentTime,
+    Azure::Core::Credentials::TokenRequestContext const& newTokenRequestContext)
+{
+  return newTokenRequestContext.TenantId != cachedTokenRequestContext.TenantId
+      || newTokenRequestContext.Scopes != cachedTokenRequestContext.Scopes
+      || currentTime > (cachedToken.ExpiresOn - newTokenRequestContext.MinimumExpiration);
+}
+
+void ApplyBearerToken(
+    Azure::Core::Http::Request& request,
+    Azure::Core::Credentials::AccessToken const& token)
+{
+  request.SetHeader("authorization", "Bearer " + token.Token);
+}
+} // namespace
+
 void BearerTokenAuthenticationPolicy::AuthenticateAndAuthorizeRequest(
     Request& request,
     Credentials::TokenRequestContext const& tokenRequestContext,
     Context const& context) const
 {
-  std::lock_guard<std::mutex> lock(m_accessTokenMutex);
+  DateTime const currentTime = std::chrono::system_clock::now();
+
+  {
+    std::shared_lock<std::shared_timed_mutex> readLock(m_accessTokenMutex);
+    if (!TokenNeedsRefresh(m_accessToken, m_accessTokenContext, currentTime, tokenRequestContext))
+    {
+      ApplyBearerToken(request, m_accessToken);
+      return;
+    }
+  }
 
-  if (tokenRequestContext.TenantId != m_accessTokenContext.TenantId
-      || tokenRequestContext.Scopes != m_accessTokenContext.Scopes
-      || std::chrono::system_clock::now()
-          > (m_accessToken.ExpiresOn - tokenRequestContext.MinimumExpiration))
+  std::unique_lock<std::shared_timed_mutex> writeLock(m_accessTokenMutex);
+  // Check if token needs refresh for the second time in case another thread has just updated it.
+  if (TokenNeedsRefresh(m_accessToken, m_accessTokenContext, currentTime, tokenRequestContext))
   {
     m_accessToken = m_credential->GetToken(tokenRequestContext, context);
     m_accessTokenContext = tokenRequestContext;
   }
 
-  request.SetHeader("authorization", "Bearer " + m_accessToken.Token);
+  ApplyBearerToken(request, m_accessToken);
 }