diff --git a/pandas/core/internals/blocks.py b/pandas/core/internals/blocks.py
index 2cfab63f8a63f..96b3355872dc6 100644
--- a/pandas/core/internals/blocks.py
+++ b/pandas/core/internals/blocks.py
@@ -651,6 +651,7 @@ def _replace_regex(
         value,
         inplace: bool = False,
         mask=None,
+        using_cow: bool = False,
     ) -> list[Block]:
         """
         Replace elements by the given value.
@@ -665,6 +666,8 @@ def _replace_regex(
             Perform inplace modification.
         mask : array-like of bool, optional
             True indicate corresponding element is ignored.
+        using_cow: bool, default False
+            Specifying if copy on write is enabled.
 
         Returns
         -------
@@ -673,15 +676,27 @@ def _replace_regex(
         if not self._can_hold_element(to_replace):
             # i.e. only ObjectBlock, but could in principle include a
             #  String ExtensionBlock
+            if using_cow:
+                return [self.copy(deep=False)]
             return [self] if inplace else [self.copy()]
 
         rx = re.compile(to_replace)
 
-        new_values = self.values if inplace else self.values.copy()
+        if using_cow:
+            if inplace and not self.refs.has_reference():
+                refs = self.refs
+                new_values = self.values
+            else:
+                refs = None
+                new_values = self.values.copy()
+        else:
+            refs = None
+            new_values = self.values if inplace else self.values.copy()
+
         replace_regex(new_values, rx, value, mask)
 
-        block = self.make_block(new_values)
-        return block.convert(copy=False)
+        block = self.make_block(new_values, refs=refs)
+        return block.convert(copy=False, using_cow=using_cow)
 
     @final
     def replace_list(
diff --git a/pandas/core/internals/managers.py b/pandas/core/internals/managers.py
index 1a18bb6519f77..0d6478aeb47bf 100644
--- a/pandas/core/internals/managers.py
+++ b/pandas/core/internals/managers.py
@@ -467,7 +467,7 @@ def replace(self: T, to_replace, value, inplace: bool) -> T:
         )
 
     def replace_regex(self, **kwargs):
-        return self.apply("_replace_regex", **kwargs)
+        return self.apply("_replace_regex", **kwargs, using_cow=using_copy_on_write())
 
     def replace_list(
         self: T,
diff --git a/pandas/tests/copy_view/test_replace.py b/pandas/tests/copy_view/test_replace.py
index c29e19a6e832f..c0b5498b839f5 100644
--- a/pandas/tests/copy_view/test_replace.py
+++ b/pandas/tests/copy_view/test_replace.py
@@ -47,6 +47,51 @@ def test_replace(using_copy_on_write, replace_kwargs):
     tm.assert_frame_equal(df, df_orig)
 
 
+def test_replace_regex_inplace_refs(using_copy_on_write):
+    df = DataFrame({"a": ["aaa", "bbb"]})
+    df_orig = df.copy()
+    view = df[:]
+    arr = get_array(df, "a")
+    df.replace(to_replace=r"^a.*$", value="new", inplace=True, regex=True)
+    if using_copy_on_write:
+        assert not np.shares_memory(arr, get_array(df, "a"))
+        assert df._mgr._has_no_reference(0)
+        tm.assert_frame_equal(view, df_orig)
+    else:
+        assert np.shares_memory(arr, get_array(df, "a"))
+
+
+def test_replace_regex_inplace(using_copy_on_write):
+    df = DataFrame({"a": ["aaa", "bbb"]})
+    arr = get_array(df, "a")
+    df.replace(to_replace=r"^a.*$", value="new", inplace=True, regex=True)
+    if using_copy_on_write:
+        assert df._mgr._has_no_reference(0)
+    assert np.shares_memory(arr, get_array(df, "a"))
+
+    df_orig = df.copy()
+    df2 = df.replace(to_replace=r"^b.*$", value="new", regex=True)
+    tm.assert_frame_equal(df_orig, df)
+    assert not np.shares_memory(get_array(df2, "a"), get_array(df, "a"))
+
+
+def test_replace_regex_inplace_no_op(using_copy_on_write):
+    df = DataFrame({"a": [1, 2]})
+    arr = get_array(df, "a")
+    df.replace(to_replace=r"^a.$", value="new", inplace=True, regex=True)
+    if using_copy_on_write:
+        assert df._mgr._has_no_reference(0)
+    assert np.shares_memory(arr, get_array(df, "a"))
+
+    df_orig = df.copy()
+    df2 = df.replace(to_replace=r"^x.$", value="new", regex=True)
+    tm.assert_frame_equal(df_orig, df)
+    if using_copy_on_write:
+        assert np.shares_memory(get_array(df2, "a"), get_array(df, "a"))
+    else:
+        assert not np.shares_memory(get_array(df2, "a"), get_array(df, "a"))
+
+
 def test_replace_mask_all_false_second_block(using_copy_on_write):
     df = DataFrame({"a": [1.5, 2, 3], "b": 100.5, "c": 1, "d": 2})
     df_orig = df.copy()