diff --git a/homeassistant/components/mqtt/client.py b/homeassistant/components/mqtt/client.py
index 557d418c54..3a95fe4ef6 100644
--- a/homeassistant/components/mqtt/client.py
+++ b/homeassistant/components/mqtt/client.py
@@ -583,12 +583,16 @@ class MQTT:
         self._async_track_subscription(subscription)
         self._matching_subscriptions.cache_clear()
 
-        if self._init_payload.get(subscription, False) and topic in self._last_payload:
+        if topic in self._last_payload and not self._init_payload.get(
+            subscription, False
+        ):
+            # pylint: disable-next=import-outside-toplevel
+            import paho.mqtt.client as mqtt
+
             # replay last payload of retained topics we already discovered and
             # skip subscribing at the broker
             self._last_subscribe = time.time()
-            msg = mqtt.MQTTMessage()
-            msg.topic = topic
+            msg = mqtt.MQTTMessage(topic=topic.encode("utf-8"))
             msg.retain = True
             msg.payload, msg.qos = self._last_payload[topic]
             self._mqtt_on_message(self._mqttc, None, msg)
@@ -774,7 +778,7 @@ class MQTT:
         timestamp = dt_util.utcnow()
         # Cache last payload
         if len(msg.payload):
-            self._last_payload["topic"] = (msg.payload, msg.qos)
+            self._last_payload[msg.topic] = (msg.payload, msg.qos)
         elif msg.topic in self._last_payload:
             del self._last_payload[msg.topic]
 
diff --git a/tests/components/mqtt/test_init.py b/tests/components/mqtt/test_init.py
index 9a7dbc6eec..3627a43bb1 100644
--- a/tests/components/mqtt/test_init.py
+++ b/tests/components/mqtt/test_init.py
@@ -1264,6 +1264,7 @@ async def test_subscribe_same_topic(
     mqtt_client_mock.subscribe.assert_called()
 
 
+@patch("homeassistant.components.mqtt.client.SUBSCRIBE_COOLDOWN", 0.0)
 async def test_replaying_payload_same_topic(
     hass: HomeAssistant,
     mqtt_client_mock: MqttMockPahoClient,
@@ -1296,21 +1297,21 @@ async def test_replaying_payload_same_topic(
     )  # Simulate a (retained) message played back
     await hass.async_block_till_done()
     assert len(calls_a) == 1
-    mqtt_client_mock.subscribe.assert_called()
     calls_a = []
-    mqtt_client_mock.reset_mock()
 
     await mqtt.async_subscribe(hass, "test/state", _callback_b)
     async_fire_mqtt_message(
         hass, "test/state", "online", qos=0, retain=True
     )  # Simulate a (retained) message played back on new subscriptions
     await hass.async_block_till_done()
+    await hass.async_block_till_done()
+    await hass.async_block_till_done()
     # The retained message playback should only be processed by the new subscription
     # The existing subscription already got the latest update,
     # hence the existing subscription should not receive the replayed payload.
     assert len(calls_a) == 0
     assert len(calls_b) == 1
-    mqtt_client_mock.subscribe.assert_called()
+    mqtt_client_mock.subscribe.assert_called_once()
 
     calls_a = []
     calls_b = []
@@ -1333,6 +1334,7 @@ async def test_replaying_payload_same_topic(
     with patch("homeassistant.components.mqtt.client.DISCOVERY_COOLDOWN", 0):
         mqtt_client_mock.on_connect(None, None, None, 0)
         await hass.async_block_till_done()
+        await hass.async_block_till_done()
     mqtt_client_mock.subscribe.assert_called()
     async_fire_mqtt_message(
         hass, "test/state", "online", qos=0, retain=True