diff --git a/mysql-test/suite/innodb/r/mdev_37977.result b/mysql-test/suite/innodb/r/mdev_37977.result
new file mode 100644
index 0000000000000..4d7a440405635
--- /dev/null
+++ b/mysql-test/suite/innodb/r/mdev_37977.result
@@ -0,0 +1,36 @@
+#
+# MDEV-37977 InnoDB deadlock report incorrectly reports
+#            rolled back transaction number
+#
+SET @save_print_all_deadlocks= @@GLOBAL.innodb_print_all_deadlocks;
+SET GLOBAL innodb_print_all_deadlocks= ON;
+CREATE TABLE t1 (id INT PRIMARY KEY, val INT) ENGINE=InnoDB;
+INSERT INTO t1 VALUES (1, 10), (2, 20);
+#
+# Classic deadlock: con1 locks row 1 then tries row 2;
+# default locks row 2 then tries row 1.
+# The requesting transaction (default) is always the preferred
+# victim due to bit 0 in calc_victim_weight(). In a 2-transaction
+# cycle, find_cycle() returns the other transaction, so the
+# requesting transaction is displayed as "(1) TRANSACTION".
+# The rollback message must say "WE ROLL BACK TRANSACTION (1)".
+#
+connect  con1,localhost,root,,;
+BEGIN;
+UPDATE t1 SET val= 11 WHERE id= 1;
+connection default;
+BEGIN;
+UPDATE t1 SET val= 22 WHERE id= 2;
+connection con1;
+UPDATE t1 SET val= 12 WHERE id= 2;
+connection default;
+UPDATE t1 SET val= 21 WHERE id= 1;
+ERROR 40001: Deadlock found when trying to get lock; try restarting transaction
+ROLLBACK;
+connection con1;
+ROLLBACK;
+disconnect con1;
+connection default;
+FOUND 1 /WE ROLL BACK TRANSACTION \(1\)/ in mysqld.1.err
+SET GLOBAL innodb_print_all_deadlocks= @save_print_all_deadlocks;
+DROP TABLE t1;
diff --git a/mysql-test/suite/innodb/t/mdev_37977.test b/mysql-test/suite/innodb/t/mdev_37977.test
new file mode 100644
index 0000000000000..4b4078c18f1f1
--- /dev/null
+++ b/mysql-test/suite/innodb/t/mdev_37977.test
@@ -0,0 +1,59 @@
+--echo #
+--echo # MDEV-37977 InnoDB deadlock report incorrectly reports
+--echo #            rolled back transaction number
+--echo #
+
+--source include/not_embedded.inc
+--source include/have_innodb.inc
+--source include/count_sessions.inc
+
+SET @save_print_all_deadlocks= @@GLOBAL.innodb_print_all_deadlocks;
+SET GLOBAL innodb_print_all_deadlocks= ON;
+
+CREATE TABLE t1 (id INT PRIMARY KEY, val INT) ENGINE=InnoDB;
+INSERT INTO t1 VALUES (1, 10), (2, 20);
+
+--echo #
+--echo # Classic deadlock: con1 locks row 1 then tries row 2;
+--echo # default locks row 2 then tries row 1.
+--echo # The requesting transaction (default) is always the preferred
+--echo # victim due to bit 0 in calc_victim_weight(). In a 2-transaction
+--echo # cycle, find_cycle() returns the other transaction, so the
+--echo # requesting transaction is displayed as "(1) TRANSACTION".
+--echo # The rollback message must say "WE ROLL BACK TRANSACTION (1)".
+--echo #
+
+--connect (con1,localhost,root,,)
+BEGIN;
+UPDATE t1 SET val= 11 WHERE id= 1;
+
+--connection default
+BEGIN;
+UPDATE t1 SET val= 22 WHERE id= 2;
+
+--connection con1
+--send UPDATE t1 SET val= 12 WHERE id= 2
+
+--connection default
+let $wait_condition=
+  SELECT COUNT(*) >= 2 FROM INFORMATION_SCHEMA.INNODB_LOCKS
+  WHERE lock_table LIKE '%t1%';
+--source include/wait_condition.inc
+
+--error ER_LOCK_DEADLOCK
+UPDATE t1 SET val= 21 WHERE id= 1;
+ROLLBACK;
+
+--connection con1
+--reap
+ROLLBACK;
+--disconnect con1
+
+--connection default
+let SEARCH_FILE= $MYSQLTEST_VARDIR/log/mysqld.1.err;
+let SEARCH_PATTERN= WE ROLL BACK TRANSACTION \(1\);
+--source include/search_pattern_in_file.inc
+
+SET GLOBAL innodb_print_all_deadlocks= @save_print_all_deadlocks;
+DROP TABLE t1;
+--source include/wait_until_count_sessions.inc
diff --git a/storage/innobase/lock/lock0lock.cc b/storage/innobase/lock/lock0lock.cc
index 572a7591a775d..58723fcd5968a 100644
--- a/storage/innobase/lock/lock0lock.cc
+++ b/storage/innobase/lock/lock0lock.cc
@@ -6959,7 +6959,7 @@ and less modified rows. Bit 0 is used to prefer orig_trx in case of a tie.
     }
 
     {
-      unsigned l= 1;
+      unsigned l= 0;
       /* Now that we are holding lock_sys.wait_mutex again, check
       whether a cycle still exists. */
       trx_t *cycle= find_cycle(trx);
@@ -6967,22 +6967,30 @@ and less modified rows. Bit 0 is used to prefer orig_trx in case of a tie.
         goto func_exit; /* One of the transactions was already aborted. */
 
       lock_sys.deadlocks++;
-      victim= cycle;
-      undo_no_t victim_weight= calc_victim_weight(victim, trx);
-      unsigned victim_pos= l;
+      /* Select the victim among the cycle participants. Traverse
+      the cycle in the same order as the display loop below
+      (cycle->wait_trx, ..., cycle as positions 1, 2, ..., N)
+      so that victim_pos matches the displayed transaction number. */
+      undo_no_t victim_weight= 0;
+      unsigned victim_pos= 0;
       for (trx_t *next= cycle;;)
       {
         next= next->lock.wait_trx;
         l++;
         const undo_no_t next_weight= calc_victim_weight(next, trx);
 #ifdef HAVE_REPLICATION
-        const int pref=
-          thd_deadlock_victim_preference(victim->mysql_thd, next->mysql_thd);
-        /* Set bit 63 for any non-preferred victim to make such preference take
-        priority in the weight comparison.
-        -1 means victim is preferred. 1 means next is preferred. */
-        undo_no_t victim_not_pref= (1ULL << 63) & (undo_no_t)(int64_t)(-pref);
-        undo_no_t next_not_pref= (1ULL << 63) & (undo_no_t)(int64_t)pref;
+        undo_no_t victim_not_pref= 0;
+        undo_no_t next_not_pref= 0;
+        if (UNIV_LIKELY(victim != nullptr))
+        {
+          const int pref=
+            thd_deadlock_victim_preference(victim->mysql_thd, next->mysql_thd);
+          /* Set bit 63 for any non-preferred victim to make such preference
+          take priority in the weight comparison.
+          -1 means victim is preferred. 1 means next is preferred. */
+          victim_not_pref= (1ULL << 63) & (undo_no_t)(int64_t)(-pref);
+          next_not_pref= (1ULL << 63) & (undo_no_t)(int64_t)pref;
+        }
 #else
         undo_no_t victim_not_pref= 0;
         undo_no_t next_not_pref= 0;
@@ -6996,7 +7004,8 @@ and less modified rows. Bit 0 is used to prefer orig_trx in case of a tie.
          - Else the TRX_WEIGHT in bits 1-61 will decide, if not equal.
          - Else, if one of them is the original trx, bit 0 will decide.
          - If all is equal, previous victim will arbitrarily be chosen. */
-        if ((next_weight|next_not_pref) < (victim_weight|victim_not_pref))
+        if (UNIV_UNLIKELY(victim == nullptr) ||
+            (next_weight|next_not_pref) < (victim_weight|victim_not_pref))
         {
           victim_weight= next_weight;
           victim= next;