diff --git a/src/msw/bitmap.cpp b/src/msw/bitmap.cpp
index 077ae40e83..4c34a6d109 100644
--- a/src/msw/bitmap.cpp
+++ b/src/msw/bitmap.cpp
@@ -1780,6 +1780,20 @@ HICON wxBitmapToIconOrCursor(const wxBitmap& bmp,
 
     if ( bmp.HasAlpha() )
     {
+        // Make a copy in case we would neeed to remove its mask.
+        // If this will not be necessary, the copy is cheap as bitmaps are reference-counted.
+        wxBitmap curBmp(bmp);
+
+        // For bitmap with both alpha channel and mask we have to apply mask on our own
+        // because 32 bpp icons don't work properly with mask bitmaps.
+        // To do so we will create a temporary bitmap with copy of RGB data and with alpha channel
+        // being a superposition of the original alpha values and the mask - for non-masked pixels
+        // alpha channel values will remain intact and for masked pixels they will be set to the transparent value.
+        if ( curBmp.GetMask() )
+        {
+            curBmp.MSWBlendMaskWithAlpha();
+        }
+
         HBITMAP hbmp;
 
 #if wxUSE_WXDIB && wxUSE_IMAGE
@@ -1788,17 +1802,17 @@ HICON wxBitmapToIconOrCursor(const wxBitmap& bmp,
         // a special DIB in such format to pass to it. This is inefficient but
         // better than creating an icon with wrong colours.
         AutoHBITMAP hbmpRelease;
-        hbmp = wxDIB(bmp.ConvertToImage(),
+        hbmp = wxDIB(curBmp.ConvertToImage(),
                      wxDIB::PixelFormat_NotPreMultiplied).Detach();
         hbmpRelease.Init(hbmp);
 #else // !(wxUSE_WXDIB && wxUSE_IMAGE)
-        hbmp = GetHbitmapOf(bmp);
+        hbmp = GetHbitmapOf(curBmp);
 #endif // wxUSE_WXDIB && wxUSE_IMAGE
 
         // Create an empty mask bitmap.
         // it doesn't seem to work if we mess with the mask at all.
         AutoHBITMAP
-            hMonoBitmap(CreateBitmap(bmp.GetWidth(),bmp.GetHeight(),1,1,NULL));
+            hMonoBitmap(CreateBitmap(curBmp.GetWidth(),curBmp.GetHeight(),1,1,NULL));
 
         ICONINFO iconInfo;
         wxZeroMemory(iconInfo);