diff --git a/packages/extensions/src/placeholder/placeholder.ts b/packages/extensions/src/placeholder/placeholder.ts
index 3c8c483e88..06e870ba2e 100644
--- a/packages/extensions/src/placeholder/placeholder.ts
+++ b/packages/extensions/src/placeholder/placeholder.ts
@@ -1,6 +1,6 @@
 import type { Editor } from '@tiptap/core'
 import { Extension, isNodeEmpty } from '@tiptap/core'
-import type { Node as ProsemirrorNode } from '@tiptap/pm/model'
+import type { Node as ProseMirrorNode } from '@tiptap/pm/model'
 import { Plugin, PluginKey } from '@tiptap/pm/state'
 import { Decoration, DecorationSet } from '@tiptap/pm/view'
 
@@ -57,9 +57,7 @@ export interface PlaceholderOptions {
    * You can use a function to return a dynamic placeholder or a string.
    * @default 'Write something …'
    */
-  placeholder:
-    | ((PlaceholderProps: { editor: Editor; node: ProsemirrorNode; pos: number; hasAnchor: boolean }) => string)
-    | string
+  placeholder: ((props: { editor: Editor; node: ProseMirrorNode; pos: number; hasAnchor: boolean }) => string) | string
 
   /**
    * **Checks if the placeholder should be only shown when the editor is editable.**
@@ -89,6 +87,108 @@ export interface PlaceholderOptions {
   includeChildren: boolean
 }
 
+function nodeContainsAnchor(anchor: number, pos: number, node: ProseMirrorNode): boolean {
+  return anchor >= pos && anchor <= pos + node.nodeSize
+}
+
+function createPlaceholderDecoration(
+  editor: Editor,
+  options: Pick<PlaceholderOptions, 'emptyEditorClass' | 'emptyNodeClass' | 'placeholder'>,
+  node: ProseMirrorNode,
+  pos: number,
+  hasAnchor: boolean,
+  dataAttributeKey: string,
+): Decoration {
+  const classes = [options.emptyNodeClass]
+  const isEmptyDoc = editor.isEmpty
+
+  if (isEmptyDoc) {
+    classes.push(options.emptyEditorClass)
+  }
+
+  return Decoration.node(pos, pos + node.nodeSize, {
+    class: classes.join(' '),
+    [dataAttributeKey]:
+      typeof options.placeholder === 'function'
+        ? options.placeholder({
+            editor,
+            node,
+            pos,
+            hasAnchor,
+          })
+        : options.placeholder,
+  })
+}
+
+/** Full-document scan — only used when `showOnlyCurrent` is false (decorate every empty textblock). */
+function collectPlaceholdersFullScan(
+  doc: ProseMirrorNode,
+  anchor: number,
+  editor: Editor,
+  options: PlaceholderOptions,
+  dataAttributeKey: string,
+): Decoration[] {
+  const decorations: Decoration[] = []
+
+  doc.descendants((node, pos) => {
+    const hasAnchor = nodeContainsAnchor(anchor, pos, node)
+    const isEmpty = !node.isLeaf && isNodeEmpty(node)
+
+    if (!node.type.isTextblock) {
+      return options.includeChildren
+    }
+
+    if (!isEmpty) {
+      return options.includeChildren
+    }
+
+    decorations.push(createPlaceholderDecoration(editor, options, node, pos, hasAnchor, dataAttributeKey))
+
+    return options.includeChildren
+  })
+
+  return decorations
+}
+
+/**
+ * When `showOnlyCurrent` is true: same decorations as a full scan would produce,
+ * without walking the whole document.
+ */
+function collectPlaceholdersShowOnlyCurrent(
+  doc: ProseMirrorNode,
+  anchor: number,
+  editor: Editor,
+  options: PlaceholderOptions,
+  dataAttributeKey: string,
+): Decoration[] {
+  const $anchor = doc.resolve(anchor)
+
+  if ($anchor.depth < 1) {
+    return []
+  }
+
+  const decorations: Decoration[] = []
+  const maxDepth = options.includeChildren ? $anchor.depth : 1
+
+  for (let d = 1; d <= maxDepth; d += 1) {
+    const node = $anchor.node(d)
+    const pos = $anchor.before(d)
+
+    if (!node.type.isTextblock) {
+      continue
+    }
+
+    const hasAnchor = nodeContainsAnchor(anchor, pos, node)
+    const isEmpty = !node.isLeaf && isNodeEmpty(node)
+
+    if (hasAnchor && isEmpty) {
+      decorations.push(createPlaceholderDecoration(editor, options, node, pos, hasAnchor, dataAttributeKey))
+    }
+  }
+
+  return decorations
+}
+
 /**
  * This extension allows you to add a placeholder to your editor.
  * A placeholder is a text that appears when the editor or a node is empty.
@@ -121,47 +221,15 @@ export const Placeholder = Extension.create<PlaceholderOptions>({
           decorations: ({ doc, selection }) => {
             const active = this.editor.isEditable || !this.options.showOnlyWhenEditable
             const { anchor } = selection
-            const decorations: Decoration[] = []
 
             if (!active) {
               return null
             }
 
-            const isEmptyDoc = this.editor.isEmpty
-
-            doc.descendants((node, pos) => {
-              const hasAnchor = anchor >= pos && anchor <= pos + node.nodeSize
-              const isEmpty = !node.isLeaf && isNodeEmpty(node)
-
-              if (!node.type.isTextblock) {
-                return this.options.includeChildren
-              }
-
-              if ((hasAnchor || !this.options.showOnlyCurrent) && isEmpty) {
-                const classes = [this.options.emptyNodeClass]
-
-                if (isEmptyDoc) {
-                  classes.push(this.options.emptyEditorClass)
-                }
-
-                const decoration = Decoration.node(pos, pos + node.nodeSize, {
-                  class: classes.join(' '),
-                  [dataAttribute]:
-                    typeof this.options.placeholder === 'function'
-                      ? this.options.placeholder({
-                          editor: this.editor,
-                          node,
-                          pos,
-                          hasAnchor,
-                        })
-                      : this.options.placeholder,
-                })
-
-                decorations.push(decoration)
-              }
-
-              return this.options.includeChildren
-            })
+            const opts = this.options
+            const decorations = opts.showOnlyCurrent
+              ? collectPlaceholdersShowOnlyCurrent(doc, anchor, this.editor, opts, dataAttribute)
+              : collectPlaceholdersFullScan(doc, anchor, this.editor, opts, dataAttribute)
 
             return DecorationSet.create(doc, decorations)
           },