diff --git a/Lib/test/test_code.py b/Lib/test/test_code.py
index f54703cf37b2de5..6be2e471d1744e7 100644
--- a/Lib/test/test_code.py
+++ b/Lib/test/test_code.py
@@ -630,6 +630,25 @@ def test_code_hash_uses_bytecode(self):
         self.assertNotEqual(c, c1)
         self.assertNotEqual(hash(c), hash(c1))
 
+    def test_code_equality_uses_consts(self):
+        c = compile("0.0", "example.py", "eval")
+        self.assertEqual(c.co_consts, (0.0,))
+        self.assertEqual(c, c.replace(co_consts=(0.0,)))
+        for consts in [(-0.0,), (0,), (False,), ((0.0,),), (0.0, None)]:
+            with self.subTest(consts=consts):
+                self.assertNotEqual(c, c.replace(co_consts=consts))
+
+    def test_code_equality_nested(self):
+        # gh-160788: this took time exponential in the nesting depth.
+        depth = 30
+        source = "".join(" " * i + f"class C{i}:\n" for i in range(depth))
+        indent = " " * depth
+        code1 = compile(source + indent + "pass\n", "example.py", "exec")
+        code2 = compile(source + indent + "pass\n", "example.py", "exec")
+        code3 = compile(source + indent + "x = 1\n", "example.py", "exec")
+        self.assertEqual(code1, code2)
+        self.assertNotEqual(code1, code3)
+
     @cpython_only
     def test_code_equal_with_instrumentation(self):
         """ GH-109052
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-10-28-20-07-09.gh-issue-160788.0mN49z.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-10-28-20-07-09.gh-issue-160788.0mN49z.rst
new file mode 100644
index 000000000000000..61c3ae662c4923d
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-10-28-20-07-09.gh-issue-160788.0mN49z.rst
@@ -0,0 +1,2 @@
+Comparing :ref:`code objects <code-objects>` with ``==`` no longer takes
+time exponential in the nesting depth of their classes and functions.
diff --git a/Objects/codeobject.c b/Objects/codeobject.c
index eb390ab24ec13e6..a45f9e7a85a868d 100644
--- a/Objects/codeobject.c
+++ b/Objects/codeobject.c
@@ -2500,7 +2500,7 @@ code_richcompare(PyObject *self, PyObject *other, int op)
 {
     PyCodeObject *co, *cp;
     int eq;
-    PyObject *consts1, *consts2;
+    PyObject *key1, *key2;
     PyObject *res;
 
     if ((op != Py_EQ && op != Py_NE) ||
@@ -2537,19 +2537,25 @@ code_richcompare(PyObject *self, PyObject *other, int op)
         i += _PyOpcode_Caches[co_instr.op.code];
     }
 
-    /* compare constants */
-    consts1 = _PyCode_ConstantKey(co->co_consts);
-    if (!consts1)
-        return NULL;
-    consts2 = _PyCode_ConstantKey(cp->co_consts);
-    if (!consts2) {
-        Py_DECREF(consts1);
-        return NULL;
+    /* compare constants one by one: the key of the whole tuple also holds
+       the tuple itself, so comparing it would compare nested code objects
+       twice, which takes exponential time in the nesting depth */
+    eq = PyTuple_GET_SIZE(co->co_consts) == PyTuple_GET_SIZE(cp->co_consts);
+    if (!eq) goto unequal;
+    for (Py_ssize_t i = 0; i < PyTuple_GET_SIZE(co->co_consts); i++) {
+        key1 = _PyCode_ConstantKey(PyTuple_GET_ITEM(co->co_consts, i));
+        if (!key1)
+            return NULL;
+        key2 = _PyCode_ConstantKey(PyTuple_GET_ITEM(cp->co_consts, i));
+        if (!key2) {
+            Py_DECREF(key1);
+            return NULL;
+        }
+        eq = PyObject_RichCompareBool(key1, key2, Py_EQ);
+        Py_DECREF(key1);
+        Py_DECREF(key2);
+        if (eq <= 0) goto unequal;
     }
-    eq = PyObject_RichCompareBool(consts1, consts2, Py_EQ);
-    Py_DECREF(consts1);
-    Py_DECREF(consts2);
-    if (eq <= 0) goto unequal;
 
     eq = PyObject_RichCompareBool(co->co_names, cp->co_names, Py_EQ);
     if (eq <= 0) goto unequal;