diff --git a/.changelog/unreleased/bug-fixes/2010-p2p-pex-shutdown.md b/.changelog/unreleased/bug-fixes/2010-p2p-pex-shutdown.md
new file mode 100644
index 00000000000..e913d7b2371
--- /dev/null
+++ b/.changelog/unreleased/bug-fixes/2010-p2p-pex-shutdown.md
@@ -0,0 +1 @@
+- `[p2p/pex]` gracefully shutdown Reactor ([\#2010](https://github.com/cometbft/cometbft/pull/2010))
diff --git a/p2p/pex/addrbook.go b/p2p/pex/addrbook.go
index c48d6cc4a91..6ece794f3b5 100644
--- a/p2p/pex/addrbook.go
+++ b/p2p/pex/addrbook.go
@@ -154,26 +154,23 @@ func (a *addrBook) init() {
 
 // OnStart implements Service.
 func (a *addrBook) OnStart() error {
-	if err := a.BaseService.OnStart(); err != nil {
-		return err
-	}
 	a.loadFromFile(a.filePath)
 
-	// wg.Add to ensure that any invocation of .Wait()
-	// later on will wait for saveRoutine to terminate.
 	a.wg.Add(1)
 	go a.saveRoutine()
 
 	return nil
 }
 
-// OnStop implements Service.
-func (a *addrBook) OnStop() {
-	a.BaseService.OnStop()
-}
-
-func (a *addrBook) Wait() {
+// Stop overrides Service.Stop().
+func (a *addrBook) Stop() error {
+	// Closes the Service.Quit() channel.
+	// This enables a.saveRoutine() to quit.
+	if err := a.BaseService.Stop(); err != nil {
+		return err
+	}
 	a.wg.Wait()
+	return nil
 }
 
 func (a *addrBook) FilePath() string {
@@ -491,17 +488,16 @@ func (a *addrBook) saveRoutine() {
 	defer a.wg.Done()
 
 	saveFileTicker := time.NewTicker(dumpAddressInterval)
-out:
+	defer saveFileTicker.Stop()
 	for {
 		select {
 		case <-saveFileTicker.C:
-			a.saveToFile(a.filePath)
+			a.Save()
 		case <-a.Quit():
-			break out
+			a.Save()
+			return
 		}
 	}
-	saveFileTicker.Stop()
-	a.saveToFile(a.filePath)
 }
 
 //----------------------------------------------------------
diff --git a/p2p/pex/pex_reactor.go b/p2p/pex/pex_reactor.go
index aa8e7cdba5b..57eb02827f2 100644
--- a/p2p/pex/pex_reactor.go
+++ b/p2p/pex/pex_reactor.go
@@ -84,6 +84,7 @@ type Reactor struct {
 	book              AddrBook
 	config            *ReactorConfig
 	ensurePeersPeriod time.Duration // TODO: should go in the config
+	peersRoutineWg    sync.WaitGroup
 
 	// maps to prevent abuse
 	requestsSent         *cmap.CMap // ID->struct{}: unanswered send requests
@@ -156,6 +157,7 @@ func (r *Reactor) OnStart() error {
 
 	r.seedAddrs = seedAddrs
 
+	r.peersRoutineWg.Add(1)
 	// Check if this node should run
 	// in seed/crawler mode
 	if r.config.SeedMode {
@@ -166,11 +168,16 @@ func (r *Reactor) OnStart() error {
 	return nil
 }
 
-// OnStop implements BaseService.
-func (r *Reactor) OnStop() {
+// Stop overrides `Service.Stop()`.
+func (r *Reactor) Stop() error {
+	if err := r.BaseReactor.Stop(); err != nil {
+		return err
+	}
 	if err := r.book.Stop(); err != nil {
-		r.Logger.Error("Error stopping address book", "err", err)
+		return fmt.Errorf("can't stop address book: %w", err)
 	}
+	r.peersRoutineWg.Wait()
+	return nil
 }
 
 // GetChannels implements Reactor.
@@ -414,6 +421,8 @@ func (r *Reactor) SetEnsurePeersPeriod(d time.Duration) {
 
 // Ensures that sufficient peers are connected. (continuous).
 func (r *Reactor) ensurePeersRoutine() {
+	defer r.peersRoutineWg.Done()
+
 	var (
 		seed   = cmtrand.NewRand()
 		jitter = seed.Int63n(r.ensurePeersPeriod.Nanoseconds())
@@ -432,12 +441,14 @@ func (r *Reactor) ensurePeersRoutine() {
 
 	// fire periodically
 	ticker := time.NewTicker(r.ensurePeersPeriod)
+	defer ticker.Stop()
 	for {
 		select {
 		case <-ticker.C:
 			r.ensurePeers()
+		case <-r.book.Quit():
+			return
 		case <-r.Quit():
-			ticker.Stop()
 			return
 		}
 	}
@@ -475,6 +486,10 @@ func (r *Reactor) ensurePeers() {
 	maxAttempts := numToDial * 3
 
 	for i := 0; i < maxAttempts && len(toDial) < numToDial; i++ {
+		if !r.IsRunning() || !r.book.IsRunning() {
+			return
+		}
+
 		try := r.book.PickAddress(newBias)
 		if try == nil {
 			continue
@@ -650,6 +665,8 @@ func (r *Reactor) AttemptsToDial(addr *p2p.NetAddress) int {
 // Seed/Crawler Mode causes this node to quickly disconnect
 // from peers, except other seed nodes.
 func (r *Reactor) crawlPeersRoutine() {
+	defer r.peersRoutineWg.Done()
+
 	// If we have any seed nodes, consult them first
 	if len(r.seedAddrs) > 0 {
 		r.dialSeeds()
@@ -660,13 +677,15 @@ func (r *Reactor) crawlPeersRoutine() {
 
 	// Fire periodically
 	ticker := time.NewTicker(crawlPeerPeriod)
-
+	defer ticker.Stop()
 	for {
 		select {
 		case <-ticker.C:
 			r.attemptDisconnects()
 			r.crawlPeers(r.book.GetSelection())
 			r.cleanupCrawlPeerInfos()
+		case <-r.book.Quit():
+			return
 		case <-r.Quit():
 			return
 		}