diff --git a/python/src/com/jetbrains/python/psi/impl/PyClassImpl.java b/python/src/com/jetbrains/python/psi/impl/PyClassImpl.java
index 09fe1bd98699..24b3ed199cdd 100644
--- a/python/src/com/jetbrains/python/psi/impl/PyClassImpl.java
+++ b/python/src/com/jetbrains/python/psi/impl/PyClassImpl.java
@@ -427,7 +427,22 @@ public class PyClassImpl extends PyBaseElementImpl<PyClassStub> implements PyCla
       final List<List<PyClassLikeType>> lines = new ArrayList<>();
       for (PyClassLikeType base : bases) {
         if (base != null) {
-          final List<PyClassLikeType> baseClassMRO = mroLinearize(base, true, context, cache);
+          // Don't include ancestors of a metaclass instance
+          final List<PyClassLikeType> baseClassMRO;
+          if (base.isDefinition()) {
+            baseClassMRO = mroLinearize(base, true, context, cache);
+          }
+          else {
+            List<PyClassLikeType> metaclassInstanceMro = new ArrayList<>();
+            metaclassInstanceMro.add(base);
+            if (base instanceof PyClassType) {
+              final PyClassImpl pyClass = as(((PyClassType)base).getPyClass(), PyClassImpl.class);
+              if (pyClass != null) {
+                ContainerUtil.addIfNotNull(metaclassInstanceMro, pyClass.getImplicitSuper(context));
+              }
+            }
+            baseClassMRO = metaclassInstanceMro;
+          }
           if (!baseClassMRO.isEmpty()) {
             // mroMerge() updates passed MRO lists internally
             lines.add(new LinkedList<>(baseClassMRO));
diff --git a/python/testData/codeInsight/classMRO/DirectlyInstantiatedMetaclassAncestor.py b/python/testData/codeInsight/classMRO/DirectlyInstantiatedMetaclassAncestor.py
new file mode 100644
index 000000000000..1382eff7461b
--- /dev/null
+++ b/python/testData/codeInsight/classMRO/DirectlyInstantiatedMetaclassAncestor.py
@@ -0,0 +1,13 @@
+class MetaBase(type):
+    pass
+
+
+class Meta(MetaBase):
+    pass
+
+
+Base = Meta('Base', (), {})
+
+
+class MyClass(Base):
+    pass
\ No newline at end of file
diff --git a/python/testSrc/com/jetbrains/python/codeInsight/PyClassMROTest.java b/python/testSrc/com/jetbrains/python/codeInsight/PyClassMROTest.java
index 1fcc619a197d..53e485b6bb9f 100644
--- a/python/testSrc/com/jetbrains/python/codeInsight/PyClassMROTest.java
+++ b/python/testSrc/com/jetbrains/python/codeInsight/PyClassMROTest.java
@@ -125,6 +125,11 @@ public class PyClassMROTest extends PyTestCase {
     assertMRO(getClass("MyClass"), "Base", "object");
   }
 
+  // PY-27656
+  public void testDirectlyInstantiatedMetaclassAncestor() {
+    runWithLanguageLevel(LanguageLevel.PYTHON30, () -> assertMRO(getClass("MyClass"), "Meta", "object"));
+  }
+
   // PY-20026
   public void testUnresolvedMetaClassAncestors() {
     runWithLanguageLevel(LanguageLevel.PYTHON30, () -> assertMRO(getClass("CompositeFieldMeta"), "type", "object"));