diff --git a/CHANGELOG.md b/CHANGELOG.md
index a5bbcde..7da9412 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -18,6 +18,7 @@ This document outlines major changes between releases.
 - Fix parsing `key-marker` for object list versions (#243)
 - Fix marshaling errors in `DeleteObjects` method (#222)
 - Fix status code in GET/HEAD delete marker (#226)
+- Fix `NextVersionIDMarker` in `list-object-versions` (#248)
 
 ### Added
 - Add `trace_id` value into log record when tracing is enabled (#142)
diff --git a/api/errors/errors.go b/api/errors/errors.go
index 33ec96e..d9c2bfa 100644
--- a/api/errors/errors.go
+++ b/api/errors/errors.go
@@ -183,6 +183,7 @@ const (
 	ErrInvalidRequest
 	ErrInvalidRequestLargeCopy
 	ErrInvalidStorageClass
+	VersionIDMarkerWithoutKeyMarker
 
 	ErrMalformedJSON
 	ErrInsecureClientRequest
@@ -314,6 +315,12 @@ var errorCodes = errorCodeMap{
 		Description:    "Invalid storage class.",
 		HTTPStatusCode: http.StatusBadRequest,
 	},
+	VersionIDMarkerWithoutKeyMarker: {
+		ErrCode:        VersionIDMarkerWithoutKeyMarker,
+		Code:           "VersionIDMarkerWithoutKeyMarker",
+		Description:    "A version-id marker cannot be specified without a key marker.",
+		HTTPStatusCode: http.StatusBadRequest,
+	},
 	ErrInvalidRequestBody: {
 		ErrCode:        ErrInvalidRequestBody,
 		Code:           "InvalidArgument",
diff --git a/api/handler/object_list.go b/api/handler/object_list.go
index 5144b5c..88b2698 100644
--- a/api/handler/object_list.go
+++ b/api/handler/object_list.go
@@ -260,6 +260,10 @@ func parseListObjectVersionsRequest(reqInfo *middleware.ReqInfo) (*layer.ListObj
 	res.Encode = queryValues.Get("encoding-type")
 	res.VersionIDMarker = queryValues.Get("version-id-marker")
 
+	if res.VersionIDMarker != "" && res.KeyMarker == "" {
+		return nil, errors.GetAPIError(errors.VersionIDMarkerWithoutKeyMarker)
+	}
+
 	return &res, nil
 }
 
diff --git a/api/handler/object_list_test.go b/api/handler/object_list_test.go
index 983a281..c899511 100644
--- a/api/handler/object_list_test.go
+++ b/api/handler/object_list_test.go
@@ -210,6 +210,41 @@ func TestS3BucketListV2DelimiterPrefix(t *testing.T) {
 	validateListV2(t, tc, bktName, prefix, delim, "", 2, false, true, []string{"boo/bar"}, []string{"boo/baz/"})
 }
 
+func TestMintVersioningListObjectVersionsVersionIDContinuation(t *testing.T) {
+	hc := prepareHandlerContext(t)
+
+	bktName, objName := "mint-bucket-for-listing-versions", "objName"
+	createTestBucket(hc, bktName)
+	putBucketVersioning(t, hc, bktName, true)
+
+	length := 10
+	objects := make([]string, length)
+	for i := 0; i < length; i++ {
+		objects[i] = objName
+		putObject(hc, bktName, objName)
+	}
+
+	maxKeys := 5
+
+	page1 := listObjectsVersions(hc, bktName, "", "", "", "", maxKeys)
+	require.Len(t, page1.Version, maxKeys)
+	checkVersionsNames(t, page1, objects)
+	require.Equal(t, page1.Version[maxKeys-1].VersionID, page1.NextVersionIDMarker)
+	require.True(t, page1.IsTruncated)
+
+	page2 := listObjectsVersions(hc, bktName, "", "", page1.NextKeyMarker, page1.NextVersionIDMarker, maxKeys)
+	require.Len(t, page2.Version, maxKeys)
+	checkVersionsNames(t, page1, objects)
+	require.Empty(t, page2.NextVersionIDMarker)
+	require.False(t, page2.IsTruncated)
+}
+
+func checkVersionsNames(t *testing.T, versions *ListObjectsVersionsResponse, names []string) {
+	for i, v := range versions.Version {
+		require.Equal(t, names[i], v.Key)
+	}
+}
+
 func listObjectsV2(hc *handlerContext, bktName, prefix, delimiter, startAfter, continuationToken string, maxKeys int) *ListObjectsV2Response {
 	query := prepareCommonListObjectsQuery(prefix, delimiter, maxKeys)
 	if len(startAfter) != 0 {
diff --git a/api/layer/versioning.go b/api/layer/versioning.go
index 9a4d0da..2bf9b2b 100644
--- a/api/layer/versioning.go
+++ b/api/layer/versioning.go
@@ -5,6 +5,7 @@ import (
 	"sort"
 
 	"git.frostfs.info/TrueCloudLab/frostfs-s3-gw/api/data"
+	s3errors "git.frostfs.info/TrueCloudLab/frostfs-s3-gw/api/errors"
 )
 
 func (n *layer) ListObjectVersions(ctx context.Context, p *ListObjectVersionsParams) (*ListObjectVersionsInfo, error) {
@@ -36,29 +37,58 @@ func (n *layer) ListObjectVersions(ctx context.Context, p *ListObjectVersionsPar
 		}
 	}
 
-	for i, obj := range allObjects {
-		if obj.ObjectInfo.Name >= p.KeyMarker && obj.ObjectInfo.VersionID() >= p.VersionIDMarker {
-			allObjects = allObjects[i:]
-			break
-		}
+	if allObjects, err = filterVersionsByMarker(allObjects, p); err != nil {
+		return nil, err
 	}
 
 	res.CommonPrefixes, allObjects = triageExtendedObjects(allObjects)
 
 	if len(allObjects) > p.MaxKeys {
 		res.IsTruncated = true
-		res.NextKeyMarker = allObjects[p.MaxKeys].ObjectInfo.Name
-		res.NextVersionIDMarker = allObjects[p.MaxKeys].ObjectInfo.VersionID()
+		res.NextKeyMarker = allObjects[p.MaxKeys-1].ObjectInfo.Name
+		res.NextVersionIDMarker = allObjects[p.MaxKeys-1].ObjectInfo.VersionID()
 
 		allObjects = allObjects[:p.MaxKeys]
-		res.KeyMarker = allObjects[p.MaxKeys-1].ObjectInfo.Name
-		res.VersionIDMarker = allObjects[p.MaxKeys-1].ObjectInfo.VersionID()
+		res.KeyMarker = p.KeyMarker
+		res.VersionIDMarker = p.VersionIDMarker
 	}
 
 	res.Version, res.DeleteMarker = triageVersions(allObjects)
 	return res, nil
 }
 
+func filterVersionsByMarker(objects []*data.ExtendedObjectInfo, p *ListObjectVersionsParams) ([]*data.ExtendedObjectInfo, error) {
+	if p.KeyMarker == "" {
+		return objects, nil
+	}
+
+	for i, obj := range objects {
+		if obj.ObjectInfo.Name == p.KeyMarker {
+			for j := i; j < len(objects); j++ {
+				if objects[j].ObjectInfo.Name != obj.ObjectInfo.Name {
+					if p.VersionIDMarker == "" {
+						return objects[j:], nil
+					}
+					break
+				}
+				if objects[j].ObjectInfo.VersionID() == p.VersionIDMarker {
+					return objects[j+1:], nil
+				}
+			}
+			return nil, s3errors.GetAPIError(s3errors.ErrInvalidVersion)
+		} else if obj.ObjectInfo.Name > p.KeyMarker {
+			if p.VersionIDMarker != "" {
+				return nil, s3errors.GetAPIError(s3errors.ErrInvalidVersion)
+			}
+			return objects[i:], nil
+		}
+	}
+
+	// don't use nil as empty slice to be consistent with `return objects[j+1:], nil` above
+	// that can be empty
+	return []*data.ExtendedObjectInfo{}, nil
+}
+
 func triageVersions(objVersions []*data.ExtendedObjectInfo) ([]*data.ExtendedObjectInfo, []*data.ExtendedObjectInfo) {
 	if len(objVersions) == 0 {
 		return nil, nil
diff --git a/api/layer/versioning_test.go b/api/layer/versioning_test.go
index d59a3b9..471de3a 100644
--- a/api/layer/versioning_test.go
+++ b/api/layer/versioning_test.go
@@ -12,6 +12,7 @@ import (
 	bearertest "git.frostfs.info/TrueCloudLab/frostfs-sdk-go/bearer/test"
 	"git.frostfs.info/TrueCloudLab/frostfs-sdk-go/object"
 	oid "git.frostfs.info/TrueCloudLab/frostfs-sdk-go/object/id"
+	oidtest "git.frostfs.info/TrueCloudLab/frostfs-sdk-go/object/id/test"
 	"git.frostfs.info/TrueCloudLab/frostfs-sdk-go/user"
 	"github.com/nspcc-dev/neo-go/pkg/crypto/keys"
 	"github.com/stretchr/testify/require"
@@ -311,3 +312,133 @@ func TestNoVersioningDeleteObject(t *testing.T) {
 	tc.getObject(tc.obj, "", true)
 	tc.checkListObjects()
 }
+
+func TestFilterVersionsByMarker(t *testing.T) {
+	n := 10
+	testOIDs := make([]oid.ID, n)
+	for i := 0; i < n; i++ {
+		testOIDs[i] = oidtest.ID()
+	}
+
+	for _, tc := range []struct {
+		name     string
+		objects  []*data.ExtendedObjectInfo
+		params   *ListObjectVersionsParams
+		expected []*data.ExtendedObjectInfo
+		error    bool
+	}{
+		{
+			name: "missed key marker",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "", VersionIDMarker: "dummy"},
+			expected: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+		},
+		{
+			name: "last version id",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+			params:   &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: testOIDs[1].EncodeToString()},
+			expected: []*data.ExtendedObjectInfo{},
+		},
+		{
+			name: "same name, different versions",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: testOIDs[0].EncodeToString()},
+			expected: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+		},
+		{
+			name: "different name, different versions",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[1]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: testOIDs[0].EncodeToString()},
+			expected: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[1]}},
+			},
+		},
+		{
+			name: "not matched name alphabetically less",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[1]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj", VersionIDMarker: ""},
+			expected: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[1]}},
+			},
+		},
+		{
+			name: "not matched name alphabetically less with dummy version id",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj", VersionIDMarker: "dummy"},
+			error:  true,
+		},
+		{
+			name: "not matched name alphabetically greater",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[1]}},
+			},
+			params:   &ListObjectVersionsParams{KeyMarker: "obj2", VersionIDMarker: testOIDs[2].EncodeToString()},
+			expected: []*data.ExtendedObjectInfo{},
+		},
+		{
+			name: "not found version id",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[2]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: "dummy"},
+			error:  true,
+		},
+		{
+			name: "not found version id, obj last",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: "dummy"},
+			error:  true,
+		},
+		{
+			name: "not found version id, obj last",
+			objects: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[0]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj0", ID: testOIDs[1]}},
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[2]}},
+			},
+			params: &ListObjectVersionsParams{KeyMarker: "obj0", VersionIDMarker: ""},
+			expected: []*data.ExtendedObjectInfo{
+				{ObjectInfo: &data.ObjectInfo{Name: "obj1", ID: testOIDs[2]}},
+			},
+		},
+	} {
+		t.Run(tc.name, func(t *testing.T) {
+			actual, err := filterVersionsByMarker(tc.objects, tc.params)
+			if tc.error {
+				require.Error(t, err)
+			} else {
+				require.NoError(t, err)
+				require.Equal(t, tc.expected, actual)
+			}
+		})
+	}
+}