diff --git a/include/zephyr/pm/device.h b/include/zephyr/pm/device.h
index 1161d6aabae..023d35b3d37 100644
--- a/include/zephyr/pm/device.h
+++ b/include/zephyr/pm/device.h
@@ -124,12 +124,12 @@ struct pm_device {
 	const struct device *dev;
 	/** Lock to synchronize the get/put operations */
 	struct k_mutex lock;
+	/** Event var to listen to the sync request events */
+	struct k_event event;
 	/** Device usage count */
 	uint32_t usage;
 	/** Work object for asynchronous calls */
 	struct k_work_delayable work;
-	/** Event conditional var to listen to the sync request events */
-	struct k_condvar condvar;
 #endif /* CONFIG_PM_DEVICE_RUNTIME */
 #ifdef CONFIG_PM_DEVICE_POWER_DOMAIN
 	/** Power Domain it belongs */
@@ -148,7 +148,7 @@ struct pm_device {
 #ifdef CONFIG_PM_DEVICE_RUNTIME
 #define Z_PM_DEVICE_RUNTIME_INIT(obj)			\
 	.lock = Z_MUTEX_INITIALIZER(obj.lock),		\
-	.condvar = Z_CONDVAR_INITIALIZER(obj.condvar),
+	.event = Z_EVENT_INITIALIZER(obj.event),
 #else
 #define Z_PM_DEVICE_RUNTIME_INIT(obj)
 #endif /* CONFIG_PM_DEVICE_RUNTIME */
diff --git a/subsys/pm/Kconfig b/subsys/pm/Kconfig
index a1f02a1279a..4395e771859 100644
--- a/subsys/pm/Kconfig
+++ b/subsys/pm/Kconfig
@@ -104,6 +104,7 @@ config PM_DEVICE_POWER_DOMAIN_DYNAMIC_NUM
 
 config PM_DEVICE_RUNTIME
 	bool "Runtime Device Power Management"
+	select EVENTS
 	help
 	  Enable Runtime Power Management to save power. With device runtime PM
 	  enabled, devices can be suspended or resumed based on the device
diff --git a/subsys/pm/device_runtime.c b/subsys/pm/device_runtime.c
index bc105193d12..55cc645faee 100644
--- a/subsys/pm/device_runtime.c
+++ b/subsys/pm/device_runtime.c
@@ -19,6 +19,11 @@ LOG_MODULE_DECLARE(pm_device, CONFIG_PM_DEVICE_LOG_LEVEL);
 #define PM_DOMAIN(_pm) NULL
 #endif
 
+#define EVENT_STATE_ACTIVE	BIT(PM_DEVICE_STATE_ACTIVE)
+#define EVENT_STATE_SUSPENDED	BIT(PM_DEVICE_STATE_SUSPENDED)
+
+#define EVENT_MASK		(EVENT_STATE_ACTIVE | EVENT_STATE_SUSPENDED)
+
 /**
  * @brief Suspend a device
  *
@@ -100,7 +105,7 @@ static void runtime_suspend_work(struct k_work *work)
 	} else {
 		pm->state = PM_DEVICE_STATE_SUSPENDED;
 	}
-	k_condvar_broadcast(&pm->condvar);
+	k_event_set(&pm->event, BIT(pm->state));
 	k_mutex_unlock(&pm->lock);
 
 	/*
@@ -155,7 +160,11 @@ int pm_device_runtime_get(const struct device *dev)
 	if (!k_is_pre_kernel()) {
 		/* wait until possible async suspend is completed */
 		while (pm->state == PM_DEVICE_STATE_SUSPENDING) {
-			(void)k_condvar_wait(&pm->condvar, &pm->lock, K_FOREVER);
+			k_mutex_unlock(&pm->lock);
+
+			k_event_wait(&pm->event, EVENT_MASK, true, K_FOREVER);
+
+			(void)k_mutex_lock(&pm->lock, K_FOREVER);
 		}
 	}
 
@@ -292,8 +301,11 @@ int pm_device_runtime_disable(const struct device *dev)
 	/* wait until possible async suspend is completed */
 	if (!k_is_pre_kernel()) {
 		while (pm->state == PM_DEVICE_STATE_SUSPENDING) {
-			(void)k_condvar_wait(&pm->condvar, &pm->lock,
-					     K_FOREVER);
+			k_mutex_unlock(&pm->lock);
+
+			k_event_wait(&pm->event, EVENT_MASK, true, K_FOREVER);
+
+			(void)k_mutex_lock(&pm->lock, K_FOREVER);
 		}
 	}