diff --git a/lib/storage/index_db.go b/lib/storage/index_db.go
index 2b4e18bd8..97bd5a039 100644
--- a/lib/storage/index_db.go
+++ b/lib/storage/index_db.go
@@ -1835,6 +1835,7 @@ func matchTagFilters(mn *MetricName, tfs []*tagFilter, kb *bytesutil.ByteBuffer)
 
 		// Search for matching tag name.
 		tagMatched := false
+		tagSeen := false
 		for j := range mn.Tags {
 			tag := &mn.Tags[j]
 			if string(tag.Key) != string(tf.key) {
@@ -1842,6 +1843,7 @@ func matchTagFilters(mn *MetricName, tfs []*tagFilter, kb *bytesutil.ByteBuffer)
 			}
 
 			// Found the matching tag name. Match the value.
+			tagSeen = true
 			b := tag.Marshal(kb.B)
 			kb.B = b[:len(kb.B)]
 			ok, err := matchTagFilter(b, tf)
@@ -1859,15 +1861,27 @@ func matchTagFilters(mn *MetricName, tfs []*tagFilter, kb *bytesutil.ByteBuffer)
 			tagMatched = true
 			break
 		}
-		if !tagMatched && !tf.isNegative {
-			// Matching tag name wasn't found.
-			// Move failed tf to start.
-			// This should reduce the amount of useless work for the next mn.
-			if i > 0 {
-				tfs[0], tfs[i] = tfs[i], tfs[0]
-			}
-			return false, nil
+		if !tagSeen && tf.isNegative && !tf.isEmptyMatch {
+			// tf contains negative filter for non-exsisting tag key
+			// and this filter doesn't match empty string, i.e. {non_existing_tag_key!="foobar"}
+			// Such filter matches anything.
+			//
+			// Note that the filter `{non_existing_tag_key!~"|foobar"}` shouldn't match anything,
+			// since it is expected that it matches non-empty `non_existing_tag_key`.
+			// See https://github.com/VictoriaMetrics/VictoriaMetrics/issues/546 for details.
+			continue
 		}
+		if tagMatched {
+			// tf matches mn. Go to the next tf.
+			continue
+		}
+		// Matching tag name wasn't found.
+		// Move failed tf to start.
+		// This should reduce the amount of useless work for the next mn.
+		if i > 0 {
+			tfs[0], tfs[i] = tfs[i], tfs[0]
+		}
+		return false, nil
 	}
 	return true, nil
 }
diff --git a/lib/storage/index_db_test.go b/lib/storage/index_db_test.go
index 9235ef5db..a6111ae19 100644
--- a/lib/storage/index_db_test.go
+++ b/lib/storage/index_db_test.go
@@ -1349,6 +1349,30 @@ func TestMatchTagFilters(t *testing.T) {
 		t.Fatalf("Shouldn't match")
 	}
 
+	// See https://github.com/VictoriaMetrics/VictoriaMetrics/issues/546
+	tfs.Reset(mn.AccountID, mn.ProjectID)
+	if err := tfs.Add([]byte("key 3"), []byte("|value 3"), true, true); err != nil {
+		t.Fatalf("cannot add regexp, negative filter: %s", err)
+	}
+	ok, err = matchTagFilters(&mn, toTFPointers(tfs.tfs), &bb)
+	if err != nil {
+		t.Fatalf("unexpected error: %s", err)
+	}
+	if ok {
+		t.Fatalf("Shouldn't match")
+	}
+	tfs.Reset(mn.AccountID, mn.ProjectID)
+	if err := tfs.Add([]byte("key 3"), []byte("|value 2"), true, true); err != nil {
+		t.Fatalf("cannot add regexp, negative filter: %s", err)
+	}
+	ok, err = matchTagFilters(&mn, toTFPointers(tfs.tfs), &bb)
+	if err != nil {
+		t.Fatalf("unexpected error: %s", err)
+	}
+	if !ok {
+		t.Fatalf("Should match")
+	}
+
 	// Positive match by existing tag
 	tfs.Reset(mn.AccountID, mn.ProjectID)
 	if err := tfs.Add([]byte("key 0"), []byte("value 0"), false, false); err != nil {
diff --git a/lib/storage/tag_filters.go b/lib/storage/tag_filters.go
index 9972873b5..8ce7f9811 100644
--- a/lib/storage/tag_filters.go
+++ b/lib/storage/tag_filters.go
@@ -90,7 +90,7 @@ func (tfs *TagFilters) Finalize() []*TagFilters {
 	var tfssNew []*TagFilters
 	for i := range tfs.tfs {
 		tf := &tfs.tfs[i]
-		if tf.matchesEmptyValue {
+		if !tf.isNegative && tf.isEmptyMatch {
 			// tf matches empty value, so it must be accompanied with `key!~".+"` tag filter
 			// in order to match time series without the given label.
 			tfssNew = append(tfssNew, tfs.cloneWithNegativeFilter(tf))
@@ -168,10 +168,8 @@ type tagFilter struct {
 	// Matches regexp suffix.
 	reSuffixMatch func(b []byte) bool
 
-	// Set to true for filter that matches empty value, i.e. "", "|foo" or ".*"
-	//
-	// Such a filter must be applied directly to metricNames.
-	matchesEmptyValue bool
+	// Set to true for filters matching empty value.
+	isEmptyMatch bool
 
 	// Contains reverse suffix for Graphite wildcard.
 	// I.e. for `{__name__=~"foo\\.[^.]*\\.bar\\.baz"}` the value will be `zab.rab.`
@@ -256,7 +254,7 @@ func (tf *tagFilter) Init(commonPrefix, key, value []byte, isNegative, isRegexp
 
 	tf.orSuffixes = tf.orSuffixes[:0]
 	tf.reSuffixMatch = nil
-	tf.matchesEmptyValue = false
+	tf.isEmptyMatch = false
 	tf.graphiteReverseSuffix = tf.graphiteReverseSuffix[:0]
 
 	tf.prefix = append(tf.prefix, commonPrefix...)
@@ -276,6 +274,7 @@ func (tf *tagFilter) Init(commonPrefix, key, value []byte, isNegative, isRegexp
 		// Add empty orSuffix in order to trigger fast path for orSuffixes
 		// during the search for matching metricIDs.
 		tf.orSuffixes = append(tf.orSuffixes[:0], "")
+		tf.isEmptyMatch = len(prefix) == 0
 		return nil
 	}
 	rcv, err := getRegexpFromCache(expr)
@@ -284,9 +283,7 @@ func (tf *tagFilter) Init(commonPrefix, key, value []byte, isNegative, isRegexp
 	}
 	tf.orSuffixes = append(tf.orSuffixes[:0], rcv.orValues...)
 	tf.reSuffixMatch = rcv.reMatch
-	if len(prefix) == 0 && !tf.isNegative && tf.reSuffixMatch(nil) {
-		tf.matchesEmptyValue = true
-	}
+	tf.isEmptyMatch = len(prefix) == 0 && tf.reSuffixMatch(nil)
 	if !tf.isNegative && len(key) == 0 && strings.IndexByte(rcv.literalSuffix, '.') >= 0 {
 		// Reverse suffix is needed only for non-negative regexp filters on __name__ that contains dots.
 		tf.graphiteReverseSuffix = reverseBytes(tf.graphiteReverseSuffix[:0], []byte(rcv.literalSuffix))