diff --git a/homeassistant/components/onedrive/backup.py b/homeassistant/components/onedrive/backup.py
index 3e8b413b9167..a5ff70b09ba0 100644
--- a/homeassistant/components/onedrive/backup.py
+++ b/homeassistant/components/onedrive/backup.py
@@ -26,6 +26,7 @@ from homeassistant.components.backup import (
 from homeassistant.core import HomeAssistant, callback
 from homeassistant.helpers.aiohttp_client import async_get_clientsession
 from homeassistant.helpers.json import json_dumps
+from homeassistant.util.async_ import gather_with_limited_concurrency
 from homeassistant.util.json import json_loads_object
 
 from .const import CONF_DELETE_PERMANENTLY, DATA_BACKUP_AGENT_LISTENERS, DOMAIN
@@ -36,6 +37,7 @@ MAX_CHUNK_SIZE = 60 * 1024 * 1024  # largest chunk possible, must be <= 60 MiB
 TARGET_CHUNKS = 20
 TIMEOUT = ClientTimeout(connect=10, total=43200)  # 12 hours
 CACHE_TTL = 300
+METADATA_DOWNLOAD_CONCURRENCY = 10
 
 
 async def async_get_backup_agents(
@@ -276,7 +278,7 @@ class OneDriveBackupAgent(BackupAgent):
             item.name for item in items if item.name and item.name.endswith(".tar")
         }
 
-        metadata_files: dict[str, AgentBackup] = {}
+        metadata_item_ids: list[str] = []
         for item in items:
             if item.name and item.name.endswith(".metadata.json"):
                 # Check if corresponding backup file exists
@@ -288,10 +290,15 @@ class OneDriveBackupAgent(BackupAgent):
                         item.name,
                     )
                     continue
-                if metadata := await _download_metadata(item.id):
-                    metadata_files[metadata.backup_id] = metadata
+                metadata_item_ids.append(item.id)
 
-        self._cache_backup_metadata = metadata_files
+        metadata_contents = await gather_with_limited_concurrency(
+            METADATA_DOWNLOAD_CONCURRENCY,
+            *(_download_metadata(item_id) for item_id in metadata_item_ids),
+        )
+        self._cache_backup_metadata = {
+            metadata.backup_id: metadata for metadata in metadata_contents if metadata
+        }
         self._cache_expiration = time() + CACHE_TTL
         return self._cache_backup_metadata
 
diff --git a/homeassistant/components/onedrive_for_business/backup.py b/homeassistant/components/onedrive_for_business/backup.py
index f6c7d8cd1656..e43c2949a9a0 100644
--- a/homeassistant/components/onedrive_for_business/backup.py
+++ b/homeassistant/components/onedrive_for_business/backup.py
@@ -26,6 +26,7 @@ from homeassistant.components.backup import (
 from homeassistant.core import HomeAssistant, callback
 from homeassistant.helpers.aiohttp_client import async_get_clientsession
 from homeassistant.helpers.json import json_dumps
+from homeassistant.util.async_ import gather_with_limited_concurrency
 from homeassistant.util.json import json_loads_object
 
 from . import OneDriveConfigEntry
@@ -36,6 +37,7 @@ MAX_CHUNK_SIZE = 60 * 1024 * 1024  # largest chunk possible, must be <= 60 MiB
 TARGET_CHUNKS = 20
 TIMEOUT = ClientTimeout(connect=10, total=43200)  # 12 hours
 CACHE_TTL = 300
+METADATA_DOWNLOAD_CONCURRENCY = 10
 
 
 async def async_get_backup_agents(
@@ -264,7 +266,7 @@ class OneDriveBackupAgent(BackupAgent):
             item.name for item in items if item.name and item.name.endswith(".tar")
         }
 
-        metadata_files: dict[str, AgentBackup] = {}
+        metadata_item_ids: list[str] = []
         for item in items:
             if item.name and item.name.endswith(".metadata.json"):
                 # Check if corresponding backup file exists
@@ -276,10 +278,15 @@ class OneDriveBackupAgent(BackupAgent):
                         item.name,
                     )
                     continue
-                if metadata := await _download_metadata(item.id):
-                    metadata_files[metadata.backup_id] = metadata
+                metadata_item_ids.append(item.id)
 
-        self._cache_backup_metadata = metadata_files
+        metadata_contents = await gather_with_limited_concurrency(
+            METADATA_DOWNLOAD_CONCURRENCY,
+            *(_download_metadata(item_id) for item_id in metadata_item_ids),
+        )
+        self._cache_backup_metadata = {
+            metadata.backup_id: metadata for metadata in metadata_contents if metadata
+        }
         self._cache_expiration = time() + CACHE_TTL
         return self._cache_backup_metadata
 
diff --git a/tests/components/onedrive/test_backup.py b/tests/components/onedrive/test_backup.py
index 1382fec938f4..581a9c4d8981 100644
--- a/tests/components/onedrive/test_backup.py
+++ b/tests/components/onedrive/test_backup.py
@@ -1,7 +1,10 @@
 """Test the backups for OneDrive."""
 
+import asyncio
 from collections.abc import AsyncGenerator
+from dataclasses import replace
 from io import StringIO
+from json import dumps
 from unittest.mock import Mock, patch
 
 from onedrive_personal_sdk.exceptions import (
@@ -14,6 +17,7 @@ import pytest
 
 from homeassistant.components.backup import DOMAIN as BACKUP_DOMAIN, AgentBackup
 from homeassistant.components.onedrive.backup import (
+    METADATA_DOWNLOAD_CONCURRENCY,
     async_register_backup_agents_listener,
 )
 from homeassistant.components.onedrive.const import DATA_BACKUP_AGENT_LISTENERS, DOMAIN
@@ -118,6 +122,49 @@ async def test_agents_list_backups_with_download_failure(
     assert response["result"]["backups"] == []
 
 
+async def test_agents_list_backups_downloads_metadata_concurrently(
+    hass: HomeAssistant,
+    hass_ws_client: WebSocketGenerator,
+    mock_onedrive_client: MagicMock,
+    mock_backup_file: File,
+    mock_metadata_file: File,
+) -> None:
+    """Test metadata files are downloaded concurrently, up to the limit."""
+    backup_ids = [f"backup_{i}" for i in range(METADATA_DOWNLOAD_CONCURRENCY + 2)]
+    mock_onedrive_client.list_drive_items.return_value = [
+        file
+        for backup_id in backup_ids
+        for file in (
+            replace(mock_backup_file, id=f"{backup_id}_tar", name=f"{backup_id}.tar"),
+            replace(
+                mock_metadata_file, id=backup_id, name=f"{backup_id}.metadata.json"
+            ),
+        )
+    ]
+    in_flight = max_in_flight = 0
+
+    async def download_drive_item(item_id: str) -> Mock:
+        nonlocal in_flight, max_in_flight
+        in_flight += 1
+        max_in_flight = max(max_in_flight, in_flight)
+        await asyncio.sleep(0)
+        in_flight -= 1
+        metadata = dumps({**BACKUP_METADATA, "backup_id": item_id})
+        return Mock(read=AsyncMock(return_value=metadata.encode()))
+
+    mock_onedrive_client.download_drive_item.side_effect = download_drive_item
+    client = await hass_ws_client(hass)
+    await client.send_json_auto_id({"type": "backup/info"})
+    response = await client.receive_json()
+
+    assert response["success"]
+    assert response["result"]["agent_errors"] == {}
+    assert {backup["backup_id"] for backup in response["result"]["backups"]} == set(
+        backup_ids
+    )
+    assert max_in_flight == METADATA_DOWNLOAD_CONCURRENCY
+
+
 async def test_agents_get_backup(
     hass: HomeAssistant,
     hass_ws_client: WebSocketGenerator,
diff --git a/tests/components/onedrive_for_business/test_backup.py b/tests/components/onedrive_for_business/test_backup.py
index a81f286f1992..72c6a5142f45 100644
--- a/tests/components/onedrive_for_business/test_backup.py
+++ b/tests/components/onedrive_for_business/test_backup.py
@@ -1,7 +1,10 @@
 """Test the backups for OneDrive for Business."""
 
+import asyncio
 from collections.abc import AsyncGenerator
+from dataclasses import replace
 from io import StringIO
+from json import dumps
 from unittest.mock import Mock, patch
 
 from onedrive_personal_sdk.exceptions import (
@@ -14,6 +17,7 @@ import pytest
 
 from homeassistant.components.backup import DOMAIN as BACKUP_DOMAIN, AgentBackup
 from homeassistant.components.onedrive_for_business.backup import (
+    METADATA_DOWNLOAD_CONCURRENCY,
     async_register_backup_agents_listener,
 )
 from homeassistant.components.onedrive_for_business.const import (
@@ -124,6 +128,49 @@ async def test_agents_list_backups_with_download_failure(
     assert response["result"]["backups"] == []
 
 
+async def test_agents_list_backups_downloads_metadata_concurrently(
+    hass: HomeAssistant,
+    hass_ws_client: WebSocketGenerator,
+    mock_onedrive_client: MagicMock,
+    mock_backup_file: File,
+    mock_metadata_file: File,
+) -> None:
+    """Test metadata files are downloaded concurrently, up to the limit."""
+    backup_ids = [f"backup_{i}" for i in range(METADATA_DOWNLOAD_CONCURRENCY + 2)]
+    mock_onedrive_client.list_drive_items.return_value = [
+        file
+        for backup_id in backup_ids
+        for file in (
+            replace(mock_backup_file, id=f"{backup_id}_tar", name=f"{backup_id}.tar"),
+            replace(
+                mock_metadata_file, id=backup_id, name=f"{backup_id}.metadata.json"
+            ),
+        )
+    ]
+    in_flight = max_in_flight = 0
+
+    async def download_drive_item(item_id: str) -> Mock:
+        nonlocal in_flight, max_in_flight
+        in_flight += 1
+        max_in_flight = max(max_in_flight, in_flight)
+        await asyncio.sleep(0)
+        in_flight -= 1
+        metadata = dumps({**BACKUP_METADATA, "backup_id": item_id})
+        return Mock(read=AsyncMock(return_value=metadata.encode()))
+
+    mock_onedrive_client.download_drive_item.side_effect = download_drive_item
+    client = await hass_ws_client(hass)
+    await client.send_json_auto_id({"type": "backup/info"})
+    response = await client.receive_json()
+
+    assert response["success"]
+    assert response["result"]["agent_errors"] == {}
+    assert {backup["backup_id"] for backup in response["result"]["backups"]} == set(
+        backup_ids
+    )
+    assert max_in_flight == METADATA_DOWNLOAD_CONCURRENCY
+
+
 async def test_agents_get_backup(
     hass: HomeAssistant,
     hass_ws_client: WebSocketGenerator,