diff --git a/src/features/debugger/__tests__/watchStorage.test.ts b/src/features/debugger/__tests__/watchStorage.test.ts
new file mode 100644
index 000000000..48386436f
--- /dev/null
+++ b/src/features/debugger/__tests__/watchStorage.test.ts
@@ -0,0 +1,49 @@
+import { beforeEach, describe, expect, it } from "vitest";
+import { addWatch, loadWatches, useDebug } from "../state";
+
+const SHARED = "openidea.debugger.watches";
+const of = (root: string) => `${SHARED}:${root}`;
+const watches = () => useDebug.getState().watches;
+
+beforeEach(() => {
+  localStorage.clear();
+  loadWatches(null);
+});
+
+describe("watch storage", () => {
+  it("loads a project's own watches", () => {
+    localStorage.setItem(of("/a"), '["x"]');
+    loadWatches("/a");
+    expect(watches()).toEqual(["x"]);
+  });
+
+  it("starts a project from the shared list once", () => {
+    localStorage.setItem(SHARED, '["legacy"]');
+    loadWatches("/b");
+    expect(watches()).toEqual(["legacy"]);
+    expect(localStorage.getItem(of("/b"))).toBe('["legacy"]');
+    expect(localStorage.getItem(SHARED)).toBe('["legacy"]');
+  });
+
+  it("keeps projects apart", () => {
+    loadWatches("/a");
+    addWatch("y");
+    loadWatches("/b");
+    expect(watches()).not.toContain("y");
+    loadWatches("/a");
+    expect(watches()).toContain("y");
+  });
+
+  it("an emptied list stays empty", () => {
+    localStorage.setItem(SHARED, '["legacy"]');
+    localStorage.setItem(of("/a"), "[]");
+    loadWatches("/a");
+    expect(watches()).toEqual([]);
+  });
+
+  it("without a project nothing is stored", () => {
+    loadWatches(null);
+    addWatch("z");
+    expect(localStorage.length).toBe(0);
+  });
+});
diff --git a/src/features/debugger/index.ts b/src/features/debugger/index.ts
index 9bbbf8405..2128bf1b1 100644
--- a/src/features/debugger/index.ts
+++ b/src/features/debugger/index.ts
@@ -57,7 +57,7 @@ export function activate(): () => void {
   useDebugRunSessions.setState({
     Console: lazyComponent(() => import("./ui/DebugConsole").then((m) => m.DebugServiceConsole)),
   });
-  loadWatches();
+  loadWatches(useProject.getState().project?.root ?? null);
   publishContext();
   loadBreakpoints(useProject.getState().project?.root ?? null);
   loadExceptionBreakpoints(useProject.getState().project?.root ?? null);
@@ -136,6 +136,7 @@ export function activate(): () => void {
       const root = s.project?.root ?? null;
       if (root !== (prev.project?.root ?? null) || s.project?.trusted !== prev.project?.trusted) {
         resetSessions();
+        loadWatches(root);
         loadBreakpoints(root);
         loadExceptionBreakpoints(root);
         loadSpecialBreakpoints(root);
diff --git a/src/features/debugger/state.ts b/src/features/debugger/state.ts
index a2a783afe..8a6f7cca7 100644
--- a/src/features/debugger/state.ts
+++ b/src/features/debugger/state.ts
@@ -1025,25 +1025,40 @@ export function removeWatch(expression: string) {
   persistWatches();
 }
 
-const WATCH_KEY = "openidea.debugger.watches";
+/** Watches used to be one list for every project; it is only read now, as a project's first list. */
+const SHARED_WATCH_KEY = "openidea.debugger.watches";
+const watchKey = (root: string) => `${SHARED_WATCH_KEY}:${root}`;
+
+/** The project whose watches are loaded; without one they aren't stored. */
+let watchRoot: string | null = null;
 
 function persistWatches() {
+  if (watchRoot == null) return;
   try {
-    localStorage.setItem(WATCH_KEY, JSON.stringify(useDebug.getState().watches));
+    localStorage.setItem(watchKey(watchRoot), JSON.stringify(useDebug.getState().watches));
   } catch {
     // ignore
   }
 }
 
-export function loadWatches() {
+function storedWatches(key: string): string[] | null {
   try {
-    const raw = JSON.parse(localStorage.getItem(WATCH_KEY) ?? "[]") as unknown;
-    if (Array.isArray(raw)) useDebug.setState({ watches: raw.filter((w): w is string => typeof w === "string") });
+    const stored = localStorage.getItem(key);
+    const raw = stored == null ? null : (JSON.parse(stored) as unknown);
+    return Array.isArray(raw) ? raw.filter((w): w is string => typeof w === "string") : null;
   } catch {
-    // ignore
+    return null;
   }
 }
 
+/** The watches of the project at `root`. */
+export function loadWatches(root: string | null) {
+  watchRoot = root;
+  const own = root == null ? [] : storedWatches(watchKey(root));
+  useDebug.setState({ watches: own ?? storedWatches(SHARED_WATCH_KEY) ?? [] });
+  if (own == null) persistWatches();
+}
+
 /**
  * "Set Value" (F2 in the variables tree): `setVariable` in `container`, or
  * `setExpression` on the evaluate name. Refreshes variables, watches and inline values.