diff --git a/docs/misc/changelog.rst b/docs/misc/changelog.rst
index 047f95c..b36c358 100644
--- a/docs/misc/changelog.rst
+++ b/docs/misc/changelog.rst
@@ -16,6 +16,7 @@ New Features:
 
 Bug Fixes:
 ^^^^^^^^^^
+- FPS calculation is now performed based on number of steps performed during last ``learn`` call, even when ``reset_num_timesteps`` is set to ``False`` (@kachayev)
 
 Deprecations:
 ^^^^^^^^^^^^^
diff --git a/stable_baselines3/common/base_class.py b/stable_baselines3/common/base_class.py
index 8872f41..21c2748 100644
--- a/stable_baselines3/common/base_class.py
+++ b/stable_baselines3/common/base_class.py
@@ -122,6 +122,8 @@ class BaseAlgorithm(ABC):
         self.num_timesteps = 0
         # Used for updating schedules
         self._total_timesteps = 0
+        # Used for computing fps, it is updated at each call of learn()
+        self._num_timesteps_at_start = 0
         self.eval_env = None
         self.seed = seed
         self.action_noise = None  # type: Optional[ActionNoise]
@@ -420,6 +422,7 @@ class BaseAlgorithm(ABC):
             # Make sure training timesteps are ahead of the internal counter
             total_timesteps += self.num_timesteps
         self._total_timesteps = total_timesteps
+        self._num_timesteps_at_start = self.num_timesteps
 
         # Avoid resetting the environment when calling ``.learn()`` consecutive times
         if reset_num_timesteps or self._last_obs is None:
diff --git a/stable_baselines3/common/off_policy_algorithm.py b/stable_baselines3/common/off_policy_algorithm.py
index 999365a..8b3c667 100644
--- a/stable_baselines3/common/off_policy_algorithm.py
+++ b/stable_baselines3/common/off_policy_algorithm.py
@@ -430,7 +430,7 @@ class OffPolicyAlgorithm(BaseAlgorithm):
         Write log.
         """
         time_elapsed = time.time() - self.start_time
-        fps = int(self.num_timesteps / (time_elapsed + 1e-8))
+        fps = int((self.num_timesteps - self._num_timesteps_at_start) / (time_elapsed + 1e-8))
         self.logger.record("time/episodes", self._episode_num, exclude="tensorboard")
         if len(self.ep_info_buffer) > 0 and len(self.ep_info_buffer[0]) > 0:
             self.logger.record("rollout/ep_rew_mean", safe_mean([ep_info["r"] for ep_info in self.ep_info_buffer]))
diff --git a/stable_baselines3/common/on_policy_algorithm.py b/stable_baselines3/common/on_policy_algorithm.py
index 41e193d..8e783dd 100644
--- a/stable_baselines3/common/on_policy_algorithm.py
+++ b/stable_baselines3/common/on_policy_algorithm.py
@@ -244,7 +244,7 @@ class OnPolicyAlgorithm(BaseAlgorithm):
 
             # Display training infos
             if log_interval is not None and iteration % log_interval == 0:
-                fps = int(self.num_timesteps / (time.time() - self.start_time))
+                fps = int((self.num_timesteps - self._num_timesteps_at_start) / (time.time() - self.start_time))
                 self.logger.record("time/iterations", iteration, exclude="tensorboard")
                 if len(self.ep_info_buffer) > 0 and len(self.ep_info_buffer[0]) > 0:
                     self.logger.record("rollout/ep_rew_mean", safe_mean([ep_info["r"] for ep_info in self.ep_info_buffer]))
diff --git a/tests/test_logger.py b/tests/test_logger.py
index e516171..57463b0 100644
--- a/tests/test_logger.py
+++ b/tests/test_logger.py
@@ -1,13 +1,15 @@
 import os
+import time
 from typing import Sequence
 
+import gym
 import numpy as np
 import pytest
 import torch as th
 from matplotlib import pyplot as plt
 from pandas.errors import EmptyDataError
 
-from stable_baselines3 import A2C
+from stable_baselines3 import A2C, DQN
 from stable_baselines3.common.logger import (
     DEBUG,
     INFO,
@@ -16,6 +18,7 @@ from stable_baselines3.common.logger import (
     FormatUnsupportedError,
     HumanOutputFormat,
     Image,
+    Logger,
     TensorBoardOutputFormat,
     Video,
     configure,
@@ -290,3 +293,60 @@ def test_report_figure_to_unsupported_format_raises_error(tmp_path, unsupported_
         writer.write({"figure": figure}, key_excluded={"figure": ()})
     assert unsupported_format in str(exec_info.value)
     writer.close()
+
+
+class TimeDelayEnv(gym.Env):
+    """
+    Gym env for testing FPS logging.
+    """
+
+    def __init__(self, delay: float = 0.01):
+        super().__init__()
+        self.delay = delay
+        self.observation_space = gym.spaces.Box(low=-20.0, high=20.0, shape=(4,), dtype=np.float32)
+        self.action_space = gym.spaces.Discrete(2)
+
+    def reset(self):
+        return self.observation_space.sample()
+
+    def step(self, action):
+        time.sleep(self.delay)
+        obs = self.observation_space.sample()
+        return obs, 0.0, True, {}
+
+
+class InMemoryLogger(Logger):
+    """
+    Logger that keeps key/value pairs in memory without any writers.
+    """
+
+    def __init__(self):
+        super().__init__("", [])
+
+    def dump(self, step: int = 0) -> None:
+        pass
+
+
+@pytest.mark.parametrize("algo", [A2C, DQN])
+def test_fps_logger(tmp_path, algo):
+    logger = InMemoryLogger()
+    max_fps = 1000
+    env = TimeDelayEnv(1 / max_fps)
+    model = algo("MlpPolicy", env, verbose=1)
+    model.set_logger(logger)
+
+    # fps should be at most max_fps
+    model.learn(100, log_interval=1)
+    assert max_fps / 4 <= logger.name_to_value["time/fps"] <= max_fps
+
+    # second time, FPS should be the same
+    model.learn(100, log_interval=1)
+    assert max_fps / 4 <= logger.name_to_value["time/fps"] <= max_fps
+
+    # Artificially increase num_timesteps to check
+    # that fps computation is reset at each call to learn()
+    model.num_timesteps = 20_000
+
+    # third time, FPS should be the same
+    model.learn(100, log_interval=1, reset_num_timesteps=False)
+    assert max_fps / 4 <= logger.name_to_value["time/fps"] <= max_fps