diff --git a/src/Html2Markdown/Replacement/CodeTagReplacer.cs b/src/Html2Markdown/Replacement/CodeTagReplacer.cs
index f2770ffd..bad7e74f 100644
--- a/src/Html2Markdown/Replacement/CodeTagReplacer.cs
+++ b/src/Html2Markdown/Replacement/CodeTagReplacer.cs
@@ -6,7 +6,7 @@ public class CodeTagReplacer : CustomReplacer
 {
     public CodeTagReplacer()
     {
-        CustomAction = HtmlParser.ReplaceCode;
+        CustomAction = html => HtmlParser.ReplaceCode(html, false);
     }
 
     public CodeTagReplacer(bool supportSyntaxHighlighting)
diff --git a/src/Html2Markdown/Replacement/CustomReplacer.cs b/src/Html2Markdown/Replacement/CustomReplacer.cs
index 3a4153a9..a01fc0b0 100644
--- a/src/Html2Markdown/Replacement/CustomReplacer.cs
+++ b/src/Html2Markdown/Replacement/CustomReplacer.cs
@@ -9,5 +9,5 @@ public string Replace(string html)
 		return CustomAction.Invoke(html);
 	}
 
-	protected Func<string, string> CustomAction { get; init; }
+	public Func<string, string> CustomAction { get; init; }
 }
\ No newline at end of file
diff --git a/src/Html2Markdown/Replacement/HtmlParser.cs b/src/Html2Markdown/Replacement/HtmlParser.cs
index b92c042c..93b1f45a 100644
--- a/src/Html2Markdown/Replacement/HtmlParser.cs
+++ b/src/Html2Markdown/Replacement/HtmlParser.cs
@@ -38,7 +38,10 @@ private static string ReplaceList(string html)
 		listItems.ToList().ForEach(listItem =>
 		{
 			var listPrefix = listType.Equals("ol") ? $"{++counter}.  " : "*   ";
-			var finalList = listItem.Replace(@"</li>", string.Empty);
+			//In case of multiline Html, a line can end with a new line. In this case we want to remove the closing tag as well as the new line
+			//otherwise we may only keep the line breaks between tags and create a double line break in the markdown
+			var closingTag = listItem.EndsWith($"</li>{Environment.NewLine}") ? $"</li>{Environment.NewLine}" : "</li>";
+			var finalList = listItem.Replace(closingTag, string.Empty);
 
 			if (finalList.Trim().Length == 0) {
 				return;
@@ -48,10 +51,16 @@ private static string ReplaceList(string html)
 			finalList = TwoNewLines().Replace(finalList, $"{Environment.NewLine}{Environment.NewLine}    ");
 			// indent nested lists
 			finalList = NestedList().Replace(finalList, "\n$1    $2");
+			// remove the indent from the first line
+			if (listItem.StartsWith("<p>"))
+			{
+				finalList = ReplaceParagraph(finalList, true);
+			}
 			markdownList.Add($"{listPrefix}{finalList}");
 		});
 
-		return Environment.NewLine + Environment.NewLine + markdownList.Aggregate((current, item) => current + Environment.NewLine + item) + Environment.NewLine + Environment.NewLine;
+		//If a new line is already ending the markdown item, then we don't need to add another one
+		return Environment.NewLine + Environment.NewLine + markdownList.Aggregate((current, item) =>  current.EndsWith(Environment.NewLine) ? current + item : current + Environment.NewLine + item) + Environment.NewLine + Environment.NewLine;
 	}
 
 	private static bool ListIsEmpty(IReadOnlyCollection<string> listItems)
@@ -128,7 +137,7 @@ internal static string ReplaceImg(string html)
 		return doc.DocumentNode.OuterHtml;
 	}
 
-	public static string ReplaceAnchor(string html)
+	internal static string ReplaceAnchor(string html)
 	{
 		var doc = GetHtmlDocument(html);
 		var nodes = doc.DocumentNode.SelectNodes("//a");
@@ -155,9 +164,7 @@ public static string ReplaceAnchor(string html)
 		return doc.DocumentNode.OuterHtml;
 	}
 	
-	public static string ReplaceCode(string html) => ReplaceCode(html, false);
-
-	public static string ReplaceCode(string html, bool supportSyntaxHighlighting)
+	internal static string ReplaceCode(string html, bool supportSyntaxHighlighting)
 	{
 		var doc = GetHtmlDocument(html);
 		var nodes = doc.DocumentNode.SelectNodes("//code");
@@ -219,7 +226,7 @@ private static string GetSyntaxHighlightLanguage(HtmlNode node)
 			: classAttributeValue;
 	}
 
-	public static string ReplaceBlockquote(string html)
+	internal static string ReplaceBlockquote(string html)
 	{
 		var doc = GetHtmlDocument(html);
 		var nodes = doc.DocumentNode.SelectNodes("//blockquote");
@@ -248,12 +255,14 @@ public static string ReplaceBlockquote(string html)
 		return doc.DocumentNode.OuterHtml;
 	}
 
-	public static string ReplaceEntities(string html)
+	internal static string ReplaceEntities(string html)
 	{
 		return WebUtility.HtmlDecode(html);
 	}
 
-	public static string ReplaceParagraph(string html)
+	internal static string ReplaceParagraph(string html) => ReplaceParagraph(html, false);
+
+	private static string ReplaceParagraph(string html, bool nestedIntoList)
 	{
 		var doc = GetHtmlDocument(html);
 		var nodes = doc.DocumentNode.SelectNodes("//p");
@@ -266,7 +275,12 @@ public static string ReplaceParagraph(string html)
 			var text = node.InnerHtml;
 			var markdown = Spaces().Replace(text, " ");
 			markdown = markdown.Replace(Environment.NewLine, " ");
-			markdown = Environment.NewLine + Environment.NewLine + markdown + Environment.NewLine;
+
+			//If a paragraph is contained in a list, we don't want to add new line characters
+			var openingTag = nestedIntoList ? "" : Environment.NewLine + Environment.NewLine;
+			var closingTag = nestedIntoList ? "" : Environment.NewLine;
+
+			markdown = openingTag + markdown + closingTag;
 			ReplaceNode(node, markdown);
 		});
 
diff --git a/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt b/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt
new file mode 100644
index 00000000..2771a2a4
--- /dev/null
+++ b/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt
@@ -0,0 +1,6 @@
+This code is with an ordered list and paragraphs.
+
+1.  Yes, this is a `code` element
+2.  No :
+
+    *   `Some code we are looking at`
\ No newline at end of file
diff --git a/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt b/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt
new file mode 100644
index 00000000..2771a2a4
--- /dev/null
+++ b/test/Html2Markdown.Test/CommonMarkSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt
@@ -0,0 +1,6 @@
+This code is with an ordered list and paragraphs.
+
+1.  Yes, this is a `code` element
+2.  No :
+
+    *   `Some code we are looking at`
\ No newline at end of file
diff --git a/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt
new file mode 100644
index 00000000..2771a2a4
--- /dev/null
+++ b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists.verified.txt
@@ -0,0 +1,6 @@
+This code is with an ordered list and paragraphs.
+
+1.  Yes, this is a `code` element
+2.  No :
+
+    *   `Some code we are looking at`
\ No newline at end of file
diff --git a/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt
new file mode 100644
index 00000000..2771a2a4
--- /dev/null
+++ b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists.verified.txt
@@ -0,0 +1,6 @@
+This code is with an ordered list and paragraphs.
+
+1.  Yes, this is a `code` element
+2.  No :
+
+    *   `Some code we are looking at`
\ No newline at end of file
diff --git a/test/Html2Markdown.Test/MarkdownSchemeConverterTest.cs b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.cs
index ba6630c5..5128aaf6 100644
--- a/test/Html2Markdown.Test/MarkdownSchemeConverterTest.cs
+++ b/test/Html2Markdown.Test/MarkdownSchemeConverterTest.cs
@@ -608,6 +608,32 @@ public Task Convert_WhenThereIsAnOrderedListWithANestedUnorderedList_ThenReplace
 		return CheckConversion(html);
 	}
 
+	[Test]
+	public Task Convert_WhenThereIsAnOrderedListWithNestedParagraphs_ThenReplaceWithMarkdownLists()
+	{
+		const string html = @"<p>This code is with an ordered list and paragraphs.</p><ol><li><p>Yes, this is a <code>code</code> element</p></li><li><p>No :</p><ul><li><code>Some code we are looking at</code></li></ul></li></ol>";
+
+		return CheckConversion(html);
+	}
+
+	[Test]
+	public Task Convert_WhenThereIsAMultilineOrderedListWithNestedParagraphsAndCodeElement_ThenReplaceWithMarkdownLists()
+	{
+		const string html = @"<p>This code is with an ordered list and paragraphs.</p>
+<ol>
+<li><p>Yes, this is a <code>code</code> element</p>
+</li>
+<li><p>No :</p>
+<ul>
+<li><code>Some code we are looking at</code></li>
+</ul>
+</li>
+</ol>
+";
+
+		return CheckConversion(html);
+	}
+
 	#endregion
 
 	#region Extra HTML Removal