diff --git a/src/tribler/core/utilities/process_manager/process.py b/src/tribler/core/utilities/process_manager/process.py
index 01b2edc6054..aee638d8640 100644
--- a/src/tribler/core/utilities/process_manager/process.py
+++ b/src/tribler/core/utilities/process_manager/process.py
@@ -138,7 +138,7 @@ def is_running(self):
         try:
             psutil_process = psutil.Process(self.pid)
             status = psutil_process.status()
-        except psutil.Error as e:
+        except (psutil.Error, MemoryError) as e:
             self.logger.warning(e)
             return False
 
diff --git a/src/tribler/core/utilities/process_manager/tests/test_process.py b/src/tribler/core/utilities/process_manager/tests/test_process.py
index 3fdf5909d0a..0e6b8cd9cec 100644
--- a/src/tribler/core/utilities/process_manager/tests/test_process.py
+++ b/src/tribler/core/utilities/process_manager/tests/test_process.py
@@ -1,11 +1,10 @@
 import re
-from pathlib import Path
 from unittest.mock import Mock, patch
 
 import psutil
 import pytest
 
-from tribler.core.utilities.process_manager.manager import ProcessManager, logger
+from tribler.core.utilities.process_manager.manager import logger
 from tribler.core.utilities.process_manager.process import ProcessKind, TriblerProcess
 
 
@@ -202,3 +201,22 @@ def test_get_core_process_exception(process_manager):
     # in the process_manager fixture the current_process is a Core process
     with pytest.raises(TypeError, match='^The `get_core_process` method can only be used for a GUI process$'):
         process_manager.current_process.get_core_process()
+
+
+def test_is_running_ignored_exceptions(process_manager):
+    # The process is considered not running if psutil.Process.status() raises any of the ignored exceptions
+    process = TriblerProcess.current_process(manager=Mock(), kind=ProcessKind.Core, owns_lock=False, creator_pid=123)
+    ignored_exceptions = [psutil.Error, MemoryError]
+
+    for e in ignored_exceptions:
+        with patch.object(psutil.Process, 'status', Mock(side_effect=e)):
+            assert not process.is_running()
+
+
+def test_is_running_exceptions(process_manager):
+    # The function `process.is_running` should reraise exception if it is not in the list of ignored exceptions
+    process = TriblerProcess.current_process(manager=Mock(), kind=ProcessKind.Core, owns_lock=False, creator_pid=123)
+
+    with pytest.raises(ValueError):
+        with patch.object(psutil.Process, 'status', Mock(side_effect=ValueError)):
+            assert not process.is_running()