diff --git a/hgext/rebase.py b/hgext/rebase.py
--- a/hgext/rebase.py
+++ b/hgext/rebase.py
@@ -508,12 +508,12 @@
             ui.note(_("update back to initial working directory parent\n"))
             hg.updaterepo(repo, newwd, False)
 
+        collapsedas = None
         if not self.keepf:
-            collapsedas = None
             if self.collapsef:
                 collapsedas = newnode
-            clearrebased(ui, repo, self.dest, self.state, self.skipped,
-                         collapsedas)
+        clearrebased(ui, repo, self.dest, self.state, self.skipped,
+                     collapsedas, self.keepf)
 
         clearstatus(repo)
         clearcollapsemsg(repo)
@@ -1354,32 +1354,30 @@
             state[r] = revprecursor
     return originalwd, dest.rev(), state
 
-def clearrebased(ui, repo, dest, state, skipped, collapsedas=None):
+def clearrebased(ui, repo, dest, state, skipped, collapsedas=None, keepf=False):
     """dispose of rebased revision at the end of the rebase
 
     If `collapsedas` is not None, the rebase was a collapse whose result if the
-    `collapsedas` node."""
+    `collapsedas` node.
+
+    If `keepf` is not True, the rebase has --keep set and no nodes should be
+    removed (but bookmarks still need to be moved).
+    """
     tonode = repo.changelog.node
-    # Move bookmark of skipped nodes to destination. This cannot be handled
-    # by scmutil.cleanupnodes since it will treat rev as removed (no successor)
-    # and move bookmark backwards.
-    bmchanges = [(name, tonode(max(adjustdest(repo, rev, dest, state))))
-                 for rev in skipped
-                 for name in repo.nodebookmarks(tonode(rev))]
-    if bmchanges:
-        with repo.transaction('rebase') as tr:
-            repo._bookmarks.applychanges(repo, tr, bmchanges)
-    mapping = {}
+    replacements = {}
+    moves = {}
     for rev, newrev in sorted(state.items()):
         if newrev >= 0 and newrev != rev:
-            if rev in skipped:
-                succs = ()
-            elif collapsedas is not None:
-                succs = (collapsedas,)
-            else:
-                succs = (tonode(newrev),)
-            mapping[tonode(rev)] = succs
-    scmutil.cleanupnodes(repo, mapping, 'rebase')
+            oldnode = tonode(rev)
+            newnode = collapsedas or tonode(newrev)
+            moves[oldnode] = newnode
+            if not keepf:
+                if rev in skipped:
+                    succs = ()
+                else:
+                    succs = (newnode,)
+                replacements[oldnode] = succs
+    scmutil.cleanupnodes(repo, replacements, 'rebase', moves)
 
 def pullrebase(orig, ui, repo, *args, **opts):
     'Call rebase after pull if the latter has been invoked with --rebase'
diff --git a/mercurial/scmutil.py b/mercurial/scmutil.py
--- a/mercurial/scmutil.py
+++ b/mercurial/scmutil.py
@@ -576,23 +576,34 @@
     def __contains__(self, node):
         return self._revcontains(self._torev(node))
 
-def cleanupnodes(repo, replacements, operation):
+def cleanupnodes(repo, replacements, operation, moves=None):
     """do common cleanups when old nodes are replaced by new nodes
 
     That includes writing obsmarkers or stripping nodes, and moving bookmarks.
     (we might also want to move working directory parent in the future)
+    
+    By default, bookmark moves are calculated automatically from 'replacements',
+    but 'moves' can be used to override that. Also, 'moves' may include
+    additional bookmark moves that should not have associated obsmarkers.
 
     replacements is {oldnode: [newnode]} or a iterable of nodes if they do not
     have replacements. operation is a string, like "rebase".
     """
+    if not replacements and not moves:
+        return
+
+    # translate mapping's other forms
     if not util.safehasattr(replacements, 'items'):
         replacements = {n: () for n in replacements}
 
     # Calculate bookmark movements
-    moves = {}
+    if moves is None:
+        moves = {}
     # Unfiltered repo is needed since nodes in replacements might be hidden.
     unfi = repo.unfiltered()
     for oldnode, newnodes in replacements.items():
+        if oldnode in moves:
+            continue
         if len(newnodes) > 1:
             # usually a split, take the one with biggest rev number
             newnode = next(unfi.set('max(%ln)', newnodes)).node()
@@ -646,10 +657,13 @@
             rels = [(unfi[n], tuple(unfi[m] for m in s))
                     for n, s in sorted(replacements.items(), key=sortfunc)
                     if s or not isobs(n)]
-            obsolete.createmarkers(repo, rels, operation=operation)
+            if rels:
+                obsolete.createmarkers(repo, rels, operation=operation)
         else:
             from . import repair # avoid import cycle
-            repair.delayedstrip(repo.ui, repo, list(replacements), operation)
+            tostrip = list(replacements)
+            if tostrip:
+                repair.delayedstrip(repo.ui, repo, tostrip, operation)
 
 def addremove(repo, matcher, prefix, opts=None, dry_run=None, similarity=None):
     if opts is None:
diff --git a/tests/test-rebase-bookmarks.t b/tests/test-rebase-bookmarks.t
--- a/tests/test-rebase-bookmarks.t
+++ b/tests/test-rebase-bookmarks.t
@@ -1,6 +1,7 @@
   $ cat >> $HGRCPATH <<EOF
   > [extensions]
   > rebase=
+  > drawdag=$TESTDIR/drawdag.py
   > 
   > [phases]
   > publish=False
@@ -210,3 +211,35 @@
   rebasing 6:f677a2907404 "bisect2"
   rebasing 7:325c16001345 "bisect3" (tip bisect)
   saved backup bundle to $TESTTMP/a3/.hg/strip-backup/345c90f326a4-b4840586-rebase.hg (glob)
+
+Bookmark and working parent get moved even if --keep is set (issue5682)
+
+  $ hg init $TESTTMP/book-keep
+  $ cd $TESTTMP/book-keep
+  $ hg debugdrawdag <<'EOS'
+  > B C
+  > |/
+  > A
+  > EOS
+  $ eval `hg tags -T 'hg bookmark -ir {node} {tag};\n' | grep -v tip`
+  $ rm .hg/localtags
+  $ hg up -q B
+  $ hg tglog
+  o  2: 'C' bookmarks: C
+  |
+  | @  1: 'B' bookmarks: B
+  |/
+  o  0: 'A' bookmarks: A
+  
+  $ hg rebase -r B -d C --keep
+  rebasing 1:112478962961 "B" (B)
+  $ hg tglog
+  @  3: 'B' bookmarks: B
+  |
+  o  2: 'C' bookmarks: C
+  |
+  | o  1: 'B' bookmarks:
+  |/
+  o  0: 'A' bookmarks: A
+  
+
diff --git a/tests/test-rebase-emptycommit.t b/tests/test-rebase-emptycommit.t
--- a/tests/test-rebase-emptycommit.t
+++ b/tests/test-rebase-emptycommit.t
@@ -47,7 +47,7 @@
   |/
   o  0 A
   
-With --keep, bookmark should not move
+With --keep, bookmark should move
 
   $ hg rebase -r 3+4 -d E --keep
   rebasing 3:e7b3f00ed42e "D" (BOOK-D)
@@ -55,15 +55,15 @@
   rebasing 4:69a34c08022a "E" (BOOK-E)
   note: rebase of 4:69a34c08022a created no changes to commit
   $ hg log -G -T '{rev} {desc} {bookmarks}'
-  o  7 E
+  o  7 E BOOK-D BOOK-E
   |
   o  6 D
   |
   | o  5 F BOOK-F
   | |
-  | o  4 E BOOK-E
+  | o  4 E
   | |
-  | o  3 D BOOK-D
+  | o  3 D
   | |
   | o  2 C BOOK-C
   | |
@@ -71,6 +71,11 @@
   |/
   o  0 A
   
+Move D and E back for the next test
+
+  $ hg bookmark BOOK-D -fqir 3
+  $ hg bookmark BOOK-E -fqir 4
+
 Bookmark is usually an indication of a head. For changes that are introduced by
 an ancestor of bookmark B, after moving B to B-NEW, the changes are ideally
 still introduced by an ancestor of changeset on B-NEW. In the below case,