diff --git a/CHANGES.md b/CHANGES.md
index 6735aeb9c1..98665f36f4 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -11,8 +11,11 @@ To be released.
  -  (Libplanet.Net) `GossipConsensusMessageCommunicator` now filters
     `ConsensusVoteMsg` which height is different from latest `Context`.
     [[#3519]]
+ -  (Libplanet.Action) Fixed a bug where initialization of `AccountMetrics`
+    is absent.  [[#3521]]
 
 [#3519]: https://github.com/planetarium/libplanet/pull/3519
+[#3521]: https://github.com/planetarium/libplanet/pull/3521
 
 
 Version 3.8.0
diff --git a/Libplanet.Action/AccountMetrics.cs b/Libplanet.Action/AccountMetrics.cs
index 94e5cd0438..e781085932 100644
--- a/Libplanet.Action/AccountMetrics.cs
+++ b/Libplanet.Action/AccountMetrics.cs
@@ -7,5 +7,11 @@ public static class AccountMetrics
     {
         public static readonly AsyncLocal<Stopwatch> GetStateTimer = new AsyncLocal<Stopwatch>();
         public static readonly AsyncLocal<int> GetStateCount = new AsyncLocal<int>();
+
+        public static void Initialize()
+        {
+            GetStateTimer.Value = new Stopwatch();
+            GetStateCount.Value = 0;
+        }
     }
 }
diff --git a/Libplanet.Action/ActionEvaluator.cs b/Libplanet.Action/ActionEvaluator.cs
index 5a43f0d1b2..d30129c674 100644
--- a/Libplanet.Action/ActionEvaluator.cs
+++ b/Libplanet.Action/ActionEvaluator.cs
@@ -249,6 +249,7 @@ IActionContext CreateActionContext(IAccount newPrevState)
             {
                 Stopwatch stopwatch = new Stopwatch();
                 stopwatch.Start();
+                AccountMetrics.Initialize();
                 state = feeCollector.Mortgage(state);
                 context = CreateActionContext(state);
                 feeCollector = feeCollector.Next(context);