diff --git a/src/fastmcp/client/auth/oauth.py b/src/fastmcp/client/auth/oauth.py
index 349db61b3..2190b9a43 100644
--- a/src/fastmcp/client/auth/oauth.py
+++ b/src/fastmcp/client/auth/oauth.py
@@ -4,7 +4,6 @@ import time
 import webbrowser
 from collections.abc import AsyncGenerator
 from typing import Any
-from urllib.parse import urlparse
 
 import anyio
 import httpx
@@ -162,8 +161,8 @@ class OAuth(OAuthClientProvider):
             additional_client_metadata: Extra fields for OAuthClientMetadata
             callback_port: Fixed port for OAuth callback (default: random available port)
         """
-        parsed_url = urlparse(mcp_url)
-        server_base_url = f"{parsed_url.scheme}://{parsed_url.netloc}"
+        # Normalize the MCP URL (strip trailing slashes for consistency)
+        mcp_url = mcp_url.rstrip("/")
 
         # Setup OAuth client
         self.httpx_client_factory = httpx_client_factory or httpx.AsyncClient
@@ -201,16 +200,17 @@ class OAuth(OAuthClientProvider):
                 stacklevel=2,
             )
 
+        # Use full URL for token storage to properly separate tokens per MCP endpoint
         self.token_storage_adapter: TokenStorageAdapter = TokenStorageAdapter(
-            async_key_value=token_storage, server_url=server_base_url
+            async_key_value=token_storage, server_url=mcp_url
         )
 
-        # Store server_base_url for use in callback_handler
-        self.server_base_url = server_base_url
+        # Store full MCP URL for use in callback_handler display
+        self.mcp_url = mcp_url
 
-        # Initialize parent class
+        # Initialize parent class with full URL for proper OAuth metadata discovery
         super().__init__(
-            server_url=server_base_url,
+            server_url=mcp_url,
             client_metadata=client_metadata,
             storage=self.token_storage_adapter,
             redirect_handler=self.redirect_handler,
@@ -256,7 +256,7 @@ class OAuth(OAuthClientProvider):
         # Create server with result tracking
         server: Server = create_oauth_callback_server(
             port=self.redirect_port,
-            server_url=self.server_base_url,
+            server_url=self.mcp_url,
             result_container=result,
             result_ready=result_ready,
         )
diff --git a/tests/client/auth/test_oauth_client.py b/tests/client/auth/test_oauth_client.py
index f9e452503..832d7ce02 100644
--- a/tests/client/auth/test_oauth_client.py
+++ b/tests/client/auth/test_oauth_client.py
@@ -4,6 +4,7 @@ import httpx
 import pytest
 
 from fastmcp.client import Client
+from fastmcp.client.auth import OAuth
 from fastmcp.client.transports import StreamableHttpTransport
 from fastmcp.server.auth.auth import ClientRegistrationOptions
 from fastmcp.server.auth.providers.in_memory import InMemoryOAuthProvider
@@ -124,3 +125,49 @@ async def test_oauth_server_metadata_discovery(streamable_http_server: str):
         # The endpoints should be properly formed URLs
         assert metadata["authorization_endpoint"].startswith(server_base_url)
         assert metadata["token_endpoint"].startswith(server_base_url)
+
+
+class TestOAuthClientUrlHandling:
+    """Tests for OAuth client URL handling (issue #2573)."""
+
+    def test_oauth_preserves_full_url_with_path(self):
+        """OAuth client should preserve the full MCP URL including path components.
+
+        This is critical for servers hosted under path-based endpoints like
+        mcp.example.com/server1/v1.0/mcp where OAuth metadata discovery needs
+        the full path to find the correct .well-known endpoints.
+        """
+        mcp_url = "https://mcp.example.com/server1/v1.0/mcp"
+        oauth = OAuth(mcp_url=mcp_url)
+
+        # The full URL should be preserved for OAuth discovery
+        assert oauth.context.server_url == mcp_url
+
+        # The stored mcp_url should match
+        assert oauth.mcp_url == mcp_url
+
+    def test_oauth_preserves_root_url(self):
+        """OAuth client should work correctly with root-level URLs."""
+        mcp_url = "https://mcp.example.com"
+        oauth = OAuth(mcp_url=mcp_url)
+
+        assert oauth.context.server_url == mcp_url
+        assert oauth.mcp_url == mcp_url
+
+    def test_oauth_normalizes_trailing_slash(self):
+        """OAuth client should normalize trailing slashes for consistency."""
+        mcp_url_with_slash = "https://mcp.example.com/api/mcp/"
+        oauth = OAuth(mcp_url=mcp_url_with_slash)
+
+        # Trailing slash should be stripped
+        expected = "https://mcp.example.com/api/mcp"
+        assert oauth.context.server_url == expected
+        assert oauth.mcp_url == expected
+
+    def test_oauth_token_storage_uses_full_url(self):
+        """Token storage should use the full URL to separate tokens per endpoint."""
+        mcp_url = "https://mcp.example.com/server1/v1.0/mcp"
+        oauth = OAuth(mcp_url=mcp_url)
+
+        # Token storage should key by the full URL, not just the host
+        assert oauth.token_storage_adapter._server_url == mcp_url