diff --git a/dvc/repo/params/show.py b/dvc/repo/params/show.py
index 2b55ec0d5..668577af2 100644
--- a/dvc/repo/params/show.py
+++ b/dvc/repo/params/show.py
@@ -27,7 +27,7 @@ def _is_params(dep: "Output"):
 
 
 def _collect_configs(
-    repo: "Repo", rev, targets=None
+    repo: "Repo", rev, targets=None, duplicates=False
 ) -> Tuple[List["Output"], List[str]]:
 
     params, fs_paths = collect(
@@ -36,6 +36,7 @@ def _collect_configs(
         deps=True,
         output_filter=_is_params,
         rev=rev,
+        duplicates=duplicates,
     )
     all_fs_paths = fs_paths + [p.fs_path for p in params]
     if not targets:
@@ -63,7 +64,7 @@ def _read_params(
     deps=False,
     onerror: Optional[Callable] = None,
 ):
-    res: Dict[str, Dict] = defaultdict(dict)
+    res: Dict[str, Dict] = defaultdict(lambda: defaultdict(dict))
     fs_paths = copy(params_fs_paths)
 
     if deps:
@@ -73,7 +74,7 @@ def _read_params(
             )
             if params_dict:
                 name = os.sep.join(repo.fs.path.relparts(param.fs_path))
-                res[name] = params_dict
+                res[name]["data"].update(params_dict["data"])
     else:
         fs_paths += [param.fs_path for param in params]
 
@@ -138,7 +139,9 @@ def show(repo, revs=None, targets=None, deps=False, onerror: Callable = None):
 
 
 def _gather_params(repo, rev, targets=None, deps=False, onerror=None):
-    param_outs, params_fs_paths = _collect_configs(repo, rev, targets=targets)
+    param_outs, params_fs_paths = _collect_configs(
+        repo, rev, targets=targets, duplicates=deps
+    )
     params = _read_params(
         repo,
         params=param_outs,
diff --git a/tests/func/params/test_show.py b/tests/func/params/test_show.py
index b7ea742db..7609145b5 100644
--- a/tests/func/params/test_show.py
+++ b/tests/func/params/test_show.py
@@ -192,3 +192,50 @@ def test_show_without_targets_specified(tmp_dir, dvc, scm, file):
     )
 
     assert dvc.params.show() == {"": {"data": {file: {"data": data}}}}
+
+
+def test_deps_multi_stage(tmp_dir, scm, dvc, run_copy):
+    tmp_dir.gen(
+        {"foo": "foo", "params.yaml": "foo: bar\nxyz: val\nabc: ignore"}
+    )
+    run_copy("foo", "bar", name="copy-foo-bar", params=["foo"])
+    run_copy("foo", "bar1", name="copy-foo-bar-1", params=["xyz"])
+
+    scm.add(["params.yaml", PIPELINE_FILE])
+    scm.commit("add stage")
+
+    assert dvc.params.show(revs=["master"], deps=True) == {
+        "master": {
+            "data": {"params.yaml": {"data": {"foo": "bar", "xyz": "val"}}}
+        }
+    }
+
+
+def test_deps_with_targets(tmp_dir, scm, dvc, run_copy):
+    tmp_dir.gen(
+        {"foo": "foo", "params.yaml": "foo: bar\nxyz: val\nabc: ignore"}
+    )
+    run_copy("foo", "bar", name="copy-foo-bar", params=["foo"])
+    run_copy("foo", "bar1", name="copy-foo-bar-1", params=["xyz"])
+
+    scm.add(["params.yaml", PIPELINE_FILE])
+    scm.commit("add stage")
+
+    assert dvc.params.show(targets=["params.yaml"], deps=True) == {
+        "": {"data": {"params.yaml": {"data": {"foo": "bar", "xyz": "val"}}}}
+    }
+
+
+def test_deps_with_bad_target(tmp_dir, scm, dvc, run_copy):
+    tmp_dir.gen(
+        {
+            "foo": "foo",
+            "foobar": "",
+            "params.yaml": "foo: bar\nxyz: val\nabc: ignore",
+        }
+    )
+    run_copy("foo", "bar", name="copy-foo-bar", params=["foo"])
+    run_copy("foo", "bar1", name="copy-foo-bar-1", params=["xyz"])
+    scm.add(["params.yaml", PIPELINE_FILE])
+    scm.commit("add stage")
+    assert dvc.params.show(targets=["foobar"], deps=True) == {}