diff --git a/src/core/validate.test.ts b/src/core/validate.test.ts
index 3bff612..0268b6b 100644
--- a/src/core/validate.test.ts
+++ b/src/core/validate.test.ts
@@ -162,6 +162,86 @@ describe('validate-docs-code', () => {
       expect(result).toHaveLength(1);
       expect(result[0].refPath).toBe('src/example.ts');
     });
+
+    it('コードブロック内のCODE_REFを除外すること', () => {
+      const content = `
+# Test Document
+
+<!-- CODE_REF: src/valid.ts:1-10 -->
+
+\`\`\`html
+<!-- CODE_REF: src/should-be-ignored.ts:1-5 -->
+\`\`\`
+
+<!-- CODE_REF: src/another-valid.ts:10-20 -->
+      `;
+
+      const result = extractCodeRefs(content, '/docs/test.md');
+
+      expect(result).toHaveLength(2);
+      expect(result[0].refPath).toBe('src/valid.ts');
+      expect(result[1].refPath).toBe('src/another-valid.ts');
+    });
+
+    it('インラインコード内のCODE_REFを除外すること', () => {
+      const content = `
+# Test Document
+
+Use this syntax: \`<!-- CODE_REF: src/inline-ignored.ts:1-5 -->\`
+
+<!-- CODE_REF: src/valid.ts:1-10 -->
+      `;
+
+      const result = extractCodeRefs(content, '/docs/test.md');
+
+      expect(result).toHaveLength(1);
+      expect(result[0].refPath).toBe('src/valid.ts');
+    });
+
+    it('閉じていないコードブロック内のCODE_REFを除外すること', () => {
+      const content = `
+# Test Document
+
+<!-- CODE_REF: src/valid.ts:1-10 -->
+
+\`\`\`html
+<!-- CODE_REF: src/in-unclosed-block.ts:1-5 -->
+<!-- CODE_REF: src/also-in-unclosed-block.ts:1-5 -->
+      `;
+
+      const result = extractCodeRefs(content, '/docs/test.md');
+
+      expect(result).toHaveLength(1);
+      expect(result[0].refPath).toBe('src/valid.ts');
+    });
+
+    it('複数のコードブロックが混在する場合にCODE_REFを正しく抽出すること', () => {
+      const content = `
+# Documentation
+
+<!-- CODE_REF: src/valid1.ts:1-10 -->
+
+\`\`\`typescript
+<!-- CODE_REF: src/ignored1.ts:1-5 -->
+const x = 1;
+\`\`\`
+
+<!-- CODE_REF: src/valid2.ts:10-20 -->
+
+\`\`\`javascript
+<!-- CODE_REF: src/ignored2.ts:5-10 -->
+\`\`\`
+
+<!-- CODE_REF: src/valid3.ts:20-30 -->
+      `;
+
+      const result = extractCodeRefs(content, '/docs/test.md');
+
+      expect(result).toHaveLength(3);
+      expect(result[0].refPath).toBe('src/valid1.ts');
+      expect(result[1].refPath).toBe('src/valid2.ts');
+      expect(result[2].refPath).toBe('src/valid3.ts');
+    });
   });
 
   describe('validateCodeRef', () => {
diff --git a/src/core/validate.ts b/src/core/validate.ts
index 80f1644..bee5e27 100644
--- a/src/core/validate.ts
+++ b/src/core/validate.ts
@@ -53,15 +53,33 @@ export function findMarkdownFiles(dir: string): string[] {
 function getCodeBlockRanges(content: string): { start: number; end: number }[] {
   const ranges: { start: number; end: number }[] = [];
 
-  // Triple backtick code blocks
-  const codeBlockPattern = /```[\s\S]*?```/g;
+  // Find all triple backtick positions
+  const backtickPositions: number[] = [];
+  const backtickPattern = /```/g;
   let match: RegExpExecArray | null;
 
-  while ((match = codeBlockPattern.exec(content)) !== null) {
-    ranges.push({
-      start: match.index,
-      end: match.index + match[0].length,
-    });
+  while ((match = backtickPattern.exec(content)) !== null) {
+    backtickPositions.push(match.index);
+  }
+
+  // Pair up backticks: even indices (0, 2, 4...) are opening, odd indices (1, 3, 5...) are closing
+  for (let i = 0; i < backtickPositions.length; i += 2) {
+    const start = backtickPositions[i];
+    const end = backtickPositions[i + 1];
+
+    if (end !== undefined) {
+      // Closed code block
+      ranges.push({
+        start,
+        end: end + 3, // +3 to include the closing ```
+      });
+    } else {
+      // Unclosed code block (odd number of backticks)
+      ranges.push({
+        start,
+        end: content.length,
+      });
+    }
   }
 
   // Inline code (backticks)