diff --git a/llvm/lib/Transforms/Utils/Local.cpp b/llvm/lib/Transforms/Utils/Local.cpp
index b32ed2a8c657f..c0d95694eb06e 100644
--- a/llvm/lib/Transforms/Utils/Local.cpp
+++ b/llvm/lib/Transforms/Utils/Local.cpp
@@ -2682,8 +2682,10 @@ void llvm::combineMetadata(Instruction *K, const Instruction *J,
         K->setMetadata(Kind, MDNode::getMostGenericFPMath(JMD, KMD));
         break;
       case LLVMContext::MD_invariant_load:
-        // Only set the !invariant.load if it is present in both instructions.
-        K->setMetadata(Kind, JMD);
+        // If K moves, only set the !invariant.load if it is present in both
+        // instructions.
+        if (DoesKMove)
+          K->setMetadata(Kind, JMD);
         break;
       case LLVMContext::MD_nonnull:
         if (DoesKMove || !K->hasMetadata(LLVMContext::MD_noundef))
diff --git a/llvm/test/Transforms/GVN/PRE/invariant-load.ll b/llvm/test/Transforms/GVN/PRE/invariant-load.ll
index 3d0102629e621..79cf95155c70c 100644
--- a/llvm/test/Transforms/GVN/PRE/invariant-load.ll
+++ b/llvm/test/Transforms/GVN/PRE/invariant-load.ll
@@ -187,7 +187,7 @@ define i32 @metadata_preservation(ptr nocapture %p, ptr nocapture %q) {
 ; CHECK-LABEL: define i32 @metadata_preservation
 ; CHECK-SAME: (ptr nocapture [[P:%.*]], ptr nocapture [[Q:%.*]]) {
 ; CHECK-NEXT:  entry:
-; CHECK-NEXT:    [[X:%.*]] = load i32, ptr [[P]], align 4
+; CHECK-NEXT:    [[X:%.*]] = load i32, ptr [[P]], align 4, !invariant.load !0
 ; CHECK-NEXT:    [[ADD:%.*]] = add i32 [[X]], [[X]]
 ; CHECK-NEXT:    ret i32 [[ADD]]
 ;