diff --git a/llvm/lib/AsmParser/LLParser.cpp b/llvm/lib/AsmParser/LLParser.cpp
--- a/llvm/lib/AsmParser/LLParser.cpp
+++ b/llvm/lib/AsmParser/LLParser.cpp
@@ -2745,9 +2745,21 @@
         return true;
 
       Type *Ty = nullptr;
-      Value *Input = nullptr;
-      if (parseType(Ty) || parseValue(Ty, Input, PFS))
+      if (parseType(Ty))
         return true;
+
+      Value *Input = nullptr;
+      // FIXME: Metadata operand bundle value is garbage when LLVM IR is
+      // compiled to bitcode, then disassembled back to LLVM IR. See D107039
+      // for the reproducers, and https://bugs.llvm.org/show_bug.cgi?id=51264
+      // for the bug report.
+      if (Ty->isMetadataTy()) {
+        if (parseMetadataAsValue(Input, PFS))
+          return true;
+      } else {
+        if (parseValue(Ty, Input, PFS))
+          return true;
+      }
       Inputs.push_back(Input);
     }
 
diff --git a/llvm/test/Bitcode/2021-07-22-Parse-Metadata-Operand-Bundles.ll b/llvm/test/Bitcode/2021-07-22-Parse-Metadata-Operand-Bundles.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Bitcode/2021-07-22-Parse-Metadata-Operand-Bundles.ll
@@ -0,0 +1,9 @@
+; This test ensures that we parse metadata operand bundle values.
+; RUN: llvm-as < %s
+
+declare void @callee()
+
+define void @call_with_operand_bundle() {
+  call void @callee() [ "op_type"(metadata !"metadata_string") ]
+  ret void
+}