diff --git a/llvm/include/llvm/Analysis/MemorySSA.h b/llvm/include/llvm/Analysis/MemorySSA.h
--- a/llvm/include/llvm/Analysis/MemorySSA.h
+++ b/llvm/include/llvm/Analysis/MemorySSA.h
@@ -1217,7 +1217,18 @@
 private:
   void fillInCurrentPair() {
     CurrentPair.first = *DefIterator;
-    if (WalkingPhi && Location.Ptr) {
+    auto HasTrivialCycle = [](auto Def) {
+      BasicBlock *DefBlock = Def->getBlock();
+      auto *DefPhi = dyn_cast<MemoryPhi>(Def);
+      return DefPhi &&
+             any_of(DefPhi->blocks(), [DefBlock](BasicBlock *IncomingBlock) {
+               return DefBlock == IncomingBlock;
+             });
+    };
+    // Using a phi-translated address is only safe if the PHI is not part of a
+    // cycle. Otherwise we only check the address accessed in the first visit of
+    // the cycle.
+    if (WalkingPhi && Location.Ptr && !HasTrivialCycle(OriginalAccess)) {
       PHITransAddr Translator(
           const_cast<Value *>(Location.Ptr),
           OriginalAccess->getBlock()->getModule()->getDataLayout(), nullptr);
diff --git a/llvm/test/Analysis/MemorySSA/phi-translation-cycle.ll b/llvm/test/Analysis/MemorySSA/phi-translation-cycle.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Analysis/MemorySSA/phi-translation-cycle.ll
@@ -0,0 +1,45 @@
+; RUN: opt -basicaa -tbaa -print-memoryssa -verify-memoryssa -analyze < %s 2>&1 | FileCheck %s --check-prefixes=CHECK
+; RUN: opt -aa-pipeline=basic-aa,type-based-aa -passes='print<memoryssa>,verify<memoryssa>' -disable-output < %s 2>&1 | FileCheck %s --check-prefixes=CHECK
+
+; Test case for PR46156. Make sure phi translation is skipped for cyclic phis.
+
+@c = local_unnamed_addr global [2 x i16] zeroinitializer, align 2
+
+define i32 @test1(i32* noalias %ptr) {
+; CHECK-LABEL: define i32 @test1
+; CHECK-LABEL: entry:
+; CHECK:       ; 1 = MemoryDef(liveOnEntry)
+; CHECK-NEXT:  store i16 1, i16* %s1.ptr, align 2
+
+; CHECK-LABEL: %for.body
+; CHECK:       ; MemoryUse(1) MayAlias
+; CHECK-NEXT:    %lv = load i16, i16* %arrayidx, align 2, !tbaa !0
+
+entry:
+  %s1.ptr = getelementptr inbounds [2 x i16], [2 x i16]* @c, i64 0, i64 0
+  store i16 1, i16* %s1.ptr, align 2, !tbaa !0
+  br label %for.body
+
+for.body:                                         ; preds = %for.body, %entry
+  %storemerge2 = phi i32 [ 1, %entry ], [ %dec, %for.body ]
+  %idxprom1 = zext i32 %storemerge2 to i64
+  %arrayidx = getelementptr inbounds [2 x i16], [2 x i16]* @c, i64 0, i64 %idxprom1
+  %lv = load i16, i16* %arrayidx, align 2, !tbaa !0
+  %conv = sext i16 %lv to i32
+  store i32 %conv, i32* %ptr, align 4, !tbaa !4
+  %dec = add nsw i32 %storemerge2, -1
+  %cmp = icmp sgt i32 %storemerge2, 0
+  br i1 %cmp, label %for.body, label %for.end
+
+for.end:                                          ; preds = %for.body
+  %s2.ptr = getelementptr inbounds [2 x i16], [2 x i16]* @c, i64 0, i64 0
+  store i16 0, i16* %s2.ptr, align 2, !tbaa !0
+  ret i32 0
+}
+
+!0 = !{!1, !1, i64 0}
+!1 = !{!"short", !2, i64 0}
+!2 = !{!"omnipotent char", !3, i64 0}
+!3 = !{!"Simple C/C++ TBAA"}
+!4 = !{!5, !5, i64 0}
+!5 = !{!"int", !2, i64 0}