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 +2745,17 @@
         return true;
 
       Type *Ty = nullptr;
+      if (parseType(Ty))
+        return false;
+
       Value *Input = nullptr;
-      if (parseType(Ty) || parseValue(Ty, Input, PFS))
-        return true;
+      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-Metadata-Operand-Bundles.ll b/llvm/test/Bitcode/2021-07-22-Metadata-Operand-Bundles.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Bitcode/2021-07-22-Metadata-Operand-Bundles.ll
@@ -0,0 +1,12 @@
+; This test ensures that we get a metadata operand bundle value in and out.
+; RUN: llvm-as < %s | llvm-dis | FileCheck %s
+
+declare void @callee()
+
+; CHECK-LABEL: call_with_operand_bundle(
+define void @call_with_operand_bundle() {
+  ; CHECK: call void @op_bundle_callee() [ "op_type"(metadata !"metadata_string") ]
+  call void @callee() [ "op_type"(metadata !"metadata_string") ]
+
+  ret void
+}
diff --git a/llvm/test/Bitcode/compatibility.ll b/llvm/test/Bitcode/compatibility.ll
--- a/llvm/test/Bitcode/compatibility.ll
+++ b/llvm/test/Bitcode/compatibility.ll
@@ -1771,6 +1771,14 @@
   ret void
 }
 
+define void @call_with_operand_bundle5(i32* %ptr) {
+; CHECK-LABEL: call_with_operand_bundle5(
+ entry:
+  call void @op_bundle_callee_0() [ "foo"(metadata !"metadata_string") ]
+; CHECK: call void @op_bundle_callee_0() [ "foo"(metadata !"metadata_string") ]
+  ret void
+}
+
 ; Invoke versions of the above tests:
 
 
@@ -1866,6 +1874,19 @@
   ret void
 }
 
+define void @invoke_with_operand_bundle5(i32* %ptr) personality i8 3 {
+; CHECK-LABEL: @invoke_with_operand_bundle5(
+ entry:
+  invoke void @op_bundle_callee_0() [ "foo"(metadata !"metadata_string") ] to label %normal unwind label %exception
+; CHECK: invoke void @op_bundle_callee_0() [ "foo"(metadata !"metadata_string") ]
+
+exception:
+  %cleanup = landingpad i8 cleanup
+  br label %normal
+normal:
+  ret void
+}
+
 declare void @vaargs_func(...)
 define void @invoke_with_operand_bundle_vaarg(i32* %ptr) personality i8 3 {
 ; CHECK-LABEL: @invoke_with_operand_bundle_vaarg(
diff --git a/llvm/test/Bitcode/operand-bundles.ll b/llvm/test/Bitcode/operand-bundles.ll
--- a/llvm/test/Bitcode/operand-bundles.ll
+++ b/llvm/test/Bitcode/operand-bundles.ll
@@ -56,6 +56,14 @@
   ret void
 }
 
+define void @f5(i32* %ptr) {
+; CHECK-LABEL: @f5(
+ entry:
+  call void @callee0() [ "foo"(metadata !"metadata_string") ]
+; CHECK: call void @callee0() [ "foo"(metadata !"metadata_string") ]
+  ret void
+}
+
 ; Invoke versions of the above tests:
 
 
@@ -150,3 +158,16 @@
 normal:
   ret void
 }
+
+define void @g5(i32* %ptr) personality i8 3 {
+; CHECK-LABEL: @g5(
+ entry:
+  invoke void @callee0() [ "foo"(metadata !"metadata_string") ] to label %normal unwind label %exception
+; CHECK: invoke void @callee0() [ "foo"(metadata !"metadata_string") ]
+
+exception:
+  %cleanup = landingpad i8 cleanup
+  br label %normal
+normal:
+  ret void
+}