diff --git a/lld/ELF/Driver.h b/lld/ELF/Driver.h
--- a/lld/ELF/Driver.h
+++ b/lld/ELF/Driver.h
@@ -34,7 +34,7 @@
   void createFiles(llvm::opt::InputArgList &args);
   void inferMachineType();
   template <class ELFT> void link(llvm::opt::InputArgList &args);
-  template <class ELFT> void compileBitcodeFiles();
+  template <class ELFT> void compileBitcodeFiles(bool skipLinkedOutput);
 
   // True if we are in --whole-archive and --no-whole-archive.
   bool inWholeArchive = false;
diff --git a/lld/ELF/Driver.cpp b/lld/ELF/Driver.cpp
--- a/lld/ELF/Driver.cpp
+++ b/lld/ELF/Driver.cpp
@@ -87,6 +87,7 @@
 
     inputSections.clear();
     outputSections.clear();
+    memoryBuffers.clear();
     archiveFiles.clear();
     binaryFiles.clear();
     bitcodeFiles.clear();
@@ -1987,6 +1988,28 @@
   return symtab->addSymbol(sym);
 }
 
+static void markBuffersAsDontNeed(bool skipLinkedOutput) {
+  // With --thinlto-index-only, all buffers are nearly unused from now on
+  // (except symbol/section names used by infrequent passes). Mark input file
+  // buffers as MADV_DONTNEED so that these pages can be reused by the expensive
+  // thin link, saving memory.
+  if (skipLinkedOutput) {
+    for (MemoryBuffer &mb : llvm::make_pointee_range(memoryBuffers))
+      mb.dontNeedIfMmap();
+    return;
+  }
+
+  // Otherwise, just mark MemoryBuffers backing BitcodeFiles.
+  DenseSet<const char *> bufs;
+  for (BitcodeFile *file : bitcodeFiles)
+    bufs.insert(file->mb.getBufferStart());
+  for (BitcodeFile *file : lazyBitcodeFiles)
+    bufs.insert(file->mb.getBufferStart());
+  for (MemoryBuffer &mb : llvm::make_pointee_range(memoryBuffers))
+    if (bufs.count(mb.getBufferStart()))
+      mb.dontNeedIfMmap();
+}
+
 // This function is where all the optimizations of link-time
 // optimization takes place. When LTO is in use, some input files are
 // not in native object file format but in the LLVM bitcode format.
@@ -1994,13 +2017,17 @@
 // using LLVM functions and replaces bitcode symbols with the results.
 // Because all bitcode files that the program consists of are passed to
 // the compiler at once, it can do a whole-program optimization.
-template <class ELFT> void LinkerDriver::compileBitcodeFiles() {
+template <class ELFT>
+void LinkerDriver::compileBitcodeFiles(bool skipLinkedOutput) {
   llvm::TimeTraceScope timeScope("LTO");
   // Compile bitcode files and replace bitcode symbols.
   lto.reset(new BitcodeCompiler);
   for (BitcodeFile *file : bitcodeFiles)
     lto->add(*file);
 
+  if (!bitcodeFiles.empty())
+    markBuffersAsDontNeed(skipLinkedOutput);
+
   for (InputFile *file : lto->compile()) {
     auto *obj = cast<ObjFile<ELFT>>(file);
     obj->parse(/*ignoreComdats=*/true);
@@ -2364,28 +2391,31 @@
     symtab->scanVersionScript();
   }
 
+  // Skip the normal linked output if some LTO options are specified.
+  //
+  // For --thinlto-index-only, index file creation is performed in
+  // compileBitcodeFiles, so we are done afterwards. --plugin-opt=emit-llvm and
+  // --plugin-opt=emit-asm create output files in bitcode or assembly code,
+  // respectively. When only certain thinLTO modules are specified for
+  // compilation, the intermediate object file are the expected output.
+  const bool skipLinkedOutput = config->thinLTOIndexOnly || config->emitLLVM ||
+                                config->ltoEmitAsm ||
+                                !config->thinLTOModulesToCompile.empty();
+
   // Do link-time optimization if given files are LLVM bitcode files.
   // This compiles bitcode files into real object files.
   //
   // With this the symbol table should be complete. After this, no new names
   // except a few linker-synthesized ones will be added to the symbol table.
-  compileBitcodeFiles<ELFT>();
+  compileBitcodeFiles<ELFT>(skipLinkedOutput);
 
   // Symbol resolution finished. Report backward reference problems.
   reportBackrefs();
   if (errorCount())
     return;
 
-  // If --thinlto-index-only is given, we should create only "index
-  // files" and not object files. Index file creation is already done
-  // in compileBitcodeFiles, so we are done if that's the case.
-  // Likewise, --plugin-opt=emit-llvm and --plugin-opt=emit-asm are the
-  // options to create output files in bitcode or assembly code
-  // respectively. No object files are generated.
-  // Also bail out here when only certain thinLTO modules are specified for
-  // compilation. The intermediate object file are the expected output.
-  if (config->thinLTOIndexOnly || config->emitLLVM || config->ltoEmitAsm ||
-      !config->thinLTOModulesToCompile.empty())
+  // Bail out if normal linked output is skipped due to LTO.
+  if (skipLinkedOutput)
     return;
 
   // Handle --exclude-libs again because lto.tmp may reference additional
diff --git a/lld/ELF/InputFiles.h b/lld/ELF/InputFiles.h
--- a/lld/ELF/InputFiles.h
+++ b/lld/ELF/InputFiles.h
@@ -407,6 +407,7 @@
 
 std::string replaceThinLTOSuffix(StringRef path);
 
+extern SmallVector<std::unique_ptr<MemoryBuffer>> memoryBuffers;
 extern SmallVector<ArchiveFile *, 0> archiveFiles;
 extern SmallVector<BinaryFile *, 0> binaryFiles;
 extern SmallVector<BitcodeFile *, 0> bitcodeFiles;
diff --git a/lld/ELF/InputFiles.cpp b/lld/ELF/InputFiles.cpp
--- a/lld/ELF/InputFiles.cpp
+++ b/lld/ELF/InputFiles.cpp
@@ -43,6 +43,7 @@
 bool InputFile::isInGroup;
 uint32_t InputFile::nextGroupId;
 
+SmallVector<std::unique_ptr<MemoryBuffer>> elf::memoryBuffers;
 SmallVector<ArchiveFile *, 0> elf::archiveFiles;
 SmallVector<BinaryFile *, 0> elf::binaryFiles;
 SmallVector<BitcodeFile *, 0> elf::bitcodeFiles;
@@ -122,9 +123,8 @@
     return None;
   }
 
-  std::unique_ptr<MemoryBuffer> &mb = *mbOrErr;
-  MemoryBufferRef mbref = mb->getMemBufferRef();
-  make<std::unique_ptr<MemoryBuffer>>(std::move(mb)); // take MB ownership
+  MemoryBufferRef mbref = (*mbOrErr)->getMemBufferRef();
+  memoryBuffers.push_back(std::move(*mbOrErr)); // take MB ownership
 
   if (tar)
     tar->append(relativeToRoot(path), mbref.getBuffer());