diff --git a/mlir/lib/Dialect/LLVMIR/IR/LLVMDialect.cpp b/mlir/lib/Dialect/LLVMIR/IR/LLVMDialect.cpp
--- a/mlir/lib/Dialect/LLVMIR/IR/LLVMDialect.cpp
+++ b/mlir/lib/Dialect/LLVMIR/IR/LLVMDialect.cpp
@@ -1341,6 +1341,7 @@
 
 OpFoldResult LLVM::ExtractValueOp::fold(ArrayRef<Attribute> operands) {
   auto insertValueOp = getContainer().getDefiningOp<InsertValueOp>();
+  OpFoldResult result = {};
   while (insertValueOp) {
     if (getPosition() == insertValueOp.getPosition())
       return insertValueOp.getValue();
@@ -1358,10 +1359,16 @@
     // ```
     if (getPosition().getValue().take_front(min) ==
         insertValueOp.getPosition().getValue().take_front(min))
-      return {};
+      return result;
+
+    // If neither a prefix, nor the exact position, we can extract out of the
+    // value being inserted into. Moreover, we can try again if that operand
+    // is itself an insertvalue expression.
+    getContainerMutable().assign(insertValueOp.getContainer());
+    result = getResult();
     insertValueOp = insertValueOp.getContainer().getDefiningOp<InsertValueOp>();
   }
-  return {};
+  return result;
 }
 
 LogicalResult ExtractValueOp::verify() {
diff --git a/mlir/test/Dialect/LLVMIR/canonicalize.mlir b/mlir/test/Dialect/LLVMIR/canonicalize.mlir
--- a/mlir/test/Dialect/LLVMIR/canonicalize.mlir
+++ b/mlir/test/Dialect/LLVMIR/canonicalize.mlir
@@ -37,6 +37,18 @@
   %3 = llvm.extractvalue %2[0, 0] : !llvm.array<4 x !llvm.array<4xf32>>
 
   llvm.return %3 : f32
+
+}
+// -----
+
+// CHECK-LABEL: fold_unrelated_extractvalue
+llvm.func @fold_unrelated_extractvalue(%arr: !llvm.array<4xf32>) -> f32 {
+  %f0 = arith.constant 0.0 : f32
+  // CHECK-NOT: insertvalue
+  // CHECK: extractvalue
+  %2 = llvm.insertvalue %f0, %arr[0] : !llvm.array<4xf32>
+  %3 = llvm.extractvalue %2[1] : !llvm.array<4xf32>
+  llvm.return %3 : f32
 }
 
 // -----