diff --git a/llvm/lib/Transforms/InstCombine/InstructionCombining.cpp b/llvm/lib/Transforms/InstCombine/InstructionCombining.cpp
--- a/llvm/lib/Transforms/InstCombine/InstructionCombining.cpp
+++ b/llvm/lib/Transforms/InstCombine/InstructionCombining.cpp
@@ -1957,11 +1957,13 @@
   if (!shouldMergeGEPs(*cast<GEPOperator>(&GEP), *Src))
     return nullptr;
 
-  // LICM takes priority over canonicalization swapping for merging constant-
-  // indexed GEP, because mergable constant-indexed GEPs can still be merged
-  // after they are hoisted out of the loop, but performing canonicalization
-  // first may miss the LICM opportunity.
-  bool shouldCanonicalizeSwap = true;
+  // LICM moves a GEP with constant indices to the front, while canonicalization
+  // swaps it to the back of a non-constant GEP. If both transformations can be
+  // applied, LICM takes priority because it generally provides greater
+  // optimization by reducing instruction count in the loop body, but performing
+  // canonicalization swapping first negates the LICM opportunity while it does
+  // not necessarily reduce instruction count.
+  bool ShouldCanonicalizeSwap = true;
 
   if (Src->getResultElementType() == GEP.getSourceElementType() &&
       Src->getNumOperands() == 2 && GEP.getNumOperands() == 2 &&
@@ -1973,11 +1975,10 @@
       // Try to reassociate loop invariant GEP chains to enable LICM.
       if (Loop *L = LI->getLoopFor(GEP.getParent())) {
         // If SO1 is invariant and GO1 is variant, they should not be swapped by
-        // canonicalization, otherwise this will go into an infinite loop with
-        // the swapping below.
-        if (!L->isLoopInvariant(GO1) && L->isLoopInvariant(SO1)) {
-          shouldCanonicalizeSwap = false;
-        }
+        // canonicalization even if it can be applied, otherwise it triggers
+        // LICM swapping in the next iteration, causing an infinite loop.
+        if (!L->isLoopInvariant(GO1) && L->isLoopInvariant(SO1))
+          ShouldCanonicalizeSwap = false;
 
         // Reassociate the two GEPs if SO1 is variant in the loop and GO1 is
         // invariant: this breaks the dependence between GEPs and allows LICM
@@ -2007,7 +2008,7 @@
   // it doesn't violate def-use relations or contradict with loop invariant
   // swap above. This allows more potential applications of constant-indexed GEP
   // optimizations below.
-  if (shouldCanonicalizeSwap && Src->hasOneUse() &&
+  if (ShouldCanonicalizeSwap && Src->hasOneUse() &&
       Src->getPointerOperand()->getType() ==
           GEP.getPointerOperand()->getType()) {
     // When swapping, GEP with all constant indices are more prioritized than
diff --git a/llvm/test/Transforms/InstCombine/gep-canonicalize-constant-indices.ll b/llvm/test/Transforms/InstCombine/gep-canonicalize-constant-indices.ll
--- a/llvm/test/Transforms/InstCombine/gep-canonicalize-constant-indices.ll
+++ b/llvm/test/Transforms/InstCombine/gep-canonicalize-constant-indices.ll
@@ -1,5 +1,5 @@
 ; NOTE: Assertions have been autogenerated by utils/update_test_checks.py
-; RUN: opt < %s -passes=instcombine -opaque-pointers -S | FileCheck %s
+; RUN: opt < %s -passes='require<loops>,instcombine' -opaque-pointers -S | FileCheck %s
 
 ; Constant-indexed GEP instructions in a chain of GEP instructions should be
 ; swapped to the end whenever such transformation is valid. This allows them to
@@ -27,26 +27,28 @@
 ; GEP with the last index being a constant should also be swapped.
 define ptr @partialConstant1(ptr %p, i64 %a, i64 %b) {
 ; CHECK-LABEL: @partialConstant1(
-; CHECK-NEXT:    [[TMP1:%.*]] = getelementptr inbounds i32, ptr [[P:%.*]], i64 [[B:%.*]]
-; CHECK-NEXT:    ret ptr [[TMP1]]
+; CHECK-NEXT:    [[TMP1:%.*]] = getelementptr i32, ptr [[P:%.*]], i64 [[B:%.*]]
+; CHECK-NEXT:    [[TMP2:%.*]] = getelementptr [4 x i32], ptr [[TMP1]], i64 [[A:%.*]], i64 1
+; CHECK-NEXT:    ret ptr [[TMP2]]
 ;
   %1 = getelementptr inbounds [4 x i32], ptr %p, i64 %a, i64 1
-  %2 = getelementptr inbounds i32, ptr %p, i64 %b
+  %2 = getelementptr inbounds i32, ptr %1, i64 %b
   ret ptr %2
 }
 
 ; Negative test. GEP should not be swapped if the last index is not a constant.
 define ptr @partialConstant2(ptr %p, i64 %a, i64 %b) {
 ; CHECK-LABEL: @partialConstant2(
-; CHECK-NEXT:    [[TMP1:%.*]] = getelementptr inbounds i32, ptr [[P:%.*]], i64 [[B:%.*]]
-; CHECK-NEXT:    ret ptr [[TMP1]]
+; CHECK-NEXT:    [[TMP1:%.*]] = getelementptr inbounds [4 x i32], ptr [[P:%.*]], i64 1, i64 [[A:%.*]]
+; CHECK-NEXT:    [[TMP2:%.*]] = getelementptr inbounds i32, ptr [[TMP1]], i64 [[B:%.*]]
+; CHECK-NEXT:    ret ptr [[TMP2]]
 ;
   %1 = getelementptr inbounds [4 x i32], ptr %p, i64 1, i64 %a
-  %2 = getelementptr inbounds i32, ptr %p, i64 %b
+  %2 = getelementptr inbounds i32, ptr %1, i64 %b
   ret ptr %2
 }
 
-; Constant-indexed GEP are merged after swawpping.
+; Constant-indexed GEP are merged after swapping.
 ; result = ((i32*) p + a) + 3
 define ptr @merge(ptr %p, i64 %a) {
 ; CHECK-LABEL: @merge(