diff --git a/llvm/lib/CodeGen/LiveDebugValues/InstrRefBasedImpl.cpp b/llvm/lib/CodeGen/LiveDebugValues/InstrRefBasedImpl.cpp
--- a/llvm/lib/CodeGen/LiveDebugValues/InstrRefBasedImpl.cpp
+++ b/llvm/lib/CodeGen/LiveDebugValues/InstrRefBasedImpl.cpp
@@ -536,6 +536,17 @@
 
     // What was the old variable value?
     ValueIDNum OldValue = VarLocs[MLoc.asU64()];
+    clobberMloc(MLoc, OldValue, Pos, MakeUndef);
+  }
+  /// Overload that takes an explicit value \p OldValue for when the value in
+  /// \p MLoc has changed and the TransferTracker's locations have not been
+  /// updated yet.
+  void clobberMloc(LocIdx MLoc, ValueIDNum OldValue,
+                   MachineBasicBlock::iterator Pos, bool MakeUndef = true) {
+    auto ActiveMLocIt = ActiveMLocs.find(MLoc);
+    if (ActiveMLocIt == ActiveMLocs.end())
+      return;
+
     VarLocs[MLoc.asU64()] = ValueIDNum::EmptyValue;
 
     // Examine the remaining variable locations: if we can find the same value
@@ -1730,9 +1741,35 @@
   if (EmulateOldLDV && !SrcRegOp->isKill())
     return false;
 
+  // Before we update MTracker, remember which values were present in each of
+  // the locations about to be overwritten, so that we can recover any
+  // potentially clobbered variables.
+  DenseMap<LocIdx, ValueIDNum> ClobberedLocs;
+  if (TTracker) {
+    for (MCRegAliasIterator RAI(DestReg, TRI, true); RAI.isValid(); ++RAI) {
+      LocIdx ClobberedLoc = MTracker->getRegMLoc(*RAI);
+      auto MLocIt = TTracker->ActiveMLocs.find(ClobberedLoc);
+      // If ActiveMLocs isn't tracking this location or there are no variables
+      // using it, don't bother remembering.
+      if (MLocIt == TTracker->ActiveMLocs.end() || MLocIt->second.empty())
+        continue;
+      ValueIDNum Value = MTracker->readReg(*RAI);
+      ClobberedLocs[ClobberedLoc] = Value;
+    }
+  }
+
   // Copy MTracker info, including subregs if available.
   InstrRefBasedLDV::performCopy(SrcReg, DestReg);
 
+  // The copy might have clobbered variables based on the destination register.
+  // Tell TTracker about it, passing the old ValueIDNum to search for
+  // alternative locations (or else terminating those variables).
+  if (TTracker) {
+    for (auto LocVal : ClobberedLocs) {
+      TTracker->clobberMloc(LocVal.first, LocVal.second, MI.getIterator(), false);
+    }
+  }
+
   // Only produce a transfer of DBG_VALUE within a block where old LDV
   // would have. We might make use of the additional value tracking in some
   // other way, later.
@@ -1744,15 +1781,6 @@
   if (EmulateOldLDV && SrcReg != DestReg)
     MTracker->defReg(SrcReg, CurBB, CurInst);
 
-  // Finally, the copy might have clobbered variables based on the destination
-  // register. Tell TTracker about it, in case a backup location exists.
-  if (TTracker) {
-    for (MCRegAliasIterator RAI(DestReg, TRI, true); RAI.isValid(); ++RAI) {
-      LocIdx ClobberedLoc = MTracker->getRegMLoc(*RAI);
-      TTracker->clobberMloc(ClobberedLoc, MI.getIterator(), false);
-    }
-  }
-
   return true;
 }
 
diff --git a/llvm/test/DebugInfo/X86/instr-ref-track-clobbers.mir b/llvm/test/DebugInfo/X86/instr-ref-track-clobbers.mir
new file mode 100644
--- /dev/null
+++ b/llvm/test/DebugInfo/X86/instr-ref-track-clobbers.mir
@@ -0,0 +1,140 @@
+# RUN: llc --run-pass=livedebugvalues %s -o - -experimental-debug-variable-locations | FileCheck %s --check-prefixes=CHECK
+
+# Test that we accurately track variables through transfers and clobbers.
+
+# In this test case, the value of "b" is found in $rax. From there it is moved
+# to $r15, $rax is killed, the value is moved back from $r15 into $rax again,
+# and then $r15 is killed. Throughout this, we should track "b" and end up with
+# DBG_VALUEs pointing to $rax, then $r15, then $rax again.
+
+# CHECK-LABEL: bb.0.entry:
+# CHECK: DBG_VALUE $rax,
+# CHECK: $r15 = MOV64rr
+
+## Technically it's correct to insert the DBG_VALUE for $r15 either immediately
+## after the move to $r15 or immediately after $rax is clobbered, but no later.
+# CHECK: DBG_VALUE $r15,
+# CHECK: $rax = LEA64r
+# CHECK: $rax = MOV64rr
+
+## Again, the DBG_VALUE can come either after the copy to $rax or the kill of
+## $r15, but no later.
+# CHECK: $r15 = LEA64r
+# CHECK: DBG_VALUE $rax,
+# CHECK: RET64
+
+--- |
+  ; ModuleID = 'test.cpp'
+  source_filename = "test.cpp"
+  target datalayout = "e-m:e-p270:32:32-p271:32:32-p272:64:64-i64:64-f80:128-n8:16:32:64-S128"
+  target triple = "x86_64-unknown-linux-gnu"
+  
+  ; Function Attrs: mustprogress nofree norecurse nosync nounwind readnone willreturn uwtable
+  define dso_local noundef i64 @_Z3fooxx(i64 noundef %a, i64 noundef %b) local_unnamed_addr !dbg !7 {
+  entry:
+    call void @llvm.dbg.value(metadata i64 %a, metadata !12, metadata !DIExpression()), !dbg !16
+    call void @llvm.dbg.value(metadata i64 %b, metadata !13, metadata !DIExpression()), !dbg !16
+    %add = add nsw i64 %b, %a, !dbg !17
+    call void @llvm.dbg.value(metadata i64 %add, metadata !14, metadata !DIExpression()), !dbg !16
+    %mul17 = sub i64 %a, %b, !dbg !18
+    %sub = mul i64 %add, %mul17, !dbg !18
+    call void @llvm.dbg.value(metadata i64 %sub, metadata !15, metadata !DIExpression()), !dbg !16
+    %add2 = add nsw i64 %sub, %add, !dbg !19
+    ret i64 %add2, !dbg !20
+  }
+  
+  ; Function Attrs: nocallback nofree nosync nounwind readnone speculatable willreturn
+  declare void @llvm.dbg.value(metadata, metadata, metadata)
+  
+  !llvm.dbg.cu = !{!0}
+  !llvm.module.flags = !{!2, !3, !4, !5}
+  !llvm.ident = !{!6}
+  
+  !0 = distinct !DICompileUnit(language: DW_LANG_C_plus_plus_14, file: !1, producer: "clang version 15.0.0 (https://github.com/llvm/llvm-project.git 44673278e029d7a6f56c8a3177247026b831720f)", isOptimized: true, runtimeVersion: 0, emissionKind: FullDebug, splitDebugInlining: false, nameTableKind: None)
+  !1 = !DIFile(filename: "test.cpp", directory: "/home/stozer/dev/llvm-project-build", checksumkind: CSK_MD5, checksum: "1e1c19354b0e967af705e204e8740d56")
+  !2 = !{i32 7, !"Dwarf Version", i32 5}
+  !3 = !{i32 2, !"Debug Info Version", i32 3}
+  !4 = !{i32 1, !"wchar_size", i32 4}
+  !5 = !{i32 7, !"uwtable", i32 2}
+  !6 = !{!"clang version 15.0.0 (https://github.com/llvm/llvm-project.git 44673278e029d7a6f56c8a3177247026b831720f)"}
+  !7 = distinct !DISubprogram(name: "foo", linkageName: "_Z3fooxx", scope: !1, file: !1, line: 1, type: !8, scopeLine: 1, flags: DIFlagPrototyped | DIFlagAllCallsDescribed, spFlags: DISPFlagDefinition | DISPFlagOptimized, unit: !0, retainedNodes: !11)
+  !8 = !DISubroutineType(types: !9)
+  !9 = !{!10, !10, !10}
+  !10 = !DIBasicType(name: "long long", size: 64, encoding: DW_ATE_signed)
+  !11 = !{!12, !13, !14, !15}
+  !12 = !DILocalVariable(name: "a", arg: 1, scope: !7, file: !1, line: 1, type: !10)
+  !13 = !DILocalVariable(name: "b", arg: 2, scope: !7, file: !1, line: 1, type: !10)
+  !14 = !DILocalVariable(name: "c", scope: !7, file: !1, line: 2, type: !10)
+  !15 = !DILocalVariable(name: "d", scope: !7, file: !1, line: 3, type: !10)
+  !16 = !DILocation(line: 0, scope: !7)
+  !17 = !DILocation(line: 2, column: 19, scope: !7)
+  !18 = !DILocation(line: 3, column: 23, scope: !7)
+  !19 = !DILocation(line: 4, column: 12, scope: !7)
+  !20 = !DILocation(line: 4, column: 3, scope: !7)
+
+...
+---
+name:            _Z3fooxx
+alignment:       16
+exposesReturnsTwice: false
+legalized:       false
+regBankSelected: false
+selected:        false
+failedISel:      false
+tracksRegLiveness: true
+hasWinCFI:       false
+callsEHReturn:   false
+callsUnwindInit: false
+hasEHCatchret:   false
+hasEHScopes:     false
+hasEHFunclets:   false
+failsVerification: false
+tracksDebugUserValues: true
+registers:       []
+liveins:
+  - { reg: '$rdi', virtual-reg: '' }
+  - { reg: '$rsi', virtual-reg: '' }
+frameInfo:
+  isFrameAddressTaken: false
+  isReturnAddressTaken: false
+  hasStackMap:     false
+  hasPatchPoint:   false
+  stackSize:       0
+  offsetAdjustment: 0
+  maxAlignment:    1
+  adjustsStack:    false
+  hasCalls:        false
+  stackProtector:  ''
+  functionContext: ''
+  maxCallFrameSize: 0
+  cvBytesOfCalleeSavedRegisters: 0
+  hasOpaqueSPAdjustment: false
+  hasVAStart:      false
+  hasMustTailInVarArgFunc: false
+  hasTailCall:     false
+  localFrameSize:  0
+  savePoint:       ''
+  restorePoint:    ''
+fixedStack:
+- { id: 0, type: spill-slot, offset: -16, size: 8, alignment: 16, stack-id: default, 
+    callee-saved-register: '$r15', callee-saved-restored: true, debug-info-variable: '', 
+    debug-info-expression: '', debug-info-location: '' }
+stack:           []
+callSites:       []
+debugValueSubstitutions:
+  - { srcinst: 1, srcop: 0, dstinst: 3, dstop: 0, subreg: 0 }
+constants:       []
+machineFunctionInfo: {}
+body:             |
+  bb.0.entry:
+    liveins: $rdi, $rsi
+  
+    renamable $rax = LEA64r renamable $rsi, 1, renamable $rdi, 0, $noreg, debug-instr-number 3, debug-location !17
+    DBG_VALUE $rax, $noreg, !13, !DIExpression(), debug-location !17
+    $r15 = MOV64rr killed $rax, debug-location !16
+    renamable $rax = LEA64r renamable $rdi, 1, $noreg, 12, $noreg, debug-location !16
+    $rax = MOV64rr killed $r15, debug-location !16
+    renamable $r15 = LEA64r renamable $rdi, 1, $noreg, 12, $noreg, debug-location !16
+    RET64 $r15, debug-location !20
+
+...