diff --git a/llvm/lib/Transforms/IPO/FunctionAttrs.cpp b/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
--- a/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
+++ b/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
@@ -217,8 +217,12 @@
       continue;
     }
 
-    // Ignore non-volatile accesses from local memory. (Atomic is okay here.)
-    if (!I.isVolatile() && AAR.pointsToConstantMemory(*Loc, /*OrLocal=*/true))
+    // Volatile operations may access inaccessible memory.
+    if (I.isVolatile())
+      ME |= MemoryEffects::inaccessibleMemOnly(MR);
+
+    // Ignore accesses to local memory.
+    if (AAR.pointsToConstantMemory(*Loc, /*OrLocal=*/true))
       continue;
 
     // The accessed location can be either only argument memory, or
diff --git a/llvm/test/Transforms/FunctionAttrs/nosync.ll b/llvm/test/Transforms/FunctionAttrs/nosync.ll
--- a/llvm/test/Transforms/FunctionAttrs/nosync.ll
+++ b/llvm/test/Transforms/FunctionAttrs/nosync.ll
@@ -161,7 +161,7 @@
 ; negative, should not deduce nosync
 ; atomic load with release ordering
 define void @load_release(ptr nocapture %0) norecurse nounwind uwtable {
-; CHECK: Function Attrs: argmemonly nofree norecurse nounwind uwtable
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly nofree norecurse nounwind uwtable
 ; CHECK-LABEL: @load_release(
 ; CHECK-NEXT:    store atomic volatile i32 10, ptr [[TMP0:%.*]] release, align 4
 ; CHECK-NEXT:    ret void
@@ -172,7 +172,7 @@
 
 ; negative volatile, relaxed atomic
 define void @load_volatile_release(ptr nocapture %0) norecurse nounwind uwtable {
-; CHECK: Function Attrs: argmemonly nofree norecurse nounwind uwtable
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly nofree norecurse nounwind uwtable
 ; CHECK-LABEL: @load_volatile_release(
 ; CHECK-NEXT:    store atomic volatile i32 10, ptr [[TMP0:%.*]] release, align 4
 ; CHECK-NEXT:    ret void
@@ -183,7 +183,7 @@
 
 ; volatile store.
 define void @volatile_store(ptr %0) norecurse nounwind uwtable {
-; CHECK: Function Attrs: argmemonly nofree norecurse nounwind uwtable
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly nofree norecurse nounwind uwtable
 ; CHECK-LABEL: @volatile_store(
 ; CHECK-NEXT:    store volatile i32 14, ptr [[TMP0:%.*]], align 4
 ; CHECK-NEXT:    ret void
@@ -195,7 +195,7 @@
 ; negative, should not deduce nosync
 ; volatile load.
 define i32 @volatile_load(ptr %0) norecurse nounwind uwtable {
-; CHECK: Function Attrs: argmemonly mustprogress nofree norecurse nounwind willreturn uwtable
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly mustprogress nofree norecurse nounwind willreturn uwtable
 ; CHECK-LABEL: @volatile_load(
 ; CHECK-NEXT:    [[TMP2:%.*]] = load volatile i32, ptr [[TMP0:%.*]], align 4
 ; CHECK-NEXT:    ret i32 [[TMP2]]
@@ -211,7 +211,7 @@
 define void @call_nosync_function() nounwind uwtable noinline {
 ; CHECK: Function Attrs: noinline nosync nounwind uwtable
 ; CHECK-LABEL: @call_nosync_function(
-; CHECK-NEXT:    tail call void @nosync_function() #[[ATTR10:[0-9]+]]
+; CHECK-NEXT:    tail call void @nosync_function() #[[ATTR11:[0-9]+]]
 ; CHECK-NEXT:    ret void
 ;
   tail call void @nosync_function() noinline nounwind uwtable
@@ -225,7 +225,7 @@
 define void @call_might_sync() nounwind uwtable noinline {
 ; CHECK: Function Attrs: noinline nounwind uwtable
 ; CHECK-LABEL: @call_might_sync(
-; CHECK-NEXT:    tail call void @might_sync() #[[ATTR10]]
+; CHECK-NEXT:    tail call void @might_sync() #[[ATTR11]]
 ; CHECK-NEXT:    ret void
 ;
   tail call void @might_sync() noinline nounwind uwtable
diff --git a/llvm/test/Transforms/FunctionAttrs/readattrs.ll b/llvm/test/Transforms/FunctionAttrs/readattrs.ll
--- a/llvm/test/Transforms/FunctionAttrs/readattrs.ll
+++ b/llvm/test/Transforms/FunctionAttrs/readattrs.ll
@@ -175,7 +175,7 @@
 }
 
 define i32 @volatile_load(ptr %p) {
-; CHECK: Function Attrs: argmemonly mustprogress nofree norecurse nounwind willreturn
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly mustprogress nofree norecurse nounwind willreturn
 ; CHECK-LABEL: define {{[^@]+}}@volatile_load
 ; CHECK-SAME: (ptr [[P:%.*]]) #[[ATTR13:[0-9]+]] {
 ; CHECK-NEXT:    [[LOAD:%.*]] = load volatile i32, ptr [[P]], align 4
diff --git a/llvm/test/Transforms/FunctionAttrs/writeonly.ll b/llvm/test/Transforms/FunctionAttrs/writeonly.ll
--- a/llvm/test/Transforms/FunctionAttrs/writeonly.ll
+++ b/llvm/test/Transforms/FunctionAttrs/writeonly.ll
@@ -96,7 +96,7 @@
 }
 
 define void @test_volatile(ptr %p) {
-; CHECK: Function Attrs: argmemonly nofree norecurse nounwind
+; CHECK: Function Attrs: inaccessiblemem_or_argmemonly nofree norecurse nounwind
 ; CHECK-LABEL: define {{[^@]+}}@test_volatile
 ; CHECK-SAME: (ptr [[P:%.*]]) #[[ATTR6:[0-9]+]] {
 ; CHECK-NEXT:    store volatile i8 0, ptr [[P]], align 1