diff --git a/clang/lib/CodeGen/BackendUtil.cpp b/clang/lib/CodeGen/BackendUtil.cpp
--- a/clang/lib/CodeGen/BackendUtil.cpp
+++ b/clang/lib/CodeGen/BackendUtil.cpp
@@ -409,7 +409,12 @@
   Options.NoInfsFPMath = LangOpts.NoHonorInfs;
   Options.NoNaNsFPMath = LangOpts.NoHonorNaNs;
   Options.NoZerosInBSS = CodeGenOpts.NoZeroInitializedInBSS;
-  Options.UnsafeFPMath = LangOpts.UnsafeFPMath;
+  Options.UnsafeFPMath = LangOpts.AllowFPReassoc && LangOpts.AllowRecip &&
+                         LangOpts.NoSignedZero && LangOpts.ApproxFunc &&
+                         (LangOpts.getDefaultFPContractMode() ==
+                              LangOptions::FPModeKind::FPM_Fast ||
+                          LangOpts.getDefaultFPContractMode() ==
+                              LangOptions::FPModeKind::FPM_FastHonorPragmas);
   Options.ApproxFuncFPMath = LangOpts.ApproxFunc;
 
   Options.BBSections =
diff --git a/clang/lib/CodeGen/CGCall.cpp b/clang/lib/CodeGen/CGCall.cpp
--- a/clang/lib/CodeGen/CGCall.cpp
+++ b/clang/lib/CodeGen/CGCall.cpp
@@ -1862,11 +1862,12 @@
       FuncAttrs.addAttribute("no-nans-fp-math", "true");
     if (LangOpts.ApproxFunc)
       FuncAttrs.addAttribute("approx-func-fp-math", "true");
-    if ((LangOpts.FastMath ||
-         (!LangOpts.FastMath && LangOpts.AllowFPReassoc &&
-          LangOpts.AllowRecip && !LangOpts.FiniteMathOnly &&
-          LangOpts.NoSignedZero && LangOpts.ApproxFunc)) &&
-        LangOpts.getDefaultFPContractMode() != LangOptions::FPModeKind::FPM_Off)
+    if (LangOpts.AllowFPReassoc && LangOpts.AllowRecip &&
+        LangOpts.NoSignedZero && LangOpts.ApproxFunc &&
+        (LangOpts.getDefaultFPContractMode() ==
+             LangOptions::FPModeKind::FPM_Fast ||
+         LangOpts.getDefaultFPContractMode() ==
+             LangOptions::FPModeKind::FPM_FastHonorPragmas))
       FuncAttrs.addAttribute("unsafe-fp-math", "true");
     if (CodeGenOpts.SoftFloat)
       FuncAttrs.addAttribute("use-soft-float", "true");
diff --git a/clang/lib/CodeGen/CodeGenFunction.cpp b/clang/lib/CodeGen/CodeGenFunction.cpp
--- a/clang/lib/CodeGen/CodeGenFunction.cpp
+++ b/clang/lib/CodeGen/CodeGenFunction.cpp
@@ -173,10 +173,11 @@
   mergeFnAttrValue("no-infs-fp-math", FPFeatures.getNoHonorInfs());
   mergeFnAttrValue("no-nans-fp-math", FPFeatures.getNoHonorNaNs());
   mergeFnAttrValue("no-signed-zeros-fp-math", FPFeatures.getNoSignedZero());
-  mergeFnAttrValue("unsafe-fp-math", FPFeatures.getAllowFPReassociate() &&
-                                         FPFeatures.getAllowReciprocal() &&
-                                         FPFeatures.getAllowApproxFunc() &&
-                                         FPFeatures.getNoSignedZero());
+  mergeFnAttrValue(
+      "unsafe-fp-math",
+      FPFeatures.getAllowFPReassociate() && FPFeatures.getAllowReciprocal() &&
+          FPFeatures.getAllowApproxFunc() && FPFeatures.getNoSignedZero() &&
+          FPFeatures.allowFPContractAcrossStatement());
 }
 
 CodeGenFunction::CGFPOptionsRAII::~CGFPOptionsRAII() {
diff --git a/clang/test/CodeGen/fp-function-attrs.cpp b/clang/test/CodeGen/fp-function-attrs.cpp
--- a/clang/test/CodeGen/fp-function-attrs.cpp
+++ b/clang/test/CodeGen/fp-function-attrs.cpp
@@ -1,4 +1,5 @@
 // RUN: %clang_cc1 -triple x86_64-linux-gnu -ffast-math -ffp-contract=fast -emit-llvm -o - %s | FileCheck %s
+// RUN: %clang_cc1 -triple x86_64-linux-gnu -ffast-math -ffp-contract=fast-honor-pragmas -emit-llvm -o - %s | FileCheck %s
 
 float test_default(float a, float b, float c) {
   float tmp = a;
@@ -35,10 +36,23 @@
   return tmp;
 }
 
-// CHECK: define{{.*}} float @_Z27test_reassociate_off_pragmafff(float noundef %a, float noundef %b, float noundef %c) [[NOREASSOC_ATTRS:#[0-9]+]]
+// CHECK: define{{.*}} float @_Z27test_reassociate_off_pragmafff(float noundef %a, float noundef %b, float noundef %c) [[NO_UNSAFE_ATTRS:#[0-9]+]]
 // CHECK: fadd nnan ninf nsz arcp contract afn float {{%.+}}, {{%.+}}
 // CHECK: fadd fast float {{%.+}}, {{%.+}}
 
+float test_contract_on_pragma(float a, float b, float c) {
+  float tmp = a * b;
+  {
+    #pragma clang fp contract(on)
+    tmp += c;
+  }
+  return tmp;
+}
+
+// CHECK: define{{.*}} float @_Z23test_contract_on_pragmafff(float noundef %a, float noundef %b, float noundef %c) [[NO_UNSAFE_ATTRS:#[0-9]+]]
+// CHECK: fmul fast float {{%.+}}, {{%.+}}
+// CHECK: fadd reassoc nnan ninf nsz arcp afn float {{%.+}}, {{%.+}}
+
 // CHECK: attributes [[FAST_ATTRS]] = { {{.*}}"no-infs-fp-math"="true" {{.*}}"no-nans-fp-math"="true" "no-signed-zeros-fp-math"="true" {{.*}}"unsafe-fp-math"="true"{{.*}} }
 // CHECK: attributes [[PRECISE_ATTRS]] = { {{.*}}"no-infs-fp-math"="false" {{.*}}"no-nans-fp-math"="false" "no-signed-zeros-fp-math"="false" {{.*}}"unsafe-fp-math"="false"{{.*}} }
-// CHECK: attributes [[NOREASSOC_ATTRS]] = { {{.*}}"no-infs-fp-math"="true" {{.*}}"no-nans-fp-math"="true" "no-signed-zeros-fp-math"="true" {{.*}}"unsafe-fp-math"="false"{{.*}} }
+// CHECK: attributes [[NO_UNSAFE_ATTRS]] = { {{.*}}"no-infs-fp-math"="true" {{.*}}"no-nans-fp-math"="true" "no-signed-zeros-fp-math"="true" {{.*}}"unsafe-fp-math"="false"{{.*}} }
diff --git a/clang/test/CodeGen/func-attr.c b/clang/test/CodeGen/func-attr.c
--- a/clang/test/CodeGen/func-attr.c
+++ b/clang/test/CodeGen/func-attr.c
@@ -1,12 +1,28 @@
-// RUN: %clang -c -target x86_64 -ffast-math \
-// RUN: -emit-llvm -S -o - %s | FileCheck %s
+// RUN: %clang_cc1 -triple x86_64-linux-gnu -ffast-math \
+// RUN: -ffp-contract=fast -emit-llvm -o - %s | \
+// RUN: FileCheck %s --check-prefixes=CHECK,CHECK-UNSAFE
 
-// RUN: %clang -c -target x86_64 -funsafe-math-optimizations \
-// RUN: -emit-llvm -S -o - %s | FileCheck %s
+// RUN: %clang_cc1 -triple x86_64-linux-gnu -funsafe-math-optimizations \
+// RUN: -ffp-contract=fast -emit-llvm -o - %s | \
+// RUN: FileCheck %s --check-prefixes=CHECK,CHECK-UNSAFE
+
+// RUN: %clang_cc1 -triple x86_64-linux-gnu -funsafe-math-optimizations \
+// RUN: -ffp-contract=on -emit-llvm -o - %s | \
+// RUN: FileCheck %s --check-prefixes=CHECK,CHECK-NOUNSAFE
+
+// RUN: %clang_cc1 -triple x86_64-linux-gnu -funsafe-math-optimizations \
+// RUN: -ffp-contract=off -emit-llvm -o - %s | \
+// RUN: FileCheck %s --check-prefixes=CHECK,CHECK-NOUNSAFE
 
 float foo(float a, float b) {
   return a+b;
 }
 
-// CHECK: define{{.*}} float @foo(float noundef %{{.*}}, float noundef %{{.*}}){{.*}} [[FAST_ATTRS:#[0-9]+]]
-// CHECK: attributes [[FAST_ATTRS]] = { {{.*}} "approx-func-fp-math"="true" {{.*}} "no-signed-zeros-fp-math"="true" "no-trapping-math"="true" {{.*}} "unsafe-fp-math"="true"
+// CHECK:              define{{.*}} float @foo(float noundef %{{.*}}, float noundef %{{.*}}){{.*}} [[ATTRS:#[0-9]+]]
+// CHECK:              attributes [[ATTRS]] = {
+// CHECK-SAME:           "approx-func-fp-math"="true"
+// CHECK-SAME:           "no-signed-zeros-fp-math"="true"
+// CHECK-SAME:           "no-trapping-math"="true"
+// CHECK-UNSAFE-SAME:    "unsafe-fp-math"="true"
+// CHECK-NOUNSAFE-NOT:   "unsafe-fp-math"="true"
+// CHECK-SAME:         }