Index: clang/include/clang/Driver/Options.td
===================================================================
--- clang/include/clang/Driver/Options.td
+++ clang/include/clang/Driver/Options.td
@@ -2285,6 +2285,8 @@
   PosFlag<SetTrue, [], "Look up implicit modules in the prebuilt module path">,
   NegFlag<SetFalse>, BothFlags<[NoXarchOption, CC1Option]>>;
 
+def fmodule_output_EQ : Joined<["-"], "fmodule-output=">, Flags<[NoXarchOption, CC1Option]>,
+  HelpText<"Save intermediate module file results when compiling a standard C++ module unit.">;
 def fmodule_output : Flag<["-"], "fmodule-output">, Flags<[NoXarchOption, CC1Option]>,
   HelpText<"Save intermediate module file results when compiling a standard C++ module unit.">;
 
Index: clang/lib/Driver/Driver.cpp
===================================================================
--- clang/lib/Driver/Driver.cpp
+++ clang/lib/Driver/Driver.cpp
@@ -5530,15 +5530,21 @@
   }
 
   // If `-fmodule-output` is specfied, then:
-  // - If `-o` is specified, the module file is writing to the same path
+  // - If `-fmodule-output` has a value, the module file is
+  //   writing to the value.
+  // - Else if `-o` is specified, the module file is writing to the same path
   //   with the output file in module file's suffix. 
-  // - If `-o` is not specified, the module file is writing to the same path
+  // - Else, the module file is writing to the same path
   //   with the input file in module file's suffix.
   if (!AtTopLevel && isa<PrecompileJobAction>(JA) &&
       JA.getType() == types::TY_ModuleFile &&
-      C.getArgs().hasArg(options::OPT_fmodule_output)) {
+      (C.getArgs().hasArg(options::OPT_fmodule_output) ||
+       C.getArgs().hasArg(options::OPT_fmodule_output_EQ))) {
     SmallString<128> TempPath;
-    if (Arg *FinalOutput = C.getArgs().getLastArg(options::OPT_o))
+
+    if (Arg *ModuleFilePath = C.getArgs().getLastArg(options::OPT_fmodule_output_EQ))
+      TempPath = ModuleFilePath->getValue();
+    else if (Arg *FinalOutput = C.getArgs().getLastArg(options::OPT_o))
       TempPath = FinalOutput->getValue();
     else
       TempPath = BaseInput;
Index: clang/test/Driver/save-std-c++-module-file.cpp
===================================================================
--- clang/test/Driver/save-std-c++-module-file.cpp
+++ clang/test/Driver/save-std-c++-module-file.cpp
@@ -7,9 +7,16 @@
 //
 // RUN: %clang -std=c++20 %t/Hello.cppm -fmodule-output -o %t/output/Hello.o \
 // RUN:   -### 2>&1 | FileCheck %t/Hello.cppm -DPREFIX=%t --check-prefix=CHECK-WITH-OUTPUT
+//
+// RUN: %clang -std=c++20 %t/Hello.cppm -fmodule-output=%t/tmp/H.pcm \
+// RUN:   -### 2>&1 | FileCheck %t/Hello.cppm -DPREFIX=%t --check-prefix=CHECK-SPECIFIED
+//
+// RUN: %clang -std=c++20 %t/Hello.cppm -fmodule-output=%t/tmp/H.pcm -o %t/Hello.o \
+// RUN:   -### 2>&1 | FileCheck %t/Hello.cppm -DPREFIX=%t --check-prefix=CHECK-SPECIFIED
 
 //--- Hello.cppm
 export module Hello;
 
 // CHECK: "-o" "[[PREFIX]]/Hello.pcm"
 // CHECK-WITH-OUTPUT: "-o" "[[PREFIX]]/output/Hello.pcm"
+// CHECK-SPECIFIED: "-o" "[[PREFIX]]/tmp/H.pcm"