diff --git a/lld/test/wasm/shared-memory-no-atomics.yaml b/lld/test/wasm/shared-memory-no-atomics.yaml
--- a/lld/test/wasm/shared-memory-no-atomics.yaml
+++ b/lld/test/wasm/shared-memory-no-atomics.yaml
@@ -49,7 +49,7 @@
     Name:            target_features
     Features:
       - Prefix:        DISALLOWED
-        Name:          "atomics"
+        Name:          "shared-mem"
 ...
 
 # NO-SHARED:      - Type:            MEMORY
@@ -57,4 +57,4 @@
 # NO-SHARED-NEXT:     - Initial:         0x00000002
 # NO-SHARED-NOT:        Maximum:
 
-# SHARED: 'atomics' feature is disallowed by {{.*}}shared-memory-no-atomics.yaml.tmp1.o, so --shared-memory must not be used{{$}}
+# SHARED: --shared-memory is disallowed by {{.*}}shared-memory-no-atomics.yaml.tmp1.o because it was not compiled with 'atomics' or 'bulk-memory' features.
diff --git a/lld/wasm/Writer.cpp b/lld/wasm/Writer.cpp
--- a/lld/wasm/Writer.cpp
+++ b/lld/wasm/Writer.cpp
@@ -441,21 +441,24 @@
   if (!config->checkFeatures)
     return;
 
-  if (disallowed.count("atomics") && config->sharedMemory)
-    error("'atomics' feature is disallowed by " + disallowed["atomics"] +
-          ", so --shared-memory must not be used");
-
-  if (!allowed.count("atomics") && config->sharedMemory)
-    error("'atomics' feature must be used in order to use shared "
-          "memory");
-
-  if (!allowed.count("bulk-memory") && config->sharedMemory)
-    error("'bulk-memory' feature must be used in order to use shared "
-          "memory");
+  if (config->sharedMemory) {
+    if (disallowed.count("shared-mem"))
+      error("--shared-memory is disallowed by " + disallowed["shared-mem"] +
+            " because it was not compiled with 'atomics' or 'bulk-memory' "
+            "features.");
+
+    for (auto feature : {"atomics", "bulk-memory"})
+      if (!allowed.count(feature))
+        error(StringRef("'") + feature +
+              "' feature must be used in order to use shared memory");
+  }
 
-  if (!allowed.count("bulk-memory") && tlsUsed)
-    error("'bulk-memory' feature must be used in order to use thread-local "
-          "storage");
+  if (tlsUsed) {
+    for (auto feature : {"atomics", "bulk-memory"})
+      if (!allowed.count(feature))
+        error(StringRef("'") + feature +
+              "' feature must be used in order to use thread-local storage");
+  }
 
   // Validate that used features are allowed in output
   if (!inferFeatures) {
diff --git a/llvm/lib/Target/WebAssembly/WebAssemblyAsmPrinter.cpp b/llvm/lib/Target/WebAssembly/WebAssemblyAsmPrinter.cpp
--- a/llvm/lib/Target/WebAssembly/WebAssemblyAsmPrinter.cpp
+++ b/llvm/lib/Target/WebAssembly/WebAssemblyAsmPrinter.cpp
@@ -230,20 +230,20 @@
 void WebAssemblyAsmPrinter::EmitTargetFeatures(Module &M) {
   struct FeatureEntry {
     uint8_t Prefix;
-    StringRef Name;
+    std::string Name;
   };
 
   // Read target features and linkage policies from module metadata
   SmallVector<FeatureEntry, 4> EmittedFeatures;
-  for (const SubtargetFeatureKV &KV : WebAssemblyFeatureKV) {
-    std::string MDKey = (StringRef("wasm-feature-") + KV.Key).str();
+  auto EmitFeature = [&](std::string Feature) {
+    std::string MDKey = (StringRef("wasm-feature-") + Feature).str();
     Metadata *Policy = M.getModuleFlag(MDKey);
     if (Policy == nullptr)
-      continue;
+      return;
 
     FeatureEntry Entry;
     Entry.Prefix = 0;
-    Entry.Name = KV.Key;
+    Entry.Name = Feature;
 
     if (auto *MD = cast<ConstantAsMetadata>(Policy))
       if (auto *I = cast<ConstantInt>(MD->getValue()))
@@ -253,10 +253,16 @@
     if (Entry.Prefix != wasm::WASM_FEATURE_PREFIX_USED &&
         Entry.Prefix != wasm::WASM_FEATURE_PREFIX_REQUIRED &&
         Entry.Prefix != wasm::WASM_FEATURE_PREFIX_DISALLOWED)
-      continue;
+      return;
 
     EmittedFeatures.push_back(Entry);
+  };
+
+  for (const SubtargetFeatureKV &KV : WebAssemblyFeatureKV) {
+    EmitFeature(KV.Key);
   }
+  // This pseudo-feature tells the linker whether shared memory would be safe
+  EmitFeature("shared-mem");
 
   if (EmittedFeatures.size() == 0)
     return;
diff --git a/llvm/lib/Target/WebAssembly/WebAssemblyTargetMachine.cpp b/llvm/lib/Target/WebAssembly/WebAssemblyTargetMachine.cpp
--- a/llvm/lib/Target/WebAssembly/WebAssemblyTargetMachine.cpp
+++ b/llvm/lib/Target/WebAssembly/WebAssemblyTargetMachine.cpp
@@ -273,21 +273,22 @@
 
   void recordFeatures(Module &M, const FeatureBitset &Features, bool Stripped) {
     for (const SubtargetFeatureKV &KV : WebAssemblyFeatureKV) {
-      std::string MDKey = (StringRef("wasm-feature-") + KV.Key).str();
-      if (KV.Value == WebAssembly::FeatureAtomics && Stripped) {
-        // "atomics" is special: code compiled without atomics may have had its
-        // atomics lowered to nonatomic operations. In that case, atomics is
-        // disallowed to prevent unsafe linking with atomics-enabled objects.
-        assert(!Features[WebAssembly::FeatureAtomics] ||
-               !Features[WebAssembly::FeatureBulkMemory]);
-        M.addModuleFlag(Module::ModFlagBehavior::Error, MDKey,
-                        wasm::WASM_FEATURE_PREFIX_DISALLOWED);
-      } else if (Features[KV.Value]) {
-        // Otherwise features are marked Used or not mentioned
+      if (Features[KV.Value]) {
+        // Mark features as used
+        std::string MDKey = (StringRef("wasm-feature-") + KV.Key).str();
         M.addModuleFlag(Module::ModFlagBehavior::Error, MDKey,
                         wasm::WASM_FEATURE_PREFIX_USED);
       }
     }
+    // Code compiled without atomics or bulk-memory may have had its atomics or
+    // thread-local data lowered to nonatomic operations or non-thread-local
+    // data. In that case, we mark the pseudo-feature "shared-mem" as disallowed
+    // to tell the linker that it would be unsafe to allow this code ot be used
+    // in a module with shared memory.
+    if (Stripped) {
+      M.addModuleFlag(Module::ModFlagBehavior::Error, "wasm-feature-shared-mem",
+                      wasm::WASM_FEATURE_PREFIX_DISALLOWED);
+    }
   }
 };
 char CoalesceFeaturesAndStripAtomics::ID = 0;
diff --git a/llvm/test/CodeGen/WebAssembly/target-features-tls.ll b/llvm/test/CodeGen/WebAssembly/target-features-tls.ll
--- a/llvm/test/CodeGen/WebAssembly/target-features-tls.ll
+++ b/llvm/test/CodeGen/WebAssembly/target-features-tls.ll
@@ -13,8 +13,8 @@
 ; NO-BULK-MEM-LABEL: .custom_section.target_features,"",@
 ; NO-BULK-MEM-NEXT: .int8 1
 ; NO-BULK-MEM-NEXT: .int8 45
-; NO-BULK-MEM-NEXT: .int8 7
-; NO-BULK-MEM-NEXT: .ascii "atomics"
+; NO-BULK-MEM-NEXT: .int8 10
+; NO-BULK-MEM-NEXT: .ascii "shared-mem"
 ; NO-BULK-MEM-NEXT: .bss.foo,"",@
 
 ; +bulk-memory