Index: llvm/lib/Transforms/Utils/InlineFunction.cpp
===================================================================
--- llvm/lib/Transforms/Utils/InlineFunction.cpp
+++ llvm/lib/Transforms/Utils/InlineFunction.cpp
@@ -1137,6 +1137,25 @@
   }
 }
 
+static void UpdateAssociatedMetadata(CallBase &CB) {
+  Module *M = CB.getModule();
+
+  Function *Callee = CB.getCalledFunction();
+  if (!Callee->isUsedByMetadata())
+    return;
+  ValueAsMetadata *CalleeMetadata = ValueAsMetadata::getIfExists(Callee);
+  assert(CalleeMetadata && "Expected existing metadata");
+  MDNode *CalleeMDNode = MDNode::get(CB.getContext(), CalleeMetadata);
+
+  Function *Caller = CB.getFunction();
+  ValueAsMetadata *CallerMetadata = ValueAsMetadata::get(Caller);
+  MDNode *CallerMDNode = MDNode::get(CB.getContext(), CallerMetadata);
+
+  for (GlobalVariable &GV : M->globals())
+    if (GV.getMetadata(LLVMContext::MD_associated) == CalleeMDNode)
+      GV.setMetadata(LLVMContext::MD_associated, CallerMDNode);
+}
+
 static bool MayContainThrowingOrExitingCall(Instruction *Begin,
                                             Instruction *End) {
 
@@ -1911,6 +1930,9 @@
         }
   }
 
+  // Adjust !associated metadata to point to caller instead of callee.
+  UpdateAssociatedMetadata(CB);
+
   // If there are any alloca instructions in the block that used to be the entry
   // block for the callee, move them to the entry block of the caller.  First
   // calculate which instruction they should be inserted before.  We insert the
Index: llvm/test/Transforms/Inline/inline-md-associated.ll
===================================================================
--- /dev/null
+++ llvm/test/Transforms/Inline/inline-md-associated.ll
@@ -0,0 +1,41 @@
+; RUN: opt < %s -inline --inline-threshold=0 -S | FileCheck %s
+
+; Test that the inliner updates the !associated metadata for inlined functions.
+
+; CHECK: @__foo_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !0
+@__foo_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !0
+; CHECK: @__bar_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !0
+@__bar_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !1
+; CHECK: @__baz_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !1
+@__baz_metadata = private global [1 x i64] zeroinitializer, align 8, !associated !2
+
+define void @foo() {
+  call void @bar(i1 true)
+  ret void
+}
+
+define internal void @bar(i1 %p) {
+  br i1 %p, label %bb1, label %bb2
+
+bb1:
+  call void @foo()
+  ret void
+
+bb2:
+  call void @bar(i1 true)
+  ret void
+}
+
+define void @baz() {
+; CHECK: call void @foo()
+  call void @bar(i1 true)
+; CHECK: call void @foo()
+  call void @bar(i1 false)
+  ret void
+}
+
+; CHECK: !0 = !{void ()* @foo}
+!0 = !{void ()* @foo}
+!1 = !{void (i1)* @bar}
+; CHECK: !1 = !{void ()* @baz}
+!2 = !{void ()* @baz}