diff --git a/mlir/lib/Dialect/StandardOps/IR/Ops.cpp b/mlir/lib/Dialect/StandardOps/IR/Ops.cpp
--- a/mlir/lib/Dialect/StandardOps/IR/Ops.cpp
+++ b/mlir/lib/Dialect/StandardOps/IR/Ops.cpp
@@ -3892,7 +3892,11 @@
 
 OpFoldResult TensorLoadOp::fold(ArrayRef<Attribute>) {
   if (auto tensorToMemref = memref().getDefiningOp<TensorToMemrefOp>())
-    return tensorToMemref.tensor();
+    // Approximate alias analysis by conservatively folding only when no there
+    // is no interleaved operation.
+    if (tensorToMemref->getBlock() == this->getOperation()->getBlock() &&
+        tensorToMemref->getNextNode() == this->getOperation())
+      return tensorToMemref.tensor();
   return {};
 }
 
diff --git a/mlir/test/Dialect/SCF/canonicalize.mlir b/mlir/test/Dialect/SCF/canonicalize.mlir
--- a/mlir/test/Dialect/SCF/canonicalize.mlir
+++ b/mlir/test/Dialect/SCF/canonicalize.mlir
@@ -368,11 +368,7 @@
   }
 
   // CHECK-NEXT: %[[R0:.*]] = tensor_load %[[M0]] : memref<128x128xf32>
-
-  // This folds away due to incorrect tensor_load(tensor_memref(x)) -> x folding
-  // that does not consider aliasing. As a consequence, cannot check fully atm.
-  // C-HECK-NEXT: %[[R1:.*]] = tensor_load %[[M1]] : memref<128x128xf32>
-  // C-HECK-NEXT: return %[[R0]], %[[R1]] : tensor<128x128xf32>, tensor<128x128xf32>
-  // CHECK-NEXT: return %[[R0]], %{{.*}} : tensor<128x128xf32>, tensor<128x128xf32>
+  // CHECK-NEXT: %[[R1:.*]] = tensor_load %[[M1]] : memref<128x128xf32>
+  // CHECK-NEXT: return %[[R0]], %[[R1]] : tensor<128x128xf32>, tensor<128x128xf32>
   return %0#0, %0#1 : tensor<128x128xf32>, tensor<128x128xf32>
 }