diff --git a/src/core/hle/kernel/thread.cpp b/src/core/hle/kernel/thread.cpp
index 89f180bd90..d9ffebc3ff 100644
--- a/src/core/hle/kernel/thread.cpp
+++ b/src/core/hle/kernel/thread.cpp
@@ -7,8 +7,6 @@
 #include <optional>
 #include <vector>
 
-#include <boost/range/algorithm_ext/erase.hpp>
-
 #include "common/assert.h"
 #include "common/common_types.h"
 #include "common/logging/log.h"
@@ -258,8 +256,8 @@ void Thread::AddMutexWaiter(SharedPtr<Thread> thread) {
     if (thread->lock_owner == this) {
         // If the thread is already waiting for this thread to release the mutex, ensure that the
         // waiters list is consistent and return without doing anything.
-        auto itr = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
-        ASSERT(itr != wait_mutex_threads.end());
+        const auto iter = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
+        ASSERT(iter != wait_mutex_threads.end());
         return;
     }
 
@@ -267,11 +265,16 @@ void Thread::AddMutexWaiter(SharedPtr<Thread> thread) {
     ASSERT(thread->lock_owner == nullptr);
 
     // Ensure that the thread is not already in the list of mutex waiters
-    auto itr = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
-    ASSERT(itr == wait_mutex_threads.end());
+    const auto iter = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
+    ASSERT(iter == wait_mutex_threads.end());
 
+    // Keep the list in an ordered fashion
+    const auto insertion_point = std::find_if(
+        wait_mutex_threads.begin(), wait_mutex_threads.end(),
+        [&thread](const auto& entry) { return entry->GetPriority() > thread->GetPriority(); });
+    wait_mutex_threads.insert(insertion_point, thread);
     thread->lock_owner = this;
-    wait_mutex_threads.emplace_back(std::move(thread));
+
     UpdatePriority();
 }
 
@@ -279,32 +282,43 @@ void Thread::RemoveMutexWaiter(SharedPtr<Thread> thread) {
     ASSERT(thread->lock_owner == this);
 
     // Ensure that the thread is in the list of mutex waiters
-    auto itr = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
-    ASSERT(itr != wait_mutex_threads.end());
+    const auto iter = std::find(wait_mutex_threads.begin(), wait_mutex_threads.end(), thread);
+    ASSERT(iter != wait_mutex_threads.end());
+
+    wait_mutex_threads.erase(iter);
 
-    boost::remove_erase(wait_mutex_threads, thread);
     thread->lock_owner = nullptr;
     UpdatePriority();
 }
 
 void Thread::UpdatePriority() {
-    // Find the highest priority among all the threads that are waiting for this thread's lock
+    // If any of the threads waiting on the mutex have a higher priority
+    // (taking into account priority inheritance), then this thread inherits
+    // that thread's priority.
     u32 new_priority = nominal_priority;
-    for (const auto& thread : wait_mutex_threads) {
-        if (thread->nominal_priority < new_priority)
-            new_priority = thread->nominal_priority;
+    if (!wait_mutex_threads.empty()) {
+        if (wait_mutex_threads.front()->current_priority < new_priority) {
+            new_priority = wait_mutex_threads.front()->current_priority;
+        }
     }
 
-    if (new_priority == current_priority)
+    if (new_priority == current_priority) {
         return;
+    }
 
     scheduler->SetThreadPriority(this, new_priority);
-
     current_priority = new_priority;
 
+    if (!lock_owner) {
+        return;
+    }
+
+    // Ensure that the thread is within the correct location in the waiting list.
+    lock_owner->RemoveMutexWaiter(this);
+    lock_owner->AddMutexWaiter(this);
+
     // Recursively update the priority of the thread that depends on the priority of this one.
-    if (lock_owner)
-        lock_owner->UpdatePriority();
+    lock_owner->UpdatePriority();
 }
 
 void Thread::ChangeCore(u32 core, u64 mask) {
diff --git a/src/core/hle/kernel/thread.h b/src/core/hle/kernel/thread.h
index ccdefeeccc..faad5f3917 100644
--- a/src/core/hle/kernel/thread.h
+++ b/src/core/hle/kernel/thread.h
@@ -401,8 +401,14 @@ private:
     VAddr entry_point = 0;
     VAddr stack_top = 0;
 
-    u32 nominal_priority = 0; ///< Nominal thread priority, as set by the emulated application
-    u32 current_priority = 0; ///< Current thread priority, can be temporarily changed
+    /// Nominal thread priority, as set by the emulated application.
+    /// The nominal priority is the thread priority without priority
+    /// inheritance taken into account.
+    u32 nominal_priority = 0;
+
+    /// Current thread priority. This may change over the course of the
+    /// thread's lifetime in order to facilitate priority inheritance.
+    u32 current_priority = 0;
 
     u64 total_cpu_time_ticks = 0; ///< Total CPU running ticks.
     u64 last_running_ticks = 0;   ///< CPU tick when thread was last running