diff --git a/src/core/hle/kernel/init/init_slab_setup.cpp b/src/core/hle/kernel/init/init_slab_setup.cpp
index be52405c64..5e4090e2b1 100644
--- a/src/core/hle/kernel/init/init_slab_setup.cpp
+++ b/src/core/hle/kernel/init/init_slab_setup.cpp
@@ -33,6 +33,9 @@
 
 namespace Kernel::Init {
 
+// For macro convenience.
+using KThreadLockInfo = KThread::LockWithPriorityInheritanceInfo;
+
 #define SLAB_COUNT(CLASS) kernel.SlabResourceCounts().num_##CLASS
 
 #define FOREACH_SLAB_TYPE(HANDLER, ...)                                                            \
@@ -54,7 +57,8 @@ namespace Kernel::Init {
     HANDLER(KResourceLimit, (SLAB_COUNT(KResourceLimit)), ##__VA_ARGS__)                           \
     HANDLER(KEventInfo, (SLAB_COUNT(KThread) + SLAB_COUNT(KDebug)), ##__VA_ARGS__)                 \
     HANDLER(KDebug, (SLAB_COUNT(KDebug)), ##__VA_ARGS__)                                           \
-    HANDLER(KSecureSystemResource, (SLAB_COUNT(KProcess)), ##__VA_ARGS__)
+    HANDLER(KSecureSystemResource, (SLAB_COUNT(KProcess)), ##__VA_ARGS__)                          \
+    HANDLER(KThreadLockInfo, (SLAB_COUNT(KThread)), ##__VA_ARGS__)
 
 namespace {
 
diff --git a/src/core/hle/kernel/k_condition_variable.cpp b/src/core/hle/kernel/k_condition_variable.cpp
index c6a0889425..8dae78397d 100644
--- a/src/core/hle/kernel/k_condition_variable.cpp
+++ b/src/core/hle/kernel/k_condition_variable.cpp
@@ -111,15 +111,15 @@ Result KConditionVariable::SignalToAddress(VAddr addr) {
         KScopedSchedulerLock sl(kernel);
 
         // Remove waiter thread.
-        s32 num_waiters{};
+        bool has_waiters{};
         KThread* const next_owner_thread =
-            owner_thread->RemoveWaiterByKey(std::addressof(num_waiters), addr);
+            owner_thread->RemoveWaiterByKey(std::addressof(has_waiters), addr);
 
         // Determine the next tag.
         u32 next_value{};
         if (next_owner_thread != nullptr) {
             next_value = next_owner_thread->GetAddressKeyValue();
-            if (num_waiters > 1) {
+            if (has_waiters) {
                 next_value |= Svc::HandleWaitMask;
             }
         }
@@ -247,9 +247,11 @@ void KConditionVariable::Signal(u64 cv_key, s32 count) {
                (it->GetConditionVariableKey() == cv_key)) {
             KThread* target_thread = std::addressof(*it);
 
-            this->SignalImpl(target_thread);
             it = thread_tree.erase(it);
             target_thread->ClearConditionVariable();
+
+            this->SignalImpl(target_thread);
+
             ++num_waiters;
         }
 
@@ -279,16 +281,16 @@ Result KConditionVariable::Wait(VAddr addr, u64 key, u32 value, s64 timeout) {
         // Update the value and process for the next owner.
         {
             // Remove waiter thread.
-            s32 num_waiters{};
+            bool has_waiters{};
             KThread* next_owner_thread =
-                cur_thread->RemoveWaiterByKey(std::addressof(num_waiters), addr);
+                cur_thread->RemoveWaiterByKey(std::addressof(has_waiters), addr);
 
             // Update for the next owner thread.
             u32 next_value{};
             if (next_owner_thread != nullptr) {
                 // Get the next tag value.
                 next_value = next_owner_thread->GetAddressKeyValue();
-                if (num_waiters > 1) {
+                if (has_waiters) {
                     next_value |= Svc::HandleWaitMask;
                 }
 
diff --git a/src/core/hle/kernel/k_light_lock.cpp b/src/core/hle/kernel/k_light_lock.cpp
index d791acbe32..b922a67a5a 100644
--- a/src/core/hle/kernel/k_light_lock.cpp
+++ b/src/core/hle/kernel/k_light_lock.cpp
@@ -90,15 +90,15 @@ void KLightLock::UnlockSlowPath(uintptr_t _cur_thread) {
         KScopedSchedulerLock sl(kernel);
 
         // Get the next owner.
-        s32 num_waiters;
+        bool has_waiters;
         KThread* next_owner = owner_thread->RemoveWaiterByKey(
-            std::addressof(num_waiters), reinterpret_cast<uintptr_t>(std::addressof(tag)));
+            std::addressof(has_waiters), reinterpret_cast<uintptr_t>(std::addressof(tag)));
 
         // Pass the lock to the next owner.
         uintptr_t next_tag = 0;
         if (next_owner != nullptr) {
             next_tag =
-                reinterpret_cast<uintptr_t>(next_owner) | static_cast<uintptr_t>(num_waiters > 1);
+                reinterpret_cast<uintptr_t>(next_owner) | static_cast<uintptr_t>(has_waiters);
 
             next_owner->EndWait(ResultSuccess);
 
diff --git a/src/core/hle/kernel/k_process.cpp b/src/core/hle/kernel/k_process.cpp
index d9c1a0eb32..514f20ef44 100644
--- a/src/core/hle/kernel/k_process.cpp
+++ b/src/core/hle/kernel/k_process.cpp
@@ -156,9 +156,9 @@ bool KProcess::ReleaseUserException(KThread* thread) {
         exception_thread = nullptr;
 
         // Remove waiter thread.
-        s32 num_waiters{};
+        bool has_waiters{};
         if (KThread* next = thread->RemoveWaiterByKey(
-                std::addressof(num_waiters),
+                std::addressof(has_waiters),
                 reinterpret_cast<uintptr_t>(std::addressof(exception_thread)));
             next != nullptr) {
             next->EndWait(ResultSuccess);
diff --git a/src/core/hle/kernel/k_thread.cpp b/src/core/hle/kernel/k_thread.cpp
index 599d05947a..2831df733a 100644
--- a/src/core/hle/kernel/k_thread.cpp
+++ b/src/core/hle/kernel/k_thread.cpp
@@ -191,7 +191,7 @@ Result KThread::Initialize(KThreadFunction func, uintptr_t arg, VAddr user_stack
     light_ipc_data = nullptr;
 
     // We're not waiting for a lock, and we haven't disabled migration.
-    lock_owner = nullptr;
+    waiting_lock_info = nullptr;
     num_core_migration_disables = 0;
 
     // We have no waiters, but we do have an entrypoint.
@@ -341,25 +341,39 @@ void KThread::Finalize() {
 
     // Release any waiters.
     {
-        ASSERT(lock_owner == nullptr);
+        ASSERT(waiting_lock_info == nullptr);
         KScopedSchedulerLock sl{kernel};
 
-        auto it = waiter_list.begin();
-        while (it != waiter_list.end()) {
-            // Get the thread.
-            KThread* const waiter = std::addressof(*it);
+        // Check that we have no kernel waiters.
+        ASSERT(num_kernel_waiters == 0);
 
-            // The thread shouldn't be a kernel waiter.
-            ASSERT(!waiter->GetAddressKeyIsKernel());
+        auto it = held_lock_info_list.begin();
+        while (it != held_lock_info_list.end()) {
+            // Get the lock info.
+            auto* const lock_info = std::addressof(*it);
 
-            // Clear the lock owner.
-            waiter->SetLockOwner(nullptr);
+            // The lock shouldn't have a kernel waiter.
+            ASSERT(!lock_info->GetIsKernelAddressKey());
 
-            // Erase the waiter from our list.
-            it = waiter_list.erase(it);
+            // Remove all waiters.
+            while (lock_info->GetWaiterCount() != 0) {
+                // Get the front waiter.
+                KThread* const waiter = lock_info->GetHighestPriorityWaiter();
 
-            // Cancel the thread's wait.
-            waiter->CancelWait(ResultInvalidState, true);
+                // Remove it from the lock.
+                if (lock_info->RemoveWaiter(waiter)) {
+                    ASSERT(lock_info->GetWaiterCount() == 0);
+                }
+
+                // Cancel the thread's wait.
+                waiter->CancelWait(ResultInvalidState, true);
+            }
+
+            // Remove the held lock from our list.
+            it = held_lock_info_list.erase(it);
+
+            // Free the lock info.
+            LockWithPriorityInheritanceInfo::Free(kernel, lock_info);
         }
     }
 
@@ -708,6 +722,24 @@ void KThread::SetBasePriority(s32 value) {
     RestorePriority(kernel, this);
 }
 
+KThread* KThread::GetLockOwner() const {
+    return waiting_lock_info != nullptr ? waiting_lock_info->GetOwner() : nullptr;
+}
+
+void KThread::IncreaseBasePriority(s32 priority_) {
+    ASSERT(Svc::HighestThreadPriority <= priority_ && priority_ <= Svc::LowestThreadPriority);
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
+    ASSERT(!this->GetStackParameters().is_pinned);
+
+    // Set our base priority.
+    if (base_priority > priority_) {
+        base_priority = priority_;
+
+        // Perform a priority restoration.
+        RestorePriority(kernel, this);
+    }
+}
+
 void KThread::RequestSuspend(SuspendType type) {
     KScopedSchedulerLock sl{kernel};
 
@@ -891,51 +923,87 @@ Result KThread::GetThreadContext3(std::vector<u8>& out) {
     R_SUCCEED();
 }
 
-void KThread::AddWaiterImpl(KThread* thread) {
-    ASSERT(kernel.GlobalSchedulerContext().IsLocked());
+void KThread::AddHeldLock(LockWithPriorityInheritanceInfo* lock_info) {
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
 
-    // Find the right spot to insert the waiter.
-    auto it = waiter_list.begin();
-    while (it != waiter_list.end()) {
-        if (it->GetPriority() > thread->GetPriority()) {
-            break;
+    // Set ourselves as the lock's owner.
+    lock_info->SetOwner(this);
+
+    // Add the lock to our held list.
+    held_lock_info_list.push_front(*lock_info);
+}
+
+KThread::LockWithPriorityInheritanceInfo* KThread::FindHeldLock(VAddr address_key_) {
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
+
+    // Try to find an existing held lock.
+    for (auto& held_lock : held_lock_info_list) {
+        if (held_lock.GetAddressKey() == address_key_) {
+            return std::addressof(held_lock);
         }
-        it++;
     }
 
+    return nullptr;
+}
+
+void KThread::AddWaiterImpl(KThread* thread) {
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
+    ASSERT(thread->GetConditionVariableTree() == nullptr);
+
+    // Get the thread's address key.
+    const auto address_key_ = thread->GetAddressKey();
+    const auto is_kernel_address_key_ = thread->GetIsKernelAddressKey();
+
     // Keep track of how many kernel waiters we have.
-    if (thread->GetAddressKeyIsKernel()) {
+    if (is_kernel_address_key_) {
         ASSERT((num_kernel_waiters++) >= 0);
         KScheduler::SetSchedulerUpdateNeeded(kernel);
     }
 
-    // Insert the waiter.
-    waiter_list.insert(it, *thread);
-    thread->SetLockOwner(this);
+    // Get the relevant lock info.
+    auto* lock_info = this->FindHeldLock(address_key_);
+    if (lock_info == nullptr) {
+        // Create a new lock for the address key.
+        lock_info =
+            LockWithPriorityInheritanceInfo::Create(kernel, address_key_, is_kernel_address_key_);
+
+        // Add the new lock to our list.
+        this->AddHeldLock(lock_info);
+    }
+
+    // Add the thread as waiter to the lock info.
+    lock_info->AddWaiter(thread);
 }
 
 void KThread::RemoveWaiterImpl(KThread* thread) {
-    ASSERT(kernel.GlobalSchedulerContext().IsLocked());
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
 
     // Keep track of how many kernel waiters we have.
-    if (thread->GetAddressKeyIsKernel()) {
+    if (thread->GetIsKernelAddressKey()) {
         ASSERT((num_kernel_waiters--) > 0);
         KScheduler::SetSchedulerUpdateNeeded(kernel);
     }
 
+    // Get the info for the lock the thread is waiting on.
+    auto* lock_info = thread->GetWaitingLockInfo();
+    ASSERT(lock_info->GetOwner() == this);
+
     // Remove the waiter.
-    waiter_list.erase(waiter_list.iterator_to(*thread));
-    thread->SetLockOwner(nullptr);
+    if (lock_info->RemoveWaiter(thread)) {
+        held_lock_info_list.erase(held_lock_info_list.iterator_to(*lock_info));
+        LockWithPriorityInheritanceInfo::Free(kernel, lock_info);
+    }
 }
 
-void KThread::RestorePriority(KernelCore& kernel_ctx, KThread* thread) {
-    ASSERT(kernel_ctx.GlobalSchedulerContext().IsLocked());
+void KThread::RestorePriority(KernelCore& kernel, KThread* thread) {
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
 
-    while (true) {
+    while (thread != nullptr) {
         // We want to inherit priority where possible.
         s32 new_priority = thread->GetBasePriority();
-        if (thread->HasWaiters()) {
-            new_priority = std::min(new_priority, thread->waiter_list.front().GetPriority());
+        for (const auto& held_lock : thread->held_lock_info_list) {
+            new_priority =
+                std::min(new_priority, held_lock.GetHighestPriorityWaiter()->GetPriority());
         }
 
         // If the priority we would inherit is not different from ours, don't do anything.
@@ -943,9 +1011,18 @@ void KThread::RestorePriority(KernelCore& kernel_ctx, KThread* thread) {
             return;
         }
 
+        // Get the owner of whatever lock this thread is waiting on.
+        KThread* const lock_owner = thread->GetLockOwner();
+
+        // If the thread is waiting on some lock, remove it as a waiter to prevent violating red
+        // black tree invariants.
+        if (lock_owner != nullptr) {
+            lock_owner->RemoveWaiterImpl(thread);
+        }
+
         // Ensure we don't violate condition variable red black tree invariants.
         if (auto* cv_tree = thread->GetConditionVariableTree(); cv_tree != nullptr) {
-            BeforeUpdatePriority(kernel_ctx, cv_tree, thread);
+            BeforeUpdatePriority(kernel, cv_tree, thread);
         }
 
         // Change the priority.
@@ -954,73 +1031,99 @@ void KThread::RestorePriority(KernelCore& kernel_ctx, KThread* thread) {
 
         // Restore the condition variable, if relevant.
         if (auto* cv_tree = thread->GetConditionVariableTree(); cv_tree != nullptr) {
-            AfterUpdatePriority(kernel_ctx, cv_tree, thread);
+            AfterUpdatePriority(kernel, cv_tree, thread);
+        }
+
+        // If we removed the thread from some lock's waiting list, add it back.
+        if (lock_owner != nullptr) {
+            lock_owner->AddWaiterImpl(thread);
         }
 
         // Update the scheduler.
-        KScheduler::OnThreadPriorityChanged(kernel_ctx, thread, old_priority);
+        KScheduler::OnThreadPriorityChanged(kernel, thread, old_priority);
 
-        // Keep the lock owner up to date.
-        KThread* lock_owner = thread->GetLockOwner();
-        if (lock_owner == nullptr) {
-            return;
-        }
-
-        // Update the thread in the lock owner's sorted list, and continue inheriting.
-        lock_owner->RemoveWaiterImpl(thread);
-        lock_owner->AddWaiterImpl(thread);
+        // Continue inheriting priority.
         thread = lock_owner;
     }
 }
 
 void KThread::AddWaiter(KThread* thread) {
-    AddWaiterImpl(thread);
-    RestorePriority(kernel, this);
+    this->AddWaiterImpl(thread);
+
+    // If the thread has a higher priority than us, we should inherit.
+    if (thread->GetPriority() < this->GetPriority()) {
+        RestorePriority(kernel, this);
+    }
 }
 
 void KThread::RemoveWaiter(KThread* thread) {
-    RemoveWaiterImpl(thread);
-    RestorePriority(kernel, this);
+    this->RemoveWaiterImpl(thread);
+
+    // If our priority is the same as the thread's (and we've inherited), we may need to restore to
+    // lower priority.
+    if (this->GetPriority() == thread->GetPriority() &&
+        this->GetPriority() < this->GetBasePriority()) {
+        RestorePriority(kernel, this);
+    }
 }
 
-KThread* KThread::RemoveWaiterByKey(s32* out_num_waiters, VAddr key) {
-    ASSERT(kernel.GlobalSchedulerContext().IsLocked());
+KThread* KThread::RemoveWaiterByKey(bool* out_has_waiters, VAddr key) {
+    ASSERT(KScheduler::IsSchedulerLockedByCurrentThread(kernel));
 
-    s32 num_waiters{};
-    KThread* next_lock_owner{};
-    auto it = waiter_list.begin();
-    while (it != waiter_list.end()) {
-        if (it->GetAddressKey() == key) {
-            KThread* thread = std::addressof(*it);
+    // Get the relevant lock info.
+    auto* lock_info = this->FindHeldLock(key);
+    if (lock_info == nullptr) {
+        *out_has_waiters = false;
+        return nullptr;
+    }
 
-            // Keep track of how many kernel waiters we have.
-            if (thread->GetAddressKeyIsKernel()) {
-                ASSERT((num_kernel_waiters--) > 0);
-                KScheduler::SetSchedulerUpdateNeeded(kernel);
-            }
-            it = waiter_list.erase(it);
+    // Remove the lock info from our held list.
+    held_lock_info_list.erase(held_lock_info_list.iterator_to(*lock_info));
 
-            // Update the next lock owner.
-            if (next_lock_owner == nullptr) {
-                next_lock_owner = thread;
-                next_lock_owner->SetLockOwner(nullptr);
-            } else {
-                next_lock_owner->AddWaiterImpl(thread);
-            }
-            num_waiters++;
-        } else {
-            it++;
+    // Keep track of how many kernel waiters we have.
+    if (lock_info->GetIsKernelAddressKey()) {
+        num_kernel_waiters -= lock_info->GetWaiterCount();
+        ASSERT(num_kernel_waiters >= 0);
+        KScheduler::SetSchedulerUpdateNeeded(kernel);
+    }
+
+    ASSERT(lock_info->GetWaiterCount() > 0);
+
+    // Remove the highest priority waiter from the lock to be the next owner.
+    KThread* next_lock_owner = lock_info->GetHighestPriorityWaiter();
+    if (lock_info->RemoveWaiter(next_lock_owner)) {
+        // The new owner was the only waiter.
+        *out_has_waiters = false;
+
+        // Free the lock info, since it has no waiters.
+        LockWithPriorityInheritanceInfo::Free(kernel, lock_info);
+    } else {
+        // There are additional waiters on the lock.
+        *out_has_waiters = true;
+
+        // Add the lock to the new owner's held list.
+        next_lock_owner->AddHeldLock(lock_info);
+
+        // Keep track of any kernel waiters for the new owner.
+        if (lock_info->GetIsKernelAddressKey()) {
+            next_lock_owner->num_kernel_waiters += lock_info->GetWaiterCount();
+            ASSERT(next_lock_owner->num_kernel_waiters > 0);
+
+            // NOTE: No need to set scheduler update needed, because we will have already done so
+            // when removing earlier.
         }
     }
 
-    // Do priority updates, if we have a next owner.
-    if (next_lock_owner) {
+    // If our priority is the same as the next owner's (and we've inherited), we may need to restore
+    // to lower priority.
+    if (this->GetPriority() == next_lock_owner->GetPriority() &&
+        this->GetPriority() < this->GetBasePriority()) {
         RestorePriority(kernel, this);
-        RestorePriority(kernel, next_lock_owner);
+        // NOTE: No need to restore priority on the next lock owner, because it was already the
+        // highest priority waiter on the lock.
     }
 
-    // Return output.
-    *out_num_waiters = num_waiters;
+    // Return the next lock owner.
     return next_lock_owner;
 }
 
@@ -1137,9 +1240,7 @@ ThreadState KThread::RequestTerminate() {
         }
 
         // Change the thread's priority to be higher than any system thread's.
-        if (this->GetBasePriority() >= Svc::SystemThreadPriorityHighest) {
-            this->SetBasePriority(TerminatingThreadPriority);
-        }
+        this->IncreaseBasePriority(TerminatingThreadPriority);
 
         // If the thread is runnable, send a termination interrupt to other cores.
         if (this->GetState() == ThreadState::Runnable) {
diff --git a/src/core/hle/kernel/k_thread.h b/src/core/hle/kernel/k_thread.h
index a04de21bce..e09dcbea0c 100644
--- a/src/core/hle/kernel/k_thread.h
+++ b/src/core/hle/kernel/k_thread.h
@@ -339,13 +339,7 @@ public:
     void SetInterruptFlag();
     void ClearInterruptFlag();
 
-    [[nodiscard]] KThread* GetLockOwner() const {
-        return lock_owner;
-    }
-
-    void SetLockOwner(KThread* owner) {
-        lock_owner = owner;
-    }
+    KThread* GetLockOwner() const;
 
     [[nodiscard]] const KAffinityMask& GetAffinityMask() const {
         return physical_affinity_mask;
@@ -601,7 +595,7 @@ public:
 
     [[nodiscard]] Result GetThreadContext3(std::vector<u8>& out);
 
-    [[nodiscard]] KThread* RemoveWaiterByKey(s32* out_num_waiters, VAddr key);
+    [[nodiscard]] KThread* RemoveWaiterByKey(bool* out_has_waiters, VAddr key);
 
     [[nodiscard]] VAddr GetAddressKey() const {
         return address_key;
@@ -611,8 +605,8 @@ public:
         return address_key_value;
     }
 
-    [[nodiscard]] bool GetAddressKeyIsKernel() const {
-        return address_key_is_kernel;
+    [[nodiscard]] bool GetIsKernelAddressKey() const {
+        return is_kernel_address_key;
     }
 
     //! NB: intentional deviation from official kernel.
@@ -621,20 +615,17 @@ public:
     // to cope with arbitrary host pointers making their way
     // into things.
 
-    void SetUserAddressKey(VAddr key) {
-        address_key = key;
-        address_key_is_kernel = false;
-    }
-
     void SetUserAddressKey(VAddr key, u32 val) {
+        ASSERT(waiting_lock_info == nullptr);
         address_key = key;
         address_key_value = val;
-        address_key_is_kernel = false;
+        is_kernel_address_key = false;
     }
 
     void SetKernelAddressKey(VAddr key) {
+        ASSERT(waiting_lock_info == nullptr);
         address_key = key;
-        address_key_is_kernel = true;
+        is_kernel_address_key = true;
     }
 
     void ClearWaitQueue() {
@@ -646,10 +637,6 @@ public:
     void EndWait(Result wait_result_);
     void CancelWait(Result wait_result_, bool cancel_timer_task);
 
-    [[nodiscard]] bool HasWaiters() const {
-        return !waiter_list.empty();
-    }
-
     [[nodiscard]] s32 GetNumKernelWaiters() const {
         return num_kernel_waiters;
     }
@@ -722,13 +709,14 @@ private:
     };
 
     void AddWaiterImpl(KThread* thread);
-
     void RemoveWaiterImpl(KThread* thread);
+    static void RestorePriority(KernelCore& kernel, KThread* thread);
 
     void StartTermination();
-
     void FinishTermination();
 
+    void IncreaseBasePriority(s32 priority);
+
     [[nodiscard]] Result Initialize(KThreadFunction func, uintptr_t arg, VAddr user_stack_top,
                                     s32 prio, s32 virt_core, KProcess* owner, ThreadType type);
 
@@ -737,8 +725,6 @@ private:
                                                  s32 core, KProcess* owner, ThreadType type,
                                                  std::function<void()>&& init_func);
 
-    static void RestorePriority(KernelCore& kernel_ctx, KThread* thread);
-
     // For core KThread implementation
     ThreadContext32 thread_context_32{};
     ThreadContext64 thread_context_64{};
@@ -749,6 +735,127 @@ private:
             &KThread::condvar_arbiter_tree_node>;
     using ConditionVariableThreadTree =
         ConditionVariableThreadTreeTraits::TreeType<ConditionVariableComparator>;
+
+private:
+    struct LockWithPriorityInheritanceComparator {
+        struct RedBlackKeyType {
+            s32 m_priority;
+
+            constexpr s32 GetPriority() const {
+                return m_priority;
+            }
+        };
+
+        template <typename T>
+            requires(std::same_as<T, KThread> || std::same_as<T, RedBlackKeyType>)
+        static constexpr int Compare(const T& lhs, const KThread& rhs) {
+            if (lhs.GetPriority() < rhs.GetPriority()) {
+                // Sort by priority.
+                return -1;
+            } else {
+                return 1;
+            }
+        }
+    };
+    static_assert(std::same_as<Common::RedBlackKeyType<LockWithPriorityInheritanceComparator, void>,
+                               LockWithPriorityInheritanceComparator::RedBlackKeyType>);
+
+    using LockWithPriorityInheritanceThreadTreeTraits =
+        Common::IntrusiveRedBlackTreeMemberTraitsDeferredAssert<
+            &KThread::condvar_arbiter_tree_node>;
+    using LockWithPriorityInheritanceThreadTree =
+        ConditionVariableThreadTreeTraits::TreeType<LockWithPriorityInheritanceComparator>;
+
+public:
+    class LockWithPriorityInheritanceInfo : public KSlabAllocated<LockWithPriorityInheritanceInfo>,
+                                            public boost::intrusive::list_base_hook<> {
+    public:
+        explicit LockWithPriorityInheritanceInfo(KernelCore&) {}
+
+        static LockWithPriorityInheritanceInfo* Create(KernelCore& kernel, VAddr address_key,
+                                                       bool is_kernel_address_key) {
+            // Create a new lock info.
+            auto* new_lock = LockWithPriorityInheritanceInfo::Allocate(kernel);
+            ASSERT(new_lock != nullptr);
+
+            // Set the new lock's address key.
+            new_lock->m_address_key = address_key;
+            new_lock->m_is_kernel_address_key = is_kernel_address_key;
+
+            return new_lock;
+        }
+
+        void SetOwner(KThread* new_owner) {
+            // Set new owner.
+            m_owner = new_owner;
+        }
+
+        void AddWaiter(KThread* waiter) {
+            // Insert the waiter.
+            m_tree.insert(*waiter);
+            m_waiter_count++;
+
+            waiter->SetWaitingLockInfo(this);
+        }
+
+        [[nodiscard]] bool RemoveWaiter(KThread* waiter) {
+            m_tree.erase(m_tree.iterator_to(*waiter));
+
+            waiter->SetWaitingLockInfo(nullptr);
+
+            return (--m_waiter_count) == 0;
+        }
+
+        KThread* GetHighestPriorityWaiter() {
+            return std::addressof(m_tree.front());
+        }
+        const KThread* GetHighestPriorityWaiter() const {
+            return std::addressof(m_tree.front());
+        }
+
+        LockWithPriorityInheritanceThreadTree& GetThreadTree() {
+            return m_tree;
+        }
+        const LockWithPriorityInheritanceThreadTree& GetThreadTree() const {
+            return m_tree;
+        }
+
+        VAddr GetAddressKey() const {
+            return m_address_key;
+        }
+        bool GetIsKernelAddressKey() const {
+            return m_is_kernel_address_key;
+        }
+        KThread* GetOwner() const {
+            return m_owner;
+        }
+        u32 GetWaiterCount() const {
+            return m_waiter_count;
+        }
+
+    private:
+        LockWithPriorityInheritanceThreadTree m_tree{};
+        VAddr m_address_key{};
+        KThread* m_owner{};
+        u32 m_waiter_count{};
+        bool m_is_kernel_address_key{};
+    };
+
+    void SetWaitingLockInfo(LockWithPriorityInheritanceInfo* lock) {
+        waiting_lock_info = lock;
+    }
+
+    LockWithPriorityInheritanceInfo* GetWaitingLockInfo() {
+        return waiting_lock_info;
+    }
+
+    void AddHeldLock(LockWithPriorityInheritanceInfo* lock_info);
+    LockWithPriorityInheritanceInfo* FindHeldLock(VAddr address_key);
+
+private:
+    using LockWithPriorityInheritanceInfoList =
+        boost::intrusive::list<LockWithPriorityInheritanceInfo>;
+
     ConditionVariableThreadTree* condvar_tree{};
     u64 condvar_key{};
     u64 virtual_affinity_mask{};
@@ -765,9 +872,9 @@ private:
     s64 last_scheduled_tick{};
     std::array<QueueEntry, Core::Hardware::NUM_CPU_CORES> per_core_priority_queue_entry{};
     KThreadQueue* wait_queue{};
-    WaiterList waiter_list{};
+    LockWithPriorityInheritanceInfoList held_lock_info_list{};
+    LockWithPriorityInheritanceInfo* waiting_lock_info{};
     WaiterList pinned_waiter_list{};
-    KThread* lock_owner{};
     u32 address_key_value{};
     u32 suspend_request_flags{};
     u32 suspend_allowed_flags{};
@@ -791,7 +898,7 @@ private:
     bool debug_attached{};
     s8 priority_inheritance_count{};
     bool resource_limit_release_hint{};
-    bool address_key_is_kernel{};
+    bool is_kernel_address_key{};
     StackParameters stack_parameters{};
     Common::SpinLock context_guard{};
 
@@ -814,6 +921,7 @@ public:
 
     void SetConditionVariable(ConditionVariableThreadTree* tree, VAddr address, u64 cv_key,
                               u32 value) {
+        ASSERT(waiting_lock_info == nullptr);
         condvar_tree = tree;
         condvar_key = cv_key;
         address_key = address;
@@ -829,6 +937,7 @@ public:
     }
 
     void SetAddressArbiter(ConditionVariableThreadTree* tree, u64 address) {
+        ASSERT(waiting_lock_info == nullptr);
         condvar_tree = tree;
         condvar_key = address;
     }
diff --git a/src/core/hle/kernel/kernel.cpp b/src/core/hle/kernel/kernel.cpp
index ce94d3605f..ef7057ff78 100644
--- a/src/core/hle/kernel/kernel.cpp
+++ b/src/core/hle/kernel/kernel.cpp
@@ -1318,4 +1318,97 @@ const Core::System& KernelCore::System() const {
     return impl->system;
 }
 
+struct KernelCore::SlabHeapContainer {
+    KSlabHeap<KClientSession> client_session;
+    KSlabHeap<KEvent> event;
+    KSlabHeap<KLinkedListNode> linked_list_node;
+    KSlabHeap<KPort> port;
+    KSlabHeap<KProcess> process;
+    KSlabHeap<KResourceLimit> resource_limit;
+    KSlabHeap<KSession> session;
+    KSlabHeap<KSharedMemory> shared_memory;
+    KSlabHeap<KSharedMemoryInfo> shared_memory_info;
+    KSlabHeap<KThread> thread;
+    KSlabHeap<KTransferMemory> transfer_memory;
+    KSlabHeap<KCodeMemory> code_memory;
+    KSlabHeap<KDeviceAddressSpace> device_address_space;
+    KSlabHeap<KPageBuffer> page_buffer;
+    KSlabHeap<KThreadLocalPage> thread_local_page;
+    KSlabHeap<KObjectName> object_name;
+    KSlabHeap<KSessionRequest> session_request;
+    KSlabHeap<KSecureSystemResource> secure_system_resource;
+    KSlabHeap<KThread::LockWithPriorityInheritanceInfo> lock_info;
+    KSlabHeap<KEventInfo> event_info;
+    KSlabHeap<KDebug> debug;
+};
+
+template <typename T>
+KSlabHeap<T>& KernelCore::SlabHeap() {
+    if constexpr (std::is_same_v<T, KClientSession>) {
+        return slab_heap_container->client_session;
+    } else if constexpr (std::is_same_v<T, KEvent>) {
+        return slab_heap_container->event;
+    } else if constexpr (std::is_same_v<T, KLinkedListNode>) {
+        return slab_heap_container->linked_list_node;
+    } else if constexpr (std::is_same_v<T, KPort>) {
+        return slab_heap_container->port;
+    } else if constexpr (std::is_same_v<T, KProcess>) {
+        return slab_heap_container->process;
+    } else if constexpr (std::is_same_v<T, KResourceLimit>) {
+        return slab_heap_container->resource_limit;
+    } else if constexpr (std::is_same_v<T, KSession>) {
+        return slab_heap_container->session;
+    } else if constexpr (std::is_same_v<T, KSharedMemory>) {
+        return slab_heap_container->shared_memory;
+    } else if constexpr (std::is_same_v<T, KSharedMemoryInfo>) {
+        return slab_heap_container->shared_memory_info;
+    } else if constexpr (std::is_same_v<T, KThread>) {
+        return slab_heap_container->thread;
+    } else if constexpr (std::is_same_v<T, KTransferMemory>) {
+        return slab_heap_container->transfer_memory;
+    } else if constexpr (std::is_same_v<T, KCodeMemory>) {
+        return slab_heap_container->code_memory;
+    } else if constexpr (std::is_same_v<T, KDeviceAddressSpace>) {
+        return slab_heap_container->device_address_space;
+    } else if constexpr (std::is_same_v<T, KPageBuffer>) {
+        return slab_heap_container->page_buffer;
+    } else if constexpr (std::is_same_v<T, KThreadLocalPage>) {
+        return slab_heap_container->thread_local_page;
+    } else if constexpr (std::is_same_v<T, KObjectName>) {
+        return slab_heap_container->object_name;
+    } else if constexpr (std::is_same_v<T, KSessionRequest>) {
+        return slab_heap_container->session_request;
+    } else if constexpr (std::is_same_v<T, KSecureSystemResource>) {
+        return slab_heap_container->secure_system_resource;
+    } else if constexpr (std::is_same_v<T, KThread::LockWithPriorityInheritanceInfo>) {
+        return slab_heap_container->lock_info;
+    } else if constexpr (std::is_same_v<T, KEventInfo>) {
+        return slab_heap_container->event_info;
+    } else if constexpr (std::is_same_v<T, KDebug>) {
+        return slab_heap_container->debug;
+    }
+}
+
+template KSlabHeap<KClientSession>& KernelCore::SlabHeap();
+template KSlabHeap<KEvent>& KernelCore::SlabHeap();
+template KSlabHeap<KLinkedListNode>& KernelCore::SlabHeap();
+template KSlabHeap<KPort>& KernelCore::SlabHeap();
+template KSlabHeap<KProcess>& KernelCore::SlabHeap();
+template KSlabHeap<KResourceLimit>& KernelCore::SlabHeap();
+template KSlabHeap<KSession>& KernelCore::SlabHeap();
+template KSlabHeap<KSharedMemory>& KernelCore::SlabHeap();
+template KSlabHeap<KSharedMemoryInfo>& KernelCore::SlabHeap();
+template KSlabHeap<KThread>& KernelCore::SlabHeap();
+template KSlabHeap<KTransferMemory>& KernelCore::SlabHeap();
+template KSlabHeap<KCodeMemory>& KernelCore::SlabHeap();
+template KSlabHeap<KDeviceAddressSpace>& KernelCore::SlabHeap();
+template KSlabHeap<KPageBuffer>& KernelCore::SlabHeap();
+template KSlabHeap<KThreadLocalPage>& KernelCore::SlabHeap();
+template KSlabHeap<KObjectName>& KernelCore::SlabHeap();
+template KSlabHeap<KSessionRequest>& KernelCore::SlabHeap();
+template KSlabHeap<KSecureSystemResource>& KernelCore::SlabHeap();
+template KSlabHeap<KThread::LockWithPriorityInheritanceInfo>& KernelCore::SlabHeap();
+template KSlabHeap<KEventInfo>& KernelCore::SlabHeap();
+template KSlabHeap<KDebug>& KernelCore::SlabHeap();
+
 } // namespace Kernel
diff --git a/src/core/hle/kernel/kernel.h b/src/core/hle/kernel/kernel.h
index 4449f69493..1b380a07b4 100644
--- a/src/core/hle/kernel/kernel.h
+++ b/src/core/hle/kernel/kernel.h
@@ -305,49 +305,7 @@ public:
 
     /// Gets the slab heap for the specified kernel object type.
     template <typename T>
-    KSlabHeap<T>& SlabHeap() {
-        if constexpr (std::is_same_v<T, KClientSession>) {
-            return slab_heap_container->client_session;
-        } else if constexpr (std::is_same_v<T, KEvent>) {
-            return slab_heap_container->event;
-        } else if constexpr (std::is_same_v<T, KLinkedListNode>) {
-            return slab_heap_container->linked_list_node;
-        } else if constexpr (std::is_same_v<T, KPort>) {
-            return slab_heap_container->port;
-        } else if constexpr (std::is_same_v<T, KProcess>) {
-            return slab_heap_container->process;
-        } else if constexpr (std::is_same_v<T, KResourceLimit>) {
-            return slab_heap_container->resource_limit;
-        } else if constexpr (std::is_same_v<T, KSession>) {
-            return slab_heap_container->session;
-        } else if constexpr (std::is_same_v<T, KSharedMemory>) {
-            return slab_heap_container->shared_memory;
-        } else if constexpr (std::is_same_v<T, KSharedMemoryInfo>) {
-            return slab_heap_container->shared_memory_info;
-        } else if constexpr (std::is_same_v<T, KThread>) {
-            return slab_heap_container->thread;
-        } else if constexpr (std::is_same_v<T, KTransferMemory>) {
-            return slab_heap_container->transfer_memory;
-        } else if constexpr (std::is_same_v<T, KCodeMemory>) {
-            return slab_heap_container->code_memory;
-        } else if constexpr (std::is_same_v<T, KDeviceAddressSpace>) {
-            return slab_heap_container->device_address_space;
-        } else if constexpr (std::is_same_v<T, KPageBuffer>) {
-            return slab_heap_container->page_buffer;
-        } else if constexpr (std::is_same_v<T, KThreadLocalPage>) {
-            return slab_heap_container->thread_local_page;
-        } else if constexpr (std::is_same_v<T, KObjectName>) {
-            return slab_heap_container->object_name;
-        } else if constexpr (std::is_same_v<T, KSessionRequest>) {
-            return slab_heap_container->session_request;
-        } else if constexpr (std::is_same_v<T, KSecureSystemResource>) {
-            return slab_heap_container->secure_system_resource;
-        } else if constexpr (std::is_same_v<T, KEventInfo>) {
-            return slab_heap_container->event_info;
-        } else if constexpr (std::is_same_v<T, KDebug>) {
-            return slab_heap_container->debug;
-        }
-    }
+    KSlabHeap<T>& SlabHeap();
 
     /// Gets the current slab resource counts.
     Init::KSlabResourceCounts& SlabResourceCounts();
@@ -393,28 +351,7 @@ private:
 
 private:
     /// Helper to encapsulate all slab heaps in a single heap allocated container
-    struct SlabHeapContainer {
-        KSlabHeap<KClientSession> client_session;
-        KSlabHeap<KEvent> event;
-        KSlabHeap<KLinkedListNode> linked_list_node;
-        KSlabHeap<KPort> port;
-        KSlabHeap<KProcess> process;
-        KSlabHeap<KResourceLimit> resource_limit;
-        KSlabHeap<KSession> session;
-        KSlabHeap<KSharedMemory> shared_memory;
-        KSlabHeap<KSharedMemoryInfo> shared_memory_info;
-        KSlabHeap<KThread> thread;
-        KSlabHeap<KTransferMemory> transfer_memory;
-        KSlabHeap<KCodeMemory> code_memory;
-        KSlabHeap<KDeviceAddressSpace> device_address_space;
-        KSlabHeap<KPageBuffer> page_buffer;
-        KSlabHeap<KThreadLocalPage> thread_local_page;
-        KSlabHeap<KObjectName> object_name;
-        KSlabHeap<KSessionRequest> session_request;
-        KSlabHeap<KSecureSystemResource> secure_system_resource;
-        KSlabHeap<KEventInfo> event_info;
-        KSlabHeap<KDebug> debug;
-    };
+    struct SlabHeapContainer;
 
     std::unique_ptr<SlabHeapContainer> slab_heap_container;
 };