diff --git a/arch/x86/include/asm/kvm_host.h b/arch/x86/include/asm/kvm_host.h
index 4dffbc10d3f8..b930c548674c 100644
--- a/arch/x86/include/asm/kvm_host.h
+++ b/arch/x86/include/asm/kvm_host.h
@@ -1112,6 +1112,7 @@ struct kvm_x86_ops {
 	int (*handle_exit)(struct kvm_vcpu *vcpu,
 		enum exit_fastpath_completion exit_fastpath);
 	int (*skip_emulated_instruction)(struct kvm_vcpu *vcpu);
+	void (*update_emulated_instruction)(struct kvm_vcpu *vcpu);
 	void (*set_interrupt_shadow)(struct kvm_vcpu *vcpu, int mask);
 	u32 (*get_interrupt_shadow)(struct kvm_vcpu *vcpu);
 	void (*patch_hypercall)(struct kvm_vcpu *vcpu,
diff --git a/arch/x86/include/uapi/asm/kvm.h b/arch/x86/include/uapi/asm/kvm.h
index 503d3f42da16..3f3f780c8c65 100644
--- a/arch/x86/include/uapi/asm/kvm.h
+++ b/arch/x86/include/uapi/asm/kvm.h
@@ -390,6 +390,7 @@ struct kvm_sync_regs {
 #define KVM_STATE_NESTED_GUEST_MODE	0x00000001
 #define KVM_STATE_NESTED_RUN_PENDING	0x00000002
 #define KVM_STATE_NESTED_EVMCS		0x00000004
+#define KVM_STATE_NESTED_MTF_PENDING	0x00000008
 
 #define KVM_STATE_NESTED_SMM_GUEST_MODE	0x00000001
 #define KVM_STATE_NESTED_SMM_VMXON	0x00000002
diff --git a/arch/x86/kvm/svm.c b/arch/x86/kvm/svm.c
index a3e32d61d60c..fa923b5f8158 100644
--- a/arch/x86/kvm/svm.c
+++ b/arch/x86/kvm/svm.c
@@ -7433,6 +7433,7 @@ static struct kvm_x86_ops svm_x86_ops __ro_after_init = {
 	.run = svm_vcpu_run,
 	.handle_exit = handle_exit,
 	.skip_emulated_instruction = skip_emulated_instruction,
+	.update_emulated_instruction = NULL,
 	.set_interrupt_shadow = svm_set_interrupt_shadow,
 	.get_interrupt_shadow = svm_get_interrupt_shadow,
 	.patch_hypercall = svm_patch_hypercall,
diff --git a/arch/x86/kvm/vmx/nested.c b/arch/x86/kvm/vmx/nested.c
index 1586aaae3a6f..93441821b24e 100644
--- a/arch/x86/kvm/vmx/nested.c
+++ b/arch/x86/kvm/vmx/nested.c
@@ -3608,8 +3608,15 @@ static int vmx_check_nested_events(struct kvm_vcpu *vcpu, bool external_intr)
 	unsigned long exit_qual;
 	bool block_nested_events =
 	    vmx->nested.nested_run_pending || kvm_event_needs_reinjection(vcpu);
+	bool mtf_pending = vmx->nested.mtf_pending;
 	struct kvm_lapic *apic = vcpu->arch.apic;
 
+	/*
+	 * Clear the MTF state. If a higher priority VM-exit is delivered first,
+	 * this state is discarded.
+	 */
+	vmx->nested.mtf_pending = false;
+
 	if (lapic_in_kernel(vcpu) &&
 		test_bit(KVM_APIC_INIT, &apic->pending_events)) {
 		if (block_nested_events)
@@ -3620,8 +3627,28 @@ static int vmx_check_nested_events(struct kvm_vcpu *vcpu, bool external_intr)
 		return 0;
 	}
 
+	/*
+	 * Process any exceptions that are not debug traps before MTF.
+	 */
+	if (vcpu->arch.exception.pending &&
+	    !vmx_pending_dbg_trap(vcpu) &&
+	    nested_vmx_check_exception(vcpu, &exit_qual)) {
+		if (block_nested_events)
+			return -EBUSY;
+		nested_vmx_inject_exception_vmexit(vcpu, exit_qual);
+		return 0;
+	}
+
+	if (mtf_pending) {
+		if (block_nested_events)
+			return -EBUSY;
+		nested_vmx_update_pending_dbg(vcpu);
+		nested_vmx_vmexit(vcpu, EXIT_REASON_MONITOR_TRAP_FLAG, 0, 0);
+		return 0;
+	}
+
 	if (vcpu->arch.exception.pending &&
-		nested_vmx_check_exception(vcpu, &exit_qual)) {
+	    nested_vmx_check_exception(vcpu, &exit_qual)) {
 		if (block_nested_events)
 			return -EBUSY;
 		nested_vmx_inject_exception_vmexit(vcpu, exit_qual);
@@ -5711,6 +5738,9 @@ static int vmx_get_nested_state(struct kvm_vcpu *vcpu,
 
 			if (vmx->nested.nested_run_pending)
 				kvm_state.flags |= KVM_STATE_NESTED_RUN_PENDING;
+
+			if (vmx->nested.mtf_pending)
+				kvm_state.flags |= KVM_STATE_NESTED_MTF_PENDING;
 		}
 	}
 
@@ -5891,6 +5921,9 @@ static int vmx_set_nested_state(struct kvm_vcpu *vcpu,
 	vmx->nested.nested_run_pending =
 		!!(kvm_state->flags & KVM_STATE_NESTED_RUN_PENDING);
 
+	vmx->nested.mtf_pending =
+		!!(kvm_state->flags & KVM_STATE_NESTED_MTF_PENDING);
+
 	ret = -EINVAL;
 	if (nested_cpu_has_shadow_vmcs(vmcs12) &&
 	    vmcs12->vmcs_link_pointer != -1ull) {
diff --git a/arch/x86/kvm/vmx/nested.h b/arch/x86/kvm/vmx/nested.h
index fc874d4ead0f..e12461776151 100644
--- a/arch/x86/kvm/vmx/nested.h
+++ b/arch/x86/kvm/vmx/nested.h
@@ -175,6 +175,11 @@ static inline bool nested_cpu_has_virtual_nmis(struct vmcs12 *vmcs12)
 	return vmcs12->pin_based_vm_exec_control & PIN_BASED_VIRTUAL_NMIS;
 }
 
+static inline int nested_cpu_has_mtf(struct vmcs12 *vmcs12)
+{
+	return nested_cpu_has(vmcs12, CPU_BASED_MONITOR_TRAP_FLAG);
+}
+
 static inline int nested_cpu_has_ept(struct vmcs12 *vmcs12)
 {
 	return nested_cpu_has2(vmcs12, SECONDARY_EXEC_ENABLE_EPT);
diff --git a/arch/x86/kvm/vmx/vmx.c b/arch/x86/kvm/vmx/vmx.c
index 9a6664886f2e..90102830eeb3 100644
--- a/arch/x86/kvm/vmx/vmx.c
+++ b/arch/x86/kvm/vmx/vmx.c
@@ -1599,6 +1599,40 @@ static int skip_emulated_instruction(struct kvm_vcpu *vcpu)
 	return 1;
 }
 
+
+/*
+ * Recognizes a pending MTF VM-exit and records the nested state for later
+ * delivery.
+ */
+static void vmx_update_emulated_instruction(struct kvm_vcpu *vcpu)
+{
+	struct vmcs12 *vmcs12 = get_vmcs12(vcpu);
+	struct vcpu_vmx *vmx = to_vmx(vcpu);
+
+	if (!is_guest_mode(vcpu))
+		return;
+
+	/*
+	 * Per the SDM, MTF takes priority over debug-trap exceptions besides
+	 * T-bit traps. As instruction emulation is completed (i.e. at the
+	 * instruction boundary), any #DB exception pending delivery must be a
+	 * debug-trap. Record the pending MTF state to be delivered in
+	 * vmx_check_nested_events().
+	 */
+	if (nested_cpu_has_mtf(vmcs12) &&
+	    (!vcpu->arch.exception.pending ||
+	     vcpu->arch.exception.nr == DB_VECTOR))
+		vmx->nested.mtf_pending = true;
+	else
+		vmx->nested.mtf_pending = false;
+}
+
+static void vmx_skip_emulated_instruction(struct kvm_vcpu *vcpu)
+{
+	vmx_update_emulated_instruction(vcpu);
+	return skip_emulated_instruction(vcpu);
+}
+
 static void vmx_clear_hlt(struct kvm_vcpu *vcpu)
 {
 	/*
@@ -7783,7 +7817,8 @@ static struct kvm_x86_ops vmx_x86_ops __ro_after_init = {
 
 	.run = vmx_vcpu_run,
 	.handle_exit = vmx_handle_exit,
-	.skip_emulated_instruction = skip_emulated_instruction,
+	.skip_emulated_instruction = vmx_skip_emulated_instruction,
+	.update_emulated_instruction = vmx_update_emulated_instruction,
 	.set_interrupt_shadow = vmx_set_interrupt_shadow,
 	.get_interrupt_shadow = vmx_get_interrupt_shadow,
 	.patch_hypercall = vmx_patch_hypercall,
diff --git a/arch/x86/kvm/vmx/vmx.h b/arch/x86/kvm/vmx/vmx.h
index 7f42cf3dcd70..e64da06c7009 100644
--- a/arch/x86/kvm/vmx/vmx.h
+++ b/arch/x86/kvm/vmx/vmx.h
@@ -150,6 +150,9 @@ struct nested_vmx {
 	/* L2 must run next, and mustn't decide to exit to L1. */
 	bool nested_run_pending;
 
+	/* Pending MTF VM-exit into L1.  */
+	bool mtf_pending;
+
 	struct loaded_vmcs vmcs02;
 
 	/*
diff --git a/arch/x86/kvm/x86.c b/arch/x86/kvm/x86.c
index 4d3310df1758..7dbe48072c54 100644
--- a/arch/x86/kvm/x86.c
+++ b/arch/x86/kvm/x86.c
@@ -6891,6 +6891,8 @@ int x86_emulate_instruction(struct kvm_vcpu *vcpu, gpa_t cr2_or_gpa,
 			kvm_rip_write(vcpu, ctxt->eip);
 			if (r && ctxt->tf)
 				r = kvm_vcpu_do_singlestep(vcpu);
+			if (kvm_x86_ops->update_emulated_instruction)
+				kvm_x86_ops->update_emulated_instruction(vcpu);
 			__kvm_set_rflags(vcpu, ctxt->eflags);
 		}
 
