diff --git a/llvm/lib/Bitcode/Reader/MetadataLoader.cpp b/llvm/lib/Bitcode/Reader/MetadataLoader.cpp
index 0d57ae4ef9df..13d53a35084d 100644
--- a/llvm/lib/Bitcode/Reader/MetadataLoader.cpp
+++ b/llvm/lib/Bitcode/Reader/MetadataLoader.cpp
@@ -1226,10 +1226,12 @@ Error MetadataLoader::MetadataLoaderImpl::parseOneMetadata(
       break;
     }
 
-    MetadataList.assignValue(
-        LocalAsMetadata::get(ValueList.getValueFwdRef(
-            Record[1], Ty, TyID, /*ConstExprInsertBB*/ nullptr)),
-        NextMetadataNo);
+    Value *V = ValueList.getValueFwdRef(Record[1], Ty, TyID,
+                                        /*ConstExprInsertBB*/ nullptr);
+    if (!V)
+      return error("Invalid value reference from old fn metadata");
+
+    MetadataList.assignValue(LocalAsMetadata::get(V), NextMetadataNo);
     NextMetadataNo++;
     break;
   }
@@ -1248,8 +1250,11 @@ Error MetadataLoader::MetadataLoaderImpl::parseOneMetadata(
       if (Ty->isMetadataTy())
         Elts.push_back(getMD(Record[i + 1]));
       else if (!Ty->isVoidTy()) {
-        auto *MD = ValueAsMetadata::get(ValueList.getValueFwdRef(
-            Record[i + 1], Ty, TyID, /*ConstExprInsertBB*/ nullptr));
+        Value *V = ValueList.getValueFwdRef(Record[i + 1], Ty, TyID,
+                                            /*ConstExprInsertBB*/ nullptr);
+        if (!V)
+          return error("Invalid value reference from old metadata");
+        auto *MD = ValueAsMetadata::get(V);
         assert(isa<ConstantAsMetadata>(MD) &&
                "Expected non-function-local metadata");
         Elts.push_back(MD);
@@ -1269,10 +1274,12 @@ Error MetadataLoader::MetadataLoaderImpl::parseOneMetadata(
     if (Ty->isMetadataTy() || Ty->isVoidTy())
       return error("Invalid record");
 
-    MetadataList.assignValue(
-        ValueAsMetadata::get(ValueList.getValueFwdRef(
-            Record[1], Ty, TyID, /*ConstExprInsertBB*/ nullptr)),
-        NextMetadataNo);
+    Value *V = ValueList.getValueFwdRef(Record[1], Ty, TyID,
+                                        /*ConstExprInsertBB*/ nullptr);
+    if (!V)
+      return error("Invalid value reference from metadata");
+
+    MetadataList.assignValue(ValueAsMetadata::get(V), NextMetadataNo);
     NextMetadataNo++;
     break;
   }