diff --git a/libs/vkd3d/cache.c b/libs/vkd3d/cache.c
index a37492bc..f7e099e7 100644
--- a/libs/vkd3d/cache.c
+++ b/libs/vkd3d/cache.c
@@ -764,18 +764,21 @@ static VkResult vkd3d_serialize_pipeline_state_inline(const struct d3d12_pipelin
         chunk = finish_and_iterate_blob_chunk(chunk);
     }
 
-    if (d3d12_pipeline_state_is_graphics(state))
+    if (!state->pso_is_loaded_from_cached_blob)
     {
-        for (i = 0; i < state->graphics.stage_count; i++)
+        if (d3d12_pipeline_state_is_graphics(state))
         {
-            vkd3d_shader_code_serialize_inline(&state->graphics.code[i], state->graphics.stages[i].stage,
-                    varint_size[i], &chunk);
+            for (i = 0; i < state->graphics.stage_count; i++)
+            {
+                vkd3d_shader_code_serialize_inline(&state->graphics.code[i], state->graphics.stages[i].stage,
+                        varint_size[i], &chunk);
+            }
+        }
+        else if (d3d12_pipeline_state_is_compute(state))
+        {
+            vkd3d_shader_code_serialize_inline(&state->compute.code, VK_SHADER_STAGE_COMPUTE_BIT,
+                    varint_size[0], &chunk);
         }
-    }
-    else if (d3d12_pipeline_state_is_compute(state))
-    {
-        vkd3d_shader_code_serialize_inline(&state->compute.code, VK_SHADER_STAGE_COMPUTE_BIT,
-                varint_size[0], &chunk);
     }
 
     return VK_SUCCESS;
@@ -843,21 +846,24 @@ static VkResult vkd3d_serialize_pipeline_state_referenced(struct d3d12_pipeline_
         chunk = finish_and_iterate_blob_chunk(chunk);
     }
 
-    if (d3d12_pipeline_state_is_graphics(state))
+    if (!state->pso_is_loaded_from_cached_blob)
     {
-        for (i = 0; i < state->graphics.stage_count; i++)
+        if (d3d12_pipeline_state_is_graphics(state))
+        {
+            for (i = 0; i < state->graphics.stage_count; i++)
+            {
+                vkd3d_shader_code_serialize_referenced(pipeline_library,
+                        &state->graphics.code[i], state->graphics.stages[i].stage,
+                        varint_size[i], &chunk);
+            }
+        }
+        else if (d3d12_pipeline_state_is_compute(state))
         {
             vkd3d_shader_code_serialize_referenced(pipeline_library,
-                    &state->graphics.code[i], state->graphics.stages[i].stage,
-                    varint_size[i], &chunk);
+                    &state->compute.code, VK_SHADER_STAGE_COMPUTE_BIT,
+                    varint_size[0], &chunk);
         }
     }
-    else if (d3d12_pipeline_state_is_compute(state))
-    {
-        vkd3d_shader_code_serialize_referenced(pipeline_library,
-                &state->compute.code, VK_SHADER_STAGE_COMPUTE_BIT,
-                varint_size[0], &chunk);
-    }
 
     return VK_SUCCESS;
 }
@@ -900,18 +906,21 @@ VkResult vkd3d_serialize_pipeline_state(struct d3d12_pipeline_library *pipeline_
             vk_blob_size += VKD3D_PIPELINE_BLOB_CHUNK_SIZE_RAW(vk_blob_size_pipeline_cache);
     }
 
-    if (d3d12_pipeline_state_is_graphics(state))
+    if (!state->pso_is_loaded_from_cached_blob)
     {
-        for (i = 0; i < state->graphics.stage_count; i++)
+        if (d3d12_pipeline_state_is_graphics(state))
         {
-            vk_blob_size += vkd3d_shader_code_compute_serialized_size(&state->graphics.code[i],
-                    need_blob_sizes ? &varint_size[i] : NULL, !pipeline_library);
+            for (i = 0; i < state->graphics.stage_count; i++)
+            {
+                vk_blob_size += vkd3d_shader_code_compute_serialized_size(&state->graphics.code[i],
+                        need_blob_sizes ? &varint_size[i] : NULL, !pipeline_library);
+            }
+        }
+        else if (d3d12_pipeline_state_is_compute(state))
+        {
+            vk_blob_size += vkd3d_shader_code_compute_serialized_size(&state->compute.code,
+                    need_blob_sizes ? &varint_size[0] : NULL, !pipeline_library);
         }
-    }
-    else if (d3d12_pipeline_state_is_compute(state))
-    {
-        vk_blob_size += vkd3d_shader_code_compute_serialized_size(&state->compute.code,
-                need_blob_sizes ? &varint_size[0] : NULL, !pipeline_library);
     }
 
     total_size += vk_blob_size;
diff --git a/libs/vkd3d/state.c b/libs/vkd3d/state.c
index 9a939618..5516b894 100644
--- a/libs/vkd3d/state.c
+++ b/libs/vkd3d/state.c
@@ -3863,6 +3863,10 @@ HRESULT d3d12_pipeline_state_create(struct d3d12_device *device, VkPipelineBindP
     {
         VK_CALL(vkDestroyPipelineCache(device->vk_device, object->vk_pso_cache, NULL));
         object->vk_pso_cache = VK_NULL_HANDLE;
+
+        /* Set this explicitly so we avoid attempting to touch code[i] when serializing the PSO blob.
+         * We are at risk of compiling code on the fly in some upcoming situations. */
+        object->pso_is_loaded_from_cached_blob = true;
     }
 
     TRACE("Created pipeline state %p.\n", object);
diff --git a/libs/vkd3d/vkd3d_private.h b/libs/vkd3d/vkd3d_private.h
index ff8222f5..78668205 100644
--- a/libs/vkd3d/vkd3d_private.h
+++ b/libs/vkd3d/vkd3d_private.h
@@ -1560,6 +1560,7 @@ struct d3d12_pipeline_state
     struct d3d12_root_signature *root_signature;
     struct d3d12_device *device;
     bool root_signature_compat_hash_is_dxbc_derived;
+    bool pso_is_loaded_from_cached_blob;
 
     struct vkd3d_private_store private_store;
 };