diff --git a/arch/x86/kvm/x86.c b/arch/x86/kvm/x86.c
index ae18062c26a6..d9cec5daa1ff 100644
--- a/arch/x86/kvm/x86.c
+++ b/arch/x86/kvm/x86.c
@@ -7295,7 +7295,7 @@ int kvm_skip_emulated_instruction(struct kvm_vcpu *vcpu)
 }
 EXPORT_SYMBOL_GPL(kvm_skip_emulated_instruction);
 
-static bool kvm_vcpu_check_breakpoint(struct kvm_vcpu *vcpu, int *r)
+static bool kvm_vcpu_check_code_breakpoint(struct kvm_vcpu *vcpu, int *r)
 {
 	if (unlikely(vcpu->guest_debug & KVM_GUESTDBG_USE_HW_BP) &&
 	    (vcpu->arch.guest_debug_dr7 & DR7_BP_EN_MASK)) {
@@ -7364,25 +7364,23 @@ static bool is_vmware_backdoor_opcode(struct x86_emulate_ctxt *ctxt)
 }
 
 /*
- * Decode to be emulated instruction. Return EMULATION_OK if success.
+ * Decode an instruction for emulation.  The caller is responsible for handling
+ * code breakpoints.  Note, manually detecting code breakpoints is unnecessary
+ * (and wrong) when emulating on an intercepted fault-like exception[*], as
+ * code breakpoints have higher priority and thus have already been done by
+ * hardware.
+ *
+ * [*] Except #MC, which is higher priority, but KVM should never emulate in
+ *     response to a machine check.
  */
 int x86_decode_emulated_instruction(struct kvm_vcpu *vcpu, int emulation_type,
 				    void *insn, int insn_len)
 {
-	int r = EMULATION_OK;
 	struct x86_emulate_ctxt *ctxt = vcpu->arch.emulate_ctxt;
+	int r;
 
 	init_emulate_ctxt(vcpu);
 
-	/*
-	 * We will reenter on the same instruction since we do not set
-	 * complete_userspace_io. This does not handle watchpoints yet,
-	 * those would be handled in the emulate_ops.
-	 */
-	if (!(emulation_type & EMULTYPE_SKIP) &&
-	    kvm_vcpu_check_breakpoint(vcpu, &r))
-		return r;
-
 	ctxt->ud = emulation_type & EMULTYPE_TRAP_UD;
 
 	r = x86_decode_insn(ctxt, insn, insn_len);
@@ -7417,6 +7415,15 @@ int x86_emulate_instruction(struct kvm_vcpu *vcpu, gpa_t cr2_or_gpa,
 	if (!(emulation_type & EMULTYPE_NO_DECODE)) {
 		kvm_clear_exception_queue(vcpu);
 
+		/*
+		 * Return immediately if RIP hits a code breakpoint, such #DBs
+		 * are fault-like and are higher priority than any faults on
+		 * the code fetch itself.
+		 */
+		if (!(emulation_type & EMULTYPE_SKIP) &&
+		    kvm_vcpu_check_code_breakpoint(vcpu, &r))
+			return r;
+
 		r = x86_decode_emulated_instruction(vcpu, emulation_type,
 						    insn, insn_len);
 		if (r != EMULATION_OK)  {