diff --git a/pcsx2-qt/Settings/AdvancedSettingsWidget.ui b/pcsx2-qt/Settings/AdvancedSettingsWidget.ui
index 3fb770858a..393528742d 100644
--- a/pcsx2-qt/Settings/AdvancedSettingsWidget.ui
+++ b/pcsx2-qt/Settings/AdvancedSettingsWidget.ui
@@ -474,7 +474,7 @@
         </item>
         <item>
          <property name="text">
-          <string>Deflate64</string>
+          <string>Deflate</string>
          </property>
         </item>
         <item>
@@ -482,11 +482,6 @@
           <string>Zstandard</string>
          </property>
         </item>
-        <item>
-         <property name="text">
-          <string>LZMA2</string>
-         </property>
-        </item>
        </widget>
       </item>
      </layout>
diff --git a/pcsx2/Config.h b/pcsx2/Config.h
index cc67c55fa6..c88ca7eff6 100644
--- a/pcsx2/Config.h
+++ b/pcsx2/Config.h
@@ -384,9 +384,8 @@ enum class GSDumpCompressionMethod : u8
 enum class SavestateCompressionMethod : u8
 {
 	Uncompressed = 0,
-	Deflate64 = 1,
-	Zstandard = 2,
-	LZMA2 = 3
+	Deflate = 1,
+	Zstandard = 2
 };
 
 enum class SavestateCompressionLevel : u8
diff --git a/pcsx2/ImGui/FullscreenUI_Settings.cpp b/pcsx2/ImGui/FullscreenUI_Settings.cpp
index 41625a7f29..336f524a01 100644
--- a/pcsx2/ImGui/FullscreenUI_Settings.cpp
+++ b/pcsx2/ImGui/FullscreenUI_Settings.cpp
@@ -4900,9 +4900,8 @@ void FullscreenUI::DrawAdvancedSettingsPage()
 
 	static constexpr const char* s_savestate_compression_type[] = {
 		FSUI_NSTR("Uncompressed"),
-		FSUI_NSTR("Deflate64"),
+		FSUI_NSTR("Deflate"),
 		FSUI_NSTR("Zstandard"),
-		FSUI_NSTR("LZMA2"),
 	};
 
 	static constexpr const char* s_savestate_compression_ratio[] = {
diff --git a/pcsx2/SaveState.cpp b/pcsx2/SaveState.cpp
index 324c312854..239737c51d 100644
--- a/pcsx2/SaveState.cpp
+++ b/pcsx2/SaveState.cpp
@@ -926,8 +926,8 @@ static bool SaveState_ReadScreenshot(zip_t* zf, u32* out_width, u32* out_height,
 // --------------------------------------------------------------------------------------
 static bool SaveState_AddToZip(zip_t* zf, ArchiveEntryList* srclist, SaveStateScreenshotData* screenshot)
 {
-	u32 compression;
-	u32 compression_level;
+	u32 compression = ZIP_CM_DEFAULT;
+	u32 compression_level = 0;
 
 	if (EmuConfig.Savestate.CompressionType == SavestateCompressionMethod::Zstandard)
 	{
@@ -942,25 +942,13 @@ static bool SaveState_AddToZip(zip_t* zf, ArchiveEntryList* srclist, SaveStateSc
 		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::VeryHigh)
 			compression_level = 22;
 	}
-	else if (EmuConfig.Savestate.CompressionType == SavestateCompressionMethod::Deflate64)
+	else if (EmuConfig.Savestate.CompressionType == SavestateCompressionMethod::Deflate)
 	{
-		compression = ZIP_CM_DEFLATE64;
+		compression = ZIP_CM_DEFLATE;
 		if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::Low)
 			compression_level = 1;
 		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::Medium)
-			compression_level = 3;
-		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::High)
-			compression_level = 7;
-		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::VeryHigh)
-			compression_level = 9;
-	}
-	else if (EmuConfig.Savestate.CompressionType == SavestateCompressionMethod::LZMA2)
-	{
-		compression = ZIP_CM_LZMA2;
-		if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::Low)
-			compression_level = 1;
-		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::Medium)
-			compression_level = 3;
+			compression_level = 5;
 		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::High)
 			compression_level = 7;
 		else if (EmuConfig.Savestate.CompressionRatio == SavestateCompressionLevel::VeryHigh)
@@ -1006,7 +994,9 @@ static bool SaveState_AddToZip(zip_t* zf, ArchiveEntryList* srclist, SaveStateSc
 			return false;
 		}
 
-		zip_set_file_compression(zf, fi, compression, compression_level);
+		// Don't compress the version indicator file so that builds that don't
+		// support a given compression method can at least still read it.
+		zip_set_file_compression(zf, fi, ZIP_CM_STORE, 0);
 	}
 
 	const uint listlen = srclist->GetLength();