diff --git a/pcsx2-qt/ShortcutCreationDialog.cpp b/pcsx2-qt/ShortcutCreationDialog.cpp
index a5f40396f2..4fef8d258b 100644
--- a/pcsx2-qt/ShortcutCreationDialog.cpp
+++ b/pcsx2-qt/ShortcutCreationDialog.cpp
@@ -41,10 +41,10 @@ ShortcutCreationDialog::ShortcutCreationDialog(QWidget* parent, const QString& t
 	m_ui.shortcutStartMenu->setText(tr("Application Launcher"));
 #endif
 
-	QButtonGroup* buttonGroup = new QButtonGroup(this);
-	buttonGroup->setExclusive(true);
-	buttonGroup->addButton(m_ui.fastForwardTurboOption);
-	buttonGroup->addButton(m_ui.fastForwardUnlimitedOption);
+	QButtonGroup* speedGroup = new QButtonGroup(this);
+	speedGroup->setExclusive(true);
+	speedGroup->addButton(m_ui.fastForwardTurboOption);
+	speedGroup->addButton(m_ui.fastForwardUnlimitedOption);
 	m_ui.fastForwardTurboOption->setChecked(true);
 
 	connect(m_ui.overrideBootELFButton, &QPushButton::clicked, [&]() {
@@ -75,6 +75,37 @@ ShortcutCreationDialog::ShortcutCreationDialog(QWidget* parent, const QString& t
 
 	m_ui.loadStateIndex->setMaximum(VMManager::NUM_SAVE_STATE_SLOTS);
 
+	m_ui.iconPreview->setPixmap(QtHost::GetAppIcon().pixmap(m_ui.iconPreview->size()));
+	m_ui.resetIconButton->setEnabled(false);
+
+	connect(m_ui.browseIconButton, &QPushButton::clicked, [&]() {
+#if defined(_WIN32)
+		const QString filter = tr("Icon Files (*.ico);;All Files (*.*)");
+#else
+		const QString filter = tr("Image Files (*.png *.jpg *.svg *.webp);;All Files (*.*)");
+#endif
+		const QString icon_file = QFileDialog::getOpenFileName(this, tr("Select Icon"), QString(), filter);
+		if (!icon_file.isEmpty())
+		{
+			QPixmap pixmap(icon_file);
+			if (pixmap.isNull())
+			{
+				QMessageBox::critical(this, tr("Invalid Icon"), tr("The selected file could not be loaded as an icon."));
+				return;
+			}
+
+			m_ui.iconPath->setText(Path::ToNativePath(icon_file.toStdString()).c_str());
+			m_ui.iconPreview->setPixmap(pixmap.scaled(m_ui.iconPreview->size(), Qt::KeepAspectRatio, Qt::SmoothTransformation));
+			m_ui.resetIconButton->setEnabled(true);
+		}
+	});
+
+	connect(m_ui.resetIconButton, &QPushButton::clicked, [&]() {
+		m_ui.iconPath->clear();
+		m_ui.iconPreview->setPixmap(QtHost::GetAppIcon().pixmap(m_ui.iconPreview->size()));
+		m_ui.resetIconButton->setEnabled(false);
+	});
+
 	if (std::getenv("container"))
 	{
 		m_ui.portableModeToggle->setEnabled(false);
@@ -107,7 +138,7 @@ ShortcutCreationDialog::ShortcutCreationDialog(QWidget* parent, const QString& t
 		if (m_ui.loadStateIndexToggle->isChecked())
 		{
 			const s32 load_state_index = m_ui.loadStateIndex->value();
-			if (load_state_index >= 1 && load_state_index <= VMManager::NUM_SAVE_STATE_SLOTS)
+			if (load_state_index > 0 && load_state_index <= VMManager::NUM_SAVE_STATE_SLOTS)
 			{
 				args.push_back("-state");
 				args.push_back(StringUtil::ToChars(load_state_index));
@@ -135,14 +166,15 @@ ShortcutCreationDialog::ShortcutCreationDialog(QWidget* parent, const QString& t
 		}
 
 		std::string custom_args = m_ui.customArgsInput->text().toStdString();
+		std::string icon_path = m_ui.iconPath->text().toStdString();
 
-		ShortcutCreationDialog::CreateShortcut(title.toStdString(), path.toStdString(), args, custom_args, m_ui.shortcutDesktop->isChecked());
+		ShortcutCreationDialog::CreateShortcut(title.toStdString(), path.toStdString(), args, custom_args, icon_path, m_ui.shortcutDesktop->isChecked());
 
 		accept();
 	});
 }
 
-void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::string game_path, std::vector<std::string> passed_cli_args, std::string custom_args, bool is_desktop)
+void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::string game_path, std::vector<std::string> passed_cli_args, std::string custom_args, const std::string icon_path, bool is_desktop)
 {
 #if defined(_WIN32)
 	if (name.empty())
@@ -205,7 +237,7 @@ void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::s
 
 	if (!lossless)
 	{
-		QMessageBox::warning(this, tr("Failed to create shortcut"), tr("File path contains invalid character(s)."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
+		QMessageBox::critical(this, tr("Failed to create shortcut"), tr("File path contains invalid character(s)."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
 		return;
 	}
 
@@ -282,8 +314,22 @@ void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::s
 	}
 
 	// Set the icon
-	std::string icon_path = Path::ToNativePath(Path::Combine(Path::GetDirectory(FileSystem::GetProgramPath()), "resources/icons/AppIconLarge.ico"));
-	const std::wstring w_icon_path = StringUtil::UTF8StringToWideString(icon_path);
+	std::string final_icon_path;
+	if (!icon_path.empty())
+	{
+		final_icon_path = Path::ToNativePath(icon_path);
+		if (!FileSystem::FileExists(final_icon_path.c_str()))
+		{
+			QMessageBox::critical(this, tr("Failed to create shortcut"), tr("The selected icon file does not exist."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
+			return;
+		}
+	}
+	else
+	{
+		final_icon_path = Path::ToNativePath(Path::Combine(Path::GetDirectory(FileSystem::GetProgramPath()), "resources/icons/AppIconLarge.ico"));
+	}
+
+	const std::wstring w_icon_path = StringUtil::UTF8StringToWideString(final_icon_path);
 	res = pShellLink->SetIconLocation(w_icon_path.c_str(), 0);
 	if (FAILED(res))
 	{
@@ -365,25 +411,38 @@ void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::s
 		return;
 	}
 
-	// Copy PCSX2 icon
-	std::string icon_dest;
-	if (xdg_data_home)
-		icon_dest = fmt::format("{}/icons/hicolor/512x512/apps/", xdg_data_home);
-	else
-		icon_dest = fmt::format("{}/.local/share/icons/hicolor/512x512/apps/", home);
-
 	std::string icon_name;
-	if (is_flatpak) // Flatpak
+	if (!icon_path.empty())
 	{
-		executable_path = "flatpak run net.pcsx2.PCSX2";
-		icon_name = "net.pcsx2.PCSX2";
+		if (!FileSystem::FileExists(icon_path.c_str()))
+		{
+			QMessageBox::critical(this, tr("Failed to create shortcut"), tr("The selected icon file does not exist."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
+			return;
+		}
+		icon_name = icon_path;
 	}
 	else
 	{
-		icon_name = "PCSX2";
-		std::string icon_path = fmt::format("{}/{}.png", icon_dest, icon_name).c_str();
-		if (FileSystem::EnsureDirectoryExists(icon_dest.c_str(), true))
-			FileSystem::CopyFilePath(Path::Combine(EmuFolders::Resources, "icons/AppIconLarge.png").c_str(), icon_path.c_str(), false);
+		// Copy PCSX2 icon
+		std::string icon_dest;
+		if (xdg_data_home)
+			icon_dest = fmt::format("{}/icons/hicolor/512x512/apps/", xdg_data_home);
+		else
+			icon_dest = fmt::format("{}/.local/share/icons/hicolor/512x512/apps/", home);
+
+		if (is_flatpak) // Flatpak
+		{
+			executable_path = "flatpak run net.pcsx2.PCSX2";
+			icon_name = "net.pcsx2.PCSX2";
+		}
+		else
+		{
+			icon_name = "PCSX2";
+			std::string icon_path_dest = fmt::format("{}/{}.png", icon_dest, icon_name).c_str();
+			if (FileSystem::EnsureDirectoryExists(icon_dest.c_str(), true))
+				if (!FileSystem::FileExists(icon_path_dest.c_str()))
+					FileSystem::CopyFilePath(Path::Combine(EmuFolders::Resources, "icons/AppIconLarge.png").c_str(), icon_path_dest.c_str(), false);
+		}
 	}
 
 	// Shortcut CmdLine Args
@@ -393,7 +452,7 @@ void ShortcutCreationDialog::CreateShortcut(const std::string name, const std::s
 
 	if (!lossless)
 	{
-		QMessageBox::warning(this, tr("Failed to create shortcut"), tr("File path contains invalid character(s)."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
+		QMessageBox::critical(this, tr("Failed to create shortcut"), tr("File path contains invalid character(s)."), QMessageBox::StandardButton::Ok, QMessageBox::StandardButton::Ok);
 		return;
 	}
 
diff --git a/pcsx2-qt/ShortcutCreationDialog.h b/pcsx2-qt/ShortcutCreationDialog.h
index afbb29ae0a..eee8def535 100644
--- a/pcsx2-qt/ShortcutCreationDialog.h
+++ b/pcsx2-qt/ShortcutCreationDialog.h
@@ -15,7 +15,7 @@ public:
 	~ShortcutCreationDialog() = default;
 
 	/// Create desktop shortcut for games
-	void CreateShortcut(const std::string name, const std::string game_path, std::vector<std::string> passed_cli_args, std::string custom_args, bool is_desktop);
+	void CreateShortcut(const std::string name, const std::string game_path, std::vector<std::string> passed_cli_args, std::string custom_args, const std::string icon_path, bool is_desktop);
 
 	/// Escapes the given string for use with command line arguments.
 	/// Returns a bool that indicates whether the escaping operation are lossless or not.
diff --git a/pcsx2-qt/ShortcutCreationDialog.ui b/pcsx2-qt/ShortcutCreationDialog.ui
index db546f40b7..6f441be6c4 100644
--- a/pcsx2-qt/ShortcutCreationDialog.ui
+++ b/pcsx2-qt/ShortcutCreationDialog.ui
@@ -10,11 +10,11 @@
     <x>0</x>
     <y>0</y>
     <width>500</width>
-    <height>700</height>
+    <height>825</height>
    </rect>
   </property>
   <layout class="QGridLayout" name="shortcutLayout">
-   <item row="4" column="0" colspan="2">
+   <item row="6" column="0" colspan="2">
     <widget class="QGroupBox" name="launchArgsGroup">
      <property name="title">
       <string/>
@@ -291,7 +291,7 @@
      </property>
     </widget>
    </item>
-   <item row="6" column="1">
+   <item row="8" column="1">
     <widget class="QDialogButtonBox" name="dialogButtons">
      <property name="standardButtons">
       <set>QDialogButtonBox::StandardButton::Cancel|QDialogButtonBox::StandardButton::Ok</set>
@@ -301,7 +301,7 @@
      </property>
     </widget>
    </item>
-   <item row="3" column="0">
+   <item row="5" column="0">
     <widget class="QLabel" name="instruction">
      <property name="text">
       <string>Launch Options</string>
@@ -334,7 +334,7 @@
      </layout>
     </widget>
    </item>
-   <item row="5" column="0">
+   <item row="7" column="0">
     <spacer name="verticalSpacer">
      <property name="orientation">
       <enum>Qt::Orientation::Vertical</enum>
@@ -347,11 +347,100 @@
      </property>
     </spacer>
    </item>
+   <item row="3" column="0">
+    <widget class="QLabel" name="iconLabel">
+     <property name="text">
+      <string>Icon</string>
+     </property>
+     <property name="buddy">
+      <cstring>browseIconButton</cstring>
+     </property>
+    </widget>
+   </item>
+   <item row="4" column="0" colspan="2">
+    <widget class="QGroupBox" name="iconGroup">
+     <property name="title">
+      <string/>
+     </property>
+     <layout class="QGridLayout" name="iconLayout">
+      <item row="1" column="2">
+       <widget class="QPushButton" name="resetIconButton">
+        <property name="toolTip">
+         <string>Reset to default application icon</string>
+        </property>
+        <property name="text">
+         <string>Reset</string>
+        </property>
+       </widget>
+      </item>
+      <item row="1" column="1">
+       <widget class="QPushButton" name="browseIconButton">
+        <property name="text">
+         <string>Browse...</string>
+        </property>
+       </widget>
+      </item>
+      <item row="0" column="0" rowspan="2">
+       <widget class="QLabel" name="iconPreview">
+        <property name="minimumSize">
+         <size>
+          <width>64</width>
+          <height>64</height>
+         </size>
+        </property>
+        <property name="maximumSize">
+         <size>
+          <width>64</width>
+          <height>64</height>
+         </size>
+        </property>
+        <property name="contextMenuPolicy">
+         <enum>Qt::ContextMenuPolicy::NoContextMenu</enum>
+        </property>
+        <property name="frameShape">
+         <enum>QFrame::Shape::StyledPanel</enum>
+        </property>
+        <property name="frameShadow">
+         <enum>QFrame::Shadow::Raised</enum>
+        </property>
+        <property name="text">
+         <string notr="true"/>
+        </property>
+        <property name="scaledContents">
+         <bool>false</bool>
+        </property>
+        <property name="alignment">
+         <set>Qt::AlignmentFlag::AlignCenter</set>
+        </property>
+        <property name="textInteractionFlags">
+         <set>Qt::TextInteractionFlag::NoTextInteraction</set>
+        </property>
+        <property name="buddy">
+         <cstring>iconPath</cstring>
+        </property>
+       </widget>
+      </item>
+      <item row="0" column="1" colspan="2">
+       <widget class="QLineEdit" name="iconPath">
+        <property name="readOnly">
+         <bool>true</bool>
+        </property>
+        <property name="placeholderText">
+         <string>Default PCSX2 Icon</string>
+        </property>
+       </widget>
+      </item>
+     </layout>
+    </widget>
+   </item>
   </layout>
  </widget>
  <tabstops>
   <tabstop>shortcutDesktop</tabstop>
   <tabstop>shortcutStartMenu</tabstop>
+  <tabstop>iconPath</tabstop>
+  <tabstop>browseIconButton</tabstop>
+  <tabstop>resetIconButton</tabstop>
   <tabstop>portableModeToggle</tabstop>
   <tabstop>overrideBootELFToggle</tabstop>
   <tabstop>overrideBootELFPath</tabstop>
@@ -360,6 +449,9 @@
   <tabstop>gameArgs</tabstop>
   <tabstop>bootOptionToggle</tabstop>
   <tabstop>bootOptionDropdown</tabstop>
+  <tabstop>fastForwardOptionToggle</tabstop>
+  <tabstop>fastForwardTurboOption</tabstop>
+  <tabstop>fastForwardUnlimitedOption</tabstop>
   <tabstop>fullscreenMode</tabstop>
   <tabstop>fullscreenModeDropdown</tabstop>
   <tabstop>bigPictureModeToggle</tabstop>