diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
index d5e7555217..5dfd9c4a23 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
@@ -3352,6 +3352,7 @@ void GSRendererHW::Draw()
 				// Z isn't offset but RT is, so we need a temp Z to align it, hopefully nothing will ever write to the Z too, right??
 				if (ds && vertical_offset && (m_cached_ctx.ZBUF.Block() - ds->m_TEX0.TBP0) != (m_cached_ctx.FRAME.Block() - rt->m_TEX0.TBP0))
 				{
+					m_using_temp_z = true;
 					const int z_vertical_offset = ((static_cast<int>(m_cached_ctx.ZBUF.Block() - ds->m_TEX0.TBP0) / 32) / std::max(rt->m_TEX0.TBW, 1U)) * GSLocalMemory::m_psm[m_cached_ctx.ZBUF.PSM].pgs.y;
 					if (g_texture_cache->GetTemporaryZ() != nullptr)
 					{
@@ -3373,19 +3374,24 @@ void GSRendererHW::Draw()
 					if (g_texture_cache->GetTemporaryZ() == nullptr)
 					{
 						m_temp_z_full_copy = false;
-						u32 vertical_size = std::max(rt->m_unscaled_size.y, ds->m_unscaled_size.y);
-						GL_CACHE("HW: RT in RT Z copy on draw %d z_vert_offset %d z_offset %d", s_n, z_vertical_offset, vertical_offset);
-						GSVector4i dRect = GSVector4i(0, vertical_offset * ds->m_scale, ds->m_unscaled_size.x * ds->m_scale, (vertical_offset + ds->m_unscaled_size.y - z_vertical_offset) * ds->m_scale);
+						const u32 vertical_size = std::max(rt->m_unscaled_size.y, ds->m_unscaled_size.y);
+						const GSVector4i dRect = GSVector4i(0, vertical_offset * ds->m_scale, ds->m_unscaled_size.x * ds->m_scale, (vertical_offset + ds->m_unscaled_size.y - z_vertical_offset) * ds->m_scale);
 						const int new_height = std::max(static_cast<int>(vertical_size * ds->m_scale), dRect.w);
-						GSTexture* tex = g_gs_device->CreateDepthStencil(ds->m_unscaled_size.x * ds->m_scale, new_height, GSTexture::Format::DepthStencil, true);
-						g_gs_device->StretchRect(ds->m_texture, GSVector4(0.0f, z_vertical_offset / static_cast<float>(ds->m_unscaled_size.y), 1.0f, (ds->m_unscaled_size.y - z_vertical_offset) / static_cast<float>(ds->m_unscaled_size.y)), tex, GSVector4(dRect), ShaderConvert::DEPTH_COPY, false);
-						g_perfmon.Put(GSPerfMon::TextureCopies, 1);
-						g_texture_cache->SetTemporaryZ(tex);
-						g_texture_cache->SetTemporaryZInfo(ds->m_TEX0.TBP0, vertical_offset - z_vertical_offset);
-						t_size.y = std::max(new_height, t_size.y);
+						if (GSTexture* tex = g_gs_device->CreateDepthStencil(ds->m_unscaled_size.x * ds->m_scale, new_height, GSTexture::Format::DepthStencil, true))
+						{
+							GL_CACHE("HW: RT in RT Z copy on draw %d z_vert_offset %d z_offset %d", s_n, z_vertical_offset, vertical_offset);
+							g_gs_device->StretchRect(ds->m_texture, GSVector4(0.0f, z_vertical_offset / static_cast<float>(ds->m_unscaled_size.y), 1.0f, (ds->m_unscaled_size.y - z_vertical_offset) / static_cast<float>(ds->m_unscaled_size.y)), tex, GSVector4(dRect), ShaderConvert::DEPTH_COPY, false);
+							g_perfmon.Put(GSPerfMon::TextureCopies, 1);
+							g_texture_cache->SetTemporaryZ(tex);
+							g_texture_cache->SetTemporaryZInfo(ds->m_TEX0.TBP0, vertical_offset - z_vertical_offset);
+							t_size.y = std::max(new_height, t_size.y);
+						}
+						else
+						{
+							DevCon.Warning("HW: Temporary depth buffer creation failed.");
+							m_using_temp_z = false;
+						}
 					}
-					m_using_temp_z = true;
-
 				}
 			}
 			// Don't resize if the BPP don't match.
@@ -3985,13 +3991,16 @@ void GSRendererHW::Draw()
 
 				if (z_width != new_w || z_height != new_h)
 				{
-					GSVector4i dRect = GSVector4i(0, 0, g_texture_cache->GetTemporaryZ()->GetWidth(), g_texture_cache->GetTemporaryZ()->GetHeight());
-
-					GSTexture* tex = g_gs_device->CreateDepthStencil(new_w * ds->m_scale, new_h * ds->m_scale, GSTexture::Format::DepthStencil, true);
-					g_gs_device->StretchRect(g_texture_cache->GetTemporaryZ(), GSVector4(0.0f, 0.0f, 1.0f, 1.0f), tex, GSVector4(dRect), ShaderConvert::DEPTH_COPY, false);
-					g_perfmon.Put(GSPerfMon::TextureCopies, 1);
-					g_texture_cache->InvalidateTemporaryZ();
-					g_texture_cache->SetTemporaryZ(tex);
+					if (GSTexture* tex = g_gs_device->CreateDepthStencil(new_w * ds->m_scale, new_h * ds->m_scale, GSTexture::Format::DepthStencil, true))
+					{
+						const GSVector4i dRect = GSVector4i(0, 0, g_texture_cache->GetTemporaryZ()->GetWidth(), g_texture_cache->GetTemporaryZ()->GetHeight());
+						g_gs_device->StretchRect(g_texture_cache->GetTemporaryZ(), GSVector4(0.0f, 0.0f, 1.0f, 1.0f), tex, GSVector4(dRect), ShaderConvert::DEPTH_COPY, false);
+						g_perfmon.Put(GSPerfMon::TextureCopies, 1);
+						g_texture_cache->InvalidateTemporaryZ();
+						g_texture_cache->SetTemporaryZ(tex);
+					}
+					else
+						DevCon.Warning("HW: Temporary depth buffer creation failed.");
 				}
 			}
 			if (!m_texture_shuffle && !m_channel_shuffle)