diff --git a/Common/GPU/Vulkan/VulkanRenderManager.cpp b/Common/GPU/Vulkan/VulkanRenderManager.cpp
index 899bd56655..21a444f894 100644
--- a/Common/GPU/Vulkan/VulkanRenderManager.cpp
+++ b/Common/GPU/Vulkan/VulkanRenderManager.cpp
@@ -693,6 +693,48 @@ VkCommandBuffer VulkanRenderManager::GetInitCmd() {
 	return frameData_[curFrame].initCmd;
 }
 
+VKRGraphicsPipeline *VulkanRenderManager::CreateGraphicsPipeline(VKRGraphicsPipelineDesc *desc, uint32_t variantBitmask) {
+	VKRGraphicsPipeline *pipeline = new VKRGraphicsPipeline();
+	_dbg_assert_(desc->vertexShader);
+	_dbg_assert_(desc->fragmentShader);
+	pipeline->desc = desc;
+	if (curRenderStep_) {
+		// The common case
+		pipelinesToCheck_.push_back(pipeline);
+	} else {
+		if (!variantBitmask) {
+			WARN_LOG(G3D, "WARNING: Will not compile any variants of pipeline, not in renderpass and empty variantBitmask");
+		}
+		// Presumably we're in initialization, loading the shader cache.
+		// Look at variantBitmask to see what variants we should queue up.
+		RPKey key{
+			VKRRenderPassLoadAction::CLEAR, VKRRenderPassLoadAction::CLEAR, VKRRenderPassLoadAction::CLEAR,
+			VKRRenderPassStoreAction::STORE, VKRRenderPassStoreAction::DONT_CARE, VKRRenderPassStoreAction::DONT_CARE,
+		};
+		VKRRenderPass *compatibleRenderPass = queueRunner_.GetRenderPass(key);
+		compileMutex_.lock();
+		for (int i = 0; i < RP_TYPE_COUNT; i++) {
+			if (!(variantBitmask & (1 << i)))
+				continue;
+			RenderPassType rpType = (RenderPassType)i;
+			pipeline->pipeline[rpType] = Promise<VkPipeline>::CreateEmpty();
+			compileQueue_.push_back(CompileQueueEntry(pipeline, compatibleRenderPass->Get(vulkan_, rpType), rpType));
+		}
+		compileMutex_.unlock();
+	}
+	return pipeline;
+}
+
+VKRComputePipeline *VulkanRenderManager::CreateComputePipeline(VKRComputePipelineDesc *desc) {
+	VKRComputePipeline *pipeline = new VKRComputePipeline();
+	pipeline->desc = desc;
+	compileMutex_.lock();
+	compileQueue_.push_back(CompileQueueEntry(pipeline));
+	compileCond_.notify_one();
+	compileMutex_.unlock();
+	return pipeline;
+}
+
 void VulkanRenderManager::EndCurRenderStep() {
 	if (!curRenderStep_)
 		return;
@@ -713,13 +755,15 @@ void VulkanRenderManager::EndCurRenderStep() {
 	// Save the accumulated pipeline flags so we can use that to configure the render pass.
 	// We'll often be able to avoid loading/saving the depth/stencil buffer.
 	compileMutex_.lock();
-	for (VKRGraphicsPipeline *pipeline : pipelinesToCreate_) {
-		pipeline->pipeline[rpType] = Promise<VkPipeline>::CreateEmpty();
-		compileQueue_.push_back(CompileQueueEntry(pipeline, renderPass->Get(vulkan_, rpType), rpType));
+	for (VKRGraphicsPipeline *pipeline : pipelinesToCheck_) {
+		if (!pipeline->pipeline[rpType]) {
+			pipeline->pipeline[rpType] = Promise<VkPipeline>::CreateEmpty();
+			compileQueue_.push_back(CompileQueueEntry(pipeline, renderPass->Get(vulkan_, rpType), rpType));
+		}
 	}
 	compileCond_.notify_one();
 	compileMutex_.unlock();
-	pipelinesToCreate_.clear();
+	pipelinesToCheck_.clear();
 
 	// We don't do this optimization for very small targets, probably not worth it.
 	if (!curRenderArea_.Empty() && (curWidth_ > 32 && curHeight_ > 32)) {
@@ -959,7 +1003,6 @@ bool VulkanRenderManager::InitBackbufferFramebuffers(int width, int height) {
 	// We share the same depth buffer but have multiple color buffers, see the loop below.
 	VkImageView attachments[2] = { VK_NULL_HANDLE, depth_.view };
 
-	VLOG("InitFramebuffers: %dx%d", width, height);
 	VkFramebufferCreateInfo fb_info = { VK_STRUCTURE_TYPE_FRAMEBUFFER_CREATE_INFO };
 	fb_info.renderPass = queueRunner_.GetCompatibleRenderPass()->Get(vulkan_, RP_TYPE_BACKBUFFER);
 	fb_info.attachmentCount = 2;
diff --git a/Common/GPU/Vulkan/VulkanRenderManager.h b/Common/GPU/Vulkan/VulkanRenderManager.h
index 191f9d33e7..24a3fca123 100644
--- a/Common/GPU/Vulkan/VulkanRenderManager.h
+++ b/Common/GPU/Vulkan/VulkanRenderManager.h
@@ -166,6 +166,16 @@ struct VKRGraphicsPipeline {
 		delete desc;
 	}
 
+	u32 GetVariantsBitmask() const {
+		u32 bitmask = 0;
+		for (int i = 0; i < RP_TYPE_COUNT; i++) {
+			if (pipeline[i]) {
+				bitmask |= 1 << i;
+			}
+		}
+		return bitmask;
+	}
+
 	VKRGraphicsPipelineDesc *desc = nullptr;
 	Promise<VkPipeline> *pipeline[RP_TYPE_COUNT];
 
@@ -248,30 +258,22 @@ public:
 	// Deferred creation, like in GL. Unlike GL though, the purpose is to allow background creation and avoiding
 	// stalling the emulation thread as much as possible.
 	// We delay creating pipelines until the end of the current render pass, so we can create the right type immediately.
-	// WARNING: desc must stick around! It's not enough to build it on the stack.
-	VKRGraphicsPipeline *CreateGraphicsPipeline(VKRGraphicsPipelineDesc *desc) {
-		VKRGraphicsPipeline *pipeline = new VKRGraphicsPipeline();
-		_dbg_assert_(desc->vertexShader);
-		_dbg_assert_(desc->fragmentShader);
-		pipeline->desc = desc;
-		pipelinesToCreate_.push_back(pipeline);
-		return pipeline;
-	}
+	// Unless a variantBitmask is passed in, in which case we can just go ahead.
+	// WARNING: desc must stick around during the lifetime of the pipeline! It's not enough to build it on the stack and drop it.
+	VKRGraphicsPipeline *CreateGraphicsPipeline(VKRGraphicsPipelineDesc *desc, uint32_t variantBitmask);
+	VKRComputePipeline *CreateComputePipeline(VKRComputePipelineDesc *desc);
 
-	VKRComputePipeline *CreateComputePipeline(VKRComputePipelineDesc *desc) {
-		VKRComputePipeline *pipeline = new VKRComputePipeline();
-		pipeline->desc = desc;
+	void NudgeCompilerThread() {
 		compileMutex_.lock();
-		compileQueue_.push_back(CompileQueueEntry(pipeline));
 		compileCond_.notify_one();
 		compileMutex_.unlock();
-		return pipeline;
 	}
 
 	void BindPipeline(VKRGraphicsPipeline *pipeline, PipelineFlags flags, VkPipelineLayout pipelineLayout) {
 		_dbg_assert_(curRenderStep_ && curRenderStep_->stepType == VKRStepType::RENDER);
 		_dbg_assert_(pipeline != nullptr);
 		VkRenderData data{ VKRRenderCommand::BIND_GRAPHICS_PIPELINE };
+		pipelinesToCheck_.push_back(pipeline);
 		data.graphics_pipeline.pipeline = pipeline;
 		data.graphics_pipeline.pipelineLayout = pipelineLayout;
 		curPipelineFlags_ |= flags;
@@ -577,8 +579,8 @@ private:
 	std::mutex compileMutex_;
 	std::vector<CompileQueueEntry> compileQueue_;
 
-	// pipelines to create at the end of the current render pass.
-	std::vector<VKRGraphicsPipeline *> pipelinesToCreate_;
+	// pipelines to check and possibly create at the end of the current render pass.
+	std::vector<VKRGraphicsPipeline *> pipelinesToCheck_;
 
 	// Swap chain management
 	struct SwapchainImageData {
diff --git a/Common/GPU/Vulkan/thin3d_vulkan.cpp b/Common/GPU/Vulkan/thin3d_vulkan.cpp
index 418050fe20..d456aadcfb 100644
--- a/Common/GPU/Vulkan/thin3d_vulkan.cpp
+++ b/Common/GPU/Vulkan/thin3d_vulkan.cpp
@@ -1110,7 +1110,7 @@ Pipeline *VKContext::CreateGraphicsPipeline(const PipelineDesc &desc) {
 	VkPipelineRasterizationStateCreateInfo rs{ VK_STRUCTURE_TYPE_PIPELINE_RASTERIZATION_STATE_CREATE_INFO };
 	raster->ToVulkan(&gDesc.rs);
 
-	pipeline->pipeline = renderManager_.CreateGraphicsPipeline(&gDesc);;
+	pipeline->pipeline = renderManager_.CreateGraphicsPipeline(&gDesc, 1 << RP_TYPE_BACKBUFFER);
 
 	if (desc.uniformDesc) {
 		pipeline->dynamicUniformSize = (int)desc.uniformDesc->uniformBufferSize;
diff --git a/GPU/Common/TextureCacheCommon.cpp b/GPU/Common/TextureCacheCommon.cpp
index 36c34e20a4..8d58346a8c 100644
--- a/GPU/Common/TextureCacheCommon.cpp
+++ b/GPU/Common/TextureCacheCommon.cpp
@@ -1866,10 +1866,9 @@ static bool CanDepalettize(GETextureFormat texFormat, GEBufferFormat bufferForma
 				return true;
 			}
 			break;
-		default:
-			WARN_LOG(G3D, "Invalid CLUT/framebuffer combination: %s vs %s", GeTextureFormatToString(texFormat), GeBufferFormatToString(bufferFormat));
-			return false;
 		}
+		WARN_LOG(G3D, "Invalid CLUT/framebuffer combination: %s vs %s", GeTextureFormatToString(texFormat), GeBufferFormatToString(bufferFormat));
+		return false;
 	} else if (texFormat == GE_TFMT_5650 && bufferFormat == GE_FORMAT_DEPTH16) {
 		// We can also "depal" 565 format, this is used to read depth buffers as 565 on occasion (#15491).
 		return true;
diff --git a/GPU/Vulkan/DrawEngineVulkan.cpp b/GPU/Vulkan/DrawEngineVulkan.cpp
index 9bf95b59b7..8f4cecfd81 100644
--- a/GPU/Vulkan/DrawEngineVulkan.cpp
+++ b/GPU/Vulkan/DrawEngineVulkan.cpp
@@ -768,7 +768,7 @@ void DrawEngineVulkan::DoFlush() {
 			}
 			_dbg_assert_msg_(vshader->UseHWTransform(), "Bad vshader");
 
-			VulkanPipeline *pipeline = pipelineManager_->GetOrCreatePipeline(renderManager, pipelineLayout_, pipelineKey_, &dec_->decFmt, vshader, fshader, true);
+			VulkanPipeline *pipeline = pipelineManager_->GetOrCreatePipeline(renderManager, pipelineLayout_, pipelineKey_, &dec_->decFmt, vshader, fshader, true, 0);
 			if (!pipeline || !pipeline->pipeline) {
 				// Already logged, let's bail out.
 				return;
@@ -893,7 +893,7 @@ void DrawEngineVulkan::DoFlush() {
 				}
 				shaderManager_->GetShaders(prim, lastVType_, &vshader, &fshader, pipelineState_, false, false, decOptions_.expandAllWeightsToFloat);  // usehwtransform
 				_dbg_assert_msg_(!vshader->UseHWTransform(), "Bad vshader");
-				VulkanPipeline *pipeline = pipelineManager_->GetOrCreatePipeline(renderManager, pipelineLayout_, pipelineKey_, &dec_->decFmt, vshader, fshader, false);
+				VulkanPipeline *pipeline = pipelineManager_->GetOrCreatePipeline(renderManager, pipelineLayout_, pipelineKey_, &dec_->decFmt, vshader, fshader, false, 0);
 				if (!pipeline || !pipeline->pipeline) {
 					// Already logged, let's bail out.
 					decodedVerts_ = 0;
diff --git a/GPU/Vulkan/PipelineManagerVulkan.cpp b/GPU/Vulkan/PipelineManagerVulkan.cpp
index a8b3f327bf..76423fae84 100644
--- a/GPU/Vulkan/PipelineManagerVulkan.cpp
+++ b/GPU/Vulkan/PipelineManagerVulkan.cpp
@@ -18,6 +18,10 @@
 
 using namespace PPSSPP_VK;
 
+u32 VulkanPipeline::GetVariantsBitmask() const {
+	return pipeline->GetVariantsBitmask();
+}
+
 PipelineManagerVulkan::PipelineManagerVulkan(VulkanContext *vulkan) : pipelines_(256), vulkan_(vulkan) {
 	// The pipeline cache is created on demand (or explicitly through Load).
 }
@@ -30,10 +34,6 @@ PipelineManagerVulkan::~PipelineManagerVulkan() {
 }
 
 void PipelineManagerVulkan::Clear() {
-	// This should kill off all the shaders at once.
-	// This could also be an opportunity to store the whole cache to disk. Will need to also
-	// store the keys.
-
 	pipelines_.Iterate([&](const VulkanPipelineKey &key, VulkanPipeline *value) {
 		for (int i = 0; i < RP_TYPE_COUNT; i++) {
 			if (value->pipeline) {
@@ -180,7 +180,7 @@ static std::string CutFromMain(std::string str) {
 
 static VulkanPipeline *CreateVulkanPipeline(VulkanRenderManager *renderManager, VkPipelineCache pipelineCache,
 		VkPipelineLayout layout, const VulkanPipelineRasterStateKey &key,
-		const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform) {
+		const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform, u32 variantBitmask) {
 	VKRGraphicsPipelineDesc *desc = new VKRGraphicsPipelineDesc();
 	desc->pipelineCache = pipelineCache;
 
@@ -304,7 +304,7 @@ static VulkanPipeline *CreateVulkanPipeline(VulkanRenderManager *renderManager,
 
 	desc->pipelineLayout = layout;
 
-	VKRGraphicsPipeline *pipeline = renderManager->CreateGraphicsPipeline(desc);
+	VKRGraphicsPipeline *pipeline = renderManager->CreateGraphicsPipeline(desc, variantBitmask);
 
 	VulkanPipeline *vulkanPipeline = new VulkanPipeline();
 	vulkanPipeline->pipeline = pipeline;
@@ -319,7 +319,7 @@ static VulkanPipeline *CreateVulkanPipeline(VulkanRenderManager *renderManager,
 	return vulkanPipeline;
 }
 
-VulkanPipeline *PipelineManagerVulkan::GetOrCreatePipeline(VulkanRenderManager *renderManager, VkPipelineLayout layout, const VulkanPipelineRasterStateKey &rasterKey, const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform) {
+VulkanPipeline *PipelineManagerVulkan::GetOrCreatePipeline(VulkanRenderManager *renderManager, VkPipelineLayout layout, const VulkanPipelineRasterStateKey &rasterKey, const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform, u32 variantBitmask) {
 	if (!pipelineCache_) {
 		VkPipelineCacheCreateInfo pc{ VK_STRUCTURE_TYPE_PIPELINE_CACHE_CREATE_INFO };
 		VkResult res = vkCreatePipelineCache(vulkan_->GetDevice(), &pc, nullptr, &pipelineCache_);
@@ -340,7 +340,7 @@ VulkanPipeline *PipelineManagerVulkan::GetOrCreatePipeline(VulkanRenderManager *
 
 	VulkanPipeline *pipeline = CreateVulkanPipeline(
 		renderManager, pipelineCache_, layout,
-		rasterKey, decFmt, vs, fs, useHwTransform);
+		rasterKey, decFmt, vs, fs, useHwTransform, variantBitmask);
 	pipelines_.Insert(key, pipeline);
 
 	// Don't return placeholder null pipelines.
@@ -546,7 +546,8 @@ struct StoredVulkanPipelineKey {
 	VShaderID vShaderID;
 	FShaderID fShaderID;
 	uint32_t vtxFmtId;
-	bool useHWTransform;
+	uint32_t variants;
+	bool useHWTransform;  // TODO: Still needed?
 
 	// For std::set. Better zero-initialize the struct properly for this to work.
 	bool operator < (const StoredVulkanPipelineKey &other) const {
@@ -603,6 +604,7 @@ void PipelineManagerVulkan::SaveCache(FILE *file, bool saveRawPipelineCache, Sha
 		key.useHWTransform = pkey.useHWTransform;
 		key.fShaderID = fshader->GetID();
 		key.vShaderID = vshader->GetID();
+		key.variants = value->GetVariantsBitmask();
 		if (key.useHWTransform) {
 			// NOTE: This is not a vtype, but a decoded vertex format.
 			key.vtxFmtId = pkey.vtxFmtId;
@@ -714,11 +716,14 @@ bool PipelineManagerVulkan::LoadCache(FILE *file, bool loadRawPipelineCache, Sha
 
 		DecVtxFormat fmt;
 		fmt.InitializeFromID(key.vtxFmtId);
-		VulkanPipeline *pipeline = GetOrCreatePipeline(rm, layout, key.raster, key.useHWTransform ? &fmt : 0, vs, fs, key.useHWTransform);
+		VulkanPipeline *pipeline = GetOrCreatePipeline(rm, layout, key.raster, key.useHWTransform ? &fmt : 0, vs, fs, key.useHWTransform, key.variants);
 		if (!pipeline) {
 			pipelineCreateFailCount += 1;
 		}
 	}
+
+	rm->NudgeCompilerThread();
+
 	NOTICE_LOG(G3D, "Recreated Vulkan pipeline cache (%d pipelines, %d failed).", (int)size, pipelineCreateFailCount);
 	return true;
 }
diff --git a/GPU/Vulkan/PipelineManagerVulkan.h b/GPU/Vulkan/PipelineManagerVulkan.h
index 5c90723518..da4a59af62 100644
--- a/GPU/Vulkan/PipelineManagerVulkan.h
+++ b/GPU/Vulkan/PipelineManagerVulkan.h
@@ -58,6 +58,8 @@ struct VulkanPipeline {
 	bool UsesBlendConstant() const { return (flags & PIPELINE_FLAG_USES_BLEND_CONSTANT) != 0; }
 	bool UsesLines() const { return (flags & PIPELINE_FLAG_USES_LINES) != 0; }
 	bool UsesDepthStencil() const { return (flags & PIPELINE_FLAG_USES_DEPTH_STENCIL) != 0; }
+
+	u32 GetVariantsBitmask() const;
 };
 
 class VulkanContext;
@@ -71,7 +73,8 @@ public:
 	PipelineManagerVulkan(VulkanContext *ctx);
 	~PipelineManagerVulkan();
 
-	VulkanPipeline *GetOrCreatePipeline(VulkanRenderManager *renderManager, VkPipelineLayout layout, const VulkanPipelineRasterStateKey &rasterKey, const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform);
+	// variantMask is only used when loading pipelines from cache.
+	VulkanPipeline *GetOrCreatePipeline(VulkanRenderManager *renderManager, VkPipelineLayout layout, const VulkanPipelineRasterStateKey &rasterKey, const DecVtxFormat *decFmt, VulkanVertexShader *vs, VulkanFragmentShader *fs, bool useHwTransform, u32 variantMask);
 	int GetNumPipelines() const { return (int)pipelines_.size(); }
 
 	void Clear();
diff --git a/GPU/Vulkan/ShaderManagerVulkan.cpp b/GPU/Vulkan/ShaderManagerVulkan.cpp
index 3d9074a259..3eb71ee8d8 100644
--- a/GPU/Vulkan/ShaderManagerVulkan.cpp
+++ b/GPU/Vulkan/ShaderManagerVulkan.cpp
@@ -371,7 +371,7 @@ VulkanFragmentShader *ShaderManagerVulkan::GetFragmentShaderFromModule(VkShaderM
 // instantaneous.
 
 #define CACHE_HEADER_MAGIC 0xff51f420 
-#define CACHE_VERSION 24
+#define CACHE_VERSION 25
 struct VulkanCacheHeader {
 	uint32_t magic;
 	uint32_t version;
@@ -391,10 +391,6 @@ bool ShaderManagerVulkan::LoadCache(FILE *f) {
 	if (header.featureFlags != gstate_c.featureFlags)
 		return false;
 
-	// Temporarily disable shader cache.
-	if (true)
-		return false;
-
 	VulkanContext *vulkan = (VulkanContext *)draw_->GetNativeObject(Draw::NativeObject::CONTEXT);
 	for (int i = 0; i < header.numVertexShaders; i++) {
 		VShaderID id;