diff --git a/Core/HLE/Plugins.cpp b/Core/HLE/Plugins.cpp
index 2373596d65..1092347c1c 100644
--- a/Core/HLE/Plugins.cpp
+++ b/Core/HLE/Plugins.cpp
@@ -172,7 +172,7 @@ void Init() {
 	}
 }
 
-bool Load() {
+bool Load(PSPModule *pluginWaitingModule, SceUID threadID) {
 	bool started = false;
 
 	auto sy = GetI18NCategory(I18NCat::SYSTEM);
@@ -197,6 +197,10 @@ bool Load() {
 			std::string shortName = Path(filename).GetFilename();
 			g_OSD.Show(OSDType::MESSAGE_SUCCESS, ApplySafeSubstitutions(sy->T("Loaded plugin: %1"), shortName), 6.0f);
 			started = true;
+			pluginWaitingModule->startingPlugins.push_back(module);
+			u32 error;
+			PSPModule *plugin_module = kernelObjects.Get<PSPModule>(module, error);
+			plugin_module->pluginWaitingThread = threadID;
 		}
 
 		INFO_LOG(Log::System, "Loaded plugin: %s", filename.c_str());
diff --git a/Core/HLE/Plugins.h b/Core/HLE/Plugins.h
index cfb8d15ffb..7c15718465 100644
--- a/Core/HLE/Plugins.h
+++ b/Core/HLE/Plugins.h
@@ -20,6 +20,7 @@
 #include <cstdint>
 #include <string>
 #include "Common/Input/KeyCodes.h"
+#include "Core/HLE/sceKernelModule.h"
 
 class PointerWrap;
 
@@ -28,7 +29,7 @@ namespace HLEPlugins {
 void Init();
 void Shutdown();
 
-bool Load();
+bool Load(PSPModule *pluginWaitingModule, SceUID threadID);
 void Unload();
 
 void DoState(PointerWrap &p);
diff --git a/Core/HLE/sceKernelModule.cpp b/Core/HLE/sceKernelModule.cpp
index 2efecb0285..2be7c21793 100644
--- a/Core/HLE/sceKernelModule.cpp
+++ b/Core/HLE/sceKernelModule.cpp
@@ -1659,11 +1659,6 @@ static void __KernelStartModule(PSPModule *m, int args, const char *argp, SceKer
 
 	SceUID threadID = __KernelSetupRootThread(m->GetUID(), args, argp, options->priority, options->stacksize, options->attribute);
 	__KernelSetThreadRA(threadID, NID_MODULERETURN);
-
-	if (HLEPlugins::Load()) {
-		KernelRotateThreadReadyQueue(0);
-		__KernelReSchedule("Started plugins");
-	}
 }
 
 
@@ -1797,6 +1792,13 @@ bool __KernelLoadExec(const char *filename, u32 paramPtr, std::string *error_str
 
 	__KernelStartIdleThreads(module->GetUID());
 
+	// Wait until plugins are loaded
+	module->startingPlugins.clear();
+	if (HLEPlugins::Load(module, __KernelGetCurThread())) {
+		__KernelWaitCurThread(WAITTYPE_PLUGIN, module->GetUID(), 1, 0, false, "started plugins");
+		__KernelReSchedule("Started plugins");
+	}
+
 	delete[] param_argp;
 	delete[] param_key;
 
@@ -2311,6 +2313,29 @@ void __KernelReturnFromModuleFunc() {
 	}
 	module->waitingThreads.clear();
 
+	// Check if we need to wake up a plugin waiting thread
+	if (module->pluginWaitingThread) {
+		u32 error;
+		PSPThread *plugin_waiting_thread = kernelObjects.Get<PSPThread>(module->pluginWaitingThread, error);
+		if (plugin_waiting_thread && HLEKernel::VerifyWait(module->pluginWaitingThread, WAITTYPE_PLUGIN, plugin_waiting_thread->moduleId)) {
+			PSPModule *plugin_waiting_module = kernelObjects.Get<PSPModule>(plugin_waiting_thread->moduleId, error);
+			if (plugin_waiting_module) {
+				for (auto it = plugin_waiting_module->startingPlugins.begin(), end = plugin_waiting_module->startingPlugins.end(); it < end; ++it) {
+					if (*it == leftModuleID) {
+						plugin_waiting_module->startingPlugins.erase(it);
+						break;
+					}
+				}
+				if (plugin_waiting_module->startingPlugins.empty()) {
+					INFO_LOG(Log::sceModule, "Resuming LoadExec thread 0x%x", module->pluginWaitingThread);
+					__KernelResumeThreadFromWait(module->pluginWaitingThread, 0);
+				} else {
+					INFO_LOG(Log::sceModule, "LoadExec thread 0x%x still waiting for %ld plugin(s)", module->pluginWaitingThread, plugin_waiting_module->startingPlugins.size());
+				}
+			}
+		}
+	}
+
 	if (module->nm.status == MODULE_STATUS_UNLOADING) {
 		// TODO: Delete the waiting thread?
 		module->Cleanup();
diff --git a/Core/HLE/sceKernelModule.h b/Core/HLE/sceKernelModule.h
index 61ead2a4da..5deb16c5e1 100644
--- a/Core/HLE/sceKernelModule.h
+++ b/Core/HLE/sceKernelModule.h
@@ -191,6 +191,11 @@ public:
 	NativeModule nm{};
 	std::vector<ModuleWaitingThread> waitingThreads;
 
+	// From the plugin's perspective, this is the reference to the thread started by LoadExec
+	SceUID pluginWaitingThread = 0;
+	// Thread started by LoadExec is waiting for these plugins
+	std::vector<SceUID> startingPlugins;
+
 	// TODO: Should we store these grouped by moduleName instead? Seems more reasonable.
 	std::vector<FuncSymbolExport> exportedFuncs;
 	std::vector<FuncSymbolImport> importedFuncs;
diff --git a/Core/HLE/sceKernelThread.cpp b/Core/HLE/sceKernelThread.cpp
index b2eb4d1011..b3d0c59f3c 100644
--- a/Core/HLE/sceKernelThread.cpp
+++ b/Core/HLE/sceKernelThread.cpp
@@ -84,6 +84,7 @@ const WaitTypeNames waitTypeNames[] = {
 	{ WAITTYPE_MICINPUT,        "Microphone input"},
 	{ WAITTYPE_NET,             "Network"},
 	{ WAITTYPE_USB,             "USB" },
+	{ WAITTYPE_PLUGIN,          "Initial plugin load" },
 };
 
 const char *WaitTypeToString(WaitType type) {
diff --git a/Core/HLE/sceKernelThread.h b/Core/HLE/sceKernelThread.h
index a9cff92d5e..adab093201 100644
--- a/Core/HLE/sceKernelThread.h
+++ b/Core/HLE/sceKernelThread.h
@@ -115,6 +115,7 @@ enum WaitType : int {
 	WAITTYPE_MICINPUT     = 24, // fake
 	WAITTYPE_NET          = 25, // fake
 	WAITTYPE_USB          = 26, // fake
+	WAITTYPE_PLUGIN       = 27, // this is fake, for when LoadExec thread is waiting for plugins to finish loading
 
 	NUM_WAITTYPES
 };