diff --git a/Source/UnitTests/Common/CMakeLists.txt b/Source/UnitTests/Common/CMakeLists.txt
index 8865c024c1..e509f160f2 100644
--- a/Source/UnitTests/Common/CMakeLists.txt
+++ b/Source/UnitTests/Common/CMakeLists.txt
@@ -15,6 +15,7 @@ add_dolphin_test(FlagTest FlagTest.cpp)
 add_dolphin_test(FloatUtilsTest FloatUtilsTest.cpp)
 add_dolphin_test(MathUtilTest MathUtilTest.cpp)
 add_dolphin_test(NandPathsTest NandPathsTest.cpp)
+add_dolphin_test(SettingsHandlerTest SettingsHandlerTest.cpp)
 add_dolphin_test(SPSCQueueTest SPSCQueueTest.cpp)
 add_dolphin_test(StringUtilTest StringUtilTest.cpp)
 add_dolphin_test(SwapTest SwapTest.cpp)
diff --git a/Source/UnitTests/Common/SettingsHandlerTest.cpp b/Source/UnitTests/Common/SettingsHandlerTest.cpp
new file mode 100644
index 0000000000..cafa02ce98
--- /dev/null
+++ b/Source/UnitTests/Common/SettingsHandlerTest.cpp
@@ -0,0 +1,94 @@
+// Copyright 2024 Dolphin Emulator Project
+// SPDX-License-Identifier: GPL-2.0-or-later
+
+#include <gtest/gtest.h>
+
+#include "Common/SettingsHandler.h"
+
+namespace
+{
+// The encrypted bytes corresponding to the following settings, in order:
+//   "key" = "val"
+Common::SettingsHandler::Buffer BUFFER_A{0x91, 0x91, 0x90, 0xEE, 0xD1, 0x2F, 0xF0, 0x34, 0x79};
+
+// The encrypted bytes corresponding to the following settings, in order:
+//   "key1" = "val1"
+//   "key2" = "val2"
+//   "foo" = "bar"
+Common::SettingsHandler::Buffer BUFFER_B{
+    0x91, 0x91, 0x90, 0xE2, 0x9A, 0x38, 0xFD, 0x55, 0x42, 0xEA, 0xC4, 0xF6, 0x5E, 0xF,  0xDF, 0xE7,
+    0xC3, 0x0A, 0xBB, 0x9C, 0x50, 0xB1, 0x10, 0x82, 0xB4, 0x8A, 0x0D, 0xBE, 0xCD, 0x72, 0xF4};
+}  // namespace
+
+TEST(SettingsHandlerTest, EncryptSingleSetting)
+{
+  Common::SettingsHandler handler;
+  handler.AddSetting("key", "val");
+  Common::SettingsHandler::Buffer buffer = handler.GetBytes();
+
+  EXPECT_TRUE(std::equal(buffer.begin(), buffer.end(), BUFFER_A.begin(), BUFFER_A.end()));
+}
+
+TEST(SettingsHandlerTest, DecryptSingleSetting)
+{
+  Common::SettingsHandler::Buffer buffer = BUFFER_A;
+  Common::SettingsHandler handler(std::move(buffer));
+  EXPECT_EQ(handler.GetValue("key"), "val");
+}
+
+TEST(SettingsHandlerTest, EncryptMultipleSettings)
+{
+  Common::SettingsHandler handler;
+  handler.AddSetting("key1", "val1");
+  handler.AddSetting("key2", "val2");
+  handler.AddSetting("foo", "bar");
+  Common::SettingsHandler::Buffer buffer = handler.GetBytes();
+
+  EXPECT_TRUE(std::equal(buffer.begin(), buffer.end(), BUFFER_B.begin(), BUFFER_B.end()));
+}
+
+TEST(SettingsHandlerTest, DecryptMultipleSettings)
+{
+  Common::SettingsHandler::Buffer buffer = BUFFER_B;
+  Common::SettingsHandler handler(std::move(buffer));
+  EXPECT_EQ(handler.GetValue("key1"), "val1");
+  EXPECT_EQ(handler.GetValue("key2"), "val2");
+  EXPECT_EQ(handler.GetValue("foo"), "bar");
+}
+
+TEST(SettingsHandlerTest, SetBytesOverwritesExistingBuffer)
+{
+  Common::SettingsHandler::Buffer buffer = BUFFER_A;
+  Common::SettingsHandler handler(std::move(buffer));
+  ASSERT_EQ(handler.GetValue("key"), "val");
+  ASSERT_EQ(handler.GetValue("foo"), "");
+
+  Common::SettingsHandler::Buffer buffer2 = BUFFER_B;
+  handler.SetBytes(std::move(buffer2));
+  EXPECT_EQ(handler.GetValue("foo"), "bar");
+  EXPECT_EQ(handler.GetValue("key"), "");
+}
+
+TEST(SettingsHandlerTest, GetValueOnSameInstance)
+{
+  Common::SettingsHandler handler;
+  handler.AddSetting("key", "val");
+  EXPECT_EQ(handler.GetValue("key"), "");
+
+  Common::SettingsHandler::Buffer buffer = handler.GetBytes();
+  handler.SetBytes(std::move(buffer));
+  EXPECT_EQ(handler.GetValue("key"), "val");
+}
+
+TEST(SettingsHandlerTest, GetValueAfterReset)
+{
+  Common::SettingsHandler::Buffer buffer = BUFFER_A;
+  Common::SettingsHandler handler(std::move(buffer));
+  ASSERT_EQ(handler.GetValue("key"), "val");
+
+  handler.Reset();
+  EXPECT_EQ(handler.GetValue("key"), "");
+}
+
+// TODO: Add test coverage of the edge case fixed in
+// https://github.com/dolphin-emu/dolphin/pull/8704.
diff --git a/Source/UnitTests/UnitTests.vcxproj b/Source/UnitTests/UnitTests.vcxproj
index 0608cbe307..9e44cec8c3 100644
--- a/Source/UnitTests/UnitTests.vcxproj
+++ b/Source/UnitTests/UnitTests.vcxproj
@@ -54,6 +54,7 @@
     <ClCompile Include="Common\FloatUtilsTest.cpp" />
     <ClCompile Include="Common\MathUtilTest.cpp" />
     <ClCompile Include="Common\NandPathsTest.cpp" />
+    <ClCompile Include="Common\SettingsHandlerTest.cpp" />
     <ClCompile Include="Common\SPSCQueueTest.cpp" />
     <ClCompile Include="Common\StringUtilTest.cpp" />
     <ClCompile Include="Common\SwapTest.cpp" />