diff --git a/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.cpp b/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.cpp
index 52033a9445..43c41d1e5d 100644
--- a/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.cpp
+++ b/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.cpp
@@ -5,11 +5,11 @@
 
 #include <memory>
 
+#include <QApplication>
 #include <QBitmap>
 #include <QBrush>
 #include <QCursor>
 #include <QFont>
-#include <QGuiApplication>
 #include <QLabel>
 #include <QPainter>
 #include <QPainterPath>
@@ -25,11 +25,17 @@
 #include <QToolTip>
 #endif
 
+#include "DolphinQt/QtUtils/QueueOnObject.h"
 #include "DolphinQt/Settings.h"
 
 namespace
 {
 std::unique_ptr<BalloonTip> s_the_balloon_tip = nullptr;
+// Remember the parent ToolTipWidget so cursor-related events can see whether the cursor is inside
+// the parent's bounding box or not. Use this variable instead of BalloonTip's parent() member
+// because the ToolTipWidget isn't responsible for deleting the BalloonTip and so doesn't set its
+// parent member.
+QWidget* s_parent = nullptr;
 }  // namespace
 
 void BalloonTip::ShowBalloon(const QString& title, const QString& message,
@@ -53,6 +59,7 @@ void BalloonTip::ShowBalloon(const QString& title, const QString& message,
 
 void BalloonTip::HideBalloon()
 {
+  s_parent = nullptr;
 #if defined(__APPLE__)
   QToolTip::hideText();
 #else
@@ -66,6 +73,9 @@ void BalloonTip::HideBalloon()
 BalloonTip::BalloonTip(PrivateTag, const QString& title, QString message, QWidget* const parent)
     : QWidget(nullptr, Qt::ToolTip)
 {
+  s_parent = parent;
+  setMouseTracking(true);
+
   QColor window_color;
   QColor text_color;
   QColor dolphin_emphasis;
@@ -113,6 +123,49 @@ BalloonTip::BalloonTip(PrivateTag, const QString& title, QString message, QWidge
     create_label(message);
 }
 
+bool BalloonTip::IsCursorInsideWidgetBoundingBox(const QWidget& widget)
+{
+  QPoint local_cursor_position = widget.mapFromGlobal(QCursor::pos());
+  return widget.rect().contains(local_cursor_position);
+}
+
+bool BalloonTip::IsCursorOnBalloonTip()
+{
+  return s_the_balloon_tip != nullptr &&
+         QApplication::widgetAt(QCursor::pos()) == s_the_balloon_tip.get();
+}
+
+bool BalloonTip::IsWidgetBalloonTipActive(const QWidget& widget)
+{
+  return &widget == s_parent;
+}
+
+// Hiding the balloon causes the BalloonTip widget to be deleted. Triggering that deletion while
+// inside a BalloonTip event handler leads to a use-after-free crash or worse, so queue the deletion
+// for later.
+static void QueueHideBalloon()
+{
+  QueueOnObject(s_parent, BalloonTip::HideBalloon);
+}
+
+void BalloonTip::enterEvent(QEnterEvent*)
+{
+  if (!IsCursorInsideWidgetBoundingBox(*s_parent))
+    QueueHideBalloon();
+}
+
+void BalloonTip::mouseMoveEvent(QMouseEvent*)
+{
+  if (!IsCursorInsideWidgetBoundingBox(*s_parent))
+    QueueHideBalloon();
+}
+
+void BalloonTip::leaveEvent(QEvent*)
+{
+  if (QApplication::widgetAt(QCursor::pos()) != s_parent)
+    QueueHideBalloon();
+}
+
 void BalloonTip::paintEvent(QPaintEvent*)
 {
   QPainter painter(this);
diff --git a/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.h b/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.h
index c5df392df9..62253da7b8 100644
--- a/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.h
+++ b/Source/Core/DolphinQt/Config/ToolTipControls/BalloonTip.h
@@ -29,17 +29,22 @@ public:
                           const QPoint& target_arrow_tip_position, QWidget* parent,
                           ShowArrow show_arrow = ShowArrow::Yes, int border_width = 1);
   static void HideBalloon();
+  static bool IsCursorInsideWidgetBoundingBox(const QWidget& widget);
+  static bool IsCursorOnBalloonTip();
+  static bool IsWidgetBalloonTipActive(const QWidget& widget);
 
   BalloonTip(PrivateTag, const QString& title, QString message, QWidget* parent);
 
+protected:
+  void enterEvent(QEnterEvent*) override;
+  void mouseMoveEvent(QMouseEvent*) override;
+  void leaveEvent(QEvent*) override;
+  void paintEvent(QPaintEvent*) override;
+
 private:
   void UpdateBoundsAndRedraw(const QPoint& target_arrow_tip_position, ShowArrow show_arrow,
                              int border_width);
 
-protected:
-  void paintEvent(QPaintEvent*) override;
-
-private:
   QColor m_border_color;
   QPixmap m_pixmap;
 };
diff --git a/Source/Core/DolphinQt/Config/ToolTipControls/ToolTipWidget.h b/Source/Core/DolphinQt/Config/ToolTipControls/ToolTipWidget.h
index 727ae11462..cf41c19118 100644
--- a/Source/Core/DolphinQt/Config/ToolTipControls/ToolTipWidget.h
+++ b/Source/Core/DolphinQt/Config/ToolTipControls/ToolTipWidget.h
@@ -22,17 +22,26 @@ public:
   void SetDescription(QString description) { m_description = std::move(description); }
 
 private:
-  void enterEvent(QEnterEvent* event) override
+  void enterEvent(QEnterEvent*) override
   {
-    if (m_timer_id)
+    // If the timer is already running, or the cursor is reentering the ToolTipWidget after having
+    // hovered over the BalloonTip, don't do anything.
+    if (m_timer_id || BalloonTip::IsWidgetBalloonTipActive(*this))
       return;
     m_timer_id = this->startTimer(TOOLTIP_DELAY);
   }
 
-  void leaveEvent(QEvent* event) override { KillAndHide(); }
-  void hideEvent(QHideEvent* event) override { KillAndHide(); }
+  void leaveEvent(QEvent*) override
+  {
+    // If the cursor would still be inside the ToolTipWidget but the BalloonTip is covering that
+    // part of it, keep the BalloonTip open. In that case the BalloonTip will then track the cursor
+    // and close itself if it leaves the bounding box of this ToolTipWidget.
+    if (!BalloonTip::IsCursorInsideWidgetBoundingBox(*this) || !BalloonTip::IsCursorOnBalloonTip())
+      KillAndHide();
+  }
+  void hideEvent(QHideEvent*) override { KillAndHide(); }
 
-  void timerEvent(QTimerEvent* event) override
+  void timerEvent(QTimerEvent*) override
   {
     this->killTimer(*m_timer_id);
     m_timer_id.reset();