diff --git a/src/core/CMakeLists.txt b/src/core/CMakeLists.txt
index 02c661d31..23582ad21 100644
--- a/src/core/CMakeLists.txt
+++ b/src/core/CMakeLists.txt
@@ -79,6 +79,8 @@ add_library(core
   mdec.h
   memory_card.cpp
   memory_card.h
+  memory_card_icon_cache.cpp
+  memory_card_icon_cache.h
   memory_card_image.cpp
   memory_card_image.h
   multitap.cpp
diff --git a/src/core/core.vcxproj b/src/core/core.vcxproj
index ee74c8b36..19a94e244 100644
--- a/src/core/core.vcxproj
+++ b/src/core/core.vcxproj
@@ -62,6 +62,7 @@
     <ClCompile Include="justifier.cpp" />
     <ClCompile Include="mdec.cpp" />
     <ClCompile Include="memory_card.cpp" />
+    <ClCompile Include="memory_card_icon_cache.cpp" />
     <ClCompile Include="memory_card_image.cpp" />
     <ClCompile Include="multitap.cpp" />
     <ClCompile Include="guncon.cpp" />
@@ -143,6 +144,7 @@
     <ClInclude Include="justifier.h" />
     <ClInclude Include="mdec.h" />
     <ClInclude Include="memory_card.h" />
+    <ClInclude Include="memory_card_icon_cache.h" />
     <ClInclude Include="memory_card_image.h" />
     <ClInclude Include="multitap.h" />
     <ClInclude Include="guncon.h" />
diff --git a/src/core/core.vcxproj.filters b/src/core/core.vcxproj.filters
index b02bcfd85..72810d421 100644
--- a/src/core/core.vcxproj.filters
+++ b/src/core/core.vcxproj.filters
@@ -68,6 +68,7 @@
     <ClCompile Include="justifier.cpp" />
     <ClCompile Include="pine_server.cpp" />
     <ClCompile Include="gdb_server.cpp" />
+    <ClCompile Include="memory_card_icon_cache.cpp" />
   </ItemGroup>
   <ItemGroup>
     <ClInclude Include="types.h" />
@@ -142,5 +143,6 @@
     <ClInclude Include="justifier.h" />
     <ClInclude Include="pine_server.h" />
     <ClInclude Include="gdb_server.h" />
+    <ClInclude Include="memory_card_icon_cache.h" />
   </ItemGroup>
 </Project>
\ No newline at end of file
diff --git a/src/core/memory_card_icon_cache.cpp b/src/core/memory_card_icon_cache.cpp
new file mode 100644
index 000000000..aa7c80a57
--- /dev/null
+++ b/src/core/memory_card_icon_cache.cpp
@@ -0,0 +1,214 @@
+// SPDX-FileCopyrightText: 2024 Connor McLaughlin <stenzek@gmail.com>
+// SPDX-License-Identifier: (GPL-3.0 OR CC-BY-NC-ND-4.0)
+
+#include "memory_card_icon_cache.h"
+#include "system.h"
+
+#include "common/assert.h"
+#include "common/error.h"
+#include "common/file_system.h"
+#include "common/log.h"
+#include "common/path.h"
+#include "common/string_util.h"
+#include "common/timer.h"
+
+Log_SetChannel(MemoryCardImage);
+
+static constexpr const char EXPECTED_SIGNATURE[] = {'M', 'C', 'D', 'I', 'C', 'N', '0', '1'};
+
+static FileSystem::ManagedCFilePtr OpenCache(const std::string& filename, bool for_write)
+{
+  const char* mode = for_write ? "r+b" : "rb";
+  const FileSystem::FileShareMode share_mode =
+    for_write ? FileSystem::FileShareMode::DenyReadWrite : FileSystem::FileShareMode::DenyWrite;
+  FileSystem::ManagedCFilePtr fp = FileSystem::OpenManagedSharedCFile(filename.c_str(), mode, share_mode, nullptr);
+  if (fp)
+    return fp;
+
+  // Doesn't exist? Create it.
+  if (errno == ENOENT)
+  {
+    if (!for_write)
+      return nullptr;
+
+    mode = "w+b";
+    fp = FileSystem::OpenManagedSharedCFile(filename.c_str(), mode, share_mode, nullptr);
+    if (fp)
+      return fp;
+  }
+
+  // If there's a sharing violation, try again for 100ms.
+  if (errno != EACCES)
+    return nullptr;
+
+  Common::Timer timer;
+  while (timer.GetTimeMilliseconds() <= 100.0f)
+  {
+    fp = FileSystem::OpenManagedSharedCFile(filename.c_str(), mode, share_mode, nullptr);
+    if (fp)
+      return fp;
+
+    if (errno != EACCES)
+      return nullptr;
+  }
+
+  ERROR_LOG("Timed out while trying to open memory card cache file.");
+  return nullptr;
+}
+
+MemoryCardIconCache::MemoryCardIconCache(std::string filename) : m_filename(std::move(filename))
+{
+}
+
+MemoryCardIconCache::~MemoryCardIconCache() = default;
+
+bool MemoryCardIconCache::Reload()
+{
+  m_entries.clear();
+
+  FileSystem::ManagedCFilePtr fp = OpenCache(m_filename, false);
+  if (!fp)
+    return false;
+
+#ifndef _WIN32
+  FileSystem::POSIXLock lock(fp.get());
+#endif
+
+  const s64 file_size = FileSystem::FSize64(fp.get());
+  if (file_size < static_cast<s64>(sizeof(EXPECTED_SIGNATURE)))
+    return false;
+
+  const size_t count = (static_cast<size_t>(file_size) - sizeof(EXPECTED_SIGNATURE)) / sizeof(Entry);
+  if (count <= 0)
+    return false;
+
+  char signature[sizeof(EXPECTED_SIGNATURE)];
+  if (std::fread(signature, sizeof(signature), 1, fp.get()) != 1 ||
+      std::memcmp(signature, EXPECTED_SIGNATURE, sizeof(signature)) != 0)
+  {
+    return false;
+  }
+
+  m_entries.resize(static_cast<size_t>(count));
+  if (std::fread(m_entries.data(), sizeof(Entry), m_entries.size(), fp.get()) != m_entries.size())
+  {
+    m_entries = {};
+    return false;
+  }
+
+  // Just in case.
+  for (Entry& entry : m_entries)
+    entry.serial[sizeof(entry.serial) - 1] = 0;
+
+  return true;
+}
+
+const MemoryCardImage::IconFrame* MemoryCardIconCache::Lookup(std::string_view serial, std::string_view path)
+{
+  std::string memcard_path = System::GetGameMemoryCardPath(serial, path, 0);
+  if (memcard_path.empty())
+    return nullptr;
+
+  FILESYSTEM_STAT_DATA sd;
+  if (!FileSystem::StatFile(memcard_path.c_str(), &sd))
+    return nullptr;
+
+  const s64 timestamp = sd.ModificationTime;
+  TinyString index_serial;
+  index_serial.assign(serial.substr(0, std::min<size_t>(serial.length(), MAX_SERIAL_LENGTH - 1)));
+
+  Entry* serial_entry = nullptr;
+  for (Entry& entry : m_entries)
+  {
+    if (StringUtil::EqualNoCase(index_serial, entry.serial))
+    {
+      if (entry.memcard_timestamp == timestamp)
+        return entry.is_valid ? &entry.icon : nullptr;
+
+      serial_entry = &entry;
+      break;
+    }
+  }
+
+  if (!serial_entry)
+  {
+    serial_entry = &m_entries.emplace_back();
+    std::memset(serial_entry, 0, sizeof(Entry));
+  }
+
+  serial_entry->is_valid = false;
+  serial_entry->memcard_timestamp = timestamp;
+  StringUtil::Strlcpy(serial_entry->serial, index_serial.view(), sizeof(serial_entry->serial));
+  std::memset(serial_entry->icon.pixels, 0, sizeof(serial_entry->icon.pixels));
+
+  MemoryCardImage::DataArray data;
+  if (MemoryCardImage::LoadFromFile(&data, memcard_path.c_str()))
+  {
+    std::vector<MemoryCardImage::FileInfo> files = MemoryCardImage::EnumerateFiles(data, false);
+    if (!files.empty())
+    {
+      const MemoryCardImage::FileInfo& fi = files.front();
+      if (!fi.icon_frames.empty())
+      {
+        INFO_LOG("Extracted memory card icon from {} ({})", fi.filename, Path::GetFileTitle(memcard_path));
+        std::memcpy(&serial_entry->icon, &fi.icon_frames.front(), sizeof(serial_entry->icon));
+        serial_entry->is_valid = true;
+      }
+    }
+  }
+
+  UpdateInFile(*serial_entry);
+  return serial_entry->is_valid ? &serial_entry->icon : nullptr;
+}
+
+bool MemoryCardIconCache::UpdateInFile(const Entry& entry)
+{
+  FileSystem::ManagedCFilePtr fp = OpenCache(m_filename, true);
+  if (!fp)
+    return false;
+
+#ifndef _WIN32
+  FileSystem::POSIXLock lock(fp.get());
+#endif
+
+  // check signature, write it if it's non-existent or invalid
+  char signature[sizeof(EXPECTED_SIGNATURE)];
+  if (std::fread(signature, sizeof(signature), 1, fp.get()) != 1 ||
+      std::memcmp(signature, EXPECTED_SIGNATURE, sizeof(signature)) != 0)
+  {
+    if (!FileSystem::FTruncate64(fp.get(), 0) || FileSystem::FSeek64(fp.get(), 0, SEEK_SET) != 0 ||
+        std::fwrite(EXPECTED_SIGNATURE, sizeof(EXPECTED_SIGNATURE), 1, fp.get()) != 1)
+    {
+      return false;
+    }
+  }
+
+  // need to seek to switch from read->write?
+  s64 current_pos = sizeof(EXPECTED_SIGNATURE);
+  if (FileSystem::FSeek64(fp.get(), current_pos, SEEK_SET) != 0)
+    return false;
+
+  for (;;)
+  {
+    Entry existing_entry;
+    if (std::fread(&existing_entry, sizeof(existing_entry), 1, fp.get()) != 1)
+      break;
+
+    existing_entry.serial[sizeof(existing_entry.serial) - 1] = 0;
+    if (!StringUtil::EqualNoCase(existing_entry.serial, entry.serial))
+    {
+      current_pos += sizeof(existing_entry);
+      continue;
+    }
+
+    // found it here, so overwrite
+    return (FileSystem::FSeek64(fp.get(), current_pos, SEEK_SET) == 0 &&
+            std::fwrite(&entry, sizeof(entry), 1, fp.get()) == 1);
+  }
+
+  if (FileSystem::FSeek64(fp.get(), current_pos, SEEK_SET) != 0)
+    return false;
+
+  // append it.
+  return (std::fwrite(&entry, sizeof(entry), 1, fp.get()) == 1);
+}
diff --git a/src/core/memory_card_icon_cache.h b/src/core/memory_card_icon_cache.h
new file mode 100644
index 000000000..885c73a87
--- /dev/null
+++ b/src/core/memory_card_icon_cache.h
@@ -0,0 +1,39 @@
+// SPDX-FileCopyrightText: 2024 Connor McLaughlin <stenzek@gmail.com>
+// SPDX-License-Identifier: (GPL-3.0 OR CC-BY-NC-ND-4.0)
+
+#pragma once
+
+#include "memory_card_image.h"
+
+class MemoryCardIconCache
+{
+public:
+  MemoryCardIconCache(std::string filename);
+  ~MemoryCardIconCache();
+
+  bool Reload();
+
+  // NOTE: Only valid within this call to lookup.
+  const MemoryCardImage::IconFrame* Lookup(std::string_view serial, std::string_view path);
+
+private:
+  enum : u32
+  {
+    MAX_SERIAL_LENGTH = 31,
+  };
+
+#pragma pack(push, 1)
+  struct Entry
+  {
+    char serial[MAX_SERIAL_LENGTH];
+    bool is_valid;
+    s64 memcard_timestamp;
+    MemoryCardImage::IconFrame icon;
+  };
+#pragma pack(pop)
+
+  bool UpdateInFile(const Entry& entry);
+
+  std::string m_filename;
+  std::vector<Entry> m_entries;
+};