diff --git a/src/core/cpu_code_cache.cpp b/src/core/cpu_code_cache.cpp
index 0ce38c24f..249e8ce72 100644
--- a/src/core/cpu_code_cache.cpp
+++ b/src/core/cpu_code_cache.cpp
@@ -9,8 +9,8 @@ Log_SetChannel(CPU::CodeCache);
 
 namespace CPU {
 
-bool USE_CODE_CACHE = false;
-bool USE_RECOMPILER = false;
+bool USE_CODE_CACHE = true;
+bool USE_RECOMPILER = true;
 
 CodeCache::CodeCache() = default;
 
@@ -48,13 +48,21 @@ void CodeCache::Execute()
       continue;
     }
 
+#if 0
+    const u32 tick = m_system->GetGlobalTickCounter() + m_core->GetPendingTicks();
+    if (tick == 8950812)
+      __debugbreak();
+#endif
+
   reexecute_block:
     if (USE_RECOMPILER)
       block->host_code(m_core);
     else
       InterpretCachedBlock(*block);
 
-    // LogCurrentState();
+#if 0
+    LogCurrentState();
+#endif
 
     next_block_key = GetNextBlockKey();
     if (next_block_key.bits == block->key.bits)
@@ -91,10 +99,10 @@ void CodeCache::LogCurrentState()
     "tick=%u pc=%08X npc=%08X zero=%08X at=%08X v0=%08X v1=%08X a0=%08X a1=%08X a2=%08X a3=%08X t0=%08X "
     "t1=%08X t2=%08X t3=%08X t4=%08X t5=%08X t6=%08X t7=%08X s0=%08X s1=%08X s2=%08X s3=%08X s4=%08X "
     "s5=%08X s6=%08X s7=%08X t8=%08X t9=%08X k0=%08X k1=%08X gp=%08X sp=%08X fp=%08X ra=%08X\n",
-    m_system->GetGlobalTickCounter(), regs.pc, regs.npc, regs.zero, regs.at, regs.v0, regs.v1, regs.a0, regs.a1,
-    regs.a2, regs.a3, regs.t0, regs.t1, regs.t2, regs.t3, regs.t4, regs.t5, regs.t6, regs.t7, regs.s0, regs.s1, regs.s2,
-    regs.s3, regs.s4, regs.s5, regs.s6, regs.s7, regs.t8, regs.t9, regs.k0, regs.k1, regs.gp, regs.sp, regs.fp,
-    regs.ra);
+    m_system->GetGlobalTickCounter() + m_core->GetPendingTicks(), regs.pc, regs.npc, regs.zero, regs.at, regs.v0,
+    regs.v1, regs.a0, regs.a1, regs.a2, regs.a3, regs.t0, regs.t1, regs.t2, regs.t3, regs.t4, regs.t5, regs.t6, regs.t7,
+    regs.s0, regs.s1, regs.s2, regs.s3, regs.s4, regs.s5, regs.s6, regs.s7, regs.t8, regs.t9, regs.k0, regs.k1, regs.gp,
+    regs.sp, regs.fp, regs.ra);
 }
 
 CodeBlockKey CodeCache::GetNextBlockKey() const
diff --git a/src/core/cpu_recompiler_code_generator.cpp b/src/core/cpu_recompiler_code_generator.cpp
index 00fa0df15..0d03d888f 100644
--- a/src/core/cpu_recompiler_code_generator.cpp
+++ b/src/core/cpu_recompiler_code_generator.cpp
@@ -121,6 +121,11 @@ bool CodeGenerator::CompileInstruction(const CodeBlockInstruction& cbi)
           result = Compile_MoveHiLo(cbi);
           break;
 
+        case InstructionFunct::mult:
+        case InstructionFunct::multu:
+          result = Compile_Multiply(cbi);
+          break;
+
         default:
           result = Compile_Fallback(cbi);
           break;
@@ -285,6 +290,73 @@ Value CodeGenerator::AddValues(const Value& lhs, const Value& rhs)
   }
 }
 
+std::pair<Value, Value> CodeGenerator::MulValues(const Value& lhs, const Value& rhs, bool signed_multiply)
+{
+  DebugAssert(lhs.size == rhs.size);
+  if (lhs.IsConstant() && rhs.IsConstant())
+  {
+    // compile-time
+    switch (lhs.size)
+    {
+      case RegSize_8:
+      {
+        u16 res;
+        if (signed_multiply)
+          res = u16(s16(s8(lhs.constant_value)) * s16(s8(rhs.constant_value)));
+        else
+          res = u16(u8(lhs.constant_value)) * u16(u8(rhs.constant_value));
+
+        return std::make_pair(Value::FromConstantU8(Truncate8(res >> 8)), Value::FromConstantU8(Truncate8(res)));
+      }
+
+      case RegSize_16:
+      {
+        u32 res;
+        if (signed_multiply)
+          res = u32(s32(s16(lhs.constant_value)) * s32(s16(rhs.constant_value)));
+        else
+          res = u32(u16(lhs.constant_value)) * u32(u16(rhs.constant_value));
+
+        return std::make_pair(Value::FromConstantU16(Truncate16(res >> 16)), Value::FromConstantU16(Truncate16(res)));
+      }
+
+      case RegSize_32:
+      {
+        u64 res;
+        if (signed_multiply)
+          res = u64(s64(s32(lhs.constant_value)) * s64(s32(rhs.constant_value)));
+        else
+          res = u64(u32(lhs.constant_value)) * u64(u32(rhs.constant_value));
+
+        return std::make_pair(Value::FromConstantU32(Truncate32(res >> 32)), Value::FromConstantU32(Truncate32(res)));
+      }
+      break;
+
+      case RegSize_64:
+      {
+        u64 res;
+        if (signed_multiply)
+          res = u64(s64(lhs.constant_value) * s64(rhs.constant_value));
+        else
+          res = lhs.constant_value * rhs.constant_value;
+
+        // TODO: 128-bit multiply...
+        Panic("128-bit multiply");
+        return std::make_pair(Value::FromConstantU64(0), Value::FromConstantU64(res));
+      }
+
+      default:
+        return std::make_pair(Value::FromConstantU64(0), Value::FromConstantU64(0));
+    }
+  }
+
+  // We need two registers for both components.
+  Value hi = m_register_cache.AllocateScratch(lhs.size);
+  Value lo = m_register_cache.AllocateScratch(lhs.size);
+  EmitMul(hi.host_reg, lo.host_reg, lhs, rhs, signed_multiply);
+  return std::make_pair(std::move(hi), std::move(lo));
+}
+
 Value CodeGenerator::ShlValues(const Value& lhs, const Value& rhs)
 {
   DebugAssert(lhs.size == rhs.size);
@@ -911,6 +983,20 @@ bool CodeGenerator::Compile_MoveHiLo(const CodeBlockInstruction& cbi)
   return true;
 }
 
+bool CodeGenerator::Compile_Multiply(const CodeBlockInstruction& cbi)
+{
+  InstructionPrologue(cbi, 1);
+
+  const bool signed_multiply = (cbi.instruction.r.funct == InstructionFunct::mult);
+  std::pair<Value, Value> result = MulValues(m_register_cache.ReadGuestRegister(cbi.instruction.r.rs),
+                                             m_register_cache.ReadGuestRegister(cbi.instruction.r.rt), signed_multiply);
+  m_register_cache.WriteGuestRegister(Reg::hi, std::move(result.first));
+  m_register_cache.WriteGuestRegister(Reg::lo, std::move(result.second));
+
+  InstructionEpilogue(cbi);
+  return true;
+}
+
 bool CodeGenerator::Compile_lui(const CodeBlockInstruction& cbi)
 {
   InstructionPrologue(cbi, 1);
diff --git a/src/core/cpu_recompiler_code_generator.h b/src/core/cpu_recompiler_code_generator.h
index ed1497706..861c04522 100644
--- a/src/core/cpu_recompiler_code_generator.h
+++ b/src/core/cpu_recompiler_code_generator.h
@@ -52,6 +52,7 @@ public:
   void EmitCopyValue(HostReg to_reg, const Value& value);
   void EmitAdd(HostReg to_reg, const Value& value);
   void EmitSub(HostReg to_reg, const Value& value);
+  void EmitMul(HostReg to_reg_hi, HostReg to_reg_lo, const Value& lhs, const Value& rhs, bool signed_multiply);
   void EmitCmp(HostReg to_reg, const Value& value);
   void EmitInc(HostReg to_reg, RegSize size);
   void EmitDec(HostReg to_reg, RegSize size);
@@ -130,7 +131,7 @@ public:
 
   // Value ops
   Value AddValues(const Value& lhs, const Value& rhs);
-  Value MulValues(const Value& lhs, const Value& rhs);
+  std::pair<Value, Value> MulValues(const Value& lhs, const Value& rhs, bool signed_multiply);
   Value ShlValues(const Value& lhs, const Value& rhs);
   Value ShrValues(const Value& lhs, const Value& rhs);
   Value SarValues(const Value& lhs, const Value& rhs);
@@ -170,6 +171,7 @@ private:
   bool Compile_Load(const CodeBlockInstruction& cbi);
   bool Compile_Store(const CodeBlockInstruction& cbi);
   bool Compile_MoveHiLo(const CodeBlockInstruction& cbi);
+  bool Compile_Multiply(const CodeBlockInstruction& cbi);
   bool Compile_lui(const CodeBlockInstruction& cbi);
   bool Compile_addiu(const CodeBlockInstruction& cbi);
 
diff --git a/src/core/cpu_recompiler_code_generator_x64.cpp b/src/core/cpu_recompiler_code_generator_x64.cpp
index 5f5b6310b..89b775c65 100644
--- a/src/core/cpu_recompiler_code_generator_x64.cpp
+++ b/src/core/cpu_recompiler_code_generator_x64.cpp
@@ -427,6 +427,122 @@ void CodeGenerator::EmitSub(HostReg to_reg, const Value& value)
   }
 }
 
+void CodeGenerator::EmitMul(HostReg to_reg_hi, HostReg to_reg_lo, const Value& lhs, const Value& rhs,
+                            bool signed_multiply)
+{
+  const bool save_eax = (to_reg_hi != Xbyak::Operand::RAX && to_reg_lo != Xbyak::Operand::RAX);
+  const bool save_edx = (to_reg_hi != Xbyak::Operand::RDX && to_reg_lo != Xbyak::Operand::RDX);
+
+  if (save_eax)
+    m_emit.push(m_emit.rax);
+
+  if (save_edx)
+    m_emit.push(m_emit.rdx);
+
+#define DO_MUL(src)                                                                                                    \
+  if (lhs.size == RegSize_8)                                                                                           \
+    signed_multiply ? m_emit.imul(src.changeBit(8)) : m_emit.mul(src.changeBit(8));                                    \
+  else if (lhs.size == RegSize_16)                                                                                     \
+    signed_multiply ? m_emit.imul(src.changeBit(16)) : m_emit.mul(src.changeBit(16));                                  \
+  else if (lhs.size == RegSize_32)                                                                                     \
+    signed_multiply ? m_emit.imul(src.changeBit(32)) : m_emit.mul(src.changeBit(32));                                  \
+  else                                                                                                                 \
+    signed_multiply ? m_emit.imul(src.changeBit(64)) : m_emit.mul(src.changeBit(64));
+
+  // x*x
+  if (lhs.IsInHostRegister() && rhs.IsInHostRegister() && lhs.GetHostRegister() == rhs.GetHostRegister())
+  {
+    if (lhs.GetHostRegister() != Xbyak::Operand::RAX)
+      EmitCopyValue(Xbyak::Operand::RAX, lhs);
+
+    DO_MUL(m_emit.rax);
+  }
+  else if (lhs.IsInHostRegister() && lhs.GetHostRegister() == Xbyak::Operand::RAX)
+  {
+    if (!rhs.IsInHostRegister())
+    {
+      EmitCopyValue(Xbyak::Operand::RDX, rhs);
+      DO_MUL(m_emit.rdx);
+    }
+    else
+    {
+      DO_MUL(GetHostReg64(rhs));
+    }
+  }
+  else if (rhs.IsInHostRegister() && rhs.GetHostRegister() == Xbyak::Operand::RAX)
+  {
+    if (!lhs.IsInHostRegister())
+    {
+      EmitCopyValue(Xbyak::Operand::RDX, lhs);
+      DO_MUL(m_emit.rdx);
+    }
+    else
+    {
+      DO_MUL(GetHostReg64(lhs));
+    }
+  }
+  else
+  {
+    if (lhs.IsInHostRegister())
+    {
+      EmitCopyValue(Xbyak::Operand::RAX, rhs);
+      if (lhs.size == RegSize_8)
+        signed_multiply ? m_emit.imul(GetHostReg8(lhs)) : m_emit.mul(GetHostReg8(lhs));
+      else if (lhs.size == RegSize_16)
+        signed_multiply ? m_emit.imul(GetHostReg16(lhs)) : m_emit.mul(GetHostReg16(lhs));
+      else if (lhs.size == RegSize_32)
+        signed_multiply ? m_emit.imul(GetHostReg32(lhs)) : m_emit.mul(GetHostReg32(lhs));
+      else
+        signed_multiply ? m_emit.imul(GetHostReg64(lhs)) : m_emit.mul(GetHostReg64(lhs));
+    }
+    else if (rhs.IsInHostRegister())
+    {
+      EmitCopyValue(Xbyak::Operand::RAX, lhs);
+      if (lhs.size == RegSize_8)
+        signed_multiply ? m_emit.imul(GetHostReg8(rhs)) : m_emit.mul(GetHostReg8(rhs));
+      else if (lhs.size == RegSize_16)
+        signed_multiply ? m_emit.imul(GetHostReg16(rhs)) : m_emit.mul(GetHostReg16(rhs));
+      else if (lhs.size == RegSize_32)
+        signed_multiply ? m_emit.imul(GetHostReg32(rhs)) : m_emit.mul(GetHostReg32(rhs));
+      else
+        signed_multiply ? m_emit.imul(GetHostReg64(rhs)) : m_emit.mul(GetHostReg64(rhs));
+    }
+    else
+    {
+      EmitCopyValue(Xbyak::Operand::RAX, lhs);
+      EmitCopyValue(Xbyak::Operand::RDX, rhs);
+      DO_MUL(m_emit.rdx);
+    }
+  }
+
+#undef DO_MUL
+
+  if (to_reg_hi == Xbyak::Operand::RDX && to_reg_lo == Xbyak::Operand::RAX)
+  {
+    // ideal case: registers are the ones we want: don't have to do anything
+  }
+  else if (to_reg_hi == Xbyak::Operand::RAX && to_reg_lo == Xbyak::Operand::RDX)
+  {
+    // what we want, but swapped, so exchange them
+    m_emit.xchg(m_emit.rax, m_emit.rdx);
+  }
+  else
+  {
+    // store to the registers we want.. this could be optimized better
+    m_emit.push(m_emit.rdx);
+    m_emit.push(m_emit.rax);
+    m_emit.pop(GetHostReg64(to_reg_lo));
+    m_emit.pop(GetHostReg64(to_reg_hi));
+  }
+
+  // restore original contents
+  if (save_edx)
+    m_emit.pop(m_emit.rdx);
+
+  if (save_eax)
+    m_emit.pop(m_emit.rax);
+}
+
 void CodeGenerator::EmitCmp(HostReg to_reg, const Value& value)
 {
   DebugAssert(value.IsConstant() || value.IsInHostRegister());