diff --git a/pcsx2/Frontend/Achievements.cpp b/pcsx2/Frontend/Achievements.cpp
index 9399bc57ef..f5cde920f5 100644
--- a/pcsx2/Frontend/Achievements.cpp
+++ b/pcsx2/Frontend/Achievements.cpp
@@ -548,7 +548,7 @@ void Achievements::UpdateSettings(const Pcsx2Config::AchievementsOptions& old_co
 		}
 		else if (!s_challenge_mode && EmuConfig.Achievements.ChallengeMode)
 		{
-			Host::AddKeyedOSDMessage("challenge_mode_reset", "Hardcore mode will be enabled on system reset.", 10.0f);
+			ImGuiFullscreen::ShowToast(std::string(), "Hardcore mode will be enabled on system reset.", 10.0f);
 		}
 	}
 
diff --git a/pcsx2/VMManager.cpp b/pcsx2/VMManager.cpp
index 98fc2652d8..f54134d5ab 100644
--- a/pcsx2/VMManager.cpp
+++ b/pcsx2/VMManager.cpp
@@ -1102,8 +1102,17 @@ void VMManager::Shutdown(bool save_resume_state)
 void VMManager::Reset()
 {
 #ifdef ENABLE_ACHIEVEMENTS
+	const bool previous_challenge_mode = Achievements::ChallengeModeActive();
 	if (!Achievements::OnReset())
 		return;
+
+	if (Achievements::ChallengeModeActive() && !previous_challenge_mode)
+	{
+		// Hardcore mode enabled, so reload settings. This only covers the BIOS
+		// portion of the boot, once the game loads we'll reset anyway, but better
+		// to change things like the speed now rather than later.
+		ApplySettings();
+	}
 #endif
 
 	const bool game_was_started = g_GameStarted;