diff --git a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
index b7380f1c4f..94dbeef163 100644
--- a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
+++ b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
@@ -279,7 +279,7 @@ GraphicsSettingsWidget::GraphicsSettingsWidget(SettingsDialog* dialog, QWidget*
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.skipPresentingDuplicateFrames, "EmuCore/GS", "SkipDuplicateFrames", false);
 	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.overrideTextureBarriers, "EmuCore/GS", "OverrideTextureBarriers", -1, -1);
 	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.overrideGeometryShader, "EmuCore/GS", "OverrideGeometryShaders", -1, -1);
-	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.gsDumpCompression, "EmuCore/GS", "GSDumpCompression", static_cast<int>(GSDumpCompressionMethod::LZMA));
+	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.gsDumpCompression, "EmuCore/GS", "GSDumpCompression", static_cast<int>(GSDumpCompressionMethod::Zstandard));
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.disableFramebufferFetch, "EmuCore/GS", "DisableFramebufferFetch", false);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.disableDualSource, "EmuCore/GS", "DisableDualSourceBlend", false);
 	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.gsDownloadMode, "EmuCore/GS", "HWDownloadMode", static_cast<int>(GSHardwareDownloadMode::Enabled));
diff --git a/pcsx2/Config.h b/pcsx2/Config.h
index cc31381377..4809ee5589 100644
--- a/pcsx2/Config.h
+++ b/pcsx2/Config.h
@@ -571,7 +571,7 @@ struct Pcsx2Config
 		CRCHackLevel CRCHack{CRCHackLevel::Automatic};
 		BiFiltering TextureFiltering{BiFiltering::PS2};
 		TexturePreloadingLevel TexturePreloading{TexturePreloadingLevel::Full};
-		GSDumpCompressionMethod GSDumpCompression{GSDumpCompressionMethod::LZMA};
+		GSDumpCompressionMethod GSDumpCompression{GSDumpCompressionMethod::Zstandard};
 		GSHardwareDownloadMode HWDownloadMode{GSHardwareDownloadMode::Enabled};
 		int Dithering{2};
 		int MaxAnisotropy{0};
diff --git a/pcsx2/GS/GS.cpp b/pcsx2/GS/GS.cpp
index 6d71da5751..3297e303e1 100644
--- a/pcsx2/GS/GS.cpp
+++ b/pcsx2/GS/GS.cpp
@@ -1447,7 +1447,7 @@ void GSApp::Init()
 	m_default_configuration["FullscreenMode"]                             = "";
 	m_default_configuration["fxaa"]                                       = "0";
 	m_default_configuration["HWDownloadMode"]                             = std::to_string(static_cast<u8>(GSHardwareDownloadMode::Enabled));
-	m_default_configuration["GSDumpCompression"]                          = std::to_string(static_cast<u8>(GSDumpCompressionMethod::LZMA));
+	m_default_configuration["GSDumpCompression"]                          = std::to_string(static_cast<u8>(GSDumpCompressionMethod::Zstandard));
 	m_default_configuration["HWSpinGPUForReadbacks"]                      = "0";
 	m_default_configuration["HWSpinCPUForReadbacks"]                      = "0";
 	m_default_configuration["pcrtc_antiblur"]                             = "1";