diff --git a/pcsx2/GS/Renderers/Common/GSFastList.h b/pcsx2/GS/Renderers/Common/GSFastList.h
index df1ac8cbbf..a852805933 100644
--- a/pcsx2/GS/Renderers/Common/GSFastList.h
+++ b/pcsx2/GS/Renderers/Common/GSFastList.h
@@ -26,11 +26,14 @@ struct Element
 template <class T>
 class FastListIterator;
 
+template <class T>
+class FastListReverseIterator;
+
 template <class T>
 class FastList
 {
 	friend class FastListIterator<T>;
-
+	friend class FastListReverseIterator<T>;
 private:
 	// The index of the first element of the list is m_buffer[0].next_index
 	//     The first Element<T> of the list has prev_index equal to 0
@@ -159,6 +162,14 @@ public:
 		return ++i;
 	}
 
+	__forceinline const FastListReverseIterator<T> rbegin() const {
+		return FastListReverseIterator<T>(this, LastIndex());
+	}
+
+	__forceinline const FastListReverseIterator<T> rend() const {
+		return FastListReverseIterator<T>(this, 0);
+	}
+
 private:
 	// Accessed by FastListIterator<T> using class friendship
 	__forceinline const T& Data(const u16 index) const
@@ -308,3 +319,60 @@ public:
 		return m_index;
 	}
 };
+
+template <class T>
+// This iterator is const_iterator
+class FastListReverseIterator
+{
+private:
+	const FastList<T>* m_fastlist;
+	u16 m_index;
+
+public:
+	__forceinline FastListReverseIterator(const FastList<T>* fastlist, const u16 index) {
+		m_fastlist = fastlist;
+		m_index = index;
+	}
+
+	__forceinline bool operator!=(const FastListReverseIterator<T>& other) const {
+		return (m_index != other.m_index);
+	}
+
+	__forceinline bool operator==(const FastListReverseIterator<T>& other) const {
+		return (m_index == other.m_index);
+	}
+
+	// Prefix increment
+	__forceinline const FastListReverseIterator<T>& operator++() {
+		m_index = m_fastlist->PrevIndex(m_index);
+		return *this;
+	}
+
+	// Postfix increment
+	__forceinline const FastListReverseIterator<T> operator++(int) {
+		FastListReverseIterator<T> copy(*this);
+		++(*this);
+		return copy;
+	}
+
+	// Prefix decrement
+	__forceinline const FastListReverseIterator<T>& operator--() {
+		m_index = m_fastlist->NextIndex(m_index);
+		return *this;
+	}
+
+	// Postfix decrement
+	__forceinline const FastListReverseIterator<T> operator--(int) {
+		FastListReverseIterator<T> copy(*this);
+		--(*this);
+		return copy;
+	}
+
+	__forceinline const T& operator*() const {
+		return m_fastlist->Data(m_index);
+	}
+
+	__forceinline u16 Index() const {
+		return m_index;
+	}
+};
diff --git a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
index 791496e519..4d6edc6484 100644
--- a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
+++ b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
@@ -976,8 +976,10 @@ void GSTextureCache::InvalidateLocalMem(const GSOffset& off, const GSVector4i& r
 		GL_INS("ERROR: InvalidateLocalMem depth format isn't supported (%d,%d to %d,%d)", r.x, r.y, r.z, r.w);
 		if (m_can_convert_depth)
 		{
-			for (auto t : m_dst[DepthStencil])
+			auto& dss = m_dst[DepthStencil];
+			for (auto it = dss.rbegin(); it != dss.rend(); ++it)  // Iterate targets from LRU to MRU.
 			{
+				Target* t = *it;
 				if (GSUtil::HasSharedBits(bp, psm, t->m_TEX0.TBP0, t->m_TEX0.PSM))
 				{
 					if (GSUtil::HasCompatibleBits(psm, t->m_TEX0.PSM))
@@ -992,8 +994,10 @@ void GSTextureCache::InvalidateLocalMem(const GSOffset& off, const GSVector4i& r
 	// It works for all the games mentioned below and fixes a couple of other ones as well
 	// (Busen0: Wizardry and Chaos Legion).
 	// Also in a few games the below code ran the Grandia3 case when it shouldn't :p
-	for (auto t : m_dst[RenderTarget])
+	auto& rts = m_dst[RenderTarget];
+	for (auto it = rts.rbegin(); it != rts.rend(); ++it)  // Iterate targets from LRU to MRU.
 	{
+		Target* t = *it;
 		if (t->m_TEX0.PSM != PSM_PSMZ32 && t->m_TEX0.PSM != PSM_PSMZ24 && t->m_TEX0.PSM != PSM_PSMZ16 && t->m_TEX0.PSM != PSM_PSMZ16S)
 		{
 			if (GSUtil::HasSharedBits(bp, psm, t->m_TEX0.TBP0, t->m_TEX0.PSM))