diff --git a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
index 68fed00f2e..b7380f1c4f 100644
--- a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
+++ b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
@@ -108,7 +108,7 @@ GraphicsSettingsWidget::GraphicsSettingsWidget(SettingsDialog* dialog, QWidget*
 		sif, m_ui.aspectRatio, "EmuCore/GS", "AspectRatio", Pcsx2Config::GSOptions::AspectRatioNames, AspectRatioType::RAuto4_3_3_2);
 	SettingWidgetBinder::BindWidgetToEnumSetting(sif, m_ui.fmvAspectRatio, "EmuCore/GS", "FMVAspectRatioSwitch",
 		Pcsx2Config::GSOptions::FMVAspectRatioSwitchNames, FMVAspectRatioSwitchType::Off);
-	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.interlacing, "EmuCore/GS", "deinterlace", DEFAULT_INTERLACE_MODE);
+	SettingWidgetBinder::BindWidgetToIntSetting(sif, m_ui.interlacing, "EmuCore/GS", "deinterlace_mode", DEFAULT_INTERLACE_MODE);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.bilinearFiltering, "EmuCore/GS", "linear_present", true);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.integerScaling, "EmuCore/GS", "IntegerScaling", false);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.PCRTCOffsets, "EmuCore/GS", "pcrtc_offsets", false);
diff --git a/pcsx2/Frontend/CommonHost.cpp b/pcsx2/Frontend/CommonHost.cpp
index d5887044d4..7b76a473bb 100644
--- a/pcsx2/Frontend/CommonHost.cpp
+++ b/pcsx2/Frontend/CommonHost.cpp
@@ -52,7 +52,7 @@
 #include <ShlObj.h>
 #endif
 
-static constexpr u32 SETTINGS_VERSION = 2;
+static constexpr u32 SETTINGS_VERSION = 1;
 
 namespace CommonHost
 {
diff --git a/pcsx2/Frontend/FullscreenUI.cpp b/pcsx2/Frontend/FullscreenUI.cpp
index d457ed7aa7..6ca2cb7d76 100644
--- a/pcsx2/Frontend/FullscreenUI.cpp
+++ b/pcsx2/Frontend/FullscreenUI.cpp
@@ -2866,7 +2866,7 @@ void FullscreenUI::DrawGraphicsSettingsPage()
 		"FMVAspectRatioSwitch", "Auto 4:3/3:2", Pcsx2Config::GSOptions::FMVAspectRatioSwitchNames,
 		Pcsx2Config::GSOptions::FMVAspectRatioSwitchNames, 0);
 	DrawIntListSetting(bsi, "Deinterlacing",
-		"Selects the algorithm used to convert the PS2's interlaced output to progressive for display.", "EmuCore/GS", "deinterlace",
+		"Selects the algorithm used to convert the PS2's interlaced output to progressive for display.", "EmuCore/GS", "deinterlace_mode",
 		static_cast<int>(GSInterlaceMode::Automatic), s_deinterlacing_options, std::size(s_deinterlacing_options));
 	DrawIntRangeSetting(bsi, "Zoom", "Increases or decreases the virtual picture size both horizontally and vertically.", "EmuCore/GS",
 		"Zoom", 100, 10, 300, "%d%%");
diff --git a/pcsx2/GS/GS.cpp b/pcsx2/GS/GS.cpp
index bd8c5fc850..6df2cf7123 100644
--- a/pcsx2/GS/GS.cpp
+++ b/pcsx2/GS/GS.cpp
@@ -1455,7 +1455,7 @@ void GSApp::Init()
 	m_default_configuration["pcrtc_offsets"]                              = "0";
 	m_default_configuration["pcrtc_overscan"]                             = "0";
 	m_default_configuration["IntegerScaling"]                             = "0";
-	m_default_configuration["deinterlace"]                                = "7";
+	m_default_configuration["deinterlace_mode"]                           = "0";
 	m_default_configuration["linear_present"]                             = "1";
 	m_default_configuration["LoadTextureReplacements"]                    = "0";
 	m_default_configuration["LoadTextureReplacementsAsync"]               = "1";
@@ -1765,6 +1765,7 @@ BEGIN_HOTKEY_LIST(g_gs_hotkeys)
 			 return;
 
 		 static constexpr std::array<const char*, static_cast<int>(GSInterlaceMode::Count)> option_names = {{
+			 "Automatic",
 			 "Off",
 			 "Weave (Top Field First)",
 			 "Weave (Bottom Field First)",
@@ -1772,7 +1773,8 @@ BEGIN_HOTKEY_LIST(g_gs_hotkeys)
 			 "Bob (Bottom Field First)",
 			 "Blend (Top Field First)",
 			 "Blend (Bottom Field First)",
-			 "Automatic",
+			 "Adaptive (Top Field First)",
+			 "Adaptive (Bottom Field First)",
 		 }};
 
 		 const GSInterlaceMode new_mode = static_cast<GSInterlaceMode>((static_cast<s32>(EmuConfig.GS.InterlaceMode) + 1) % static_cast<s32>(GSInterlaceMode::Count));
diff --git a/pcsx2/GS/Renderers/Common/GSRenderer.cpp b/pcsx2/GS/Renderers/Common/GSRenderer.cpp
index 1a7134e0bb..bec8bebfb3 100644
--- a/pcsx2/GS/Renderers/Common/GSRenderer.cpp
+++ b/pcsx2/GS/Renderers/Common/GSRenderer.cpp
@@ -919,7 +919,7 @@ void GSRenderer::KeyEvent(const HostKeyEvent& e)
 		{
 			case VK_F5:
 				GSConfig.InterlaceMode = static_cast<GSInterlaceMode>((static_cast<int>(GSConfig.InterlaceMode) + static_cast<int>(GSInterlaceMode::Count) + step) % static_cast<int>(GSInterlaceMode::Count));
-				theApp.SetConfig("deinterlace", static_cast<int>(GSConfig.InterlaceMode));
+				theApp.SetConfig("deinterlace_mode", static_cast<int>(GSConfig.InterlaceMode));
 				printf("GS: Set deinterlace mode to %d (%s).\n", static_cast<int>(GSConfig.InterlaceMode), theApp.m_gs_deinterlace.at(static_cast<int>(GSConfig.InterlaceMode)).name.c_str());
 				return;
 			case VK_NEXT: // As requested by Prafull, to be removed later
diff --git a/pcsx2/Pcsx2Config.cpp b/pcsx2/Pcsx2Config.cpp
index e22dfda221..bc02b1690c 100644
--- a/pcsx2/Pcsx2Config.cpp
+++ b/pcsx2/Pcsx2Config.cpp
@@ -585,7 +585,7 @@ void Pcsx2Config::GSOptions::ReloadIniSettings()
 	GSSettingBool(LoadTextureReplacementsAsync);
 	GSSettingBool(PrecacheTextureReplacements);
 
-	GSSettingIntEnumEx(InterlaceMode, "deinterlace");
+	GSSettingIntEnumEx(InterlaceMode, "deinterlace_mode");
 
 	GSSettingFloat(OsdScale);