diff --git a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
index e7f7045ba3..04461790aa 100644
--- a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
+++ b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
@@ -207,6 +207,7 @@ GSTextureCache::Source* GSTextureCache::LookupSource(const GIFRegTEX0& TEX0, con
 
 	auto& m = m_src.m_map[TEX0.TBP0 >> 5];
 
+	const GSVector2i compare_lod(lod ? *lod : GSVector2i(0, 0));
 	for (auto i = m.begin(); i != m.end(); ++i)
 	{
 		Source* s = *i;
@@ -227,6 +228,11 @@ GSTextureCache::Source* GSTextureCache::LookupSource(const GIFRegTEX0& TEX0, con
 			// the CPU.  We need to check that TEXA is identical
 			if (psm_s.pal == 0 && psm_s.fmt > 0 && s->m_TEXA.U64 != TEXA.U64)
 				continue;
+
+			// Same base mip texture, but we need to check that MXL was the same as well.
+			// When mipmapping is off, this will be 0,0 vs 0,0.
+			if (s->m_lod != compare_lod)
+				continue;
 		}
 
 		m.MoveFront(i.Index());
@@ -1556,6 +1562,8 @@ GSTextureCache::Source* GSTextureCache::CreateSource(const GIFRegTEX0& TEX0, con
 {
 	const GSLocalMemory::psm_t& psm = GSLocalMemory::m_psm[TEX0.PSM];
 	Source* src = new Source(TEX0, TEXA, false);
+	if (lod)
+		src->m_lod = *lod;
 
 	int tw = 1 << TEX0.TW;
 	int th = 1 << TEX0.TH;
@@ -2276,6 +2284,7 @@ GSTextureCache::Source::Source(const GIFRegTEX0& TEX0, const GIFRegTEXA& TEXA, b
 	: m_palette_obj(nullptr)
 	, m_palette(nullptr)
 	, m_valid_rect(0, 0)
+	, m_lod(0, 0)
 	, m_target(false)
 	, m_p2t(NULL)
 	, m_from_target(NULL)
diff --git a/pcsx2/GS/Renderers/HW/GSTextureCache.h b/pcsx2/GS/Renderers/HW/GSTextureCache.h
index e15efdef51..8345495f2a 100644
--- a/pcsx2/GS/Renderers/HW/GSTextureCache.h
+++ b/pcsx2/GS/Renderers/HW/GSTextureCache.h
@@ -159,6 +159,7 @@ public:
 		std::unique_ptr<u32[]> m_valid;// each u32 bits map to the 32 blocks of that page
 		GSTexture* m_palette;
 		GSVector4i m_valid_rect;
+		GSVector2i m_lod;
 		u8 m_valid_hashes = 0;
 		u8 m_complete_layers = 0;
 		bool m_target;