diff --git a/pcsx2/GS.cpp b/pcsx2/GS.cpp
index caab63a926..8bc57a5064 100644
--- a/pcsx2/GS.cpp
+++ b/pcsx2/GS.cpp
@@ -38,7 +38,7 @@ void gsSetVideoMode(GS_VideoMode mode)
 // Make sure framelimiter options are in sync with GS capabilities.
 void gsReset()
 {
-	GetMTGS().ResetGS();
+	GetMTGS().ResetGS(true);
 
 	UpdateVSyncRate();
 	memzero(g_RealGSMem);
diff --git a/pcsx2/GS.h b/pcsx2/GS.h
index f9d52627b0..403c289751 100644
--- a/pcsx2/GS.h
+++ b/pcsx2/GS.h
@@ -380,7 +380,7 @@ public:
 
 	// Waits for the GS to empty out the entire ring buffer contents.
 	void WaitGS(bool syncRegs=true, bool weakWait=false, bool isMTVU=false);
-	void ResetGS();
+	void ResetGS(bool hardware_reset);
 
 	void PrepDataPacket( MTGS_RingCommand cmd, u32 size );
 	void PrepDataPacket( GIF_PATH pathidx, u32 size );
diff --git a/pcsx2/GS/GS.cpp b/pcsx2/GS/GS.cpp
index 2f9130d901..310cd8b3b5 100644
--- a/pcsx2/GS/GS.cpp
+++ b/pcsx2/GS/GS.cpp
@@ -373,11 +373,11 @@ bool GSopen(const Pcsx2Config::GSOptions& config, GSRendererType renderer, u8* b
 	return true;
 }
 
-void GSreset()
+void GSreset(bool hardware_reset)
 {
 	try
 	{
-		g_gs_renderer->Reset();
+		g_gs_renderer->Reset(hardware_reset);
 	}
 	catch (GSRecoverableError)
 	{
diff --git a/pcsx2/GS/GS.h b/pcsx2/GS/GS.h
index 93534978db..48c2996181 100644
--- a/pcsx2/GS/GS.h
+++ b/pcsx2/GS/GS.h
@@ -57,7 +57,7 @@ void GSinitConfig();
 void GSshutdown();
 bool GSopen(const Pcsx2Config::GSOptions& config, GSRendererType renderer, u8* basemem);
 bool GSreopen(bool recreate_display);
-void GSreset();
+void GSreset(bool hardware_reset);
 void GSclose();
 void GSgifSoftReset(u32 mask);
 void GSwriteCSR(u32 csr);
diff --git a/pcsx2/GS/GSState.cpp b/pcsx2/GS/GSState.cpp
index 0dfe7fc856..ee21e9d35b 100644
--- a/pcsx2/GS/GSState.cpp
+++ b/pcsx2/GS/GSState.cpp
@@ -137,7 +137,7 @@ GSState::GSState()
 	m_env.PRMODECONT.AC = 1;
 	m_last_prim.U32[0] = PRIM->U32[0];
 
-	Reset();
+	Reset(false);
 
 	ResetHandlers();
 }
@@ -178,10 +178,11 @@ void GSState::SetFrameSkip(int skip)
 	}
 }
 
-void GSState::Reset()
+void GSState::Reset(bool hardware_reset)
 {
 	// FIXME: bios logo not shown cut in half after reset, missing graphics in GoW after first FMV
-	// memset(m_mem.m_vm8, 0, m_mem.m_vmsize);
+	if (hardware_reset)
+		memset(m_mem.m_vm8, 0, m_mem.m_vmsize);
 	memset(&m_path, 0, sizeof(m_path));
 	memset(&m_v, 0, sizeof(m_v));
 
@@ -2396,7 +2397,7 @@ int GSState::Defrost(const freezeData* fd)
 
 	Flush();
 
-	Reset();
+	Reset(false);
 
 	ReadState(&m_env.PRIM, data);
 
diff --git a/pcsx2/GS/GSState.h b/pcsx2/GS/GSState.h
index ffd54a8f2c..aef7b79632 100644
--- a/pcsx2/GS/GSState.h
+++ b/pcsx2/GS/GSState.h
@@ -302,7 +302,7 @@ public:
 
 	float GetTvRefreshRate();
 
-	virtual void Reset();
+	virtual void Reset(bool hardware_reset);
 	virtual void UpdateSettings(const Pcsx2Config::GSOptions& old_config);
 
 	void Flush();
diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
index c69f3fa331..f8f506fcb4 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
@@ -202,14 +202,14 @@ int GSRendererHW::GetUpscaleMultiplier()
 	return GSConfig.UpscaleMultiplier;
 }
 
-void GSRendererHW::Reset()
+void GSRendererHW::Reset(bool hardware_reset)
 {
 	// TODO: GSreset can come from the main thread too => crash
 	// m_tc->RemoveAll();
 
 	m_reset = true;
 
-	GSRenderer::Reset();
+	GSRenderer::Reset(hardware_reset);
 }
 
 void GSRendererHW::UpdateSettings(const Pcsx2Config::GSOptions& old_config)
diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.h b/pcsx2/GS/Renderers/HW/GSRendererHW.h
index 25044956c4..4e6bd247a0 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.h
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.h
@@ -183,7 +183,7 @@ public:
 	GSVector2 GetTextureScaleFactor() override;
 	GSVector2i GetTargetSize();
 
-	void Reset() override;
+	void Reset(bool hardware_reset) override;
 	void UpdateSettings(const Pcsx2Config::GSOptions& old_config) override;
 	void VSync(u32 field, bool registers_written) override;
 
diff --git a/pcsx2/GS/Renderers/SW/GSRendererSW.cpp b/pcsx2/GS/Renderers/SW/GSRendererSW.cpp
index 9b08a5d9c4..9c7d98a4bc 100644
--- a/pcsx2/GS/Renderers/SW/GSRendererSW.cpp
+++ b/pcsx2/GS/Renderers/SW/GSRendererSW.cpp
@@ -66,13 +66,13 @@ GSRendererSW::~GSRendererSW()
 	GSRendererSW::Destroy();
 }
 
-void GSRendererSW::Reset()
+void GSRendererSW::Reset(bool hardware_reset)
 {
 	Sync(-1);
 
 	m_tc->RemoveAll();
 
-	GSRenderer::Reset();
+	GSRenderer::Reset(hardware_reset);
 }
 
 void GSRendererSW::Destroy()
diff --git a/pcsx2/GS/Renderers/SW/GSRendererSW.h b/pcsx2/GS/Renderers/SW/GSRendererSW.h
index a826d78d2d..a5ff728910 100644
--- a/pcsx2/GS/Renderers/SW/GSRendererSW.h
+++ b/pcsx2/GS/Renderers/SW/GSRendererSW.h
@@ -78,7 +78,7 @@ protected:
 	std::atomic<u32> m_fzb_pages[512]; // u16 frame/zbuf pages interleaved
 	std::atomic<u16> m_tex_pages[512];
 
-	void Reset() override;
+	void Reset(bool hardware_reset) override;
 	void VSync(u32 field, bool registers_written) override;
 	GSTexture* GetOutput(int i, int& y_offset) override;
 	GSTexture* GetFeedbackOutput() override;
diff --git a/pcsx2/MTGS.cpp b/pcsx2/MTGS.cpp
index 2ec51dc1fb..243546ff0a 100644
--- a/pcsx2/MTGS.cpp
+++ b/pcsx2/MTGS.cpp
@@ -166,7 +166,7 @@ void SysMtgsThread::ThreadEntryPoint()
 	GSshutdown();
 }
 
-void SysMtgsThread::ResetGS()
+void SysMtgsThread::ResetGS(bool hardware_reset)
 {
 	pxAssertDev(!IsOpen() || (m_ReadPos == m_WritePos), "Must close or terminate the GS thread prior to gsReset.");
 
@@ -180,7 +180,7 @@ void SysMtgsThread::ResetGS()
 	m_VsyncSignalListener = 0;
 
 	MTGS_LOG("MTGS: Sending Reset...");
-	SendSimplePacket(GS_RINGTYPE_RESET, 0, 0, 0);
+	SendSimplePacket(GS_RINGTYPE_RESET, static_cast<int>(hardware_reset), 0, 0);
 	SendSimplePacket(GS_RINGTYPE_FRAMESKIP, 0, 0, 0);
 	SetEvent();
 }
@@ -495,7 +495,7 @@ void SysMtgsThread::MainLoop()
 
 						case GS_RINGTYPE_RESET:
 							MTGS_LOG("(MTGS Packet Read) ringtype=Reset");
-							GSreset();
+							GSreset(tag.data != 0);
 							break;
 
 						case GS_RINGTYPE_SOFTRESET:
diff --git a/pcsx2/gui/Dialogs/GSDumpDialog.cpp b/pcsx2/gui/Dialogs/GSDumpDialog.cpp
index 1c23f62558..06e5fd8f40 100644
--- a/pcsx2/gui/Dialogs/GSDumpDialog.cpp
+++ b/pcsx2/gui/Dialogs/GSDumpDialog.cpp
@@ -882,7 +882,7 @@ void Dialogs::GSDumpDialog::GSThread::ExecuteTaskInThread()
 	}
 
 	GSvsync(1, false);
-	GSreset();
+	GSreset(false);
 	GSfreeze(FreezeAction::Load, &fd);
 
 	size_t i = 0;