diff --git a/src/core/CMakeLists.txt b/src/core/CMakeLists.txt
index c8e2f074a..5994347cd 100644
--- a/src/core/CMakeLists.txt
+++ b/src/core/CMakeLists.txt
@@ -9,6 +9,8 @@ add_library(core
     cdrom.h
     cdrom_async_reader.cpp
     cdrom_async_reader.h
+    cheats.cpp
+    cheats.h
     controller.cpp
     controller.h
     cpu_code_cache.cpp
diff --git a/src/core/cheats.cpp b/src/core/cheats.cpp
new file mode 100644
index 000000000..873e34b4b
--- /dev/null
+++ b/src/core/cheats.cpp
@@ -0,0 +1,483 @@
+#include "cheats.h"
+#include "common/file_system.h"
+#include "common/log.h"
+#include "common/string.h"
+#include "common/string_util.h"
+#include "cpu_core.h"
+#include <cctype>
+Log_SetChannel(Cheats);
+
+using KeyValuePairVector = std::vector<std::pair<std::string, std::string>>;
+
+CheatList::CheatList() = default;
+
+CheatList::~CheatList() = default;
+
+static bool IsHexCharacter(char c)
+{
+  return (c >= 'A' && c <= 'F') || (c >= 'a' && c <= 'f') || (c >= '0' && c <= '9');
+}
+
+static const std::string* FindKey(const KeyValuePairVector& kvp, const char* search)
+{
+  for (const auto& it : kvp)
+  {
+    if (StringUtil::Strcasecmp(it.first.c_str(), search) == 0)
+      return &it.second;
+  }
+
+  return nullptr;
+}
+
+bool CheatList::LoadFromPCSXRFile(const char* filename)
+{
+  auto fp = FileSystem::OpenManagedCFile(filename, "rb");
+  if (!fp)
+    return false;
+
+  char line[1024];
+  CheatCode current_code;
+  while (std::fgets(line, sizeof(line), fp.get()))
+  {
+    char* start = line;
+    while (*start != '\0' && std::isspace(*start))
+      start++;
+
+    // skip empty lines
+    if (*start == '\0')
+      continue;
+
+    char* end = start + std::strlen(start) - 1;
+    while (end > start && std::isspace(*end))
+    {
+      *end = '\0';
+      end--;
+    }
+
+    // skip comments and empty line
+    if (*start == '#' || *start == ';' || *start == '/' || *start == '\"')
+      continue;
+
+    if (*start == '[' && *end == ']')
+    {
+      start++;
+      *end = '\0';
+
+      // new cheat
+      if (current_code.Valid())
+        m_codes.push_back(std::move(current_code));
+
+      current_code = {};
+      current_code.enabled = false;
+      if (*start == '*')
+      {
+        current_code.enabled = true;
+        start++;
+      }
+
+      current_code.description.append(start);
+      continue;
+    }
+
+    while (!IsHexCharacter(*start) && start != end)
+      start++;
+    if (start == end)
+      continue;
+
+    char* end_ptr;
+    CheatCode::Instruction inst;
+    inst.first = static_cast<u32>(std::strtoul(start, &end_ptr, 16));
+    inst.second = 0;
+    if (end_ptr)
+    {
+      while (!IsHexCharacter(*end_ptr) && end_ptr != end)
+        end_ptr++;
+      if (end_ptr != end)
+        inst.second = static_cast<u32>(std::strtoul(end_ptr, nullptr, 16));
+    }
+    current_code.instructions.push_back(inst);
+  }
+
+  if (current_code.Valid())
+    m_codes.push_back(std::move(current_code));
+
+  Log_InfoPrintf("Loaded %zu cheats from '%s' (PCSXR format)", m_codes.size(), filename);
+  return !m_codes.empty();
+}
+
+bool CheatList::LoadFromLibretroFile(const char* filename)
+{
+  auto fp = FileSystem::OpenManagedCFile(filename, "rb");
+  if (!fp)
+    return false;
+
+  char line[1024];
+  KeyValuePairVector kvp;
+  while (std::fgets(line, sizeof(line), fp.get()))
+  {
+    char* start = line;
+    while (*start != '\0' && std::isspace(*start))
+      start++;
+
+    // skip empty lines
+    if (*start == '\0' || *start == '=')
+      continue;
+
+    char* end = start + std::strlen(start) - 1;
+    while (end > start && std::isspace(*end))
+    {
+      *end = '\0';
+      end--;
+    }
+
+    char* equals = start;
+    while (*equals != '=' && equals != end)
+      equals++;
+    if (equals == end)
+      continue;
+
+    *equals = '\0';
+
+    char* key_end = equals - 1;
+    while (key_end > start && std::isspace(*key_end))
+    {
+      *key_end = '\0';
+      key_end--;
+    }
+
+    char* value_start = equals + 1;
+    while (*value_start != '\0' && std::isspace(*value_start))
+      value_start++;
+
+    if (value_start == end)
+      continue;
+
+    char* value_end = value_start + std::strlen(value_start) - 1;
+    while (value_end > value_start && std::isspace(*value_end))
+    {
+      *value_end = '\0';
+      value_end--;
+    }
+
+    if (value_start == value_end)
+      continue;
+
+    if (*value_start == '\"')
+    {
+      if (*value_end != '\"')
+        continue;
+
+      value_start++;
+      *value_end = '\0';
+    }
+
+    kvp.emplace_back(start, value_start);
+  }
+
+  if (kvp.empty())
+    return false;
+
+  const std::string* num_cheats_value = FindKey(kvp, "cheats");
+  const u32 num_cheats = StringUtil::FromChars<u32>(*num_cheats_value).value_or(0);
+  if (num_cheats == 0)
+    return false;
+
+  for (u32 i = 0; i < num_cheats; i++)
+  {
+    const std::string* desc = FindKey(kvp, TinyString::FromFormat("cheat%u_desc", i));
+    const std::string* code = FindKey(kvp, TinyString::FromFormat("cheat%u_code", i));
+    const std::string* enable = FindKey(kvp, TinyString::FromFormat("cheat%u_enable", i));
+    if (!desc || !code || !enable)
+    {
+      Log_WarningPrintf("Missing desc/code/enable for cheat %u in '%s'", i, filename);
+      continue;
+    }
+
+    CheatCode cc;
+    cc.description = *desc;
+    cc.enabled = StringUtil::FromChars<bool>(*enable).value_or(false);
+
+    const char* current_ptr = code->c_str();
+    while (current_ptr)
+    {
+      char* end_ptr;
+      CheatCode::Instruction inst;
+      inst.first = static_cast<u32>(std::strtoul(current_ptr, &end_ptr, 16));
+      current_ptr = end_ptr;
+      if (end_ptr)
+      {
+        if (*end_ptr != ' ')
+        {
+          Log_WarningPrintf("Malformed code '%s'", code->c_str());
+          break;
+        }
+
+        end_ptr++;
+        inst.second = static_cast<u32>(std::strtoul(current_ptr, &end_ptr, 16));
+        current_ptr = end_ptr;
+
+        if (end_ptr)
+        {
+          if (*end_ptr != '+')
+          {
+            Log_WarningPrintf("Malformed code '%s'", code->c_str());
+            break;
+          }
+
+          end_ptr++;
+          current_ptr = end_ptr;
+        }
+
+        cc.instructions.push_back(inst);
+      }
+    }
+
+    m_codes.push_back(std::move(cc));
+  }
+
+  Log_InfoPrintf("Loaded %zu cheats from '%s' (libretro format)", m_codes.size(), filename);
+  return !m_codes.empty();
+}
+
+void CheatList::Apply()
+{
+  for (const CheatCode& code : m_codes)
+  {
+    if (code.enabled)
+      code.Apply();
+  }
+}
+
+void CheatList::AddCode(CheatCode cc)
+{
+  m_codes.push_back(std::move(cc));
+}
+
+void CheatList::RemoveCode(u32 i)
+{
+  m_codes.erase(m_codes.begin() + i);
+}
+
+std::optional<CheatList::Format> CheatList::DetectFileFormat(const char* filename)
+{
+  auto fp = FileSystem::OpenManagedCFile(filename, "rb");
+  if (!fp)
+    return Format::Count;
+
+  char line[1024];
+  KeyValuePairVector kvp;
+  while (std::fgets(line, sizeof(line), fp.get()))
+  {
+    char* start = line;
+    while (*start != '\0' && std::isspace(*start))
+      start++;
+
+    // skip empty lines
+    if (*start == '\0' || *start == '=')
+      continue;
+
+    char* end = start + std::strlen(start) - 1;
+    while (end > start && std::isspace(*end))
+    {
+      *end = '\0';
+      end--;
+    }
+
+    if (std::strncmp(line, "cheats", 6) == 0)
+      return Format::Libretro;
+    else
+      return Format::PCSXR;
+  }
+
+  return Format::Count;
+}
+
+bool CheatList::LoadFromFile(const char* filename, Format format)
+{
+  if (format == Format::Autodetect)
+    format = DetectFileFormat(filename).value_or(Format::Count);
+
+  if (format == Format::PCSXR)
+    return LoadFromPCSXRFile(filename);
+  else if (format == Format::Libretro)
+    return LoadFromLibretroFile(filename);
+
+  Log_ErrorPrintf("Invalid or unknown format for '%s'", filename);
+  return false;
+}
+
+bool CheatList::SaveToPCSXRFile(const char* filename)
+{
+  auto fp = FileSystem::OpenManagedCFile(filename, "wb");
+  if (!fp)
+    return false;
+
+  for (const CheatCode& cc : m_codes)
+  {
+    std::fprintf(fp.get(), "[%s%s]\n", cc.enabled ? "*" : "", cc.description.c_str());
+    for (const CheatCode::Instruction& i : cc.instructions)
+      std::fprintf(fp.get(), "%08X %04X\n", i.first, i.second);
+    std::fprintf(fp.get(), "\n");
+  }
+
+  std::fflush(fp.get());
+  return (std::ferror(fp.get()) == 0);
+}
+
+void CheatCode::Apply() const
+{
+  const u32 count = static_cast<u32>(instructions.size());
+  u32 index = 0;
+  for (; index < count;)
+  {
+    const Instruction& inst = instructions[index];
+    switch (inst.code)
+    {
+      case InstructionCode::ConstantWrite8:
+      {
+        CPU::SafeWriteMemoryByte(inst.address, inst.value8);
+        index++;
+      }
+      break;
+
+      case InstructionCode::ConstantWrite16:
+      {
+        CPU::SafeWriteMemoryHalfWord(inst.address, inst.value16);
+        index++;
+      }
+      break;
+
+      case InstructionCode::Increment16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        CPU::SafeWriteMemoryHalfWord(inst.address, value + 1u);
+        index++;
+      }
+      break;
+
+      case InstructionCode::Decrement16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        CPU::SafeWriteMemoryHalfWord(inst.address, value - 1u);
+        index++;
+      }
+      break;
+
+      case InstructionCode::Increment8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        CPU::SafeWriteMemoryByte(inst.address, value + 1u);
+        index++;
+      }
+      break;
+
+      case InstructionCode::Decrement8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        CPU::SafeWriteMemoryByte(inst.address, value - 1u);
+        index++;
+      }
+      break;
+
+      case InstructionCode::CompareEqual16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        if (value == inst.value16)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareNotEqual16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        if (value != inst.value16)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareLess16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        if (value < inst.value16)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareGreater16:
+      {
+        u16 value = 0;
+        CPU::SafeReadMemoryHalfWord(inst.address, &value);
+        if (value > inst.value16)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareEqual8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        if (value == inst.value8)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareNotEqual8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        if (value != inst.value8)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareLess8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        if (value < inst.value8)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      case InstructionCode::CompareGreater8:
+      {
+        u8 value = 0;
+        CPU::SafeReadMemoryByte(inst.address, &value);
+        if (value > inst.value8)
+          index++;
+        else
+          index += 2;
+      }
+      break;
+
+      default:
+      {
+        Log_ErrorPrintf("Unhandled instruction code 0x%02X (%08X %08X)", static_cast<u8>(inst.code.GetValue()),
+                        inst.first, inst.second);
+        index++;
+      }
+      break;
+    }
+  }
+}
diff --git a/src/core/cheats.h b/src/core/cheats.h
new file mode 100644
index 000000000..058f3a7ab
--- /dev/null
+++ b/src/core/cheats.h
@@ -0,0 +1,87 @@
+#pragma once
+#include "common/bitfield.h"
+#include "types.h"
+#include <optional>
+#include <string>
+#include <vector>
+
+struct CheatCode
+{
+  enum class InstructionCode : u8
+  {
+    ConstantWrite8 = 0x30,
+    ConstantWrite16 = 0x80,
+    Increment16 = 0x10,
+    Decrement16 = 0x11,
+    Increment8 = 0x20,
+    Decrement8 = 0x21,
+    CompareEqual16 = 0xD0,
+    CompareNotEqual16 = 0xD1,
+    CompareLess16 = 0xD2,
+    CompareGreater16 = 0xD3,
+    CompareEqual8 = 0xE0,
+    CompareNotEqual8 = 0xE1,
+    CompareLess8 = 0xE2,
+    CompareGreater8 = 0xE3,
+    Slide = 0x50
+  };
+
+  union Instruction
+  {
+    u64 bits;
+
+    struct
+    {
+      u32 second;
+      u32 first;
+    };
+
+    BitField<u64, InstructionCode, 32 + 24, 8> code;
+    BitField<u64, u32, 32, 24> address;
+    BitField<u64, u16, 0, 16> value16;
+    BitField<u64, u8, 0, 8> value8;
+  };
+
+  std::string description;
+  std::vector<Instruction> instructions;
+  bool enabled;
+
+  ALWAYS_INLINE bool Valid() const { return !instructions.empty() && !description.empty(); }
+
+  void Apply() const;
+};
+
+class CheatList final
+{
+public:
+  enum class Format
+  {
+    Autodetect,
+    PCSXR,
+    Libretro,
+    Count
+  };
+
+  CheatList();
+  ~CheatList();
+
+  ALWAYS_INLINE const CheatCode& GetCode(u32 i) const { return m_codes[i]; }
+  ALWAYS_INLINE CheatCode& GetCode(u32 i) { return m_codes[i]; }
+  ALWAYS_INLINE u32 GetCodeCount() const { return static_cast<u32>(m_codes.size()); }
+
+  void AddCode(CheatCode cc);
+  void RemoveCode(u32 i);
+
+  static std::optional<Format> DetectFileFormat(const char* filename);
+
+  bool LoadFromFile(const char* filename, Format format);
+  bool LoadFromPCSXRFile(const char* filename);
+  bool LoadFromLibretroFile(const char* filename);
+
+  bool SaveToPCSXRFile(const char* filename);
+
+  void Apply();
+
+private:
+  std::vector<CheatCode> m_codes;
+};
diff --git a/src/core/core.vcxproj b/src/core/core.vcxproj
index cd02f72f2..e1fe31cd2 100644
--- a/src/core/core.vcxproj
+++ b/src/core/core.vcxproj
@@ -40,6 +40,7 @@
     <ClCompile Include="bus.cpp" />
     <ClCompile Include="cdrom.cpp" />
     <ClCompile Include="cdrom_async_reader.cpp" />
+    <ClCompile Include="cheats.cpp" />
     <ClCompile Include="cpu_core.cpp" />
     <ClCompile Include="cpu_disasm.cpp" />
     <ClCompile Include="cpu_code_cache.cpp" />
@@ -96,6 +97,7 @@
     <ClInclude Include="bus.h" />
     <ClInclude Include="cdrom.h" />
     <ClInclude Include="cdrom_async_reader.h" />
+    <ClInclude Include="cheats.h" />
     <ClInclude Include="cpu_core.h" />
     <ClInclude Include="cpu_core_private.h" />
     <ClInclude Include="cpu_disasm.h" />
diff --git a/src/core/core.vcxproj.filters b/src/core/core.vcxproj.filters
index 96b2c050b..e928a6f1c 100644
--- a/src/core/core.vcxproj.filters
+++ b/src/core/core.vcxproj.filters
@@ -46,6 +46,7 @@
     <ClCompile Include="resources.cpp" />
     <ClCompile Include="host_interface_progress_callback.cpp" />
     <ClCompile Include="pgxp.cpp" />
+    <ClCompile Include="cheats.cpp" />
   </ItemGroup>
   <ItemGroup>
     <ClInclude Include="types.h" />
@@ -95,5 +96,6 @@
     <ClInclude Include="gte_types.h" />
     <ClInclude Include="pgxp.h" />
     <ClInclude Include="cpu_core_private.h" />
+    <ClInclude Include="cheats.h" />
   </ItemGroup>
 </Project>
\ No newline at end of file
diff --git a/src/core/system.cpp b/src/core/system.cpp
index 25c6ad017..a86dd6f1b 100644
--- a/src/core/system.cpp
+++ b/src/core/system.cpp
@@ -2,6 +2,7 @@
 #include "bios.h"
 #include "bus.h"
 #include "cdrom.h"
+#include "cheats.h"
 #include "common/audio_stream.h"
 #include "common/file_system.h"
 #include "common/iso_reader.h"
@@ -26,8 +27,8 @@
 #include "sio.h"
 #include "spu.h"
 #include "timers.h"
-#include <cstdio>
 #include <cctype>
+#include <cstdio>
 #include <fstream>
 #include <limits>
 Log_SetChannel(System);
@@ -103,6 +104,8 @@ static Common::Timer s_frame_timer;
 static std::vector<std::string> s_media_playlist;
 static std::string s_media_playlist_filename;
 
+static std::unique_ptr<CheatList> s_cheat_list;
+
 State GetState()
 {
   return s_state;
@@ -1107,6 +1110,9 @@ void RunFrame()
   // Generate any pending samples from the SPU before sleeping, this way we reduce the chances of underruns.
   g_spu.GeneratePendingSamples();
 
+  if (s_cheat_list)
+    s_cheat_list->Apply();
+
   g_gpu->ResetGraphicsAPIState();
 }
 
@@ -1643,4 +1649,26 @@ bool SwitchMediaFromPlaylist(u32 index)
   return InsertMedia(path.c_str());
 }
 
+bool HasCheatList()
+{
+  return static_cast<bool>(s_cheat_list);
+}
+
+CheatList* GetCheatList()
+{
+  return s_cheat_list.get();
+}
+
+void ApplyCheatCode(const CheatCode& code)
+{
+  Assert(!IsShutdown());
+  code.Apply();
+}
+
+void SetCheatList(std::unique_ptr<CheatList> cheats)
+{
+  Assert(!IsShutdown());
+  s_cheat_list = std::move(cheats);
+}
+
 } // namespace System
\ No newline at end of file
diff --git a/src/core/system.h b/src/core/system.h
index a6fde2ac5..938bee0d7 100644
--- a/src/core/system.h
+++ b/src/core/system.h
@@ -13,6 +13,9 @@ class StateWrapper;
 
 class Controller;
 
+struct CheatCode;
+class CheatList;
+
 struct SystemBootParameters
 {
   SystemBootParameters();
@@ -156,4 +159,16 @@ bool ReplaceMediaPathFromPlaylist(u32 index, const std::string_view& path);
 /// Switches to the specified media/disc playlist index.
 bool SwitchMediaFromPlaylist(u32 index);
 
+/// Returns true if there is currently a cheat list.
+bool HasCheatList();
+
+/// Accesses the current cheat list.
+CheatList* GetCheatList();
+
+/// Applies a single cheat code.
+void ApplyCheatCode(const CheatCode& code);
+
+/// Sets or clears the provided cheat list, applying every frame.
+void SetCheatList(std::unique_ptr<CheatList> cheats);
+
 } // namespace System