diff --git a/Source/Core/VideoBackends/Vulkan/CommandBufferManager.cpp b/Source/Core/VideoBackends/Vulkan/CommandBufferManager.cpp
index 350757194e..51706fc33f 100644
--- a/Source/Core/VideoBackends/Vulkan/CommandBufferManager.cpp
+++ b/Source/Core/VideoBackends/Vulkan/CommandBufferManager.cpp
@@ -353,8 +353,13 @@ void CommandBufferManager::SubmitCommandBuffer(size_t index, VkSemaphore wait_se
                                      nullptr};
 
     res = vkQueuePresentKHR(g_vulkan_context->GetPresentQueue(), &present_info);
-    if (res != VK_SUCCESS && res != VK_ERROR_OUT_OF_DATE_KHR && res != VK_SUBOPTIMAL_KHR)
-      LOG_VULKAN_ERROR(res, "vkQueuePresentKHR failed: ");
+    if (res != VK_SUCCESS)
+    {
+      // VK_ERROR_OUT_OF_DATE_KHR is not fatal, just means we need to recreate our swap chain.
+      if (res != VK_ERROR_OUT_OF_DATE_KHR && res != VK_SUBOPTIMAL_KHR)
+        LOG_VULKAN_ERROR(res, "vkQueuePresentKHR failed: ");
+      m_present_failed_flag.Set();
+    }
   }
 
   // Command buffer has been queued, so permit the next one.
diff --git a/Source/Core/VideoBackends/Vulkan/CommandBufferManager.h b/Source/Core/VideoBackends/Vulkan/CommandBufferManager.h
index 67266b69b9..9cefe100d7 100644
--- a/Source/Core/VideoBackends/Vulkan/CommandBufferManager.h
+++ b/Source/Core/VideoBackends/Vulkan/CommandBufferManager.h
@@ -16,6 +16,7 @@
 #include <vector>
 
 #include "Common/BlockingLoop.h"
+#include "Common/Flag.h"
 #include "Common/Semaphore.h"
 
 #include "VideoCommon/VideoCommon.h"
@@ -78,6 +79,8 @@ public:
 
   void ExecuteCommandBuffer(bool submit_off_thread, bool wait_for_completion);
 
+  // Was the last present submitted to the queue a failure? If so, we must recreate our swapchain.
+  bool CheckLastPresentFail() { return m_present_failed_flag.TestAndClear(); }
   // Schedule a vulkan resource for destruction later on. This will occur when the command buffer
   // is next re-used, and the GPU has finished working with the specified resource.
   void DeferBufferDestruction(VkBuffer object);
@@ -144,6 +147,7 @@ private:
   };
   std::deque<PendingCommandBufferSubmit> m_pending_submits;
   std::mutex m_pending_submit_lock;
+  Common::Flag m_present_failed_flag;
   bool m_use_threaded_submission = false;
 };
 
diff --git a/Source/Core/VideoBackends/Vulkan/Renderer.cpp b/Source/Core/VideoBackends/Vulkan/Renderer.cpp
index 2a90da6f9a..3a4907b88c 100644
--- a/Source/Core/VideoBackends/Vulkan/Renderer.cpp
+++ b/Source/Core/VideoBackends/Vulkan/Renderer.cpp
@@ -325,10 +325,6 @@ void Renderer::BeginFrame()
   // Activate a new command list, and restore state ready for the next draw
   g_command_buffer_mgr->ActivateCommandBuffer();
 
-  // Restore the EFB color texture to color attachment ready for rendering the next frame.
-  FramebufferManager::GetInstance()->GetEFBColorTexture()->TransitionToLayout(
-      g_command_buffer_mgr->GetCurrentCommandBuffer(), VK_IMAGE_LAYOUT_COLOR_ATTACHMENT_OPTIMAL);
-
   // Ensure that the state tracker rebinds everything, and allocates a new set
   // of descriptors out of the next pool.
   StateTracker::GetInstance()->InvalidateDescriptorSets();
@@ -575,6 +571,10 @@ void Renderer::SwapImpl(u32 xfb_addr, u32 fb_width, u32 fb_stride, u32 fb_height
   // Prep for the next frame (get command buffer ready) before doing anything else.
   BeginFrame();
 
+  // Restore the EFB color texture to color attachment ready for rendering the next frame.
+  FramebufferManager::GetInstance()->GetEFBColorTexture()->TransitionToLayout(
+      g_command_buffer_mgr->GetCurrentCommandBuffer(), VK_IMAGE_LAYOUT_COLOR_ATTACHMENT_OPTIMAL);
+
   // Determine what (if anything) has changed in the config.
   CheckForConfigChanges();
 
@@ -718,8 +718,18 @@ void Renderer::DrawScreen(const TargetRectangle& scaled_efb_rect, u32 xfb_addr,
                           const XFBSourceBase* const* xfb_sources, u32 xfb_count, u32 fb_width,
                           u32 fb_stride, u32 fb_height)
 {
-  // Grab the next image from the swap chain in preparation for drawing the window.
-  VkResult res = m_swap_chain->AcquireNextImage(m_image_available_semaphore);
+  VkResult res;
+  if (!g_command_buffer_mgr->CheckLastPresentFail())
+  {
+    // Grab the next image from the swap chain in preparation for drawing the window.
+    res = m_swap_chain->AcquireNextImage(m_image_available_semaphore);
+  }
+  else
+  {
+    // If the last present failed, we need to recreate the swap chain.
+    res = VK_ERROR_OUT_OF_DATE_KHR;
+  }
+
   if (res == VK_SUBOPTIMAL_KHR || res == VK_ERROR_OUT_OF_DATE_KHR)
   {
     // There's an issue here. We can't resize the swap chain while the GPU is still busy with it,
@@ -729,7 +739,8 @@ void Renderer::DrawScreen(const TargetRectangle& scaled_efb_rect, u32 xfb_addr,
     // command buffer, resize the swap chain (which calls WaitForGPUIdle), and then finally call
     // PrepareToSubmitCommandBuffer to return to the state that the caller expects.
     g_command_buffer_mgr->SubmitCommandBuffer(false);
-    ResizeSwapChain();
+    m_swap_chain->ResizeSwapChain();
+    BeginFrame();
     g_command_buffer_mgr->PrepareToSubmitCommandBuffer();
     res = m_swap_chain->AcquireNextImage(m_image_available_semaphore);
   }
@@ -1065,14 +1076,17 @@ void Renderer::CheckForSurfaceChange()
   if (!m_surface_needs_change.IsSet())
     return;
 
-  u32 old_width = m_swap_chain ? m_swap_chain->GetWidth() : 0;
-  u32 old_height = m_swap_chain ? m_swap_chain->GetHeight() : 0;
+  // Wait for the GPU to catch up since we're going to destroy the swap chain.
+  g_command_buffer_mgr->WaitForGPUIdle();
+
+  // Clear the present failed flag, since we don't want to resize after recreating.
+  g_command_buffer_mgr->CheckLastPresentFail();
 
   // Fast path, if the surface handle is the same, the window has just been resized.
   if (m_swap_chain && m_new_surface_handle == m_swap_chain->GetNativeHandle())
   {
     INFO_LOG(VIDEO, "Detected window resize.");
-    ResizeSwapChain();
+    m_swap_chain->RecreateSwapChain();
 
     // Notify the main thread we are done.
     m_surface_needs_change.Clear();
@@ -1081,9 +1095,6 @@ void Renderer::CheckForSurfaceChange()
   }
   else
   {
-    // Wait for the GPU to catch up since we're going to destroy the swap chain.
-    g_command_buffer_mgr->WaitForGPUIdle();
-
     // Did we previously have a swap chain?
     if (m_swap_chain)
     {
@@ -1122,12 +1133,8 @@ void Renderer::CheckForSurfaceChange()
     m_surface_changed.Set();
   }
 
-  if (m_swap_chain)
-  {
-    // Handle case where the dimensions are now different
-    if (old_width != m_swap_chain->GetWidth() || old_height != m_swap_chain->GetHeight())
-      OnSwapChainResized();
-  }
+  // Handle case where the dimensions are now different.
+  OnSwapChainResized();
 }
 
 void Renderer::CheckForConfigChanges()
@@ -1191,7 +1198,10 @@ void Renderer::CheckForConfigChanges()
   // For quad-buffered stereo we need to change the layer count, so recreate the swap chain.
   if (m_swap_chain &&
       (g_ActiveConfig.iStereoMode == STEREO_QUADBUFFER) != m_swap_chain->IsStereoEnabled())
-    ResizeSwapChain();
+  {
+    g_command_buffer_mgr->WaitForGPUIdle();
+    m_swap_chain->RecreateSwapChain();
+  }
 
   // Wipe sampler cache if force texture filtering or anisotropy changes.
   if (anisotropy_changed || force_texture_filtering_changed)
@@ -1237,18 +1247,6 @@ void Renderer::ResizeEFBTextures()
   BPFunctions::SetScissor();
 }
 
-void Renderer::ResizeSwapChain()
-{
-  // The worker thread may still be submitting a present on this swap chain.
-  g_command_buffer_mgr->WaitForGPUIdle();
-
-  // It's now safe to resize the swap chain.
-  if (!m_swap_chain->ResizeSwapChain())
-    PanicAlert("Failed to resize swap chain.");
-
-  OnSwapChainResized();
-}
-
 void Renderer::ApplyState()
 {
 }
diff --git a/Source/Core/VideoBackends/Vulkan/Renderer.h b/Source/Core/VideoBackends/Vulkan/Renderer.h
index 593c2cd887..5a367f2bcd 100644
--- a/Source/Core/VideoBackends/Vulkan/Renderer.h
+++ b/Source/Core/VideoBackends/Vulkan/Renderer.h
@@ -81,7 +81,6 @@ private:
   void OnSwapChainResized();
   void BindEFBToStateTracker();
   void ResizeEFBTextures();
-  void ResizeSwapChain();
 
   void RecompileShaders();
   bool CompileShaders();
diff --git a/Source/Core/VideoBackends/Vulkan/SwapChain.cpp b/Source/Core/VideoBackends/Vulkan/SwapChain.cpp
index c5b3791637..abcd38c94a 100644
--- a/Source/Core/VideoBackends/Vulkan/SwapChain.cpp
+++ b/Source/Core/VideoBackends/Vulkan/SwapChain.cpp
@@ -472,14 +472,27 @@ bool SwapChain::ResizeSwapChain()
   return true;
 }
 
+bool SwapChain::RecreateSwapChain()
+{
+  DestroySwapChainImages();
+  DestroySwapChain();
+  if (!CreateSwapChain() || !SetupSwapChainImages())
+  {
+    PanicAlert("Failed to re-configure swap chain images, this is fatal (for now)");
+    return false;
+  }
+
+  return true;
+}
+
 bool SwapChain::SetVSync(bool enabled)
 {
   if (m_vsync_enabled == enabled)
     return true;
 
-  // Resizing recreates the swap chain with the new present mode.
+  // Recreate the swap chain with the new present mode.
   m_vsync_enabled = enabled;
-  return ResizeSwapChain();
+  return RecreateSwapChain();
 }
 
 bool SwapChain::RecreateSurface(void* native_handle)
diff --git a/Source/Core/VideoBackends/Vulkan/SwapChain.h b/Source/Core/VideoBackends/Vulkan/SwapChain.h
index 37c3460796..69ccb6dff1 100644
--- a/Source/Core/VideoBackends/Vulkan/SwapChain.h
+++ b/Source/Core/VideoBackends/Vulkan/SwapChain.h
@@ -55,6 +55,7 @@ public:
 
   bool RecreateSurface(void* native_handle);
   bool ResizeSwapChain();
+  bool RecreateSwapChain();
 
   // Change vsync enabled state. This may fail as it causes a swapchain recreation.
   bool SetVSync(bool enabled);