diff --git a/cranelift/codegen/src/ir/function.rs b/cranelift/codegen/src/ir/function.rs
index f5b85c50af80..885b1e2f0d29 100644
--- a/cranelift/codegen/src/ir/function.rs
+++ b/cranelift/codegen/src/ir/function.rs
@@ -314,7 +314,17 @@ impl FunctionStencil {
     pub fn is_leaf(&self) -> bool {
         // Conservative result: if there's at least one function signature referenced in this
         // function, assume it is not a leaf.
-        self.dfg.signatures.is_empty()
+        let has_signatures = !self.dfg.signatures.is_empty();
+
+        // Under some TLS models, retrieving the address of a TLS variable requires calling a
+        // function. Conservatively assume that any function that references a global value is not
+        // a leaf.
+        let has_tls = self.global_values.values().any(|gv| match gv {
+            GlobalValueData::Symbol { tls, .. } => *tls,
+            _ => false,
+        });
+
+        !has_signatures && !has_tls
     }
 
     /// Replace the `dst` instruction's data with the `src` instruction's data
diff --git a/cranelift/filetests/filetests/isa/riscv64/tls-elf.clif b/cranelift/filetests/filetests/isa/riscv64/tls-elf.clif
index 18e781b2fc0d..ab352c4f1b75 100644
--- a/cranelift/filetests/filetests/isa/riscv64/tls-elf.clif
+++ b/cranelift/filetests/filetests/isa/riscv64/tls-elf.clif
@@ -56,3 +56,54 @@ block0(v0: i32):
 ;   addi sp, sp, 0x10
 ;   ret
 
+
+
+function u0:1(i64) -> i64 system_v {
+gv0 = symbol colocated tls u1:0
+
+block0(v0: i64):
+    v1 = tls_value.i64 gv0
+    v2 = iconst.i8 0
+    store notrap v2, v1
+    v3 = iconst.i64 0
+    return v3
+}
+
+; VCode:
+;   add sp,-16
+;   sd ra,8(sp)
+;   sd fp,0(sp)
+;   mv fp,sp
+; block0:
+;   elf_tls_get_addr a0,userextname0
+;   li a4,0
+;   sb a4,0(a0)
+;   li a0,0
+;   ld ra,8(sp)
+;   ld fp,0(sp)
+;   add sp,+16
+;   ret
+;
+; Disassembled:
+; block0: ; offset 0x0
+;   addi sp, sp, -0x10
+;   sd ra, 8(sp)
+;   sd s0, 0(sp)
+;   mv s0, sp
+; block1: ; offset 0x10
+;   auipc a0, 0 ; reloc_external RiscvTlsGdHi20 u1:0 0
+;   mv a0, a0 ; reloc_external RiscvPCRelLo12I func+16 0
+;   auipc t5, 0
+;   ld t5, 0xc(t5)
+;   j 0xc
+;   .byte 0x00, 0x00, 0x00, 0x00 ; reloc_external Abs8 %ElfTlsGetAddr 0
+;   .byte 0x00, 0x00, 0x00, 0x00
+;   jalr t5
+;   mv a4, zero
+;   sb a4, 0(a0)
+;   mv a0, zero
+;   ld ra, 8(sp)
+;   ld s0, 0(sp)
+;   addi sp, sp, 0x10
+;   ret
+