diff --git a/CHANGELOG.md b/CHANGELOG.md
index 069a91f883ce..caa81209e359 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -140,6 +140,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 * (store) [#12945](https://github.com/cosmos/cosmos-sdk/pull/12945) Fix nil end semantics in store/cachekv/iterator when iterating a dirty cache.
 * (export) [#13029](https://github.com/cosmos/cosmos-sdk/pull/13029) Fix exporting the blockParams regression.
 * (x/gov) [#13051](https://github.com/cosmos/cosmos-sdk/pull/13051) In SubmitPropsal, when a legacy msg fails it's handler call, wrap the error as ErrInvalidProposalContent (instead of ErrNoProposalHandlerExists).
+* (x/gov) [#13045](https://github.com/cosmos/cosmos-sdk/pull/13045) Fix gov migrations for v3(0.46).
 
 ### Deprecated
 
diff --git a/x/genutil/migrations/v047/migrate.go b/x/genutil/migrations/v047/migrate.go
index 2d322fb6174b..699b24a0a590 100644
--- a/x/genutil/migrations/v047/migrate.go
+++ b/x/genutil/migrations/v047/migrate.go
@@ -5,6 +5,8 @@ import (
 	bankv4 "github.com/cosmos/cosmos-sdk/x/bank/migrations/v4"
 	banktypes "github.com/cosmos/cosmos-sdk/x/bank/types"
 	"github.com/cosmos/cosmos-sdk/x/genutil/types"
+	v4gov "github.com/cosmos/cosmos-sdk/x/gov/migrations/v4"
+	v1 "github.com/cosmos/cosmos-sdk/x/gov/types/v1"
 )
 
 // Migrate migrates exported state from v0.46 to a v0.47 genesis state.
@@ -17,5 +19,22 @@ func Migrate(appState types.AppMap, clientCtx client.Context) types.AppMap {
 		newBankState := bankv4.MigrateGenState(oldBankState)
 		appState[banktypes.ModuleName] = clientCtx.Codec.MustMarshalJSON(newBankState)
 	}
+
+	if govOldState, ok := appState[v4gov.ModuleName]; ok {
+		// unmarshal relative source genesis application state
+		var old v1.GenesisState
+		clientCtx.Codec.MustUnmarshalJSON(govOldState, &old)
+
+		// delete deprecated x/gov genesis state
+		delete(appState, v4gov.ModuleName)
+
+		// set the x/gov genesis state with new state.
+		new, err := v4gov.MigrateJSON(&old)
+		if err != nil {
+			panic(err)
+		}
+		appState[v4gov.ModuleName] = clientCtx.Codec.MustMarshalJSON(new)
+	}
+
 	return appState
 }
diff --git a/x/gov/migrations/v3/json.go b/x/gov/migrations/v3/json.go
index 94116b776564..327e83a58b19 100644
--- a/x/gov/migrations/v3/json.go
+++ b/x/gov/migrations/v3/json.go
@@ -27,13 +27,8 @@ func MigrateJSON(oldState *v1beta1.GenesisState) (*v1.GenesisState, error) {
 		Deposits:           convertToNewDeposits(oldState.Deposits),
 		Votes:              newVotes,
 		Proposals:          newProps,
-		Params: &v1.Params{
-			MinDeposit:       depParams.MinDeposit,
-			MaxDepositPeriod: depParams.MaxDepositPeriod,
-			VotingPeriod:     votingParms.VotingPeriod,
-			Quorum:           tallyParams.Quorum,
-			Threshold:        tallyParams.Threshold,
-			VetoThreshold:    tallyParams.VetoThreshold,
-		},
+		DepositParams:      &depParams,
+		VotingParams:       &votingParms,
+		TallyParams:        &tallyParams,
 	}, nil
 }
diff --git a/x/gov/migrations/v3/json_test.go b/x/gov/migrations/v3/json_test.go
index 6eee6b86bad2..7cc1ccd93dcb 100644
--- a/x/gov/migrations/v3/json_test.go
+++ b/x/gov/migrations/v3/json_test.go
@@ -74,22 +74,17 @@ func TestMigrateJSON(t *testing.T) {
 	// Make sure about:
 	// - Proposals use MsgExecLegacyContent
 	expected := `{
-	"deposit_params": null,
-	"deposits": [],
-	"params": {
+	"deposit_params": {
 		"max_deposit_period": "172800s",
 		"min_deposit": [
 			{
 				"amount": "10000000",
 				"denom": "stake"
 			}
-		],
-		"min_initial_deposit_ratio": "",
-		"quorum": "0.334000000000000000",
-		"threshold": "0.500000000000000000",
-		"veto_threshold": "0.334000000000000000",
-		"voting_period": "172800s"
+		]
 	},
+	"deposits": [],
+	"params": null,
 	"proposals": [
 		{
 			"deposit_end_time": "2001-09-09T01:46:40Z",
@@ -125,7 +120,11 @@ func TestMigrateJSON(t *testing.T) {
 		}
 	],
 	"starting_proposal_id": "1",
-	"tally_params": null,
+	"tally_params": {
+		"quorum": "0.334000000000000000",
+		"threshold": "0.500000000000000000",
+		"veto_threshold": "0.334000000000000000"
+	},
 	"votes": [
 		{
 			"metadata": "",
@@ -150,7 +149,9 @@ func TestMigrateJSON(t *testing.T) {
 			"voter": "cosmos1fl48vsnmsdzcv85q5d2q4z5ajdha8yu34mf0eh"
 		}
 	],
-	"voting_params": null
+	"voting_params": {
+		"voting_period": "172800s"
+	}
 }`
 
 	require.Equal(t, expected, string(indentedBz))
diff --git a/x/gov/migrations/v4/json.go b/x/gov/migrations/v4/json.go
new file mode 100644
index 000000000000..f633167aec34
--- /dev/null
+++ b/x/gov/migrations/v4/json.go
@@ -0,0 +1,25 @@
+package v4
+
+import (
+	v1 "github.com/cosmos/cosmos-sdk/x/gov/types/v1"
+)
+
+func MigrateJSON(oldState *v1.GenesisState) (*v1.GenesisState, error) {
+	params := v1.NewParams(
+		oldState.DepositParams.MinDeposit,
+		*oldState.DepositParams.MaxDepositPeriod,
+		*oldState.VotingParams.VotingPeriod,
+		oldState.TallyParams.Quorum,
+		oldState.TallyParams.Threshold,
+		oldState.TallyParams.VetoThreshold,
+		v1.DefaultParams().MinInitialDepositRatio,
+	)
+
+	return &v1.GenesisState{
+		StartingProposalId: oldState.StartingProposalId,
+		Deposits:           oldState.Deposits,
+		Votes:              oldState.Votes,
+		Proposals:          oldState.Proposals,
+		Params:             &params,
+	}, nil
+}
diff --git a/x/gov/migrations/v4/json_test.go b/x/gov/migrations/v4/json_test.go
new file mode 100644
index 000000000000..0b58e63d7607
--- /dev/null
+++ b/x/gov/migrations/v4/json_test.go
@@ -0,0 +1,64 @@
+package v4_test
+
+import (
+	"encoding/json"
+	"testing"
+
+	"github.com/cosmos/cosmos-sdk/client"
+	moduletestutil "github.com/cosmos/cosmos-sdk/types/module/testutil"
+	"github.com/cosmos/cosmos-sdk/x/gov"
+	v4 "github.com/cosmos/cosmos-sdk/x/gov/migrations/v4"
+	v1 "github.com/cosmos/cosmos-sdk/x/gov/types/v1"
+	"github.com/stretchr/testify/require"
+)
+
+func TestMigrateJSON(t *testing.T) {
+	encodingConfig := moduletestutil.MakeTestEncodingConfig(gov.AppModuleBasic{})
+	clientCtx := client.Context{}.
+		WithInterfaceRegistry(encodingConfig.InterfaceRegistry).
+		WithTxConfig(encodingConfig.TxConfig).
+		WithCodec(encodingConfig.Codec)
+
+	govGenState := v1.DefaultGenesisState()
+
+	migrated, err := v4.MigrateJSON(govGenState)
+	require.NoError(t, err)
+
+	bz, err := clientCtx.Codec.MarshalJSON(migrated)
+	require.NoError(t, err)
+
+	// Indent the JSON bz correctly.
+	var jsonObj map[string]interface{}
+	err = json.Unmarshal(bz, &jsonObj)
+	require.NoError(t, err)
+	indentedBz, err := json.MarshalIndent(jsonObj, "", "\t")
+	require.NoError(t, err)
+
+	// Make sure about:
+	// - Proposals use MsgExecLegacyContent
+	expected := `{
+	"deposit_params": null,
+	"deposits": [],
+	"params": {
+		"max_deposit_period": "172800s",
+		"min_deposit": [
+			{
+				"amount": "10000000",
+				"denom": "stake"
+			}
+		],
+		"min_initial_deposit_ratio": "0.000000000000000000",
+		"quorum": "0.334000000000000000",
+		"threshold": "0.500000000000000000",
+		"veto_threshold": "0.334000000000000000",
+		"voting_period": "172800s"
+	},
+	"proposals": [],
+	"starting_proposal_id": "1",
+	"tally_params": null,
+	"votes": [],
+	"voting_params": null
+}`
+
+	require.Equal(t, expected, string(indentedBz))
+}