diff --git a/GPU/Debugger/Stepping.cpp b/GPU/Debugger/Stepping.cpp
index ea3ce03715f4..2b750235a71a 100644
--- a/GPU/Debugger/Stepping.cpp
+++ b/GPU/Debugger/Stepping.cpp
@@ -65,6 +65,8 @@ static GPUDebugBuffer bufferClut;
 static int bufferLevel;
 static u32 pauseSetCmdValue;
 
+static GPUgstate lastGState;
+
 static void SetPauseAction(PauseAction act, bool waitComplete = true) {
 	pauseLock.lock();
 	std::unique_lock<std::mutex> guard(actionLock);
@@ -133,6 +135,22 @@ static void RunPauseAction() {
 	pauseAction = PAUSE_BREAK;
 }
 
+static void StartStepping() {
+	if (lastGState.cmdmem[1] == 0) {
+		lastGState = gstate;
+		// Play it safe so we don't keep resetting.
+		lastGState.cmdmem[1] |= 0x01000000;
+	}
+	gpuDebug->NotifySteppingEnter();
+	isStepping = true;
+}
+
+static void StopStepping() {
+	gpuDebug->NotifySteppingExit();
+	lastGState = gstate;
+	isStepping = false;
+}
+
 bool SingleStep() {
 	std::unique_lock<std::mutex> guard(pauseLock);
 	if (coreState != CORE_RUNNING && coreState != CORE_NEXTFRAME && coreState != CORE_STEPPING) {
@@ -147,13 +165,9 @@ bool SingleStep() {
 		return false;
 	}
 
-	gpuDebug->NotifySteppingEnter();
-	isStepping = true;
-
+	StartStepping();
 	RunPauseAction();
-
-	gpuDebug->NotifySteppingExit();
-	isStepping = false;
+	StopStepping();
 	return true;
 }
 
@@ -171,13 +185,12 @@ bool EnterStepping() {
 		return false;
 	}
 
-	gpuDebug->NotifySteppingEnter();
+	StartStepping();
 
 	// Just to be sure.
 	if (pauseAction == PAUSE_CONTINUE) {
 		pauseAction = PAUSE_BREAK;
 	}
-	isStepping = true;
 	stepCounter++;
 
 	do {
@@ -185,8 +198,7 @@ bool EnterStepping() {
 		pauseWait.wait(guard);
 	} while (pauseAction != PAUSE_CONTINUE);
 
-	gpuDebug->NotifySteppingExit();
-	isStepping = false;
+	StopStepping();
 	return true;
 }
 
@@ -263,4 +275,8 @@ void ForceUnpause() {
 	actionWait.notify_all();
 }
 
+GPUgstate LastState() {
+	return lastGState;
+}
+
 }  // namespace
diff --git a/GPU/Debugger/Stepping.h b/GPU/Debugger/Stepping.h
index af93743eb3c0..35409c03b95b 100644
--- a/GPU/Debugger/Stepping.h
+++ b/GPU/Debugger/Stepping.h
@@ -22,6 +22,7 @@
 #include "Common/CommonTypes.h"
 #include "Core/Core.h"
 #include "GPU/Common/GPUDebugInterface.h"
+#include "GPU/GPUState.h"
 
 namespace GPUStepping {
 	// Should be called from the emu thread.
@@ -42,4 +43,6 @@ namespace GPUStepping {
 
 	void ResumeFromStepping();
 	void ForceUnpause();
+
+	GPUgstate LastState();
 };
diff --git a/Windows/Debugger/Debugger_Disasm.cpp b/Windows/Debugger/Debugger_Disasm.cpp
index 7b776c5099dd..c7b98f52c562 100644
--- a/Windows/Debugger/Debugger_Disasm.cpp
+++ b/Windows/Debugger/Debugger_Disasm.cpp
@@ -362,17 +362,17 @@ BOOL CDisasm::DlgProc(UINT message, WPARAM wParam, LPARAM lParam)
 			leftTabs->HandleNotify(lParam);
 			break;
 		case IDC_BREAKPOINTLIST:
-			breakpointList->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, breakpointList->HandleNotify(lParam));
+			return TRUE;
 		case IDC_THREADLIST:
-			threadList->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, threadList->HandleNotify(lParam));
+			return TRUE;
 		case IDC_STACKFRAMES:
-			stackTraceView->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, stackTraceView->HandleNotify(lParam));
+			return TRUE;
 		case IDC_MODULELIST:
-			moduleList->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, moduleList->HandleNotify(lParam));
+			return TRUE;
 		case IDC_DEBUG_BOTTOMTABS:
 			bottomTabs->HandleNotify(lParam);
 			break;
diff --git a/Windows/GEDebugger/TabDisplayLists.cpp b/Windows/GEDebugger/TabDisplayLists.cpp
index 788ab7a6738e..cb14c14eb132 100644
--- a/Windows/GEDebugger/TabDisplayLists.cpp
+++ b/Windows/GEDebugger/TabDisplayLists.cpp
@@ -258,11 +258,11 @@ BOOL TabDisplayLists::DlgProc(UINT message, WPARAM wParam, LPARAM lParam) {
 		switch (wParam)
 		{
 		case IDC_GEDBG_LISTS_STACK:
-			stack->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, stack->HandleNotify(lParam));
+			return TRUE;
 		case IDC_GEDBG_LISTS_ALLLISTS:
-			allLists->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, allLists->HandleNotify(lParam));
+			return TRUE;
 		}
 		break;
 
diff --git a/Windows/GEDebugger/TabState.cpp b/Windows/GEDebugger/TabState.cpp
index 1a67b43b6417..486e6030b4ff 100644
--- a/Windows/GEDebugger/TabState.cpp
+++ b/Windows/GEDebugger/TabState.cpp
@@ -15,8 +15,10 @@
 // Official git repository and contact information can be found at
 // https://github.com/hrydgard/ppsspp and http://www.ppsspp.org/.
 
+#include <commctrl.h>
 #include "Common/CommonFuncs.h"
 #include "Common/CommonTypes.h"
+#include "Common/Log.h"
 #include "Common/Data/Text/Parsers.h"
 #include "Common/StringUtils.h"
 #include "Windows/resource.h"
@@ -28,6 +30,7 @@
 #include "GPU/GeDisasm.h"
 #include "GPU/Common/GPUDebugInterface.h"
 #include "GPU/Debugger/Breakpoints.h"
+#include "GPU/Debugger/Stepping.h"
 
 using namespace GPUBreakpoints;
 
@@ -1009,11 +1012,36 @@ void CtrlStateValues::OnRightClick(int row, int column, const POINT &point) {
 	}
 }
 
+bool CtrlStateValues::OnRowPrePaint(int row, LPNMLVCUSTOMDRAW msg) {
+	if (RowValuesChanged(row)) {
+		msg->clrText = RGB(255, 0, 0);
+		return true;
+	}
+	return false;
+}
+
 void CtrlStateValues::SetCmdValue(u32 op) {
 	SendMessage(GetParent(GetParent(GetHandle())), WM_GEDBG_SETCMDWPARAM, op, NULL);
 	Update();
 }
 
+bool CtrlStateValues::RowValuesChanged(int row) {
+	_assert_(gpuDebug != nullptr && row >= 0 && row < rowCount_);
+
+	const auto info = rows_[row];
+	const auto state = gpuDebug->GetGState();
+	const auto lastState = GPUStepping::LastState();
+
+	if (state.cmdmem[info.cmd] != lastState.cmdmem[info.cmd])
+		return true;
+	if (info.otherCmd && state.cmdmem[info.otherCmd] != lastState.cmdmem[info.otherCmd])
+		return true;
+	if (info.otherCmd2 && state.cmdmem[info.otherCmd2] != lastState.cmdmem[info.otherCmd2])
+		return true;
+
+	return false;
+}
+
 TabStateValues::TabStateValues(const TabStateRow *rows, int rowCount, LPCSTR dialogID, HINSTANCE _hInstance, HWND _hParent)
 	: Dialog(dialogID, _hInstance, _hParent) {
 	values = new CtrlStateValues(rows, rowCount, GetDlgItem(m_hDlg, IDC_GEDBG_VALUES));
@@ -1054,8 +1082,8 @@ BOOL TabStateValues::DlgProc(UINT message, WPARAM wParam, LPARAM lParam) {
 		switch (wParam)
 		{
 		case IDC_GEDBG_VALUES:
-			values->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, values->HandleNotify(lParam));
+			return TRUE;
 		}
 		break;
 	}
diff --git a/Windows/GEDebugger/TabState.h b/Windows/GEDebugger/TabState.h
index 03ecb4e59493..c60c8490288e 100644
--- a/Windows/GEDebugger/TabState.h
+++ b/Windows/GEDebugger/TabState.h
@@ -41,7 +41,11 @@ class CtrlStateValues: public GenericListControl {
 	void OnDoubleClick(int row, int column) override;
 	void OnRightClick(int row, int column, const POINT& point) override;
 
+	bool ListenRowPrePaint() override { return true; }
+	bool OnRowPrePaint(int row, LPNMLVCUSTOMDRAW msg) override;
+
 private:
+	bool RowValuesChanged(int row);
 	void SetCmdValue(u32 op);
 
 	const TabStateRow *rows_;
diff --git a/Windows/GEDebugger/TabVertices.cpp b/Windows/GEDebugger/TabVertices.cpp
index dbd96c246448..0576b96032a1 100644
--- a/Windows/GEDebugger/TabVertices.cpp
+++ b/Windows/GEDebugger/TabVertices.cpp
@@ -15,6 +15,7 @@
 // Official git repository and contact information can be found at
 // https://github.com/hrydgard/ppsspp and http://www.ppsspp.org/.
 
+#include <commctrl.h>
 #include "Common/CommonTypes.h"
 #include "Common/StringUtils.h"
 #include "Core/System.h"
@@ -28,6 +29,7 @@
 #include "GPU/GeDisasm.h"
 #include "GPU/Common/GPUDebugInterface.h"
 #include "GPU/Debugger/Breakpoints.h"
+#include "GPU/Debugger/Stepping.h"
 
 static const GenericListViewColumn vertexListCols[] = {
 	{ L"X", 0.1f },
@@ -355,8 +357,8 @@ BOOL TabVertices::DlgProc(UINT message, WPARAM wParam, LPARAM lParam) {
 		switch (wParam)
 		{
 		case IDC_GEDBG_VERTICES:
-			values->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, values->HandleNotify(lParam));
+			return TRUE;
 		}
 		break;
 	}
@@ -370,14 +372,57 @@ CtrlMatrixList::CtrlMatrixList(HWND hwnd)
 	Update();
 }
 
-bool CtrlMatrixList::GetValue(int row, int col, float &val) {
+bool CtrlMatrixList::OnColPrePaint(int row, int col, LPNMLVCUSTOMDRAW msg) {
+	const auto state = gpuDebug->GetGState();
+	const auto lastState = GPUStepping::LastState();
+
+	bool changed = false;
+	if (col < MATRIXLIST_COL_0) {
+		for (int c = MATRIXLIST_COL_0; c <= MATRIXLIST_COL_3; ++c) {
+			changed = changed || ColChanged(lastState, state, row, c);
+		}
+	} else {
+		changed = ColChanged(lastState, state, row, col);
+	}
+
+	// At the column level, we have to reset the color back.
+	static int lastRow = -1;
+	static COLORREF rowDefaultText;
+	if (lastRow != row) {
+		rowDefaultText = msg->clrText;
+		lastRow = row;
+	}
+
+	if (changed) {
+		msg->clrText = RGB(255, 0, 0);
+		return true;
+	} else if (msg->clrText != rowDefaultText) {
+		msg->clrText = rowDefaultText;
+		return true;
+	}
+
+	return false;
+}
+
+bool CtrlMatrixList::ColChanged(const GPUgstate &lastState, const GPUgstate &state, int row, int col) {
+	union {
+		float f;
+		uint32_t u;
+	} newVal, oldVal;
+	if (!GetValue(state, row, col, newVal.f) || !GetValue(lastState, row, col, oldVal.f))
+		return false;
+
+	// If there's any difference in bits, highlight.
+	return newVal.u != oldVal.u;
+}
+
+bool CtrlMatrixList::GetValue(const GPUgstate &state, int row, int col, float &val) {
 	if (!gpuDebug || row < 0 || row >= MATRIXLIST_ROW_COUNT || col < 0 || col >= MATRIXLIST_COL_COUNT)
 		return false;
 
 	if (col < MATRIXLIST_COL_0)
 		col = MATRIXLIST_COL_0;
 
-	auto state = gpuDebug->GetGState();
 	if (row >= MATRIXLIST_ROW_BONE_0_0) {
 		int b = (row - MATRIXLIST_ROW_BONE_0_0) / 3;
 		int r = (row - MATRIXLIST_ROW_BONE_0_0) % 3;
@@ -419,7 +464,7 @@ void CtrlMatrixList::GetColumnText(wchar_t *dest, int row, int col) {
 	}
 
 	float val;
-	if (!GetValue(row, col, val)) {
+	if (!GetValue(gpuDebug->GetGState(), row, col, val)) {
 		wcscpy(dest, L"Invalid");
 		return;
 	}
@@ -534,7 +579,7 @@ void CtrlMatrixList::OnDoubleClick(int row, int column) {
 	}
 
 	float val;
-	if (!GetValue(row, column, val))
+	if (!GetValue(gpuDebug->GetGState(), row, column, val))
 		return;
 
 	std::string strvalue = StringFromFormat("%f", val);
@@ -594,7 +639,7 @@ void CtrlMatrixList::OnRightClick(int row, int column, const POINT &point) {
 	case ID_DISASM_COPYINSTRUCTIONDISASM:
 	{
 		float val;
-		if (GetValue(row, column, val)) {
+		if (GetValue(gpuDebug->GetGState(), row, column, val)) {
 			wchar_t dest[512];
 			swprintf(dest, 511, L"%f", val);
 			W32Util::CopyTextToClipboard(GetHandle(), dest);
@@ -652,8 +697,8 @@ BOOL TabMatrices::DlgProc(UINT message, WPARAM wParam, LPARAM lParam) {
 		switch (wParam)
 		{
 		case IDC_GEDBG_MATRICES:
-			values->HandleNotify(lParam);
-			break;
+			SetWindowLongPtr(m_hDlg, DWLP_MSGRESULT, values->HandleNotify(lParam));
+			return TRUE;
 		}
 		break;
 	}
diff --git a/Windows/GEDebugger/TabVertices.h b/Windows/GEDebugger/TabVertices.h
index 1b02d734f804..116f60f06ce2 100644
--- a/Windows/GEDebugger/TabVertices.h
+++ b/Windows/GEDebugger/TabVertices.h
@@ -83,8 +83,12 @@ class CtrlMatrixList: public GenericListControl {
 	void OnDoubleClick(int row, int column) override;
 	void OnRightClick(int row, int column, const POINT &point) override;
 
+	bool ListenColPrePaint() override { return true; }
+	bool OnColPrePaint(int row, int col, LPNMLVCUSTOMDRAW msg) override;
+
 private:
-	bool GetValue(int row, int col, float &val);
+	bool GetValue(const GPUgstate &state, int row, int col, float &val);
+	bool ColChanged(const GPUgstate &lastState, const GPUgstate &state, int row, int col);
 	void ToggleBreakpoint(int row);
 };
 
diff --git a/Windows/W32Util/Misc.cpp b/Windows/W32Util/Misc.cpp
index c2b100279542..37bdfd475e86 100644
--- a/Windows/W32Util/Misc.cpp
+++ b/Windows/W32Util/Misc.cpp
@@ -215,8 +215,7 @@ void GenericListControl::SetIconList(int w, int h, const std::vector<HICON> &ico
 	ListView_SetImageList(handle, (HIMAGELIST)images_, LVSIL_STATE);
 }
 
-void GenericListControl::HandleNotify(LPARAM lParam)
-{
+int GenericListControl::HandleNotify(LPARAM lParam) {
 	LPNMHDR mhdr = (LPNMHDR) lParam;
 
 	if (mhdr->code == NM_DBLCLK)
@@ -224,7 +223,7 @@ void GenericListControl::HandleNotify(LPARAM lParam)
 		LPNMITEMACTIVATE item = (LPNMITEMACTIVATE) lParam;
 		if ((item->iItem != -1 && item->iItem < GetRowCount()) || sendInvalidRows)
 			OnDoubleClick(item->iItem,item->iSubItem);
-		return;
+		return 0;
 	}
 
 	if (mhdr->code == NM_RCLICK)
@@ -232,7 +231,29 @@ void GenericListControl::HandleNotify(LPARAM lParam)
 		const LPNMITEMACTIVATE item = (LPNMITEMACTIVATE)lParam;
 		if ((item->iItem != -1 && item->iItem < GetRowCount()) || sendInvalidRows)
 			OnRightClick(item->iItem,item->iSubItem,item->ptAction);
-		return;
+		return 0;
+	}
+
+	if (mhdr->code == NM_CUSTOMDRAW && (ListenRowPrePaint() || ListenColPrePaint())) {
+		LPNMLVCUSTOMDRAW msg = (LPNMLVCUSTOMDRAW)lParam;
+		switch (msg->nmcd.dwDrawStage) {
+		case CDDS_PREPAINT:
+			return CDRF_NOTIFYITEMDRAW;
+
+		case CDDS_ITEMPREPAINT:
+			if (OnRowPrePaint((int)msg->nmcd.dwItemSpec, msg)) {
+				return CDRF_NEWFONT;
+			}
+			return ListenColPrePaint() ? CDRF_NOTIFYSUBITEMDRAW : CDRF_DODEFAULT;
+
+		case CDDS_SUBITEM | CDDS_ITEMPREPAINT:
+			if (OnColPrePaint((int)msg->nmcd.dwItemSpec, msg->iSubItem, msg)) {
+				return CDRF_NEWFONT;
+			}
+			return CDRF_DODEFAULT;
+		}
+
+		return CDRF_DODEFAULT;
 	}
 
 	if (mhdr->code == LVN_GETDISPINFO)
@@ -247,7 +268,7 @@ void GenericListControl::HandleNotify(LPARAM lParam)
 
 		dispInfo->item.pszText = stringBuffer;
 		dispInfo->item.mask |= LVIF_TEXT;
-		return;
+		return 0;
 	}
 	 
 	// handle checkboxes
@@ -263,8 +284,10 @@ void GenericListControl::HandleNotify(LPARAM lParam)
 				OnToggle(item->iItem,newImage == 2);
 		}
 
-		return;
+		return 0;
 	}
+
+	return 0;
 }
 
 void GenericListControl::Update() {
diff --git a/Windows/W32Util/Misc.h b/Windows/W32Util/Misc.h
index c0ce2c33aab7..8a43c55b593e 100644
--- a/Windows/W32Util/Misc.h
+++ b/Windows/W32Util/Misc.h
@@ -33,6 +33,7 @@ struct GenericListViewDef
 
 #define GLVC_CENTERED		1
 
+typedef struct tagNMLVCUSTOMDRAW *LPNMLVCUSTOMDRAW;
 
 // the most significant bit states whether the key is currently down.
 // simply checking if it's != 0 is not enough, as bit0 is set if
@@ -44,7 +45,7 @@ class GenericListControl
 public:
 	GenericListControl(HWND hwnd, const GenericListViewDef& def);
 	virtual ~GenericListControl();
-	void HandleNotify(LPARAM lParam);
+	int HandleNotify(LPARAM lParam);
 	void Update();
 	int GetSelectedIndex();
 	HWND GetHandle() { return handle; };
@@ -62,6 +63,11 @@ class GenericListControl
 	virtual void CopyRows(int start, int size);
 	virtual void OnToggle(int item, bool newValue) { };
 
+	virtual bool ListenRowPrePaint() { return false; }
+	virtual bool ListenColPrePaint() { return false; }
+	virtual bool OnRowPrePaint(int row, LPNMLVCUSTOMDRAW msg) { return false; }
+	virtual bool OnColPrePaint(int row, int col, LPNMLVCUSTOMDRAW msg) { return false; }
+
 private:
 	static LRESULT CALLBACK wndProc(HWND hwnd, UINT msg, WPARAM wParam, LPARAM lParam);
 	void ProcessUpdate();