diff --git a/Source/Core/Common/BlockingLoop.h b/Source/Core/Common/BlockingLoop.h
index 472a84b1f6..4f01ae87a0 100644
--- a/Source/Core/Common/BlockingLoop.h
+++ b/Source/Core/Common/BlockingLoop.h
@@ -239,8 +239,8 @@ private:
   Flag m_stopped;   // If this is set, Wait() shall not block.
   Flag m_shutdown;  // If this is set, the loop shall end.
 
-  Event m_new_work_event;
-  Event m_done_event;
+  TimedEvent m_new_work_event;
+  TimedEvent m_done_event;
 
   enum RUNNING_TYPE
   {
diff --git a/Source/Core/Common/Event.h b/Source/Core/Common/Event.h
index 67dbd1ed3a..a9237e0960 100644
--- a/Source/Core/Common/Event.h
+++ b/Source/Core/Common/Event.h
@@ -11,15 +11,17 @@
 
 #pragma once
 
+#include <atomic>
 #include <chrono>
 #include <condition_variable>
 #include <mutex>
 
 #include "Common/Flag.h"
+#include "Common/WaitableFlag.h"
 
 namespace Common
 {
-class Event final
+class TimedEvent final
 {
 public:
   void Set()
@@ -77,4 +79,28 @@ private:
   std::mutex m_mutex;
 };
 
+// An auto-resetting WaitableFlag. Only sensible for one waiting thread.
+class Event final
+{
+public:
+  void Set() { m_flag.Set(); }
+
+  void Wait()
+  {
+    m_flag.Wait(true);
+
+    // This might run concurrently with the next Set, clearing m_flag before notification.
+    // "Missing" that event later is fine as long as all the data is visible *now*.
+    m_flag.Reset();
+    // This store-load barrier prevents the Reset-store ordering after pertinent data loads.
+    // Without it, we could observe stale data AND miss the next event, i.e. deadlock.
+    std::atomic_thread_fence(std::memory_order_seq_cst);
+  }
+
+  void Reset() { m_flag.Reset(); }
+
+private:
+  WaitableFlag m_flag{};
+};
+
 }  // namespace Common
diff --git a/Source/Core/Common/WaitableFlag.h b/Source/Core/Common/WaitableFlag.h
index 09ab12a3bc..e6fa63e119 100644
--- a/Source/Core/Common/WaitableFlag.h
+++ b/Source/Core/Common/WaitableFlag.h
@@ -1,15 +1,11 @@
 // Copyright 2025 Dolphin Emulator Project
 // SPDX-License-Identifier: GPL-2.0-or-later
 
-// Wrapper around Flag that lets callers wait for the flag to change.
+// class that allows threads to wait for a bool to take on a value.
 
 #pragma once
 
-#include <chrono>
-#include <condition_variable>
-#include <mutex>
-
-#include "Common/Flag.h"
+#include <atomic>
 
 namespace Common
 {
@@ -18,52 +14,17 @@ class WaitableFlag final
 public:
   void Set(bool value = true)
   {
-    if (m_flag.TestAndSet(value))
-    {
-      // Lock and immediately unlock m_mutex.
-      {
-        // Holding the lock at any time between the change of our flag and notify call
-        // is sufficient to prevent a race where both of these actions
-        // happen between the other thread's predicate test and wait call
-        // which would cause wait to block until the next spurious wakeup or timeout.
-
-        // Unlocking before notification is a micro-optimization to prevent
-        // the notified thread from immediately blocking on the mutex.
-        std::lock_guard<std::mutex> lk(m_mutex);
-      }
-
-      m_condvar.notify_all();
-    }
+    m_flag.store(value, std::memory_order_release);
+    m_flag.notify_all();
   }
 
-  void Reset() { Set(false); }
+  void Wait(bool expected_value) { m_flag.wait(!expected_value, std::memory_order_acquire); }
 
-  void Wait(bool expected_value)
-  {
-    if (m_flag.IsSet() == expected_value)
-      return;
-
-    std::unique_lock<std::mutex> lk(m_mutex);
-    m_condvar.wait(lk, [&] { return m_flag.IsSet() == expected_value; });
-  }
-
-  template <class Rep, class Period>
-  bool WaitFor(bool expected_value, const std::chrono::duration<Rep, Period>& rel_time)
-  {
-    if (m_flag.IsSet() == expected_value)
-      return true;
-
-    std::unique_lock<std::mutex> lk(m_mutex);
-    bool signaled =
-        m_condvar.wait_for(lk, rel_time, [&] { return m_flag.IsSet() == expected_value; });
-
-    return signaled;
-  }
+  // Note that this does not awake Wait'ing threads. Use Set(false) if that's needed.
+  void Reset() { m_flag.store(false, std::memory_order_relaxed); }
 
 private:
-  Flag m_flag;
-  std::condition_variable m_condvar;
-  std::mutex m_mutex;
+  std::atomic_bool m_flag{};
 };
 
 }  // namespace Common
diff --git a/Source/Core/Core/Core.cpp b/Source/Core/Core/Core.cpp
index 5f90f93bae..d0f6a410c0 100644
--- a/Source/Core/Core/Core.cpp
+++ b/Source/Core/Core/Core.cpp
@@ -121,7 +121,7 @@ struct HostJob
 };
 static std::mutex s_host_jobs_lock;
 static std::queue<HostJob> s_host_jobs_queue;
-static Common::Event s_cpu_thread_job_finished;
+static Common::TimedEvent s_cpu_thread_job_finished;
 
 static thread_local bool tls_is_cpu_thread = false;
 static thread_local bool tls_is_gpu_thread = false;
diff --git a/Source/Core/Core/HW/CPU.cpp b/Source/Core/Core/HW/CPU.cpp
index 5a21e5e3c8..66c6e36a50 100644
--- a/Source/Core/Core/HW/CPU.cpp
+++ b/Source/Core/Core/HW/CPU.cpp
@@ -127,7 +127,7 @@ void CPUManager::Run()
     ExecutePendingJobs(state_lock);
     CPUThreadConfigCallback::CheckForConfigChanges();
 
-    Common::Event gdb_step_sync_event;
+    Common::TimedEvent gdb_step_sync_event;
     switch (m_state)
     {
     case State::Running:
@@ -272,7 +272,7 @@ void CPUManager::Reset()
 {
 }
 
-void CPUManager::StepOpcode(Common::Event* event)
+void CPUManager::StepOpcode(Common::TimedEvent* event)
 {
   std::lock_guard state_lock(m_state_change_lock);
   // If we're not stepping then this is pointless
diff --git a/Source/Core/Core/HW/CPU.h b/Source/Core/Core/HW/CPU.h
index b73471136d..5d052c31b1 100644
--- a/Source/Core/Core/HW/CPU.h
+++ b/Source/Core/Core/HW/CPU.h
@@ -12,7 +12,7 @@
 
 namespace Common
 {
-class Event;
+class TimedEvent;
 }
 namespace Core
 {
@@ -61,7 +61,7 @@ public:
   void Reset();
 
   // StepOpcode (Steps one Opcode)
-  void StepOpcode(Common::Event* event = nullptr);
+  void StepOpcode(Common::TimedEvent* event = nullptr);
 
   // Enable or Disable Stepping. [Will deadlock if called from a system thread]
   void SetStepping(bool stepping);
@@ -134,9 +134,9 @@ private:
   bool m_state_paused_and_locked = false;
   bool m_state_system_request_stepping = false;
   bool m_state_cpu_step_instruction = false;
-  Common::Event* m_state_cpu_step_instruction_sync = nullptr;
+  Common::TimedEvent* m_state_cpu_step_instruction_sync = nullptr;
   std::queue<std::function<void()>> m_pending_jobs;
-  Common::Event m_time_played_finish_sync;
+  Common::TimedEvent m_time_played_finish_sync;
 
   Core::System& m_system;
 };
diff --git a/Source/Core/Core/HW/GCMemcard/GCMemcardDirectory.h b/Source/Core/Core/HW/GCMemcard/GCMemcardDirectory.h
index 5b02700a61..d110fd0f7f 100644
--- a/Source/Core/Core/HW/GCMemcard/GCMemcardDirectory.h
+++ b/Source/Core/Core/HW/GCMemcard/GCMemcardDirectory.h
@@ -61,7 +61,7 @@ private:
   std::vector<Memcard::GCIFile> m_saves;
 
   std::string m_save_directory;
-  Common::Event m_flush_trigger;
+  Common::TimedEvent m_flush_trigger;
   std::mutex m_write_mutex;
   Common::Flag m_exiting;
   std::thread m_flush_thread;
diff --git a/Source/Core/Core/HW/GCMemcard/GCMemcardRaw.h b/Source/Core/Core/HW/GCMemcard/GCMemcardRaw.h
index 3138899667..5f206d083a 100644
--- a/Source/Core/Core/HW/GCMemcard/GCMemcardRaw.h
+++ b/Source/Core/Core/HW/GCMemcard/GCMemcardRaw.h
@@ -41,7 +41,7 @@ private:
   std::unique_ptr<u8[]> m_flush_buffer;
   std::thread m_flush_thread;
   std::mutex m_flush_mutex;
-  Common::Event m_flush_trigger;
+  Common::TimedEvent m_flush_trigger;
   Common::Flag m_dirty;
   u32 m_memory_card_size;
 };
diff --git a/Source/Core/Core/HW/WiimoteReal/WiimoteReal.h b/Source/Core/Core/HW/WiimoteReal/WiimoteReal.h
index aa59202daa..b89dd8a45f 100644
--- a/Source/Core/Core/HW/WiimoteReal/WiimoteReal.h
+++ b/Source/Core/Core/HW/WiimoteReal/WiimoteReal.h
@@ -202,7 +202,7 @@ private:
   std::thread m_scan_thread;
   Common::Flag m_scan_thread_running;
   Common::Flag m_populate_devices;
-  Common::Event m_scan_mode_changed_or_population_event;
+  Common::TimedEvent m_scan_mode_changed_or_population_event;
   std::atomic<WiimoteScanMode> m_scan_mode{WiimoteScanMode::DO_NOT_SCAN};
 };
 
diff --git a/Source/Core/Core/IOS/Network/KD/NetKDRequest.h b/Source/Core/Core/IOS/Network/KD/NetKDRequest.h
index 848454fa71..8c415753e1 100644
--- a/Source/Core/Core/IOS/Network/KD/NetKDRequest.h
+++ b/Source/Core/Core/IOS/Network/KD/NetKDRequest.h
@@ -123,7 +123,7 @@ private:
   u32 m_download_span = 2;
   u32 m_mail_span = 1;
   bool m_handle_mail;
-  Common::Event m_shutdown_event;
+  Common::TimedEvent m_shutdown_event;
   std::mutex m_scheduler_lock;
   std::thread m_scheduler_timer_thread;
 };
diff --git a/Source/Core/DolphinQt/Debugger/CodeWidget.cpp b/Source/Core/DolphinQt/Debugger/CodeWidget.cpp
index 526165ee5c..a801268dc4 100644
--- a/Source/Core/DolphinQt/Debugger/CodeWidget.cpp
+++ b/Source/Core/DolphinQt/Debugger/CodeWidget.cpp
@@ -501,7 +501,7 @@ void CodeWidget::Step()
   if (!cpu.IsStepping())
     return;
 
-  Common::Event sync_event;
+  Common::TimedEvent sync_event;
 
   auto& power_pc = m_system.GetPowerPC();
   PowerPC::CoreMode old_mode = power_pc.GetMode();
diff --git a/Source/Core/DolphinQt/DiscordHandler.h b/Source/Core/DolphinQt/DiscordHandler.h
index a4fc342530..7e70897537 100644
--- a/Source/Core/DolphinQt/DiscordHandler.h
+++ b/Source/Core/DolphinQt/DiscordHandler.h
@@ -42,7 +42,7 @@ private:
   void Run();
   QWidget* m_parent;
   Common::Flag m_stop_requested;
-  Common::Event m_wakeup_event;
+  Common::TimedEvent m_wakeup_event;
   std::thread m_thread;
   std::list<DiscordJoinRequestDialog> m_request_dialogs;
   std::mutex m_request_dialogs_mutex;
diff --git a/Source/Core/UICommon/NetPlayIndex.h b/Source/Core/UICommon/NetPlayIndex.h
index 13fb674a66..deeb2658e9 100644
--- a/Source/Core/UICommon/NetPlayIndex.h
+++ b/Source/Core/UICommon/NetPlayIndex.h
@@ -68,7 +68,7 @@ private:
   std::string m_last_error;
   std::thread m_session_thread;
 
-  Common::Event m_session_thread_exit_event;
+  Common::TimedEvent m_session_thread_exit_event;
 
   std::function<void()> m_error_callback = nullptr;
 };