diff --git a/rpcs3/CMakeLists.txt b/rpcs3/CMakeLists.txt
index 3217cc38f5..796351e16c 100644
--- a/rpcs3/CMakeLists.txt
+++ b/rpcs3/CMakeLists.txt
@@ -192,6 +192,7 @@ if(BUILD_RPCS3_TESTS)
             tests/test_tuple.cpp
             tests/test_simple_array.cpp
             tests/test_address_range.cpp
+            tests/test_rsx_cfg.cpp
     )
 
     target_link_libraries(rpcs3_test
diff --git a/rpcs3/Emu/CMakeLists.txt b/rpcs3/Emu/CMakeLists.txt
index 139688947d..1a902b46df 100644
--- a/rpcs3/Emu/CMakeLists.txt
+++ b/rpcs3/Emu/CMakeLists.txt
@@ -516,6 +516,7 @@ target_sources(rpcs3_emu PRIVATE
     RSX/Overlays/overlay_video.cpp
     RSX/Overlays/Shaders/shader_loading_dialog.cpp
     RSX/Overlays/Shaders/shader_loading_dialog_native.cpp
+    RSX/Program/Assembler/FPToCFG.cpp
     RSX/Program/CgBinaryProgram.cpp
     RSX/Program/CgBinaryFragmentProgram.cpp
     RSX/Program/CgBinaryVertexProgram.cpp
diff --git a/rpcs3/Emu/RSX/Program/Assembler/CFG.h b/rpcs3/Emu/RSX/Program/Assembler/CFG.h
new file mode 100644
index 0000000000..b2d4ad75a8
--- /dev/null
+++ b/rpcs3/Emu/RSX/Program/Assembler/CFG.h
@@ -0,0 +1,39 @@
+#pragma once
+
+#include <util/asm.hpp>
+#include "IR.h"
+
+#include <list>
+
+struct RSXFragmentProgram;
+
+namespace rsx::assembler
+{
+	struct FlowGraph
+	{
+		std::list<BasicBlock> blocks;
+
+		BasicBlock* push(BasicBlock* parent = nullptr, u32 pc = 0)
+		{
+			if (!parent && !blocks.empty())
+			{
+				parent = &blocks.back();
+			}
+
+			blocks.push_back({});
+			BasicBlock* new_block = &blocks.back();
+
+			if (parent)
+			{
+				parent->insert_succ(new_block);
+				new_block->insert_pred(parent);
+			}
+
+			new_block->id = pc;
+			return new_block;
+		}
+	};
+
+	FlowGraph deconstruct_fragment_program(const RSXFragmentProgram& prog);
+}
+
diff --git a/rpcs3/Emu/RSX/Program/Assembler/FPToCFG.cpp b/rpcs3/Emu/RSX/Program/Assembler/FPToCFG.cpp
new file mode 100644
index 0000000000..0f8cd2ea91
--- /dev/null
+++ b/rpcs3/Emu/RSX/Program/Assembler/FPToCFG.cpp
@@ -0,0 +1,158 @@
+#include "stdafx.h"
+
+#pragma optimize("", off)
+
+#include "CFG.h"
+
+#include "Emu/RSX/Common/simple_array.hpp"
+#include "Emu/RSX/Program/RSXFragmentProgram.h"
+#include "Emu/RSX/Program/ProgramStateCache.h"
+
+#include <util/asm.hpp>
+#include <span>
+
+using namespace program_hash_util;
+
+namespace rsx::assembler
+{
+	inline v128 decode_instruction(const v128& raw_inst)
+	{
+		// Fixup of RSX's weird half-word shuffle for FP instructions
+		// Convert input stream into LE u16 array
+		__m128i _mask0 = _mm_set1_epi32(0xff00ff00);
+		__m128i _mask1 = _mm_set1_epi32(0x00ff00ff);
+		__m128i a = _mm_slli_epi32(static_cast<__m128i>(raw_inst), 8);
+		__m128i b = _mm_srli_epi32(static_cast<__m128i>(raw_inst), 8);
+		__m128i ret = _mm_or_epi32(
+			_mm_and_epi32(_mask0, a),
+			_mm_and_epi32(_mask1, b)
+		);
+		return v128::loadu(&ret);
+	}
+
+	FlowGraph deconstruct_fragment_program(const RSXFragmentProgram& prog)
+	{
+		// For a flowgraph, we don't care at all about the actual contents, just flow control instructions.
+		OPDEST dst{};
+		SRC0 src0{};
+		SRC1 src1{};
+		SRC2 src2{};
+
+		u32 pc = 0; // Program counter
+		u32 instruction_size = 0;
+		bool end = false;
+
+		// Flow control data
+		rsx::simple_array<BasicBlock*> end_blocks;
+		rsx::simple_array<BasicBlock*> else_blocks;
+
+		// Data block
+		u32* data = static_cast<u32*>(prog.get_data());
+
+		// Output
+		FlowGraph graph{};
+		BasicBlock* bb = graph.push();
+
+		auto find_block_for_pc = [&](u32 id) -> BasicBlock*
+		{
+			auto found = std::find_if(graph.blocks.begin(), graph.blocks.end(), FN(x.id == id));
+			if (found != graph.blocks.end())
+			{
+				return &(*found);
+			}
+			return nullptr;
+		};
+
+		auto safe_insert_block = [&](BasicBlock* parent, u32 id) -> BasicBlock*
+		{
+			if (auto found = find_block_for_pc(id))
+			{
+				parent->insert_succ(found);
+				found->insert_pred(parent);
+				return found;
+			}
+
+			return graph.push(parent, id);
+		};
+
+		while (!end)
+		{
+			BasicBlock** found = end_blocks.find_if(FN(x->id == pc));
+
+			if (!found)
+			{
+				found = else_blocks.find_if(FN(x->id == pc));
+			}
+
+			if (found)
+			{
+				bb = *found;
+			}
+
+			const v128 raw_inst = v128::loadu(data, pc);
+			v128 decoded = decode_instruction(raw_inst);
+
+			dst.HEX = decoded._u32[0];
+			src0.HEX = decoded._u32[1];
+			src1.HEX = decoded._u32[2];
+			src2.HEX = decoded._u32[3];
+
+			const u32 opcode = dst.opcode | (src1.opcode_is_branch << 6);
+
+			if (opcode == RSX_FP_OPCODE_NOP)
+			{
+				pc++;
+				continue;
+			}
+
+			end = !!dst.end;
+
+			bb->instructions.push_back({});
+			auto& ir_inst = bb->instructions.back();
+			std::memcpy(ir_inst.bytecode, &decoded._u32[0], 16);
+
+			switch (opcode)
+			{
+			case RSX_FP_OPCODE_CAL:
+				// Unimplemented. Also unused by the RSX compiler
+				fmt::throw_exception("Unimplemented FP CAL instruction.");
+				break;
+			case RSX_FP_OPCODE_RET:
+				// Outside a subroutine, this doesn't mean much. The main block can conditionally return to stop execution early.
+				// This will not alter flow control.
+				break;
+			case RSX_FP_OPCODE_IFE:
+			{
+				// Inserts if and else and end blocks
+				auto parent = bb;
+				bb = safe_insert_block(parent, pc + 1);
+				if (src2.end_offset != src1.else_offset)
+				{
+					else_blocks.push_back(safe_insert_block(parent, src1.else_offset >> 2));
+				}
+				end_blocks.push_back(safe_insert_block(parent, src2.end_offset >> 2));
+				break;
+			}
+			case RSX_FP_OPCODE_LOOP:
+			case RSX_FP_OPCODE_REP:
+			{
+				// Inserts for and end blocks
+				auto parent = bb;
+				bb = safe_insert_block(parent, pc + 1);
+				end_blocks.push_back(safe_insert_block(parent, src2.end_offset >> 2));
+				break;
+			}
+			default:
+				if (fragment_program_utils::is_any_src_constant(decoded))
+				{
+					pc++;
+				}
+			}
+
+			pc++;
+		}
+
+		graph.blocks.sort(FN(x.id < y.id));
+		return graph;
+	}
+}
diff --git a/rpcs3/Emu/RSX/Program/Assembler/IR.h b/rpcs3/Emu/RSX/Program/Assembler/IR.h
new file mode 100644
index 0000000000..53d6080a11
--- /dev/null
+++ b/rpcs3/Emu/RSX/Program/Assembler/IR.h
@@ -0,0 +1,70 @@
+#pragma once
+
+#include <util/asm.hpp>
+
+namespace rsx::assembler
+{
+	struct BasicBlock;
+
+	struct Register
+	{
+		int id = 0;
+		bool f16 = false;
+	};
+
+	struct RegisterRef
+	{
+		Register reg{};
+
+		// Vector information
+		union
+		{
+			u32 mask;
+
+			struct
+			{
+				bool x : 1;
+				bool y : 1;
+				bool z : 1;
+				bool w : 1;
+			};
+		};
+	};
+
+	struct Instruction
+	{
+		// Raw data. Every instruction is max 128 bits
+		u32 bytecode[4];
+
+		// Decoded
+		u32 opcode = 0;
+		std::vector<RegisterRef> srcs;
+		std::vector<RegisterRef> dsts;
+	};
+
+	struct FlowEdge
+	{
+		BasicBlock* from = nullptr;
+		BasicBlock* to = nullptr;
+	};
+
+	struct BasicBlock
+	{
+		u32 id = 0;
+		std::vector<Instruction> instructions;
+		std::vector<FlowEdge> succ;          // [0] = if/loop, [1] = else
+		std::vector<FlowEdge> pred;          // Back edge.
+
+		void insert_succ(BasicBlock* b)
+		{
+			FlowEdge e{ .from = this, .to = b };
+			succ.push_back(e);
+		}
+
+		void insert_pred(BasicBlock* b)
+		{
+			FlowEdge e{ .from = this, .to = b };
+			pred.push_back(e);
+		}
+	};
+}
diff --git a/rpcs3/Emu/RSX/Program/FragmentProgramDecompiler.h b/rpcs3/Emu/RSX/Program/FragmentProgramDecompiler.h
index 467c6f3ac7..d3ef8643f1 100644
--- a/rpcs3/Emu/RSX/Program/FragmentProgramDecompiler.h
+++ b/rpcs3/Emu/RSX/Program/FragmentProgramDecompiler.h
@@ -3,6 +3,8 @@
 #include "FragmentProgramRegister.h"
 #include "RSXFragmentProgram.h"
 
+#include "Assembler/CFG.h"
+
 #include <sstream>
 #include <unordered_map>
 
diff --git a/rpcs3/emucore.vcxproj b/rpcs3/emucore.vcxproj
index 0bbea41832..1b5716f01b 100644
--- a/rpcs3/emucore.vcxproj
+++ b/rpcs3/emucore.vcxproj
@@ -156,6 +156,7 @@
     <ClCompile Include="Emu\RSX\Overlays\Shaders\shader_loading_dialog.cpp" />
     <ClCompile Include="Emu\RSX\Overlays\Shaders\shader_loading_dialog_native.cpp" />
     <ClCompile Include="Emu\RSX\Overlays\Trophies\overlay_trophy_list_dialog.cpp" />
+    <ClCompile Include="Emu\RSX\Program\Assembler\FPToCFG.cpp" />
     <ClCompile Include="Emu\RSX\Program\FragmentProgramRegister.cpp" />
     <ClCompile Include="Emu\RSX\Program\ProgramStateCache.cpp" />
     <ClCompile Include="Emu\RSX\Program\program_util.cpp" />
@@ -699,6 +700,8 @@
     <ClInclude Include="Emu\RSX\Overlays\overlay_progress_bar.hpp" />
     <ClInclude Include="Emu\RSX\Overlays\overlay_video.h" />
     <ClInclude Include="Emu\RSX\Overlays\Trophies\overlay_trophy_list_dialog.h" />
+    <ClInclude Include="Emu\RSX\Program\Assembler\CFG.h" />
+    <ClInclude Include="Emu\RSX\Program\Assembler\IR.h" />
     <ClInclude Include="Emu\RSX\Program\FragmentProgramRegister.h" />
     <ClInclude Include="Emu\RSX\Program\GLSLTypes.h" />
     <ClInclude Include="Emu\RSX\Program\ProgramStateCache.h" />
diff --git a/rpcs3/emucore.vcxproj.filters b/rpcs3/emucore.vcxproj.filters
index 65cd509f85..23b7ef174d 100644
--- a/rpcs3/emucore.vcxproj.filters
+++ b/rpcs3/emucore.vcxproj.filters
@@ -133,6 +133,9 @@
     <Filter Include="Emu\GPU\RSX\Program\MSAA">
       <UniqueIdentifier>{ce6d6b90-8313-4273-b46c-d92bd450c002}</UniqueIdentifier>
     </Filter>
+    <Filter Include="Emu\GPU\RSX\Program\Assembler">
+      <UniqueIdentifier>{d99df916-8a99-428b-869a-9f14ac0ab411}</UniqueIdentifier>
+    </Filter>
   </ItemGroup>
   <ItemGroup>
     <ClCompile Include="Crypto\aes.cpp">
@@ -1372,6 +1375,9 @@
     <ClCompile Include="Emu\Io\evdev_gun_handler.cpp">
       <Filter>Emu\Io</Filter>
     </ClCompile>
+    <ClCompile Include="Emu\RSX\Program\Assembler\FPToCFG.cpp">
+      <Filter>Emu\GPU\RSX\Program\Assembler</Filter>
+    </ClCompile>
   </ItemGroup>
   <ItemGroup>
     <ClInclude Include="Crypto\aes.h">
@@ -2764,6 +2770,12 @@
     <ClInclude Include="util\pair.hpp">
       <Filter>Utilities</Filter>
     </ClInclude>
+    <ClInclude Include="Emu\RSX\Program\Assembler\CFG.h">
+      <Filter>Emu\GPU\RSX\Program\Assembler</Filter>
+    </ClInclude>
+    <ClInclude Include="Emu\RSX\Program\Assembler\IR.h">
+      <Filter>Emu\GPU\RSX\Program\Assembler</Filter>
+    </ClInclude>
   </ItemGroup>
   <ItemGroup>
     <None Include="Emu\RSX\Program\GLSLSnippets\GPUDeswizzle.glsl">
diff --git a/rpcs3/tests/rpcs3_test.vcxproj b/rpcs3/tests/rpcs3_test.vcxproj
index 4f0d136a9a..22992e6a07 100644
--- a/rpcs3/tests/rpcs3_test.vcxproj
+++ b/rpcs3/tests/rpcs3_test.vcxproj
@@ -88,6 +88,7 @@
   <ItemGroup>
     <ClCompile Include="test.cpp" />
     <ClCompile Include="test_fmt.cpp" />
+    <ClCompile Include="test_rsx_cfg.cpp" />
     <ClCompile Include="test_simple_array.cpp" />
     <ClCompile Include="test_address_range.cpp" />
     <ClCompile Include="test_tuple.cpp" />
diff --git a/rpcs3/tests/test_rsx_cfg.cpp b/rpcs3/tests/test_rsx_cfg.cpp
new file mode 100644
index 0000000000..f868965515
--- /dev/null
+++ b/rpcs3/tests/test_rsx_cfg.cpp
@@ -0,0 +1,218 @@
+#pragma optimize("", off)
+#include <gtest/gtest.h>
+
+#include "Emu/RSX/Common/simple_array.hpp"
+#include "Emu/RSX/Program/Assembler/CFG.h"
+#include "Emu/RSX/Program/RSXFragmentProgram.h"
+
+#include <util/v128.hpp>
+
+namespace rsx::assembler
+{
+	auto swap_bytes16 = [](u32 dword) -> u32
+	{
+		// Lazy encode, but good enough for what we need here.
+		union v32
+		{
+			u32 HEX;
+			u8 _v[4];
+		};
+
+		u8* src_bytes = reinterpret_cast<u8*>(&dword);
+		v32 dst_bytes;
+
+		dst_bytes._v[0] = src_bytes[1];
+		dst_bytes._v[1] = src_bytes[0];
+		dst_bytes._v[2] = src_bytes[3];
+		dst_bytes._v[3] = src_bytes[2];
+
+		return dst_bytes.HEX;
+	};
+
+	// Instruction mocks because we don't have a working assember (yet)
+	auto encode_instruction = [](u32 opcode, bool end = false) -> v128
+	{
+		OPDEST dst{};
+		dst.opcode = opcode;
+
+		if (end)
+		{
+			dst.end = 1;
+		}
+
+		return v128::from32(swap_bytes16(dst.HEX), 0, 0, 0);
+	};
+
+	auto create_if(u32 end, u32 _else = 0)
+	{
+		OPDEST dst{};
+		dst.opcode = RSX_FP_OPCODE_IFE;
+
+		SRC1 src1{};
+		src1.else_offset = (_else ? _else : end) << 2;
+		src1.opcode_is_branch = 1;
+
+		SRC2 src2{};
+		src2.end_offset = end << 2;
+
+		return v128::from32(swap_bytes16(dst.HEX), 0, swap_bytes16(src1.HEX), swap_bytes16(src2.HEX));
+	};
+
+	TEST(CFG, FpToCFG_Basic)
+	{
+		rsx::simple_array<v128> buffer = {
+			encode_instruction(RSX_FP_OPCODE_ADD),
+			encode_instruction(RSX_FP_OPCODE_MOV, true)
+		};
+
+		RSXFragmentProgram program{};
+		program.data = buffer.data();
+
+		FlowGraph graph = deconstruct_fragment_program(program);
+
+		EXPECT_EQ(graph.blocks.size(), 1);
+		EXPECT_EQ(graph.blocks.front().instructions.size(), 2);
+	}
+
+	TEST(CFG, FpToCFG_IF)
+	{
+		rsx::simple_array<v128> buffer = {
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 0
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 1
+			create_if(4),                                // 2 (BR, 4)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 3
+			encode_instruction(RSX_FP_OPCODE_MOV, true), // 4 (Merge block)
+		};
+
+		const std::pair<int, size_t> expected_block_data[3] = {
+			{ 0, 3 }, // Head
+			{ 3, 1 }, // Branch
+			{ 4, 1 }, // Merge
+		};
+
+		RSXFragmentProgram program{};
+		program.data = buffer.data();
+
+		FlowGraph graph = deconstruct_fragment_program(program);
+
+		ASSERT_EQ(graph.blocks.size(), 3);
+
+		int i = 0;
+		for (auto it = graph.blocks.begin(); it != graph.blocks.end(); ++it)
+		{
+			const auto& expected = expected_block_data[i++];
+			EXPECT_EQ(it->id, expected.first);
+			EXPECT_EQ(it->instructions.size(), expected.second);
+		}
+	}
+
+	TEST(CFG, FpToCFG_NestedIF)
+	{
+		rsx::simple_array<v128> buffer = {
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 0
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 1
+			create_if(8),                                // 2 (BR, 8)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 3
+			create_if(6),                                // 4 (BR, 6)
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 5
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 6 (merge block 1)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 7
+			encode_instruction(RSX_FP_OPCODE_MOV, true)  // 8 (merge block 2
+		};
+
+		const std::pair<int, size_t> expected_block_data[5] = {
+			{ 0, 3 }, // Head
+			{ 3, 2 }, // Branch 1
+			{ 5, 1 }, // Branch 2
+			{ 6, 2 }, // Merge 1
+			{ 8, 1 }, // Merge 2
+		};
+
+		RSXFragmentProgram program{};
+		program.data = buffer.data();
+
+		FlowGraph graph = deconstruct_fragment_program(program);
+
+		ASSERT_EQ(graph.blocks.size(), 5);
+
+		int i = 0;
+		for (auto it = graph.blocks.begin(); it != graph.blocks.end(); ++it)
+		{
+			const auto& expected = expected_block_data[i++];
+			EXPECT_EQ(it->id, expected.first);
+			EXPECT_EQ(it->instructions.size(), expected.second);
+		}
+	}
+
+	TEST(CFG, FpToCFG_NestedIF_MultiplePred)
+	{
+		rsx::simple_array<v128> buffer = {
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 0
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 1
+			create_if(6),                                // 2 (BR, 6)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 3
+			create_if(6),                                // 4 (BR, 6)
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 5
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 6 (merge block)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 7
+			encode_instruction(RSX_FP_OPCODE_MOV, true)  // 8
+		};
+
+		const std::pair<int, size_t> expected_block_data[4] = {
+			{ 0, 3 }, // Head
+			{ 3, 2 }, // Branch 1
+			{ 5, 1 }, // Branch 2
+			{ 6, 3 }, // Merge
+		};
+
+		RSXFragmentProgram program{};
+		program.data = buffer.data();
+
+		FlowGraph graph = deconstruct_fragment_program(program);
+
+		ASSERT_EQ(graph.blocks.size(), 4);
+
+		int i = 0;
+		for (auto it = graph.blocks.begin(); it != graph.blocks.end(); ++it)
+		{
+			const auto& expected = expected_block_data[i++];
+			EXPECT_EQ(it->id, expected.first);
+			EXPECT_EQ(it->instructions.size(), expected.second);
+		}
+	}
+
+	TEST(CFG, FpToCFG_IF_ELSE)
+	{
+		rsx::simple_array<v128> buffer = {
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 0
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 1
+			create_if(6, 4),                             // 2 (BR, 6)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 3
+			encode_instruction(RSX_FP_OPCODE_MOV),       // 4 (Else)
+			encode_instruction(RSX_FP_OPCODE_ADD),       // 5
+			encode_instruction(RSX_FP_OPCODE_MOV, true), // 6 (Merge)
+		};
+
+		const std::pair<int, size_t> expected_block_data[4] = {
+			{ 0, 3 }, // Head
+			{ 3, 1 }, // Branch positive
+			{ 4, 2 }, // Branch negative
+			{ 6, 1 }, // Merge
+		};
+
+		RSXFragmentProgram program{};
+		program.data = buffer.data();
+
+		FlowGraph graph = deconstruct_fragment_program(program);
+
+		ASSERT_EQ(graph.blocks.size(), 4);
+
+		int i = 0;
+		for (auto it = graph.blocks.begin(); it != graph.blocks.end(); ++it)
+		{
+			const auto& expected = expected_block_data[i++];
+			EXPECT_EQ(it->id, expected.first);
+			EXPECT_EQ(it->instructions.size(), expected.second);
+		}
+	}
+}
diff --git a/rpcs3/tests/test_simple_array.cpp b/rpcs3/tests/test_simple_array.cpp
index 90a0e73575..fcec3568f4 100644
--- a/rpcs3/tests/test_simple_array.cpp
+++ b/rpcs3/tests/test_simple_array.cpp
@@ -303,4 +303,24 @@ namespace rsx
 		EXPECT_EQ(data_ptr1 & 15, 0);
 		EXPECT_EQ(data_ptr2 & 127, 0);
 	}
+
+	TEST(SimpleArray, Find)
+	{
+		const rsx::simple_array<u32> arr{
+			0, 1, 2, 3, 4, 5, 6, 7, 8, 9
+		};
+
+		EXPECT_EQ(*arr.find(8), 8);
+		EXPECT_EQ(arr.find(99), nullptr);
+	}
+
+	TEST(SimpleArray, FindIf)
+	{
+		const rsx::simple_array<u32> arr{
+			0, 1, 2, 3, 4, 5, 6, 7, 8, 9
+		};
+
+		EXPECT_EQ(*arr.find_if(FN(x == 8)), 8);
+		EXPECT_EQ(arr.find_if(FN(x == 99)), nullptr);
+	}
 }