diff --git a/Include/internal/pycore_stackref.h b/Include/internal/pycore_stackref.h
index ca4a7c216eda53..359d95e68f57aa 100644
--- a/Include/internal/pycore_stackref.h
+++ b/Include/internal/pycore_stackref.h
@@ -212,6 +212,32 @@ _PyStackRef_FromPyObjectBorrow(PyObject *obj, const char *filename, int linenumb
 }
 #define PyStackRef_FromPyObjectBorrow(obj) _PyStackRef_FromPyObjectBorrow(_PyObject_CAST(obj), __FILE__, __LINE__)
 
+/* Tag a PyObject pointer as a borrowed operand for BORROW variants. */
+static inline uintptr_t
+PyStackRef_TagBorrow(PyObject *obj)
+{
+    return (uintptr_t)obj | Py_TAG_REFCNT;
+}
+
+/* Strip tag bits from a pre-tagged operand to recover the PyObject pointer. */
+static inline PyObject *
+PyStackRef_UntagBorrow(PyObject *tagged)
+{
+    return (PyObject *)((uintptr_t)tagged & ~Py_TAG_BITS);
+}
+
+/* Create a stackref from a pre-tagged operand (tag bits already set).
+   Used by _LOAD_CONST_INLINE_BORROW variants where the operand is
+   tagged at trace creation time to avoid tagging on every execution. */
+static inline _PyStackRef
+_PyStackRef_FromPreTagged(PyObject *tagged, const char *filename, int linenumber)
+{
+    assert((uintptr_t)tagged & Py_TAG_REFCNT);
+    PyObject *obj = (PyObject *)((uintptr_t)tagged & ~Py_TAG_BITS);
+    return _Py_stackref_create(obj, Py_TAG_REFCNT, filename, linenumber);
+}
+#define PyStackRef_FromPreTagged(tagged) _PyStackRef_FromPreTagged(_PyObject_CAST(tagged), __FILE__, __LINE__)
+
 static inline void
 _PyStackRef_CLOSE(_PyStackRef ref, const char *filename, int linenumber)
 {
@@ -617,6 +643,30 @@ PyStackRef_FromPyObjectBorrow(PyObject *obj)
     return (_PyStackRef){ .bits = (uintptr_t)obj | Py_TAG_REFCNT};
 }
 
+/* Tag a PyObject pointer as a borrowed operand for BORROW variants. */
+static inline uintptr_t
+PyStackRef_TagBorrow(PyObject *obj)
+{
+    return (uintptr_t)obj | Py_TAG_REFCNT;
+}
+
+/* Strip tag bits from a pre-tagged operand to recover the PyObject pointer. */
+static inline PyObject *
+PyStackRef_UntagBorrow(PyObject *tagged)
+{
+    return (PyObject *)((uintptr_t)tagged & ~Py_TAG_BITS);
+}
+
+/* Create a stackref from a pre-tagged operand (tag bits already set).
+   Used by _LOAD_CONST_INLINE_BORROW variants where the operand is
+   tagged at trace creation time to avoid tagging on every execution. */
+static inline _PyStackRef
+PyStackRef_FromPreTagged(PyObject *tagged)
+{
+    assert((uintptr_t)tagged & Py_TAG_REFCNT);
+    return (_PyStackRef){ .bits = (uintptr_t)tagged };
+}
+
 /* WARNING: This macro evaluates its argument more than once */
 #ifdef _WIN32
 #define PyStackRef_DUP(REF) \
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-04-04-19-35-32.gh-issue-145742.SU9RYL.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-04-04-19-35-32.gh-issue-145742.SU9RYL.rst
new file mode 100644
index 00000000000000..0909ffe44bd331
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-04-04-19-35-32.gh-issue-145742.SU9RYL.rst
@@ -0,0 +1,2 @@
+Optimize _LOAD_CONST_INLINE_BORROW by pre-tagging operands at trace
+creation. Patch by Donghee Na.
diff --git a/Python/bytecodes.c b/Python/bytecodes.c
index 7de889b93b71a7..acec4b6303893e 100644
--- a/Python/bytecodes.c
+++ b/Python/bytecodes.c
@@ -6104,11 +6104,11 @@ dummy_func(
         }
 
         tier2 pure op(_LOAD_CONST_INLINE_BORROW, (ptr/4 -- value)) {
-            value = PyStackRef_FromPyObjectBorrow(ptr);
+            value = PyStackRef_FromPreTagged(ptr);
         }
 
         tier2 op(_SHUFFLE_3_LOAD_CONST_INLINE_BORROW, (ptr/4, callable, null, arg -- res, a, c)) {
-            res = PyStackRef_FromPyObjectBorrow(ptr);
+            res = PyStackRef_FromPreTagged(ptr);
             a = arg;
             c = callable;
             INPUTS_DEAD();
diff --git a/Python/executor_cases.c.h b/Python/executor_cases.c.h
index 93d39bee1b9ff6..5323901e74e559 100644
--- a/Python/executor_cases.c.h
+++ b/Python/executor_cases.c.h
@@ -22300,7 +22300,7 @@
             assert(WITHIN_STACK_BOUNDS_IGNORING_CACHE());
             _PyStackRef value;
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            value = PyStackRef_FromPyObjectBorrow(ptr);
+            value = PyStackRef_FromPreTagged(ptr);
             _tos_cache0 = value;
             SET_CURRENT_CACHED_VALUES(1);
             assert(WITHIN_STACK_BOUNDS_IGNORING_CACHE());
@@ -22313,7 +22313,7 @@
             _PyStackRef value;
             _PyStackRef _stack_item_0 = _tos_cache0;
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            value = PyStackRef_FromPyObjectBorrow(ptr);
+            value = PyStackRef_FromPreTagged(ptr);
             _tos_cache1 = value;
             _tos_cache0 = _stack_item_0;
             SET_CURRENT_CACHED_VALUES(2);
@@ -22328,7 +22328,7 @@
             _PyStackRef _stack_item_0 = _tos_cache0;
             _PyStackRef _stack_item_1 = _tos_cache1;
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            value = PyStackRef_FromPyObjectBorrow(ptr);
+            value = PyStackRef_FromPreTagged(ptr);
             _tos_cache2 = value;
             _tos_cache1 = _stack_item_1;
             _tos_cache0 = _stack_item_0;
@@ -22348,7 +22348,7 @@
             arg = stack_pointer[-1];
             callable = stack_pointer[-3];
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            res = PyStackRef_FromPyObjectBorrow(ptr);
+            res = PyStackRef_FromPreTagged(ptr);
             a = arg;
             c = callable;
             _tos_cache2 = c;
@@ -22373,7 +22373,7 @@
             arg = _stack_item_0;
             callable = stack_pointer[-2];
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            res = PyStackRef_FromPyObjectBorrow(ptr);
+            res = PyStackRef_FromPreTagged(ptr);
             a = arg;
             c = callable;
             _tos_cache2 = c;
@@ -22399,7 +22399,7 @@
             arg = _stack_item_1;
             callable = stack_pointer[-1];
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            res = PyStackRef_FromPyObjectBorrow(ptr);
+            res = PyStackRef_FromPreTagged(ptr);
             a = arg;
             c = callable;
             _tos_cache2 = c;
@@ -22426,7 +22426,7 @@
             arg = _stack_item_2;
             callable = _stack_item_0;
             PyObject *ptr = (PyObject *)CURRENT_OPERAND0_64();
-            res = PyStackRef_FromPyObjectBorrow(ptr);
+            res = PyStackRef_FromPreTagged(ptr);
             a = arg;
             c = callable;
             _tos_cache2 = c;
diff --git a/Python/optimizer_analysis.c b/Python/optimizer_analysis.c
index 095bcfc639bc65..60496247216893 100644
--- a/Python/optimizer_analysis.c
+++ b/Python/optimizer_analysis.c
@@ -177,12 +177,13 @@ convert_global_to_const(_PyUOpInstruction *inst, PyObject *obj)
     if (res == NULL) {
         return NULL;
     }
-    if (_Py_IsImmortal(res)) {
+    bool borrow = _Py_IsImmortal(res);
+    if (borrow) {
         inst->opcode = _LOAD_CONST_INLINE_BORROW;
     } else {
         inst->opcode = _LOAD_CONST_INLINE;
     }
-    inst->operand0 = (uint64_t)res;
+    inst->operand0 = borrow ? PyStackRef_TagBorrow(res) : (uint64_t)res;
     return res;
 }
 
@@ -233,7 +234,13 @@ add_op(JitOptContext *ctx, _PyUOpInstruction *this_instr,
     out->format = this_instr->format;
     out->oparg = (oparg);
     out->target = this_instr->target;
-    out->operand0 = (operand0);
+    if (opcode == _LOAD_CONST_INLINE_BORROW ||
+        opcode == _SHUFFLE_3_LOAD_CONST_INLINE_BORROW) {
+        out->operand0 = PyStackRef_TagBorrow((PyObject *)operand0);
+    }
+    else {
+        out->operand0 = (operand0);
+    }
     out->operand1 = this_instr->operand1;
     ctx->out_buffer.next++;
 }
diff --git a/Python/optimizer_bytecodes.c b/Python/optimizer_bytecodes.c
index daebef4a04320b..cda62c6902ff16 100644
--- a/Python/optimizer_bytecodes.c
+++ b/Python/optimizer_bytecodes.c
@@ -890,7 +890,7 @@ dummy_func(void) {
     }
 
     op(_LOAD_CONST_INLINE_BORROW, (ptr/4 -- value)) {
-        value = PyJitRef_Borrow(sym_new_const(ctx, ptr));
+        value = PyJitRef_Borrow(sym_new_const(ctx, PyStackRef_UntagBorrow(ptr)));
     }
 
     op(_POP_TOP_OPARG, (args[oparg] --)) {
diff --git a/Python/optimizer_cases.c.h b/Python/optimizer_cases.c.h
index c3c889e9de9a7e..fc72d66f8aa6af 100644
--- a/Python/optimizer_cases.c.h
+++ b/Python/optimizer_cases.c.h
@@ -5489,7 +5489,7 @@
         case _LOAD_CONST_INLINE_BORROW: {
             JitOptRef value;
             PyObject *ptr = (PyObject *)this_instr->operand0;
-            value = PyJitRef_Borrow(sym_new_const(ctx, ptr));
+            value = PyJitRef_Borrow(sym_new_const(ctx, PyStackRef_UntagBorrow(ptr)));
             CHECK_STACK_BOUNDS(1);
             stack_pointer[0] = value;
             stack_pointer += 1;
diff --git a/Tools/cases_generator/analyzer.py b/Tools/cases_generator/analyzer.py
index 414ca18be4654c..93999c9afc05ab 100644
--- a/Tools/cases_generator/analyzer.py
+++ b/Tools/cases_generator/analyzer.py
@@ -600,6 +600,7 @@ def has_error_without_pop(op: parser.CodeDef) -> bool:
     "PyStackRef_CLOSE_SPECIALIZED",
     "PyStackRef_DUP",
     "PyStackRef_False",
+    "PyStackRef_FromPreTagged",
     "PyStackRef_FromPyObjectBorrow",
     "PyStackRef_FromPyObjectNew",
     "PyStackRef_FromPyObjectSteal",
@@ -766,7 +767,7 @@ def escaping_call_in_simple_stmt(stmt: SimpleStmt, result: dict[SimpleStmt, Esca
                 continue
             #if not tkn.text.startswith(("Py", "_Py", "monitor")):
             #    continue
-            if tkn.text.startswith(("sym_", "optimize_", "PyJitRef")):
+            if tkn.text.startswith(("sym_", "optimize_", "PyJitRef", "PyStackRef_Tag", "PyStackRef_Untag")):
                 # Optimize functions
                 continue
             if tkn.text.endswith("Check"):