diff --git a/clang/docs/LanguageExtensions.rst b/clang/docs/LanguageExtensions.rst
index a3db3e5d356b3..16731bf8037c2 100644
--- a/clang/docs/LanguageExtensions.rst
+++ b/clang/docs/LanguageExtensions.rst
@@ -5733,9 +5733,7 @@ statements in C).
 
 The pragma can also be used with ``off`` which turns FP contraction off for a
 section of the code. This can be useful when fast contraction is otherwise
-enabled for the translation unit with the ``-ffp-contract=fast-honor-pragmas`` flag.
-Note that ``-ffp-contract=fast`` will override pragmas to fuse multiply and
-addition across statements regardless of any controlling pragmas.
+enabled for the translation unit with the ``-ffp-contract=fast`` flag.
 
 ``#pragma clang fp exceptions`` specifies floating point exception behavior. It
 may take one of the values: ``ignore``, ``maytrap`` or ``strict``. Meaning of
diff --git a/clang/docs/ReleaseNotes.rst b/clang/docs/ReleaseNotes.rst
index 7459127670cc3..2dcd66343ff7c 100644
--- a/clang/docs/ReleaseNotes.rst
+++ b/clang/docs/ReleaseNotes.rst
@@ -341,6 +341,10 @@ Modified Compiler Flags
 - The `-gkey-instructions` compiler flag is now enabled by default when DWARF is emitted for plain C/C++ and optimizations are enabled. (#GH149509)
 - The `-fconstexpr-steps` compiler flag now accepts value `0` to opt out of this limit. (#GH160440)
 
+- The ``-ffp-contract`` option now honors pragmas by default when the ``fast``
+  argument is used. The ``fast-honor-pragmas`` option is now deprecated and acts
+  as an alias for ``fast``.
+
 Removed Compiler Flags
 -------------------------
 
diff --git a/clang/docs/UsersManual.rst b/clang/docs/UsersManual.rst
index d267eec9425b3..c3aa7914ddf0f 100644
--- a/clang/docs/UsersManual.rst
+++ b/clang/docs/UsersManual.rst
@@ -1557,7 +1557,7 @@ describes the various floating point semantic modes and the corresponding option
   "ffp-exception-behavior", "{ignore, strict, maytrap}",
   "fenv_access", "{off, on}", "(none)"
   "frounding-math", "{dynamic, tonearest, downward, upward, towardzero}"
-  "ffp-contract", "{on, off, fast, fast-honor-pragmas}"
+  "ffp-contract", "{on, off, fast}"
   "fdenormal-fp-math", "{IEEE, PreserveSign, PositiveZero}"
   "fdenormal-fp-math-fp32", "{IEEE, PreserveSign, PositiveZero}"
   "fmath-errno", "{on, off}"
@@ -1764,13 +1764,12 @@ for more details.
 
    Valid values are:
 
-   * ``fast``: enable fusion across statements disregarding pragmas, breaking
-     compliance with the C and C++ standards (default for CUDA).
+   * ``fast``: enable fusion across statements unless dictated by pragmas,
+     breaking compliance with the C and C++ standards (default for CUDA).
    * ``on``: enable C and C++ standard compliant fusion in the same statement
      unless dictated by pragmas (default for languages other than CUDA/HIP)
    * ``off``: disable fusion
-   * ``fast-honor-pragmas``: fuse across statements unless dictated by pragmas
-     (default for HIP)
+   * ``fast-honor-pragmas``: deprecated, aliases fast
 
 .. option:: -f[no-]honor-infinities
 
diff --git a/clang/include/clang/Basic/LangOptions.h b/clang/include/clang/Basic/LangOptions.h
index 8aa89d8c8c807..3eb53b18adf7e 100644
--- a/clang/include/clang/Basic/LangOptions.h
+++ b/clang/include/clang/Basic/LangOptions.h
@@ -217,11 +217,8 @@ class LangOptionsBase {
     // Enable the floating point pragma
     FPM_On,
 
-    // Aggressively fuse FP ops (E.g. FMA) disregarding pragmas.
-    FPM_Fast,
-
     // Aggressively fuse FP ops and honor pragmas.
-    FPM_FastHonorPragmas
+    FPM_Fast
   };
 
   /// Possible floating point exception behavior.
@@ -816,12 +813,7 @@ class FPOptions {
   }
   explicit FPOptions(const LangOptions &LO) {
     Value = 0;
-    // The language fp contract option FPM_FastHonorPragmas has the same effect
-    // as FPM_Fast in frontend. For simplicity, use FPM_Fast uniformly in
-    // frontend.
     auto LangOptContractMode = LO.getDefaultFPContractMode();
-    if (LangOptContractMode == LangOptions::FPM_FastHonorPragmas)
-      LangOptContractMode = LangOptions::FPM_Fast;
     setFPContractMode(LangOptContractMode);
     setRoundingMath(LO.RoundingMath);
     setConstRoundingMode(LangOptions::RoundingMode::Dynamic);
diff --git a/clang/include/clang/Options/Options.td b/clang/include/clang/Options/Options.td
index 2f7434d8afe11..4c6291d5eabf4 100644
--- a/clang/include/clang/Options/Options.td
+++ b/clang/include/clang/Options/Options.td
@@ -2831,11 +2831,11 @@ def fno_trapping_math : Flag<["-"], "fno-trapping-math">, Group<f_Group>;
 def ffp_contract : Joined<["-"], "ffp-contract=">, Group<f_Group>,
   Visibility<[ClangOption, CC1Option, FC1Option, FlangOption]>,
   DocBrief<"Form fused FP ops (e.g. FMAs):"
-  " fast (fuses across statements disregarding pragmas)"
+  " fast (fuses across statements unless dictated by pragmas)"
   " | on (only fuses in the same statement unless dictated by pragmas)"
   " | off (never fuses)"
-  " | fast-honor-pragmas (fuses across statements unless dictated by pragmas)."
-  " Default is 'fast' for CUDA, 'fast-honor-pragmas' for HIP, and 'on' otherwise.">,
+  " | fast-honor-pragmas (deprecated, aliases fast)."
+  " Default is 'fast' for CUDA or HIP, and 'on' otherwise.">,
   HelpText<"Form fused FP ops (e.g. FMAs)">,
   Values<"fast,on,off,fast-honor-pragmas">;
 
diff --git a/clang/lib/Basic/LangOptions.cpp b/clang/lib/Basic/LangOptions.cpp
index 19b557603d135..1040c865614ad 100644
--- a/clang/lib/Basic/LangOptions.cpp
+++ b/clang/lib/Basic/LangOptions.cpp
@@ -192,18 +192,8 @@ void LangOptions::setLangDefaults(LangOptions &Opts, Language Lang,
 
   Opts.HIP = Lang == Language::HIP;
   Opts.CUDA = Lang == Language::CUDA || Opts.HIP;
-  if (Opts.HIP) {
-    // HIP toolchain does not support 'Fast' FPOpFusion in backends since it
-    // fuses multiplication/addition instructions without contract flag from
-    // device library functions in LLVM bitcode, which causes accuracy loss in
-    // certain math functions, e.g. tan(-1e20) becomes -0.933 instead of 0.8446.
-    // For device library functions in bitcode to work, 'Strict' or 'Standard'
-    // FPOpFusion options in backends is needed. Therefore 'fast-honor-pragmas'
-    // FP contract option is used to allow fuse across statements in frontend
-    // whereas respecting contract flag in backend.
-    Opts.setDefaultFPContractMode(LangOptions::FPM_FastHonorPragmas);
-  } else if (Opts.CUDA) {
-    if (T.isSPIRV()) {
+  if (Opts.HIP || Opts.CUDA) {
+    if (Opts.CUDA && T.isSPIRV()) {
       // Emit OpenCL version metadata in LLVM IR when targeting SPIR-V.
       Opts.OpenCLVersion = 200;
     }
diff --git a/clang/lib/CodeGen/BackendUtil.cpp b/clang/lib/CodeGen/BackendUtil.cpp
index 6f63e6470270e..777b3e579d7cc 100644
--- a/clang/lib/CodeGen/BackendUtil.cpp
+++ b/clang/lib/CodeGen/BackendUtil.cpp
@@ -398,20 +398,8 @@ static bool initTargetOptions(const CompilerInstance &CI,
           .Default(llvm::FloatABI::Default);
 
   // Set FP fusion mode.
-  switch (LangOpts.getDefaultFPContractMode()) {
-  case LangOptions::FPM_Off:
-    // Preserve any contraction performed by the front-end.  (Strict performs
-    // splitting of the muladd intrinsic in the backend.)
-    Options.AllowFPOpFusion = llvm::FPOpFusion::Standard;
-    break;
-  case LangOptions::FPM_On:
-  case LangOptions::FPM_FastHonorPragmas:
-    Options.AllowFPOpFusion = llvm::FPOpFusion::Standard;
-    break;
-  case LangOptions::FPM_Fast:
-    Options.AllowFPOpFusion = llvm::FPOpFusion::Fast;
-    break;
-  }
+  // All allowed fusion is indicated in the IR.
+  Options.AllowFPOpFusion = llvm::FPOpFusion::Standard;
 
   Options.BinutilsVersion =
       llvm::TargetMachine::parseBinutilsVersion(CodeGenOpts.BinutilsVersion);
diff --git a/clang/lib/Driver/ToolChains/Clang.cpp b/clang/lib/Driver/ToolChains/Clang.cpp
index c5d40c9825fab..8a39ea411a102 100644
--- a/clang/lib/Driver/ToolChains/Clang.cpp
+++ b/clang/lib/Driver/ToolChains/Clang.cpp
@@ -3000,6 +3000,13 @@ static void RenderFloatingPointOptions(const ToolChain &TC, const Driver &D,
       StringRef Val = A->getValue();
       if (Val == "fast" || Val == "on" || Val == "off" ||
           Val == "fast-honor-pragmas") {
+        // fast-honor-pragmas is deprecated -- replace it with fast
+        if (Val == "fast-honor-pragmas") {
+          D.Diag(diag::warn_drv_deprecated_arg)
+              << A->getAsString(Args) << /*hasReplacement=*/true
+              << "-ffp-contract=fast";
+          Val = "fast";
+        }
         if (Val != FPContract && LastFpContractOverrideOption != "") {
           D.Diag(clang::diag::warn_drv_overriding_option)
               << LastFpContractOverrideOption
diff --git a/clang/lib/Frontend/CompilerInvocation.cpp b/clang/lib/Frontend/CompilerInvocation.cpp
index 54b302e829e1f..81fc47295e6d1 100644
--- a/clang/lib/Frontend/CompilerInvocation.cpp
+++ b/clang/lib/Frontend/CompilerInvocation.cpp
@@ -3898,8 +3898,6 @@ void CompilerInvocationBase::GenerateLangArgs(const LangOptions &Opts,
     GenerateArg(Consumer, OPT_ffp_contract, "on");
   else if (Opts.DefaultFPContractMode == LangOptions::FPM_Off)
     GenerateArg(Consumer, OPT_ffp_contract, "off");
-  else if (Opts.DefaultFPContractMode == LangOptions::FPM_FastHonorPragmas)
-    GenerateArg(Consumer, OPT_ffp_contract, "fast-honor-pragmas");
 
   for (StringRef Sanitizer : serializeSanitizerKinds(Opts.Sanitize))
     GenerateArg(Consumer, OPT_fsanitize_EQ, Sanitizer);
@@ -4389,8 +4387,8 @@ bool CompilerInvocation::ParseLangArgs(LangOptions &Opts, ArgList &Args,
       Opts.setDefaultFPContractMode(LangOptions::FPM_On);
     else if (Val == "off")
       Opts.setDefaultFPContractMode(LangOptions::FPM_Off);
-    else if (Val == "fast-honor-pragmas")
-      Opts.setDefaultFPContractMode(LangOptions::FPM_FastHonorPragmas);
+    else if (Val == "fast-honor-pragmas") // Deprecated
+      Opts.setDefaultFPContractMode(LangOptions::FPM_Fast);
     else
       Diags.Report(diag::err_drv_invalid_value) << A->getAsString(Args) << Val;
   }
diff --git a/clang/lib/Sema/SemaAttr.cpp b/clang/lib/Sema/SemaAttr.cpp
index 8411a3da8322d..3c1c000b544dc 100644
--- a/clang/lib/Sema/SemaAttr.cpp
+++ b/clang/lib/Sema/SemaAttr.cpp
@@ -1386,7 +1386,6 @@ void Sema::ActOnPragmaFPContract(SourceLocation Loc,
     NewFPFeatures.setAllowFPContractWithinStatement();
     break;
   case LangOptions::FPM_Fast:
-  case LangOptions::FPM_FastHonorPragmas:
     NewFPFeatures.setAllowFPContractAcrossStatement();
     break;
   case LangOptions::FPM_Off:
diff --git a/clang/test/CodeGen/ffp-contract-fast-honor-pramga-option.cpp b/clang/test/CodeGen/ffp-contract-fast-honor-pramga-option.cpp
index fef4da1edf1fc..c3d8909c33bd6 100644
--- a/clang/test/CodeGen/ffp-contract-fast-honor-pramga-option.cpp
+++ b/clang/test/CodeGen/ffp-contract-fast-honor-pramga-option.cpp
@@ -1,4 +1,4 @@
-// RUN: %clang_cc1 -O3 -ffp-contract=fast-honor-pragmas -triple %itanium_abi_triple -emit-llvm -o - %s | FileCheck %s
+// RUN: %clang_cc1 -O3 -ffp-contract=fast -triple %itanium_abi_triple -emit-llvm -o - %s | FileCheck %s
 
 float fp_contract_1(float a, float b, float c) {
   // CHECK-LABEL: fp_contract_1fff(
diff --git a/clang/test/CodeGen/ffp-contract-fhp-pragma-override.cpp b/clang/test/CodeGen/ffp-contract-fhp-pragma-override.cpp
index ff35c9204c79c..fe4cf21861f00 100644
--- a/clang/test/CodeGen/ffp-contract-fhp-pragma-override.cpp
+++ b/clang/test/CodeGen/ffp-contract-fhp-pragma-override.cpp
@@ -1,4 +1,4 @@
-// RUN: %clang_cc1 -O3 -ffp-contract=fast-honor-pragmas -triple %itanium_abi_triple -emit-llvm -o - %s | FileCheck %s
+// RUN: %clang_cc1 -O3 -ffp-contract=fast -triple %itanium_abi_triple -emit-llvm -o - %s | FileCheck %s
 
 float fp_contract_on_1(float a, float b, float c) {
   // CHECK-LABEL: fp_contract_on_1fff(
diff --git a/clang/test/CodeGen/fp-function-attrs.cpp b/clang/test/CodeGen/fp-function-attrs.cpp
index 3775bd5452d78..2e62875bc9f34 100644
--- a/clang/test/CodeGen/fp-function-attrs.cpp
+++ b/clang/test/CodeGen/fp-function-attrs.cpp
@@ -1,5 +1,4 @@
 // RUN: %clang_cc1 -triple x86_64-linux-gnu -ffast-math -ffp-contract=fast -emit-llvm -o - %s | FileCheck %s
-// RUN: %clang_cc1 -triple x86_64-linux-gnu -ffast-math -ffp-contract=fast-honor-pragmas -emit-llvm -o - %s | FileCheck %s
 
 float test_default(float a, float b, float c) {
   float tmp = a;
@@ -53,5 +52,18 @@ float test_contract_on_pragma(float a, float b, float c) {
 // CHECK: fmul fast float {{%.+}}, {{%.+}}
 // CHECK: fadd reassoc nnan ninf nsz arcp afn float {{%.+}}, {{%.+}}
 
+float test_contract_off_pragma(float a, float b, float c) {
+  float tmp = a * b;
+  {
+    #pragma clang fp contract(off)
+    tmp += c;
+  }
+  return tmp;
+}
+
+// CHECK: define{{.*}} float @_Z24test_contract_off_pragmafff(float noundef nofpclass(nan inf) %a, float noundef nofpclass(nan inf) %b, float noundef nofpclass(nan inf) %c)
+// CHECK: fmul fast float {{%.+}}, {{%.+}}
+// CHECK: fadd reassoc nnan ninf nsz arcp afn float {{%.+}}, {{%.+}}
+
 // CHECK: attributes [[FAST_ATTRS]] = { {{.*}}"no-infs-fp-math"="true" {{.*}}"no-nans-fp-math"="true" "no-signed-zeros-fp-math"="true"{{.*}} }
 // CHECK: attributes [[PRECISE_ATTRS]] = { {{.*}}"no-infs-fp-math"="false" {{.*}}"no-nans-fp-math"="false" "no-signed-zeros-fp-math"="false"{{.*}} }
diff --git a/clang/test/CodeGenCUDA/fp-contract.cu b/clang/test/CodeGenCUDA/fp-contract.cu
index d6c796a817cbf..dd7e619a262c1 100644
--- a/clang/test/CodeGenCUDA/fp-contract.cu
+++ b/clang/test/CodeGenCUDA/fp-contract.cu
@@ -1,6 +1,6 @@
 // REQUIRES: x86-registered-target, nvptx-registered-target, amdgpu-registered-target
 
-// By default CUDA uses -ffp-contract=fast, HIP uses -ffp-contract=fast-honor-pragmas.
+// By default CUDA and HIP use -ffp-contract=fast.
 // we should fuse multiply/add into fma instruction.
 // In IR, fmul/fadd instructions with contract flag are emitted.
 // In backend
@@ -68,7 +68,7 @@
 // RUN:   -O3 -target-cpu gfx906 -o - -x ir %t.ll \
 // RUN:   | FileCheck -check-prefixes=COMMON,AMD-OPT-FASTSTD %s
 
-// Explicit -ffp-contract=fast-honor-pragmas
+// Explicit -ffp-contract=fast (was fast-honor-pragmas)
 // In IR, fmul/fadd instructions with contract flag are emitted.
 // In backend
 //    nvptx/amdgcn - assumes standard fp fuse option, which only
@@ -76,19 +76,19 @@
 //                   llvm.fmuladd intrinsics.
 
 // RUN: %clang_cc1 -fcuda-is-device -triple nvptx-nvidia-cuda -S \
-// RUN:   -ffp-contract=fast-honor-pragmas -disable-llvm-passes -o - %s \
+// RUN:   -ffp-contract=fast -disable-llvm-passes -o - %s \
 // RUN:   | FileCheck -check-prefixes=COMMON,NV-ON %s
 // RUN: %clang_cc1 -fcuda-is-device -triple amdgcn-amd-amdhsa -S \
 // RUN:   -target-cpu gfx906 -disable-llvm-passes -o - -x hip %s \
-// RUN:   -ffp-contract=fast-honor-pragmas \
+// RUN:   -ffp-contract=fast \
 // RUN:   | FileCheck -check-prefixes=COMMON,AMD-ON %s
 // RUN: %clang_cc1 -fcuda-is-device -triple nvptx-nvidia-cuda -S \
 // RUN:   -O3 -o - %s \
-// RUN:   -ffp-contract=fast-honor-pragmas \
+// RUN:   -ffp-contract=fast \
 // RUN:   | FileCheck -check-prefixes=COMMON,NV-OPT-FASTSTD %s
 // RUN: %clang_cc1 -fcuda-is-device -triple amdgcn-amd-amdhsa -S \
 // RUN:   -O3 -target-cpu gfx906 -o - -x hip %s \
-// RUN:   -ffp-contract=fast-honor-pragmas \
+// RUN:   -ffp-contract=fast \
 // RUN:   | FileCheck -check-prefixes=COMMON,AMD-OPT-FASTSTD %s
 
 // Check separate compile/backend steps corresponding to -save-temps.
@@ -96,7 +96,7 @@
 // default FP fuse option.
 
 // RUN: %clang_cc1 -fcuda-is-device -triple amdgcn-amd-amdhsa -emit-llvm \
-// RUN:   -ffp-contract=fast-honor-pragmas \
+// RUN:   -ffp-contract=fast \
 // RUN:   -O3 -disable-llvm-passes -target-cpu gfx906 -o %t.ll -x hip %s
 // RUN: cat %t.ll  | FileCheck -check-prefixes=COMMON,AMD-OPT-FAST-IR %s
 // RUN: %clang_cc1 -triple amdgcn-amd-amdhsa -S \
@@ -254,19 +254,16 @@ __host__ __device__ float func2(float a, float b, float c) {
 
 // Test multiply/add in the different statements, which is forced
 // to be compiled with fp contract on. fmul/fadd without contract
-// flags are emitted in IR. In nvptx, they are emitted as FMA in
-// fp-contract is fast but not on, as nvptx backend uses the same
-// fp fuse option as front end, whereas fast fp fuse option in
-// backend fuses fadd/fmul disregarding contract flag. In amdgcn
-// they are not fused as amdgcn always use standard fp fusion
-// option which respects contract flag.
-  __host__ __device__ float func3(float a, float b, float c) {
+// flags are emitted in IR. The operations should not be fused
+// because the mul and add occurs in different statements.
+__host__ __device__ float func3(float a, float b, float c) {
 #pragma clang fp contract(on)
   float t = b * c;
   return t + a;
 }
 // COMMON-LABEL: _Z5func3fff
-// NV-OPT-FAST: fma.rn.f32
+// NV-OPT-FAST: mul.rn.f32
+// NV-OPT-FAST: add.rn.f32
 // NV-OPT-FAST-NEXT: st.param.b32
 // NV-OPT-FASTSTD: mul.rn.f32
 // NV-OPT-FASTSTD: add.rn.f32
@@ -285,7 +282,8 @@ __host__ __device__ float func2(float a, float b, float c) {
 // AMD-OPT-OFF-IR: fmul float
 // AMD-OPT-OFF-IR: fadd float
 
-// AMD-OPT-FAST: v_fmac_f32_e32
+// AMD-OPT-FAST: v_mul_f32_e32
+// AMD-OPT-FAST-NEXT: v_add_f32_e32
 // AMD-OPT-FAST-NEXT: s_setpc_b64
 // AMD-OPT-FASTSTD: v_mul_f32_e32
 // AMD-OPT-FASTSTD-NEXT: v_add_f32_e32
diff --git a/clang/test/Driver/fp-contract.c b/clang/test/Driver/fp-contract.c
index cab63683ee813..06241caa2fbd5 100644
--- a/clang/test/Driver/fp-contract.c
+++ b/clang/test/Driver/fp-contract.c
@@ -6,7 +6,6 @@
 // before the drive options that are checked below the run lines.
 // WARN_FM_OFF: warning: overriding '-ffast-math' option with '-ffp-contract=off'
 // WARN_FM_ON: warning: overriding '-ffast-math' option with '-ffp-contract=on'
-// WARN_FM_FHP: warning: overriding '-ffast-math' option with '-ffp-contract=fast-honor-pragmas'
 // WARN_UM_OFF: warning: overriding '-funsafe-math-optimizations' option with '-ffp-contract=off'
 // WARN_UM_ON: warning: overriding '-funsafe-math-optimizations' option with '-ffp-contract=on'
 
@@ -30,8 +29,10 @@
 // RUN:   | FileCheck --check-prefix=CHECK-FPC-FAST %s
 
 // RUN: %clang -### -ffast-math -ffp-contract=fast-honor-pragmas -c %s 2>&1 \
-// RUN:   | FileCheck --check-prefixes=CHECK-FPC-FAST-HONOR,WARN_FM_FHP %s
-// CHECK-FPC-FAST-HONOR:     "-ffp-contract=fast-honor-pragmas"
+// RUN:   | FileCheck --check-prefixes=CHECK-FPC-FAST-HONOR,WARN_FHP_DEPRECATED %s
+// WARN_FHP_DEPRECATED: clang: warning: argument '-ffp-contract=fast-honor-pragmas' is deprecated, use '-ffp-contract=fast' instead [-Wdeprecated]
+// CHECK-FPC-FAST-HONOR:     "-ffp-contract=fast"
+// CHECK-FPC-FAST-HONOR-NOT: "-honor-pragmas"
 
 // RUN: %clang -### -Werror -ffp-contract=fast -ffast-math -c %s 2>&1 \
 // RUN:   | FileCheck --check-prefix=CHECK-FPC-FAST %s