diff --git a/llvm/bindings/ocaml/bitreader/llvm_bitreader.mli b/llvm/bindings/ocaml/bitreader/llvm_bitreader.mli
index def8b84fe9e6..9133c3993c1c 100644
--- a/llvm/bindings/ocaml/bitreader/llvm_bitreader.mli
+++ b/llvm/bindings/ocaml/bitreader/llvm_bitreader.mli
@@ -16,11 +16,22 @@ exception Error of string
 (** [get_module context mb] reads the bitcode for a new module [m] from the
     memory buffer [mb] in the context [context].  Returns [m] if successful, or
     raises [Error msg] otherwise, where [msg] is a description of the error
-    encountered. See the function [llvm::getBitcodeModule]. *)
+    encountered.
+
+    If parsing succeeds, ownership of [mb] is transferred to the returned
+    module (for lazy deserialization); the caller must not dispose [mb]. If
+    parsing fails, ownership is retained by the caller, which must dispose it.
+
+    See the function [llvm::getBitcodeModule]. *)
 val get_module : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
 
 (** [parse_bitcode context mb] parses the bitcode for a new module [m] from the
     memory buffer [mb] in the context [context]. Returns [m] if successful, or
     raises [Error msg] otherwise, where [msg] is a description of the error
-    encountered. See the function [llvm::ParseBitcodeFile]. *)
+    encountered.
+
+    This function does not take ownership of [mb]; the caller should dispose it
+    (see {!Llvm.MemoryBuffer.dispose}) when it is no longer needed.
+
+    See the function [llvm::ParseBitcodeFile]. *)
 val parse_bitcode : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
diff --git a/llvm/bindings/ocaml/irreader/irreader_ocaml.c b/llvm/bindings/ocaml/irreader/irreader_ocaml.c
index 708d6fb5b0b7..594f490a49a9 100644
--- a/llvm/bindings/ocaml/irreader/irreader_ocaml.c
+++ b/llvm/bindings/ocaml/irreader/irreader_ocaml.c
@@ -24,12 +24,11 @@ void llvm_raise(value Prototype, char *Message);
 /* Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule */
 value llvm_parse_ir(value C, value MemBuf) {
   CAMLparam0();
-  CAMLlocal2(Variant, MessageVal);
   LLVMModuleRef M;
   char *Message;
 
-  if (LLVMParseIRInContext(Context_val(C), MemoryBuffer_val(MemBuf), &M,
-                           &Message))
+  if (LLVMParseIRInContext2(Context_val(C), MemoryBuffer_val(MemBuf), &M,
+                            &Message))
     llvm_raise(*caml_named_value("Llvm_irreader.Error"), Message);
 
   CAMLreturn(to_val(M));
diff --git a/llvm/bindings/ocaml/irreader/llvm_irreader.ml b/llvm/bindings/ocaml/irreader/llvm_irreader.ml
index a8ece4331815..2a808369a9a1 100644
--- a/llvm/bindings/ocaml/irreader/llvm_irreader.ml
+++ b/llvm/bindings/ocaml/irreader/llvm_irreader.ml
@@ -11,5 +11,6 @@ exception Error of string
 
 let _ = Callback.register_exception "Llvm_irreader.Error" (Error "")
 
-external parse_ir : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
-                  = "llvm_parse_ir"
+external parse_ir_bitcode_or_assembly
+  : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
+  = "llvm_parse_ir"
diff --git a/llvm/bindings/ocaml/irreader/llvm_irreader.mli b/llvm/bindings/ocaml/irreader/llvm_irreader.mli
index bdb7d040845a..9e7a10cc09c5 100644
--- a/llvm/bindings/ocaml/irreader/llvm_irreader.mli
+++ b/llvm/bindings/ocaml/irreader/llvm_irreader.mli
@@ -13,8 +13,14 @@
 
 exception Error of string
 
-(** [parse_ir context mb] parses the IR for a new module [m] from the
-    memory buffer [mb] in the context [context]. Returns [m] if successful, or
-    raises [Error msg] otherwise, where [msg] is a description of the error
-    encountered. See the function [llvm::ParseIR]. *)
-val parse_ir : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
+(** [parse_ir_bitcode_or_assembly context mb] parses the IR for a new module [m]
+    from the memory buffer [mb] in the context [context]. Returns [m] if
+    successful, or raises [Error msg] otherwise, where [msg] is a description
+    of the error encountered.
+
+    This function does not take ownership of [mb]; the caller should dispose it
+    (see {!Llvm.MemoryBuffer.dispose}) when it is no longer needed.
+
+    See the function [llvm::ParseIR]. *)
+val parse_ir_bitcode_or_assembly
+  : Llvm.llcontext -> Llvm.llmemorybuffer -> Llvm.llmodule
diff --git a/llvm/docs/ReleaseNotes.md b/llvm/docs/ReleaseNotes.md
index b97448bcc905..eb51bc1e44d9 100644
--- a/llvm/docs/ReleaseNotes.md
+++ b/llvm/docs/ReleaseNotes.md
@@ -182,6 +182,12 @@ Changes to the X86 Backend
 Changes to the OCaml bindings
 -----------------------------
 
+* The IR reader bindings renamed `parse_ir` to
+  `parse_ir_bitcode_or_assembly` to clarify that the parser accepts both
+  textual IR and bitcode. This rename is intentional to force existing code to
+  update because the ownership semantics changed: the function no longer takes
+  ownership of the input memory buffer.
+
 Changes to the Python bindings
 ------------------------------
 
@@ -191,6 +197,10 @@ Changes to the C API
 * Add `LLVMGetOrInsertFunction` to get or insert a function, replacing the combination of `LLVMGetNamedFunction` and `LLVMAddFunction`.
 * Allow `LLVMGetVolatile` to work with any kind of Instruction.
 * Add `LLVMConstFPFromBits` to get a constant floating-point value from an array of 64 bit values.
+* Add `LLVMParseIRInContext2`, which is equivalent to `LLVMParseIRInContext`
+  but does not take ownership of the input `LLVMMemoryBufferRef`. This matches
+  the underlying C++ API and avoids ownership surprises in language bindings
+  and examples.
 * Functions working on the global context have been deprecated. Use the
   functions that work on a specific context instead.
 
diff --git a/llvm/examples/OrcV2Examples/OrcV2CBindingsLazy/OrcV2CBindingsLazy.c b/llvm/examples/OrcV2Examples/OrcV2CBindingsLazy/OrcV2CBindingsLazy.c
index 9c31f9389920..ea753c6fcc22 100644
--- a/llvm/examples/OrcV2Examples/OrcV2CBindingsLazy/OrcV2CBindingsLazy.c
+++ b/llvm/examples/OrcV2Examples/OrcV2CBindingsLazy/OrcV2CBindingsLazy.c
@@ -71,16 +71,19 @@ LLVMErrorRef parseExampleModule(const char *Source, size_t Len,
   // Create an LLVMContext for the Module.
   LLVMContextRef Ctx = LLVMContextCreate();
 
-  // Wrap Source in a MemoryBuffer
-  LLVMMemoryBufferRef MB =
-      LLVMCreateMemoryBufferWithMemoryRange(Source, Len, Name, 0);
-
   // Parse the LLVM module.
   LLVMModuleRef M;
   char *ErrMsg;
-  if (LLVMParseIRInContext(Ctx, MB, &M, &ErrMsg)) {
-    return LLVMCreateStringError(ErrMsg);
-    // TODO: LLVMDisposeMessage(ErrMsg);
+  // Wrap Source in a MemoryBuffer.
+  LLVMMemoryBufferRef MB =
+      LLVMCreateMemoryBufferWithMemoryRange(Source, Len, Name, 0);
+  LLVMBool Ret = LLVMParseIRInContext2(Ctx, MB, &M, &ErrMsg);
+  LLVMDisposeMemoryBuffer(MB);
+
+  if (Ret) {
+    LLVMErrorRef Err = LLVMCreateStringError(ErrMsg);
+    LLVMDisposeMessage(ErrMsg);
+    return Err;
   }
 
   // Create a new ThreadSafeContext to hold the context.
diff --git a/llvm/examples/OrcV2Examples/OrcV2CBindingsVeryLazy/OrcV2CBindingsVeryLazy.c b/llvm/examples/OrcV2Examples/OrcV2CBindingsVeryLazy/OrcV2CBindingsVeryLazy.c
index c63a72f1470f..50272a48925b 100644
--- a/llvm/examples/OrcV2Examples/OrcV2CBindingsVeryLazy/OrcV2CBindingsVeryLazy.c
+++ b/llvm/examples/OrcV2Examples/OrcV2CBindingsVeryLazy/OrcV2CBindingsVeryLazy.c
@@ -77,14 +77,16 @@ LLVMErrorRef parseExampleModule(const char *Source, size_t Len,
   // Create an LLVMContext.
   LLVMContextRef Ctx = LLVMContextCreate();
 
-  // Wrap Source in a MemoryBuffer
-  LLVMMemoryBufferRef MB =
-      LLVMCreateMemoryBufferWithMemoryRange(Source, Len, Name, 1);
-
   // Parse the LLVM module.
   LLVMModuleRef M;
   char *ErrMsg;
-  if (LLVMParseIRInContext(Ctx, MB, &M, &ErrMsg)) {
+  // Wrap Source in a MemoryBuffer.
+  LLVMMemoryBufferRef MB =
+      LLVMCreateMemoryBufferWithMemoryRange(Source, Len, Name, 0);
+  LLVMBool Ret = LLVMParseIRInContext2(Ctx, MB, &M, &ErrMsg);
+  LLVMDisposeMemoryBuffer(MB);
+
+  if (Ret) {
     LLVMErrorRef Err = LLVMCreateStringError(ErrMsg);
     LLVMDisposeMessage(ErrMsg);
     return Err;
diff --git a/llvm/include/llvm-c/IRReader.h b/llvm/include/llvm-c/IRReader.h
index 9e5615b5be59..4818ad780d48 100644
--- a/llvm/include/llvm-c/IRReader.h
+++ b/llvm/include/llvm-c/IRReader.h
@@ -33,6 +33,8 @@ LLVM_C_EXTERN_C_BEGIN
  * Optionally returns a human-readable description of any errors that
  * occurred during parsing IR. OutMessage must be disposed with
  * LLVMDisposeMessage.
+ * The memory buffer is consumed by this function.
+ * This is deprecated. Use LLVMParseIRInContext2 instead.
  *
  * @see llvm::ParseIR()
  */
@@ -40,6 +42,21 @@ LLVM_C_ABI LLVMBool LLVMParseIRInContext(LLVMContextRef ContextRef,
                                          LLVMMemoryBufferRef MemBuf,
                                          LLVMModuleRef *OutM,
                                          char **OutMessage);
+/**
+ * Read LLVM IR from a memory buffer and convert it into an in-memory Module
+ * object. Returns 0 on success.
+ * Optionally returns a human-readable description of any errors that
+ * occurred during parsing IR. OutMessage must be disposed with
+ * LLVMDisposeMessage.
+ * The memory buffer is not consumed by this function. It is the responsibility
+ * of the caller to free it with \c LLVMDisposeMemoryBuffer.
+ *
+ * @see llvm::ParseIR()
+ */
+LLVM_C_ABI LLVMBool LLVMParseIRInContext2(LLVMContextRef ContextRef,
+                                          LLVMMemoryBufferRef MemBuf,
+                                          LLVMModuleRef *OutM,
+                                          char **OutMessage);
 
 /**
  * @}
diff --git a/llvm/include/llvm-c/Object.h b/llvm/include/llvm-c/Object.h
index f24f768570c5..00ee25486180 100644
--- a/llvm/include/llvm-c/Object.h
+++ b/llvm/include/llvm-c/Object.h
@@ -66,7 +66,7 @@ typedef enum {
  * appropriate implementation selected.  The context may be NULL except if
  * the resulting file is an LLVM IR file.
  *
- * The memory buffer is not consumed by this function.  It is the responsibilty
+ * The memory buffer is not consumed by this function. It is the responsibility
  * of the caller to free it with \c LLVMDisposeMemoryBuffer.
  *
  * If NULL is returned, the \p ErrorMessage parameter is populated with the
@@ -82,7 +82,7 @@ LLVM_C_ABI LLVMBinaryRef LLVMCreateBinary(LLVMMemoryBufferRef MemBuf,
 /**
  * Dispose of a binary file.
  *
- * The binary file does not own its backing buffer.  It is the responsibilty
+ * The binary file does not own its backing buffer. It is the responsibility
  * of the caller to free it with \c LLVMDisposeMemoryBuffer.
  */
 LLVM_C_ABI void LLVMDisposeBinary(LLVMBinaryRef BR);
diff --git a/llvm/include/llvm/Analysis/LoopAnalysisManager.h b/llvm/include/llvm/Analysis/LoopAnalysisManager.h
index 1755257fe6c8..1c09889b8006 100644
--- a/llvm/include/llvm/Analysis/LoopAnalysisManager.h
+++ b/llvm/include/llvm/Analysis/LoopAnalysisManager.h
@@ -90,7 +90,7 @@ public:
   Result(Result &&Arg)
       : InnerAM(std::move(Arg.InnerAM)), LI(Arg.LI), MSSAUsed(Arg.MSSAUsed) {
     // We have to null out the analysis manager in the moved-from state
-    // because we are taking ownership of the responsibilty to clear the
+    // because we are taking ownership of the responsibility to clear the
     // analysis state.
     Arg.InnerAM = nullptr;
   }
@@ -99,7 +99,7 @@ public:
     LI = RHS.LI;
     MSSAUsed = RHS.MSSAUsed;
     // We have to null out the analysis manager in the moved-from state
-    // because we are taking ownership of the responsibilty to clear the
+    // because we are taking ownership of the responsibility to clear the
     // analysis state.
     RHS.InnerAM = nullptr;
     return *this;
diff --git a/llvm/include/llvm/CodeGen/MachinePassManager.h b/llvm/include/llvm/CodeGen/MachinePassManager.h
index 08bed33da2c3..f7b888e45a7e 100644
--- a/llvm/include/llvm/CodeGen/MachinePassManager.h
+++ b/llvm/include/llvm/CodeGen/MachinePassManager.h
@@ -135,7 +135,7 @@ public:
 
     Result(Result &&Arg) : FAM(std::move(Arg.FAM)) {
       // We have to null out the analysis manager in the moved-from state
-      // because we are taking ownership of the responsibilty to clear the
+      // because we are taking ownership of the responsibility to clear the
       // analysis state.
       Arg.FAM = nullptr;
     }
@@ -143,7 +143,7 @@ public:
     Result &operator=(Result &&RHS) {
       FAM = RHS.FAM;
       // We have to null out the analysis manager in the moved-from state
-      // because we are taking ownership of the responsibilty to clear the
+      // because we are taking ownership of the responsibility to clear the
       // analysis state.
       RHS.FAM = nullptr;
       return *this;
diff --git a/llvm/include/llvm/IR/PassManager.h b/llvm/include/llvm/IR/PassManager.h
index 34a55a0ae4eb..4d4c4bcfe943 100644
--- a/llvm/include/llvm/IR/PassManager.h
+++ b/llvm/include/llvm/IR/PassManager.h
@@ -589,7 +589,7 @@ public:
 
     Result(Result &&Arg) : InnerAM(std::move(Arg.InnerAM)) {
       // We have to null out the analysis manager in the moved-from state
-      // because we are taking ownership of the responsibilty to clear the
+      // because we are taking ownership of the responsibility to clear the
       // analysis state.
       Arg.InnerAM = nullptr;
     }
@@ -607,7 +607,7 @@ public:
     Result &operator=(Result &&RHS) {
       InnerAM = RHS.InnerAM;
       // We have to null out the analysis manager in the moved-from state
-      // because we are taking ownership of the responsibilty to clear the
+      // because we are taking ownership of the responsibility to clear the
       // analysis state.
       RHS.InnerAM = nullptr;
       return *this;
diff --git a/llvm/lib/IRReader/IRReader.cpp b/llvm/lib/IRReader/IRReader.cpp
index c16871f081d1..29bf18c01fd7 100644
--- a/llvm/lib/IRReader/IRReader.cpp
+++ b/llvm/lib/IRReader/IRReader.cpp
@@ -17,6 +17,7 @@
 #include "llvm/Support/SourceMgr.h"
 #include "llvm/Support/Timer.h"
 #include "llvm/Support/raw_ostream.h"
+#include <cstring>
 #include <optional>
 #include <system_error>
 
@@ -117,23 +118,26 @@ std::unique_ptr<Module> llvm::parseIRFile(StringRef Filename, SMDiagnostic &Err,
 LLVMBool LLVMParseIRInContext(LLVMContextRef ContextRef,
                               LLVMMemoryBufferRef MemBuf, LLVMModuleRef *OutM,
                               char **OutMessage) {
+  std::unique_ptr<MemoryBuffer> MB(unwrap(MemBuf));
+  return LLVMParseIRInContext2(ContextRef, wrap(MB.get()), OutM, OutMessage);
+}
+
+LLVMBool LLVMParseIRInContext2(LLVMContextRef ContextRef,
+                               LLVMMemoryBufferRef MemBuf, LLVMModuleRef *OutM,
+                               char **OutMessage) {
   SMDiagnostic Diag;
 
-  std::unique_ptr<MemoryBuffer> MB(unwrap(MemBuf));
-  *OutM =
-      wrap(parseIR(MB->getMemBufferRef(), Diag, *unwrap(ContextRef)).release());
+  *OutM = wrap(parseIR(*unwrap(MemBuf), Diag, *unwrap(ContextRef)).release());
 
-  if(!*OutM) {
-    if (OutMessage) {
-      std::string buf;
-      raw_string_ostream os(buf);
+  if (*OutM)
+    return 0;
 
-      Diag.print(nullptr, os, false);
-
-      *OutMessage = strdup(buf.c_str());
-    }
-    return 1;
+  if (OutMessage) {
+    std::string Buf;
+    raw_string_ostream OS(Buf);
+    Diag.print(nullptr, OS, /*ShowColors=*/false);
+    *OutMessage = strdup(Buf.c_str());
   }
 
-  return 0;
+  return 1;
 }
diff --git a/llvm/test/Bindings/OCaml/bitreader.ml b/llvm/test/Bindings/OCaml/bitreader.ml
index 2638ca9d8c76..fa0f66532eb6 100644
--- a/llvm/test/Bindings/OCaml/bitreader.ml
+++ b/llvm/test/Bindings/OCaml/bitreader.ml
@@ -16,6 +16,16 @@ let diagnostic_handler _ = ()
 
 let test x = if not x then exit 1 else ()
 
+(* TODO: Replace with Fun.protect when the minimum OCaml version supports it. *)
+let protect ~finally f =
+  try
+    let r = f () in
+    finally ();
+    r
+  with x ->
+    finally ();
+    raise x
+
 let _ =
   Llvm.set_diagnostic_handler context (Some diagnostic_handler);
 
@@ -29,13 +39,9 @@ let _ =
   (* parse_bitcode *)
   begin
     let mb = Llvm.MemoryBuffer.of_file fn in
-    begin try
-      let m = Llvm_bitreader.parse_bitcode context mb in
-      Llvm.dispose_module m
-    with x ->
-      Llvm.MemoryBuffer.dispose mb;
-      raise x
-    end
+    let m = protect ~finally:(fun () -> Llvm.MemoryBuffer.dispose mb)
+              (fun () -> Llvm_bitreader.parse_bitcode context mb) in
+    Llvm.dispose_module m
   end;
 
   (* MemoryBuffer.of_file *)
diff --git a/llvm/test/Bindings/OCaml/irreader.ml b/llvm/test/Bindings/OCaml/irreader.ml
index 7d8e4a97e38d..ae11716fd5f4 100644
--- a/llvm/test/Bindings/OCaml/irreader.ml
+++ b/llvm/test/Bindings/OCaml/irreader.ml
@@ -29,27 +29,46 @@ let _ =
 let insist cond =
   if not cond then failwith "insist"
 
+(* TODO: Replace with Fun.protect when the minimum OCaml version supports it. *)
+let protect ~finally f =
+  try
+    let r = f () in
+    finally ();
+    r
+  with x ->
+    finally ();
+    raise x
+
 
 (*===-- IR Reader ---------------------------------------------------------===*)
 
 let test_irreader () =
   begin
     let buf = MemoryBuffer.of_string "@foo = global i32 42" in
-    let m   = parse_ir context buf in
-    match lookup_global "foo" m with
-    | Some foo ->
-        insist ((global_initializer foo) = (Some (const_int (i32_type context) 42)))
-    | None ->
-        failwith "global"
+    let m = protect ~finally:(fun () -> MemoryBuffer.dispose buf)
+              (fun () -> parse_ir_bitcode_or_assembly context buf) in
+    protect ~finally:(fun () -> dispose_module m) (fun () ->
+      match lookup_global "foo" m with
+      | Some foo ->
+          insist (global_initializer foo =
+                  Some (const_int (i32_type context) 42))
+      | None ->
+          failwith "global")
   end;
 
   begin
     let buf = MemoryBuffer.of_string "@foo = global garble" in
-    try
-      ignore (parse_ir context buf);
+    let parsed = protect ~finally:(fun () -> MemoryBuffer.dispose buf)
+                   (fun () ->
+                     try
+                       let m = parse_ir_bitcode_or_assembly context buf in
+                       dispose_module m;
+                       true
+                     with Llvm_irreader.Error _ ->
+                       false)
+    in
+    if parsed then
       failwith "parsed"
-    with Llvm_irreader.Error _ ->
-      ()
   end