diff --git a/pcsx2-qt/Debugger/DebuggerWindow.cpp b/pcsx2-qt/Debugger/DebuggerWindow.cpp
index 2cce7168d8039..a90ff3fdbc023 100644
--- a/pcsx2-qt/Debugger/DebuggerWindow.cpp
+++ b/pcsx2-qt/Debugger/DebuggerWindow.cpp
@@ -525,8 +525,7 @@ void DebuggerWindow::onStepOut()
 				cpu->getPC(),
 				cpu->getRegister(0, 31),
 				cpu->getRegister(0, 29),
-				thread->EntryPoint(),
-				thread->StackTop());
+				thread->EntryPoint());
 			break;
 		}
 	}
diff --git a/pcsx2-qt/Debugger/StackModel.cpp b/pcsx2-qt/Debugger/StackModel.cpp
index 203b0b98cdeeb..4ebcf60d9da32 100644
--- a/pcsx2-qt/Debugger/StackModel.cpp
+++ b/pcsx2-qt/Debugger/StackModel.cpp
@@ -111,8 +111,7 @@ void StackModel::refreshData()
 	{
 		if (thread->Status() == ThreadStatus::THS_RUN)
 		{
-			m_stackFrames = MipsStackWalk::Walk(&m_cpu, m_cpu.getPC(), m_cpu.getRegister(0, 31), m_cpu.getRegister(0, 29),
-				thread->EntryPoint(), thread->StackTop());
+			m_stackFrames = m_cpu.StackTrace(*thread);
 			break;
 		}
 	}
diff --git a/pcsx2-qt/Debugger/ThreadModel.h b/pcsx2-qt/Debugger/ThreadModel.h
index c46b729aeee55..b65fb2e3283c3 100644
--- a/pcsx2-qt/Debugger/ThreadModel.h
+++ b/pcsx2-qt/Debugger/ThreadModel.h
@@ -71,8 +71,6 @@ class ThreadModel : public QAbstractTableModel
 		//: Refers to a Thread Wait State in the Debugger.
 		{WaitState::NONE, tr("NONE")},
 		//: Refers to a Thread Wait State in the Debugger.
-		{WaitState::WAKEUP_REQ, tr("WAKEUP REQUEST")},
-		//: Refers to a Thread Wait State in the Debugger.
 		{WaitState::SEMA, tr("SEMAPHORE")},
 		//: Refers to a Thread Wait State in the Debugger.
 		{WaitState::SLEEP, tr("SLEEP")},
diff --git a/pcsx2/DebugTools/BiosDebugData.cpp b/pcsx2/DebugTools/BiosDebugData.cpp
index a825f54d7c716..344b9e84ff086 100644
--- a/pcsx2/DebugTools/BiosDebugData.cpp
+++ b/pcsx2/DebugTools/BiosDebugData.cpp
@@ -49,7 +49,8 @@ std::vector<std::unique_ptr<BiosThread>> getIOPThreads()
 			return {};
 		}
 
-		data.stackTop = iopMemRead32(item + 0x3c);
+		data.stacMem = iopMemRead32(item + 0x3c);
+		data.stackSize = iopMemRead32(item + 0x40);
 		data.status = iopMemRead8(item + 0xc);
 		data.tid = iopMemRead16(item + 0xa);
 		data.entrypoint = iopMemRead32(item + 0x38);
@@ -57,9 +58,9 @@ std::vector<std::unique_ptr<BiosThread>> getIOPThreads()
 		data.waitId = iopMemRead32(item + 0x20);
 		data.initPriority = iopMemRead16(item + 0xe);
 
-		data.SavedSP = iopMemRead32(item + 0x10);
+		data.regCtx = iopMemRead32(item + 0x10);
 
-		data.PC = iopMemRead32(data.SavedSP + 0x8c);
+		data.PC = iopMemRead32(data.regCtx + 0x8c);
 
 		threads.emplace_back(std::make_unique<IOPThread>(data));
 
diff --git a/pcsx2/DebugTools/BiosDebugData.h b/pcsx2/DebugTools/BiosDebugData.h
index 92c0282f20811..36e89954c17a7 100644
--- a/pcsx2/DebugTools/BiosDebugData.h
+++ b/pcsx2/DebugTools/BiosDebugData.h
@@ -18,26 +18,37 @@ enum class ThreadStatus
 	THS_DORMANT = 0x10,
 };
 
+struct EEInternalCtx
+{
+	u32 sa;
+	u32 fcsr;
+	u32 float_thing;
+	u32 unk;
+	// gpr excluding $zero
+	// k0/k1 contains hi, hi1, lo, lo1
+	u128 gpr[31];
+	float fpr[32];
+};
 
 struct EEInternalThread
 { // internal struct
 	u32 prev;
 	u32 next;
 	int status;
-	u32 entry;
-	u32 stack;
+	u32 resumeAddr; // address to return to when switching
+	u32 regCtx; // points to the saved regs on stack
 	u32 gpReg;
-	short currentPriority;
 	short initPriority;
+	short currentPriority;
 	int waitType;
 	int semaId;
 	int wakeupCount;
 	int attr;
 	int option;
-	u32 entry_init;
+	u32 entry;
 	int argc;
 	u32 argstring;
-	u32 stack_bottom; //FIXME
+	u32 stackMem;
 	int stackSize;
 	u32 root;
 	u32 heap_base;
@@ -48,8 +59,9 @@ struct IOPInternalThread
 {
 	u32 tid;
 	u32 PC;
-	u32 stackTop;
-	u32 SavedSP;
+	u32 stacMem;
+	u32 stackSize;
+	u32 regCtx;
 	u32 status;
 	u32 entrypoint;
 	u32 waitstate;
@@ -71,14 +83,13 @@ enum class IOPWaitStatus
 enum class EEWaitStatus
 {
 	WAIT_NONE = 0,
-	WAIT_WAKEUP_REQ = 1,
+	WAIT_SLEEP = 1,
 	WAIT_SEMA = 2,
 };
 
 enum class WaitState
 {
 	NONE,
-	WAKEUP_REQ,
 	SEMA,
 	SLEEP,
 	DELAY,
@@ -98,8 +109,10 @@ class BiosThread
 	[[nodiscard]] virtual WaitState Wait() const = 0;
 	[[nodiscard]] virtual u32 WaitId() const = 0;
 	[[nodiscard]] virtual u32 EntryPoint() const = 0;
-	[[nodiscard]] virtual u32 StackTop() const = 0;
 	[[nodiscard]] virtual u32 Priority() const = 0;
+
+	// Only call RegCtx on threads that aren't running
+	[[nodiscard]] virtual u32 RegCtx() const = 0;
 };
 
 class EEThread : public BiosThread
@@ -113,7 +126,7 @@ class EEThread : public BiosThread
 	~EEThread() override = default;
 
 	[[nodiscard]] u32 TID() const override { return tid; };
-	[[nodiscard]] u32 PC() const override { return data.entry; };
+	[[nodiscard]] u32 PC() const override { return data.resumeAddr; };
 	[[nodiscard]] ThreadStatus Status() const override { return static_cast<ThreadStatus>(data.status); };
 	[[nodiscard]] WaitState Wait() const override
 	{
@@ -122,17 +135,17 @@ class EEThread : public BiosThread
 		{
 			case EEWaitStatus::WAIT_NONE:
 				return WaitState::NONE;
-			case EEWaitStatus::WAIT_WAKEUP_REQ:
-				return WaitState::WAKEUP_REQ;
+			case EEWaitStatus::WAIT_SLEEP:
+				return WaitState::SLEEP;
 			case EEWaitStatus::WAIT_SEMA:
 				return WaitState::SEMA;
 		}
 		return WaitState::NONE;
 	};
 	[[nodiscard]] u32 WaitId() const override { return data.semaId; };
-	[[nodiscard]] u32 EntryPoint() const override { return data.entry_init; };
-	[[nodiscard]] u32 StackTop() const override { return data.stack; };
+	[[nodiscard]] u32 EntryPoint() const override { return data.entry; };
 	[[nodiscard]] u32 Priority() const override { return data.currentPriority; };
+	[[nodiscard]] u32 RegCtx() const override { return data.regCtx; };
 
 private:
 	u32 tid;
@@ -175,8 +188,8 @@ class IOPThread : public BiosThread
 	};
 	[[nodiscard]] u32 WaitId() const override { return data.waitId; };
 	[[nodiscard]] u32 EntryPoint() const override { return data.entrypoint; };
-	[[nodiscard]] u32 StackTop() const override { return data.stackTop; };
 	[[nodiscard]] u32 Priority() const override { return data.initPriority; };
+	[[nodiscard]] u32 RegCtx() const override { return data.regCtx; };
 
 private:
 	IOPInternalThread data;
diff --git a/pcsx2/DebugTools/DebugInterface.cpp b/pcsx2/DebugTools/DebugInterface.cpp
index c8715f7875bed..a64b9b348db84 100644
--- a/pcsx2/DebugTools/DebugInterface.cpp
+++ b/pcsx2/DebugTools/DebugInterface.cpp
@@ -708,6 +708,23 @@ std::vector<std::unique_ptr<BiosThread>> R5900DebugInterface::GetThreadList() co
 	return getEEThreads();
 }
 
+std::vector<MipsStackWalk::StackFrame> R5900DebugInterface::StackTrace(const BiosThread& thread)
+{
+	if (thread.Status() == ThreadStatus::THS_RUN)
+	{
+		return MipsStackWalk::Walk(this, getPC(), getRegister(0, 31), getRegister(0, 29),
+			thread.EntryPoint());
+	}
+
+	EEInternalCtx* ctx = static_cast<EEInternalCtx*>(PSM(thread.RegCtx()));
+	u32 pc = thread.PC();
+	// $zero is not in the array so subtract 1
+	u32 ra = ctx->gpr[31 - 1]._u32[0];
+	u32 sp = ctx->gpr[29 - 1]._u32[0];
+
+	return MipsStackWalk::Walk(this, pc, ra, sp, thread.EntryPoint());
+}
+
 std::vector<IopMod> R5900DebugInterface::GetModuleList() const
 {
 	return {};
@@ -1049,6 +1066,22 @@ std::vector<std::unique_ptr<BiosThread>> R3000DebugInterface::GetThreadList() co
 	return getIOPThreads();
 }
 
+std::vector<MipsStackWalk::StackFrame> R3000DebugInterface::StackTrace(const BiosThread& thread)
+{
+	if (thread.Status() == ThreadStatus::THS_RUN)
+	{
+		return MipsStackWalk::Walk(this, getPC(), getRegister(0, 31), getRegister(0, 29),
+			thread.EntryPoint());
+	}
+
+	u32 p = thread.RegCtx();
+	u32 pc = Read32(p + 0x8c);
+	u32 ra = Read32(p + 0x7c);
+	u32 sp = Read32(p + 0x74);
+
+	return MipsStackWalk::Walk(this, pc, ra, sp, thread.EntryPoint());
+}
+
 std::vector<IopMod> R3000DebugInterface::GetModuleList() const
 {
 	return getIOPModules();
diff --git a/pcsx2/DebugTools/DebugInterface.h b/pcsx2/DebugTools/DebugInterface.h
index a5f9862265002..48b266ba56d39 100644
--- a/pcsx2/DebugTools/DebugInterface.h
+++ b/pcsx2/DebugTools/DebugInterface.h
@@ -7,6 +7,7 @@
 #include "ExpressionParser.h"
 #include "SymbolGuardian.h"
 #include "SymbolImporter.h"
+#include "MipsStackWalk.h"
 
 #include "common/MemoryInterface.h"
 
@@ -72,6 +73,7 @@ class DebugInterface : public MemoryInterface
 	virtual SymbolGuardian& GetSymbolGuardian() const = 0;
 	virtual SymbolImporter* GetSymbolImporter() const = 0;
 	virtual std::vector<std::unique_ptr<BiosThread>> GetThreadList() const = 0;
+	virtual std::vector<MipsStackWalk::StackFrame> StackTrace(const BiosThread& thread) = 0;
 	virtual std::vector<IopMod> GetModuleList() const = 0;
 
 	bool isAlive();
@@ -135,6 +137,7 @@ class R5900DebugInterface : public DebugInterface
 	SymbolGuardian& GetSymbolGuardian() const override;
 	SymbolImporter* GetSymbolImporter() const override;
 	std::vector<std::unique_ptr<BiosThread>> GetThreadList() const override;
+	std::vector<MipsStackWalk::StackFrame> StackTrace(const BiosThread& thread) override;
 	std::vector<IopMod> GetModuleList() const override;
 
 	std::string disasm(u32 address, bool simplify) override;
@@ -180,6 +183,7 @@ class R3000DebugInterface : public DebugInterface
 	SymbolGuardian& GetSymbolGuardian() const override;
 	SymbolImporter* GetSymbolImporter() const override;
 	std::vector<std::unique_ptr<BiosThread>> GetThreadList() const override;
+	std::vector<MipsStackWalk::StackFrame> StackTrace(const BiosThread& thread) override;
 	std::vector<IopMod> GetModuleList() const override;
 
 	std::string disasm(u32 address, bool simplify) override;
diff --git a/pcsx2/DebugTools/MipsStackWalk.cpp b/pcsx2/DebugTools/MipsStackWalk.cpp
index cafcbfeacebd1..a77b79367fecb 100644
--- a/pcsx2/DebugTools/MipsStackWalk.cpp
+++ b/pcsx2/DebugTools/MipsStackWalk.cpp
@@ -183,7 +183,7 @@ namespace MipsStackWalk
 		return ScanForEntry(cpu, frame, newPossibleEntry, ra);
 	}
 
-	std::vector<StackFrame> Walk(DebugInterface* cpu, u32 pc, u32 ra, u32 sp, u32 threadEntry, u32 threadStackTop)
+	std::vector<StackFrame> Walk(DebugInterface* cpu, u32 pc, u32 ra, u32 sp, u32 threadEntry)
 	{
 		std::vector<StackFrame> frames;
 		StackFrame current;
diff --git a/pcsx2/DebugTools/MipsStackWalk.h b/pcsx2/DebugTools/MipsStackWalk.h
index 364b874a5b8d5..e4d6ddc425c2e 100644
--- a/pcsx2/DebugTools/MipsStackWalk.h
+++ b/pcsx2/DebugTools/MipsStackWalk.h
@@ -20,5 +20,5 @@ namespace MipsStackWalk {
 		int stackSize;
 	};
 
-	std::vector<StackFrame> Walk(DebugInterface* cpu, u32 pc, u32 ra, u32 sp, u32 threadEntry, u32 threadStackTop);
+	std::vector<StackFrame> Walk(DebugInterface* cpu, u32 pc, u32 ra, u32 sp, u32 threadEntry);
 };