diff --git a/jps/jps-common/src/org/jetbrains/kotlin/config/facetSerialization.kt b/jps/jps-common/src/org/jetbrains/kotlin/config/facetSerialization.kt
index 5d751b901eb..8489487d4b6 100644
--- a/jps/jps-common/src/org/jetbrains/kotlin/config/facetSerialization.kt
+++ b/jps/jps-common/src/org/jetbrains/kotlin/config/facetSerialization.kt
@@ -21,6 +21,9 @@ import org.jetbrains.kotlin.platform.js.JsPlatform
 import org.jetbrains.kotlin.platform.jvm.JdkPlatform
 import org.jetbrains.kotlin.platform.jvm.JvmPlatform
 import org.jetbrains.kotlin.platform.konan.NativePlatform
+import org.jetbrains.kotlin.platform.konan.NativePlatformUnspecifiedTarget
+import org.jetbrains.kotlin.platform.konan.NativePlatforms
+import org.jetbrains.kotlin.platform.konan.legacySerializeToString
 import java.lang.reflect.Modifier
 import kotlin.reflect.KClass
 import kotlin.reflect.full.superclasses
@@ -104,19 +107,40 @@ private fun readV1Config(element: Element): KotlinFacetSettings {
     }
 }
 
+// TODO: Introduce new version of facet serialization. See https://youtrack.jetbrains.com/issue/KT-38235
+//  This is necessary to avoid having too much custom logic for platform serialization.
 fun Element.getFacetPlatformByConfigurationElement(): TargetPlatform {
     val platformNames = getAttributeValue("allPlatforms")?.split('/')?.toSet()
-    if (platformNames != null) {
-        return TargetPlatform(CommonPlatforms.allSimplePlatforms
-                                  .flatMap { it.componentPlatforms }
-                                  .filter { platformNames.contains(it.serializeToString()) }
-                                  .toSet())
+    if (platformNames != null && platformNames.isNotEmpty()) {
+        val knownSimplePlatforms = HashMap<String, SimplePlatform>() // serialization presentation to simple platform
+
+        // first, collect serialization presentations for every known simple platform
+        CommonPlatforms.allSimplePlatforms
+            .flatMap { it.componentPlatforms }
+            .forEach { knownSimplePlatforms[it.serializeToString()] = it }
+
+        // next, add legacy aliases for some of the simple platforms; ex: unspecifiedNativePlatform
+        NativePlatformUnspecifiedTarget.let { knownSimplePlatforms[it.legacySerializeToString()] = it }
+
+        val simplePlatforms = platformNames.mapNotNull(knownSimplePlatforms::get)
+        if (simplePlatforms.isNotEmpty()) return TargetPlatform(simplePlatforms.toSet())
+
+        // empty set of simple platforms is not allowed, in such case fallback to legacy algorithm
     }
-    // failed to read list of all platforms. Fallback to legacy algorythm
-    val platformName = getAttributeValue("platform")
-    // this code could be simplified using union after fixing the equals method in SimplePlatform
-    val allPlatforms = ArrayList(CommonPlatforms.allSimplePlatforms).also { it.add(CommonPlatforms.defaultCommonPlatform) }
-    return allPlatforms.firstOrNull { it.oldFashionedDescription == platformName }.orDefault()
+
+    // failed to read list of all platforms. Fallback to legacy algorithm
+    val platformName = getAttributeValue("platform") as String
+
+    return CommonPlatforms.allSimplePlatforms.firstOrNull {
+        // first, look for exact match through all simple platforms
+        it.oldFashionedDescription == platformName
+    } ?: CommonPlatforms.defaultCommonPlatform.takeIf {
+        // then, check exact match for the default common platform
+        it.oldFashionedDescription == platformName
+    } ?: NativePlatforms.unspecifiedNativePlatform.takeIf {
+        // if none of the above succeeded, check if it's an old-style record about native platform (without suffix with target name)
+        it.oldFashionedDescription.startsWith(platformName)
+    }.orDefault() // finally, fallback to the default platform
 }
 
 private fun readV2AndLaterConfig(element: Element): KotlinFacetSettings {
@@ -298,9 +322,14 @@ private fun buildChildElement(element: Element, tag: String, bean: Any, filter:
 private fun KotlinFacetSettings.writeLatestConfig(element: Element) {
     val filter = SkipDefaultsSerializationFilter()
 
-    targetPlatform?.let {
-        element.setAttribute("platform", it.oldFashionedDescription)
-        element.setAttribute("allPlatforms", it.componentPlatforms.map { it.serializeToString() }.sorted().joinToString(separator = "/"))
+    // TODO: Introduce new version of facet serialization. See https://youtrack.jetbrains.com/issue/KT-38235
+    //  This is necessary to avoid having too much custom logic for platform serialization.
+    targetPlatform?.let { targetPlatform ->
+        element.setAttribute("platform", targetPlatform.oldFashionedDescription)
+        element.setAttribute(
+            "allPlatforms",
+            targetPlatform.componentPlatforms.map { it.serializeToString() }.sorted().joinToString(separator = "/")
+        )
     }
     if (!useProjectSettings) {
         element.setAttribute("useProjectSettings", useProjectSettings.toString())