diff --git a/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerTestFE10TestdataTestGenerated.java b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerTestFE10TestdataTestGenerated.java
index 92647342ed1..d89740ec26e 100644
--- a/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerTestFE10TestdataTestGenerated.java
+++ b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerTestFE10TestdataTestGenerated.java
@@ -1260,6 +1260,12 @@ public class DiagnosisCompilerTestFE10TestdataTestGenerated extends AbstractDiag
                 runTest("compiler/testData/diagnostics/tests/annotations/JavaAnnotationConstructors.kt");
             }
 
+            @Test
+            @TestMetadata("javaAnnotationWithClassArray.kt")
+            public void testJavaAnnotationWithClassArray() throws Exception {
+                runTest("compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt");
+            }
+
             @Test
             @TestMetadata("kt1860-negative.kt")
             public void testKt1860_negative() throws Exception {
diff --git a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsTestGenerated.java b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsTestGenerated.java
index 048c25e52b6..68d83febb1e 100644
--- a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsTestGenerated.java
+++ b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsTestGenerated.java
@@ -1260,6 +1260,12 @@ public class FirOldFrontendDiagnosticsTestGenerated extends AbstractFirDiagnosti
                 runTest("compiler/testData/diagnostics/tests/annotations/JavaAnnotationConstructors.kt");
             }
 
+            @Test
+            @TestMetadata("javaAnnotationWithClassArray.kt")
+            public void testJavaAnnotationWithClassArray() throws Exception {
+                runTest("compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt");
+            }
+
             @Test
             @TestMetadata("kt1860-negative.kt")
             public void testKt1860_negative() throws Exception {
diff --git a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsWithLightTreeTestGenerated.java b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsWithLightTreeTestGenerated.java
index 2da60ec95cf..ac63169aa3f 100644
--- a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsWithLightTreeTestGenerated.java
+++ b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirOldFrontendDiagnosticsWithLightTreeTestGenerated.java
@@ -1260,6 +1260,12 @@ public class FirOldFrontendDiagnosticsWithLightTreeTestGenerated extends Abstrac
                 runTest("compiler/testData/diagnostics/tests/annotations/JavaAnnotationConstructors.kt");
             }
 
+            @Test
+            @TestMetadata("javaAnnotationWithClassArray.kt")
+            public void testJavaAnnotationWithClassArray() throws Exception {
+                runTest("compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt");
+            }
+
             @Test
             @TestMetadata("kt1860-negative.kt")
             public void testKt1860_negative() throws Exception {
diff --git a/compiler/fir/java/src/org/jetbrains/kotlin/fir/java/JavaTypeConversion.kt b/compiler/fir/java/src/org/jetbrains/kotlin/fir/java/JavaTypeConversion.kt
index 00ae213b3f3..86422f2b74c 100644
--- a/compiler/fir/java/src/org/jetbrains/kotlin/fir/java/JavaTypeConversion.kt
+++ b/compiler/fir/java/src/org/jetbrains/kotlin/fir/java/JavaTypeConversion.kt
@@ -99,7 +99,7 @@ private fun JavaType?.toConeTypeProjection(
         is JavaClassifierType -> {
             val lowerBound = toConeKotlinTypeForFlexibleBound(session, javaTypeParameterStack, mode, attributes)
             if (mode == FirJavaTypeConversionMode.ANNOTATION_MEMBER) {
-                return lowerBound // TODO: `KClass<Any>` is wrong for raw `Class`
+                return lowerBound
             }
             val upperBound = toConeKotlinTypeForFlexibleBound(session, javaTypeParameterStack, mode, attributes, lowerBound)
             if (isRaw) ConeRawType(lowerBound, upperBound) else ConeFlexibleType(lowerBound, upperBound)
@@ -171,8 +171,11 @@ private fun JavaClassifierType.toConeKotlinTypeForFlexibleBound(
                         lookupTag.takeIf { lowerBound == null && mode != FirJavaTypeConversionMode.TYPE_PARAMETER_BOUND }
                             ?.toFirRegularClassSymbol(session)?.typeParameterSymbols
                     // Given `C<T : X>`, `C` -> `C<X>..C<*>?`.
-                    typeParameterSymbols?.eraseToUpperBounds(session)
-                        ?: Array(classifier.typeParameters.size) { ConeStarProjection }
+                    when (mode) {
+                        FirJavaTypeConversionMode.ANNOTATION_MEMBER -> Array(classifier.typeParameters.size) { ConeStarProjection }
+                        else -> typeParameterSymbols?.eraseToUpperBounds(session)
+                            ?: Array(classifier.typeParameters.size) { ConeStarProjection }
+                    }
                 }
                 lookupTag != lowerBound?.lookupTag && typeArguments.isNotEmpty() -> {
                     val typeParameterSymbols =
diff --git a/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt b/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt
new file mode 100644
index 00000000000..e9aac903fea
--- /dev/null
+++ b/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt
@@ -0,0 +1,28 @@
+// FIR_IDENTICAL
+// WITH_STDLIB
+// FILE: AnnRaw.java
+public @interface AnnRaw {
+    Class value();
+}
+
+// FILE: Ann.java
+public @interface Ann {
+    Class<?> value();
+}
+
+// FILE: Utils.java
+public class Utils {
+    public static void foo(Class value) {}
+    public static void fooRaw(Class<?> value) {}
+}
+
+// FILE: main.kt
+
+class X
+
+@Ann(X::class)
+@AnnRaw(X::class)
+fun test() {
+    Utils.foo(X::class.java)
+    Utils.fooRaw(X::class.java)
+}
diff --git a/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.txt b/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.txt
new file mode 100644
index 00000000000..c8622264324
--- /dev/null
+++ b/compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.txt
@@ -0,0 +1,38 @@
+package
+
+@Ann(value = X::class) @AnnRaw(value = X::class) public fun test(): kotlin.Unit
+
+public final annotation class Ann : kotlin.Annotation {
+    public constructor Ann(/*0*/ value: kotlin.reflect.KClass<*>)
+    public final val value: kotlin.reflect.KClass<*>
+    public open override /*1*/ /*fake_override*/ fun equals(/*0*/ other: kotlin.Any?): kotlin.Boolean
+    public open override /*1*/ /*fake_override*/ fun hashCode(): kotlin.Int
+    public open override /*1*/ /*fake_override*/ fun toString(): kotlin.String
+}
+
+public final annotation class AnnRaw : kotlin.Annotation {
+    public constructor AnnRaw(/*0*/ value: kotlin.reflect.KClass<(raw) kotlin.Any>)
+    public final val value: kotlin.reflect.KClass<(raw) kotlin.Any>
+    public open override /*1*/ /*fake_override*/ fun equals(/*0*/ other: kotlin.Any?): kotlin.Boolean
+    public open override /*1*/ /*fake_override*/ fun hashCode(): kotlin.Int
+    public open override /*1*/ /*fake_override*/ fun toString(): kotlin.String
+}
+
+public open class Utils {
+    public constructor Utils()
+    public open override /*1*/ /*fake_override*/ fun equals(/*0*/ other: kotlin.Any?): kotlin.Boolean
+    public open override /*1*/ /*fake_override*/ fun hashCode(): kotlin.Int
+    public open override /*1*/ /*fake_override*/ fun toString(): kotlin.String
+
+    // Static members
+    public open fun foo(/*0*/ value: java.lang.Class<(raw) kotlin.Any!>!): kotlin.Unit
+    public open fun fooRaw(/*0*/ value: java.lang.Class<*>!): kotlin.Unit
+}
+
+public final class X {
+    public constructor X()
+    public open override /*1*/ /*fake_override*/ fun equals(/*0*/ other: kotlin.Any?): kotlin.Boolean
+    public open override /*1*/ /*fake_override*/ fun hashCode(): kotlin.Int
+    public open override /*1*/ /*fake_override*/ fun toString(): kotlin.String
+}
+
diff --git a/compiler/testData/loadJava/compiledJava/annotations/ClassObjectInParamRaw.fir.txt b/compiler/testData/loadJava/compiledJava/annotations/ClassObjectInParamRaw.fir.txt
index f5e756345e9..641a83e3488 100644
--- a/compiler/testData/loadJava/compiledJava/annotations/ClassObjectInParamRaw.fir.txt
+++ b/compiler/testData/loadJava/compiledJava/annotations/ClassObjectInParamRaw.fir.txt
@@ -2,7 +2,7 @@ public open class ClassObjectInParamRaw : R|kotlin/Any| {
     public constructor(): R|test/ClassObjectInParamRaw|
 
     public final annotation class Anno : R|kotlin/Annotation| {
-        public constructor(value: R|kotlin/reflect/KClass<kotlin/Any>|, arg: R|kotlin/Array<kotlin/reflect/KClass<kotlin/Any>>|): R|test/ClassObjectInParamRaw.Anno|
+        public constructor(value: R|kotlin/reflect/KClass<*>|, arg: R|kotlin/Array<kotlin/reflect/KClass<*>>|): R|test/ClassObjectInParamRaw.Anno|
 
     }
     @R|test/ClassObjectInParamRaw.Anno|(value = <getClass>(<getClass>(R|ft<test/ClassObjectInParamRaw, test/ClassObjectInParamRaw?>|)), arg = <implicitArrayOf>()) public open class Nested : R|kotlin/Any| {
diff --git a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/DiagnosticTestGenerated.java b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/DiagnosticTestGenerated.java
index 62465ee32b3..17620929ee0 100644
--- a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/DiagnosticTestGenerated.java
+++ b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/DiagnosticTestGenerated.java
@@ -1266,6 +1266,12 @@ public class DiagnosticTestGenerated extends AbstractDiagnosticTest {
                 runTest("compiler/testData/diagnostics/tests/annotations/JavaAnnotationConstructors.kt");
             }
 
+            @Test
+            @TestMetadata("javaAnnotationWithClassArray.kt")
+            public void testJavaAnnotationWithClassArray() throws Exception {
+                runTest("compiler/testData/diagnostics/tests/annotations/javaAnnotationWithClassArray.kt");
+            }
+
             @Test
             @TestMetadata("kt1860-negative.kt")
             public void testKt1860_negative() throws Exception {