diff --git a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirKotlinPropertySymbol.kt b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirKotlinPropertySymbol.kt
index 8705648081f..28b0d1ec75b 100644
--- a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirKotlinPropertySymbol.kt
+++ b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirKotlinPropertySymbol.kt
@@ -28,6 +28,7 @@ import org.jetbrains.kotlin.analysis.api.lifetime.KtLifetimeToken
 import org.jetbrains.kotlin.analysis.api.types.KtType
 import org.jetbrains.kotlin.analysis.api.lifetime.withValidityAssertion
 import org.jetbrains.kotlin.analysis.low.level.api.fir.api.LLFirResolveSession
+import org.jetbrains.kotlin.descriptors.ClassKind
 import org.jetbrains.kotlin.descriptors.Modality
 import org.jetbrains.kotlin.descriptors.Visibility
 import org.jetbrains.kotlin.fir.containingClass
@@ -39,6 +40,7 @@ import org.jetbrains.kotlin.fir.symbols.lazyResolveToPhase
 import org.jetbrains.kotlin.fir.symbols.impl.FirPropertySymbol
 import org.jetbrains.kotlin.fir.symbols.impl.FirSyntheticPropertySymbol
 import org.jetbrains.kotlin.fir.symbols.impl.isExtension
+import org.jetbrains.kotlin.fir.types.toRegularClassSymbol
 import org.jetbrains.kotlin.name.CallableId
 import org.jetbrains.kotlin.name.Name
 
@@ -68,7 +70,7 @@ internal class KtFirKotlinPropertySymbol(
     override val contextReceivers: List<KtContextReceiver> by cached { firSymbol.createContextReceivers(builder) }
 
     override val isExtension: Boolean get() = withValidityAssertion { firSymbol.isExtension }
-    override val initializer: KtInitializerValue? by cached { firSymbol.getKtConstantInitializer() }
+    override val initializer: KtInitializerValue? by cached { firSymbol.getKtConstantInitializer(firResolveSession) }
 
     override val symbolKind: KtSymbolKind
         get() = withValidityAssertion {
diff --git a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirSyntheticJavaPropertySymbol.kt b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirSyntheticJavaPropertySymbol.kt
index d19200efcaf..528386340c8 100644
--- a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirSyntheticJavaPropertySymbol.kt
+++ b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/KtFirSyntheticJavaPropertySymbol.kt
@@ -51,7 +51,7 @@ internal class KtFirSyntheticJavaPropertySymbol(
 
     override val isExtension: Boolean get() = withValidityAssertion { firSymbol.isExtension }
 
-    override val initializer: KtInitializerValue? by cached { firSymbol.getKtConstantInitializer() }
+    override val initializer: KtInitializerValue? by cached { firSymbol.getKtConstantInitializer(firResolveSession) }
 
     override val modality: Modality get() = withValidityAssertion { firSymbol.modality ?: firSymbol.invalidModalityError() }
     override val visibility: Visibility get() = withValidityAssertion { firSymbol.visibility }
diff --git a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/firSymbolUtils.kt b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/firSymbolUtils.kt
index ff01987ba31..18810553468 100644
--- a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/firSymbolUtils.kt
+++ b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/symbols/firSymbolUtils.kt
@@ -15,16 +15,18 @@ import org.jetbrains.kotlin.analysis.api.fir.utils.asKtInitializerValue
 import org.jetbrains.kotlin.analysis.api.impl.base.KtContextReceiverImpl
 import org.jetbrains.kotlin.analysis.api.symbols.KtValueParameterSymbol
 import org.jetbrains.kotlin.analysis.api.types.KtType
+import org.jetbrains.kotlin.analysis.low.level.api.fir.api.LLFirResolveSession
 import org.jetbrains.kotlin.analysis.utils.printer.getElementTextInContext
-import org.jetbrains.kotlin.fir.declarations.FirContextReceiver
-import org.jetbrains.kotlin.fir.declarations.FirDeclaration
-import org.jetbrains.kotlin.fir.declarations.FirResolvePhase
-import org.jetbrains.kotlin.fir.declarations.FirTypeParameterRefsOwner
+import org.jetbrains.kotlin.descriptors.ClassKind
+import org.jetbrains.kotlin.fir.declarations.*
+import org.jetbrains.kotlin.fir.expressions.FirPropertyAccessExpression
 import org.jetbrains.kotlin.fir.psi
+import org.jetbrains.kotlin.fir.references.impl.FirPropertyFromParameterResolvedNamedReference
 import org.jetbrains.kotlin.fir.renderer.FirRenderer
 import org.jetbrains.kotlin.fir.symbols.FirBasedSymbol
 import org.jetbrains.kotlin.fir.symbols.lazyResolveToPhase
 import org.jetbrains.kotlin.fir.symbols.impl.*
+import org.jetbrains.kotlin.fir.types.toRegularClassSymbol
 import org.jetbrains.kotlin.name.CallableId
 import org.jetbrains.kotlin.name.ClassId
 import org.jetbrains.kotlin.psi.KtDeclaration
@@ -89,8 +91,21 @@ internal fun FirCallableSymbol<*>.dispatchReceiverType(
     return dispatchReceiverType?.let { builder.typeBuilder.buildKtType(it) }
 }
 
-internal fun FirVariableSymbol<*>.getKtConstantInitializer(): KtInitializerValue? {
+internal fun FirVariableSymbol<*>.getKtConstantInitializer(resolveSession: LLFirResolveSession): KtInitializerValue? {
     lazyResolveToPhase(FirResolvePhase.BODY_RESOLVE)
-    val firInitializer = fir.initializer ?: return null
-    return firInitializer.asKtInitializerValue()
-}
\ No newline at end of file
+    var firInitializer = fir.initializer ?: return null
+    if (firInitializer is FirPropertyAccessExpression) {
+        val calleeReference = firInitializer.calleeReference
+        if (calleeReference is FirPropertyFromParameterResolvedNamedReference) {
+            val valueParameterSymbol = calleeReference.resolvedSymbol as? FirValueParameterSymbol
+            if (valueParameterSymbol != null) {
+                valueParameterSymbol.lazyResolveToPhase(FirResolvePhase.BODY_RESOLVE)
+                firInitializer = valueParameterSymbol.fir.defaultValue ?: firInitializer
+            }
+        }
+    }
+    val parentIsAnnotation = dispatchReceiverType
+        ?.toRegularClassSymbol(resolveSession.useSiteFirSession)
+        ?.classKind == ClassKind.ANNOTATION_CLASS
+    return firInitializer.asKtInitializerValue(moduleData.session, parentIsAnnotation)
+}
diff --git a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/utils/firUtils.kt b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/utils/firUtils.kt
index de221b1fb9d..8a0a03743d6 100644
--- a/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/utils/firUtils.kt
+++ b/analysis/analysis-api-fir/src/org/jetbrains/kotlin/analysis/api/fir/utils/firUtils.kt
@@ -6,9 +6,11 @@ package org.jetbrains.kotlin.analysis.api.fir.utils
 
 import com.intellij.psi.PsiElement
 import org.jetbrains.kotlin.analysis.api.KtConstantInitializerValue
+import org.jetbrains.kotlin.analysis.api.KtConstantValueForAnnotation
 import org.jetbrains.kotlin.analysis.api.KtInitializerValue
 import org.jetbrains.kotlin.analysis.api.KtNonConstantInitializerValue
 import org.jetbrains.kotlin.analysis.api.components.KtConstantEvaluationMode
+import org.jetbrains.kotlin.analysis.api.fir.evaluate.FirAnnotationValueConverter
 import org.jetbrains.kotlin.analysis.api.fir.evaluate.FirCompileTimeConstantEvaluator
 import org.jetbrains.kotlin.analysis.api.fir.getCandidateSymbols
 import org.jetbrains.kotlin.analysis.api.types.KtTypeNullability
@@ -89,12 +91,24 @@ internal fun FirCallableSymbol<*>.computeImportableName(useSiteSession: FirSessi
     return if (canBeImported) callableId.asSingleFqName() else null
 }
 
-internal fun FirExpression.asKtInitializerValue(): KtInitializerValue {
+internal fun FirExpression.asKtInitializerValue(
+    session: FirSession,
+    forAnnotationDefaultValue: Boolean
+): KtInitializerValue {
     val ktExpression = psi as? KtExpression
     val evaluated =
         FirCompileTimeConstantEvaluator.evaluateAsKtConstantValue(this, KtConstantEvaluationMode.CONSTANT_EXPRESSION_EVALUATION)
     return when (evaluated) {
-        null -> KtNonConstantInitializerValue(ktExpression)
+        null -> if (forAnnotationDefaultValue) {
+            val annotationConstantValue = FirAnnotationValueConverter.toConstantValue(this, session)
+            if (annotationConstantValue != null) {
+                KtConstantValueForAnnotation(annotationConstantValue, ktExpression)
+            } else {
+                KtNonConstantInitializerValue(ktExpression)
+            }
+        } else {
+            KtNonConstantInitializerValue(ktExpression)
+        }
         else -> KtConstantInitializerValue(evaluated, ktExpression)
     }
 }
diff --git a/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/KtInitializerValue.kt b/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/KtInitializerValue.kt
index a35ab8c139c..8f2119dcea2 100644
--- a/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/KtInitializerValue.kt
+++ b/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/KtInitializerValue.kt
@@ -5,6 +5,7 @@
 
 package org.jetbrains.kotlin.analysis.api
 
+import org.jetbrains.kotlin.analysis.api.annotations.KtAnnotationValue
 import org.jetbrains.kotlin.analysis.api.base.KtConstantValue
 import org.jetbrains.kotlin.psi.KtExpression
 
@@ -29,10 +30,19 @@ public class KtConstantInitializerValue(
 ) : KtInitializerValue()
 
 /**
- * Property intialzer which cannot be represented as Kotlin const value.
+ * Property initializer which cannot be represented as Kotlin const value.
  *
  * See [KtConstantInitializerValue] for more info.
  */
 public class KtNonConstantInitializerValue(
     override val initializerPsi: KtExpression?
-) : KtInitializerValue()
\ No newline at end of file
+) : KtInitializerValue()
+
+/**
+ * Initializer of property of annotation, which can not be which cannot be represented as Kotlin const value,
+ *   but can be represented as [KtAnnotationValue]
+ */
+public class KtConstantValueForAnnotation(
+    public val annotationValue: KtAnnotationValue,
+    override val initializerPsi: KtExpression?
+) : KtInitializerValue()
diff --git a/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/symbols/DebugSymbolRenderer.kt b/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/symbols/DebugSymbolRenderer.kt
index 4226d0419bf..9d1177a0957 100644
--- a/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/symbols/DebugSymbolRenderer.kt
+++ b/analysis/analysis-api/src/org/jetbrains/kotlin/analysis/api/symbols/DebugSymbolRenderer.kt
@@ -6,10 +6,7 @@
 package org.jetbrains.kotlin.analysis.api.symbols
 
 import com.intellij.psi.PsiElement
-import org.jetbrains.kotlin.analysis.api.KtAnalysisSession
-import org.jetbrains.kotlin.analysis.api.KtConstantInitializerValue
-import org.jetbrains.kotlin.analysis.api.KtInitializerValue
-import org.jetbrains.kotlin.analysis.api.KtNonConstantInitializerValue
+import org.jetbrains.kotlin.analysis.api.*
 import org.jetbrains.kotlin.analysis.api.annotations.*
 import org.jetbrains.kotlin.analysis.api.base.KtContextReceiver
 import org.jetbrains.kotlin.analysis.api.components.KtSymbolContainingDeclarationProviderMixIn
@@ -262,11 +259,18 @@ public object DebugSymbolRenderer {
                 append(value.constant.renderAsKotlinConstant())
                 append(")")
             }
+
             is KtNonConstantInitializerValue -> {
                 append("KtNonConstantInitializerValue(")
                 append(value.initializerPsi?.firstLineOfPsi() ?: "NO_PSI")
                 append(")")
             }
+
+            is KtConstantValueForAnnotation -> {
+                append("KtConstantValueForAnnotation(")
+                append(value.annotationValue.renderAsSourceCode())
+                append(")")
+            }
         }
     }
 
@@ -299,4 +303,4 @@ public object DebugSymbolRenderer {
         "org.jetbrains.kotlin.analysis.api.fir",
         "org.jetbrains.kotlin.analysis.api.descriptors",
     )
-}
\ No newline at end of file
+}
diff --git a/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightAccessorMethod.kt b/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightAccessorMethod.kt
index 2e42f1d0278..1cc6e6e0472 100644
--- a/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightAccessorMethod.kt
+++ b/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightAccessorMethod.kt
@@ -7,6 +7,9 @@ package org.jetbrains.kotlin.light.classes.symbol.methods
 
 import com.intellij.psi.*
 import org.jetbrains.kotlin.analysis.api.KtAnalysisSession
+import org.jetbrains.kotlin.analysis.api.KtConstantInitializerValue
+import org.jetbrains.kotlin.analysis.api.KtConstantValueForAnnotation
+import org.jetbrains.kotlin.analysis.api.KtNonConstantInitializerValue
 import org.jetbrains.kotlin.analysis.api.lifetime.isValid
 import org.jetbrains.kotlin.analysis.api.symbols.*
 import org.jetbrains.kotlin.analysis.api.types.KtTypeMappingMode
@@ -193,4 +196,18 @@ internal class SymbolLightAccessorMethod(
     override fun isValid(): Boolean = super.isValid() && propertyAccessorSymbol.isValid()
 
     override fun isOverride(): Boolean = propertyAccessorSymbol.isOverride
+
+    private val _defaultValue: PsiAnnotationMemberValue? by lazyPub {
+        if (!containingClass.isAnnotationType) return@lazyPub null
+        when (val initializer = containingPropertySymbol.initializer) {
+            is KtConstantInitializerValue -> initializer.constant.createPsiLiteral(this)
+            is KtConstantValueForAnnotation -> initializer.annotationValue.toAnnotationMemberValue(this)
+            is KtNonConstantInitializerValue -> null
+            null -> null
+        }
+    }
+
+    override fun getDefaultValue(): PsiAnnotationMemberValue? {
+        return _defaultValue
+    }
 }
diff --git a/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightMethodBase.kt b/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightMethodBase.kt
index bdc0b3451a0..8891814f9f4 100644
--- a/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightMethodBase.kt
+++ b/analysis/symbol-light-classes/src/org/jetbrains/kotlin/light/classes/symbol/methods/SymbolLightMethodBase.kt
@@ -88,7 +88,7 @@ internal abstract class SymbolLightMethodBase(
     override fun getThrowsList(): PsiReferenceList =
         KotlinLightReferenceListBuilder(manager, language, PsiReferenceList.Role.THROWS_LIST) //TODO()
 
-    override fun getDefaultValue(): PsiAnnotationMemberValue? = null //TODO()
+    override fun getDefaultValue(): PsiAnnotationMemberValue? = null
 
     protected fun <T> T.computeJvmMethodName(
         defaultName: String,
diff --git a/compiler/testData/asJava/lightClasses/AnnotationClass.kt b/compiler/testData/asJava/lightClasses/AnnotationClass.kt
index bf464b4d4dc..5afed81c530 100644
--- a/compiler/testData/asJava/lightClasses/AnnotationClass.kt
+++ b/compiler/testData/asJava/lightClasses/AnnotationClass.kt
@@ -1,4 +1,6 @@
 // Anno
+// IGNORE_FIR
+// Ignored due to KT-53573
 
 annotation class Anno(
         val i: Int,
diff --git a/compiler/testData/asJava/ultraLightClasses/annotations.fir.java b/compiler/testData/asJava/ultraLightClasses/annotations.fir.java
index 889f5aa5130..df525fcb5cc 100644
--- a/compiler/testData/asJava/ultraLightClasses/annotations.fir.java
+++ b/compiler/testData/asJava/ultraLightClasses/annotations.fir.java
@@ -44,7 +44,7 @@ public static final class Companion /* AnnoWithCompanion.Companion*/ {
 public abstract @interface Anno /* Anno*/ {
   public abstract Anno[] x();//  x()
 
-  public abstract java.lang.String p();//  p()
+  public abstract java.lang.String p() default "";//  p()
 
 }