diff --git a/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java b/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
index aabe8979fdb..715412eba47 100644
--- a/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
+++ b/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
@@ -1638,6 +1638,12 @@ public class FirBlackBoxCodegenTestGenerated extends AbstractFirBlackBoxCodegenT
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @Test
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @Test
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
diff --git a/compiler/ir/backend.common/src/org/jetbrains/kotlin/backend/common/lower/optimizations/FoldConstantLowering.kt b/compiler/ir/backend.common/src/org/jetbrains/kotlin/backend/common/lower/optimizations/FoldConstantLowering.kt
index d987d48727b..9070c20f622 100644
--- a/compiler/ir/backend.common/src/org/jetbrains/kotlin/backend/common/lower/optimizations/FoldConstantLowering.kt
+++ b/compiler/ir/backend.common/src/org/jetbrains/kotlin/backend/common/lower/optimizations/FoldConstantLowering.kt
@@ -130,6 +130,7 @@ class FoldConstantLowering(
             operationName == "toString" -> constToString(operand)
             // Disable toFloat folding on K/JS till `toFloat` is fixed (KT-35422)
             operationName == "toFloat" && floatSpecial -> return call
+            operand.kind == IrConstKind.Null -> return call
             else -> evaluateUnary(
                 operationName,
                 operand.kind.toString(),
@@ -161,6 +162,8 @@ class FoldConstantLowering(
         val lhs = coerceToDouble(call.dispatchReceiver as? IrConst<*> ?: return call)
         val rhs = coerceToDouble(call.getValueArgument(0) as? IrConst<*> ?: return call)
 
+        if (lhs.kind == IrConstKind.Null || rhs.kind == IrConstKind.Null) return call
+
         val evaluated = try {
             evaluateBinary(
                 call.symbol.owner.name.toString(),
@@ -189,6 +192,8 @@ class FoldConstantLowering(
         val lhs = call.getValueArgument(0) as? IrConst<*> ?: return call
         val rhs = call.getValueArgument(1) as? IrConst<*> ?: return call
 
+        if (lhs.kind == IrConstKind.Null || rhs.kind == IrConstKind.Null) return call
+
         val evaluated = try {
             val evaluator =
                 BINARY_OP_TO_EVALUATOR[BinaryOp(lhs.kind.toString(), rhs.kind.toString(), call.symbol.owner.name.toString())] ?: return call
diff --git a/compiler/testData/codegen/box/boxingOptimization/kt46859.kt b/compiler/testData/codegen/box/boxingOptimization/kt46859.kt
new file mode 100644
index 00000000000..c2090395658
--- /dev/null
+++ b/compiler/testData/codegen/box/boxingOptimization/kt46859.kt
@@ -0,0 +1,33 @@
+fun box(): String {
+    return "OK"
+}
+
+fun foo() {
+    foldingUnary(null)
+
+    foldingBinary(null, null)
+
+    foldingBuiltinBinary(null, null)
+}
+
+class Foo {
+    fun foo() {}
+    fun foo(foo: Foo?) {}
+}
+
+inline fun foldingUnary(foo: Foo?) {
+    foo!!
+    foo.foo()
+}
+
+inline fun foldingBinary(foo1: Foo?, foo2: Foo?) {
+    foo1!!
+    foo2!!
+    foo1.foo(foo2)
+}
+
+inline fun foldingBuiltinBinary(int1: Int?, int2: Int?) {
+    int1!!
+    int2!!
+    int1 < int2
+}
\ No newline at end of file
diff --git a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
index d1788fd4488..3ec55ff8213 100644
--- a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
+++ b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
@@ -1638,6 +1638,12 @@ public class BlackBoxCodegenTestGenerated extends AbstractBlackBoxCodegenTest {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @Test
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @Test
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
diff --git a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
index a11c9f8ca38..f6c1f1b61b7 100644
--- a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
+++ b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
@@ -1638,6 +1638,12 @@ public class IrBlackBoxCodegenTestGenerated extends AbstractIrBlackBoxCodegenTes
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @Test
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @Test
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
diff --git a/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java b/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
index 73bca3d67b6..29982920137 100644
--- a/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
+++ b/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
@@ -1444,6 +1444,11 @@ public class LightAnalysisModeTestGenerated extends AbstractLightAnalysisModeTes
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt5493.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
index 042b6788701..1309f1c445c 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
@@ -939,6 +939,11 @@ public class IrJsCodegenBoxES6TestGenerated extends AbstractIrJsCodegenBoxES6Tes
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt5493.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
index 5e410811623..bc59c665378 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
@@ -939,6 +939,11 @@ public class IrJsCodegenBoxTestGenerated extends AbstractIrJsCodegenBoxTest {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt5493.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
index a3f7741f532..a2bba36d781 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
@@ -939,6 +939,11 @@ public class JsCodegenBoxTestGenerated extends AbstractJsCodegenBoxTest {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @TestMetadata("kt5493.kt")
         public void testKt5493() throws Exception {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt5493.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/wasm/semantics/IrCodegenBoxWasmTestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/wasm/semantics/IrCodegenBoxWasmTestGenerated.java
index 072e43ee881..784d99d6cf9 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/wasm/semantics/IrCodegenBoxWasmTestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/wasm/semantics/IrCodegenBoxWasmTestGenerated.java
@@ -824,6 +824,11 @@ public class IrCodegenBoxWasmTestGenerated extends AbstractIrCodegenBoxWasmTest
             runTest("compiler/testData/codegen/box/boxingOptimization/kt19767_chain.kt");
         }
 
+        @TestMetadata("kt46859.kt")
+        public void testKt46859() throws Exception {
+            runTest("compiler/testData/codegen/box/boxingOptimization/kt46859.kt");
+        }
+
         @TestMetadata("kt5588.kt")
         public void testKt5588() throws Exception {
             runTest("compiler/testData/codegen/box/boxingOptimization/kt5588.kt");