diff --git a/libraries/kotlinx-metadata/jvm/ChangeLog.md b/libraries/kotlinx-metadata/jvm/ChangeLog.md
index fff74cacef5..d41bd219683 100644
--- a/libraries/kotlinx-metadata/jvm/ChangeLog.md
+++ b/libraries/kotlinx-metadata/jvm/ChangeLog.md
@@ -3,6 +3,7 @@
 ## Next
 
 - Add `JvmPropertyExtensionVisitor.visitSyntheticMethodForDelegate` for optimized delegated properties (KT-39055).
+- [`KT-48965`](https://youtrack.jetbrains.com/issue/KT-48965) Make the type of `KmValueParameter.type` non-null `KmType`
 
 ## 0.3.0
 
diff --git a/libraries/kotlinx-metadata/src/kotlinx/metadata/nodes.kt b/libraries/kotlinx-metadata/src/kotlinx/metadata/nodes.kt
index 2afbb83047e..df2a960ae0f 100644
--- a/libraries/kotlinx-metadata/src/kotlinx/metadata/nodes.kt
+++ b/libraries/kotlinx-metadata/src/kotlinx/metadata/nodes.kt
@@ -586,7 +586,7 @@ class KmValueParameter(
     /**
      * Type of the value parameter, if this is **not** a `vararg` parameter.
      */
-    var type: KmType? = null
+    lateinit var type: KmType
 
     /**
      * Type of the value parameter, if this is a `vararg` parameter.
@@ -611,7 +611,7 @@ class KmValueParameter(
      * @param visitor the visitor which will visit data in this value parameter
      */
     fun accept(visitor: KmValueParameterVisitor) {
-        type?.let { visitor.visitType(it.flags)?.let(it::accept) }
+        visitor.visitType(type.flags)?.let(type::accept)
         varargElementType?.let { visitor.visitVarargElementType(it.flags)?.let(it::accept) }
         extensions.forEach { visitor.visitExtensions(it.type)?.let(it::accept) }
         visitor.visitEnd()
diff --git a/native/commonizer/src/org/jetbrains/kotlin/commonizer/metadata/CirDeserializers.kt b/native/commonizer/src/org/jetbrains/kotlin/commonizer/metadata/CirDeserializers.kt
index 46674fbd448..b00c76edec1 100644
--- a/native/commonizer/src/org/jetbrains/kotlin/commonizer/metadata/CirDeserializers.kt
+++ b/native/commonizer/src/org/jetbrains/kotlin/commonizer/metadata/CirDeserializers.kt
@@ -196,7 +196,7 @@ object CirDeserializers {
         CirValueParameter.createInterned(
             annotations = annotations(source.flags, typeResolver, source::annotations),
             name = CirName.create(source.name),
-            returnType = type(source.type!!, typeResolver),
+            returnType = type(source.type, typeResolver),
             varargElementType = source.varargElementType?.let { type(it, typeResolver) },
             declaresDefaultValue = Flag.ValueParameter.DECLARES_DEFAULT_VALUE(source.flags),
             isCrossinline = Flag.ValueParameter.IS_CROSSINLINE(source.flags),