diff --git a/compiler/testData/compileJavaAgainstKotlin/callableReference/GenericSignature.txt b/compiler/testData/compileJavaAgainstKotlin/callableReference/GenericSignature.txt
index fac461bc655..0b88e7f7518 100644
--- a/compiler/testData/compileJavaAgainstKotlin/callableReference/GenericSignature.txt
+++ b/compiler/testData/compileJavaAgainstKotlin/callableReference/GenericSignature.txt
@@ -7,7 +7,7 @@ public/*package*/ open class Bar : test.Foo {
 
 public open class Foo {
     public constructor Foo()
-    public open fun request(): kotlin.reflect.KFunction1<@kotlin.ParameterName(name = "id") kotlin.Long, test.Request>
+    public open fun request(): kotlin.reflect.KFunction1<kotlin.Long, test.Request>
 }
 
 public final class Request {
diff --git a/compiler/testData/diagnostics/tests/callableReference/function/annotationClassConstructor.txt b/compiler/testData/diagnostics/tests/callableReference/function/annotationClassConstructor.txt
index a7768c7e259..4dfffcc7cae 100644
--- a/compiler/testData/diagnostics/tests/callableReference/function/annotationClassConstructor.txt
+++ b/compiler/testData/diagnostics/tests/callableReference/function/annotationClassConstructor.txt
@@ -1,7 +1,7 @@
 package
 
 public val annClassRef: kotlin.reflect.KClass<Ann>
-public val annCtorRef: kotlin.reflect.KFunction1<@kotlin.ParameterName(name = "prop") kotlin.String, Ann>
+public val annCtorRef: kotlin.reflect.KFunction1<kotlin.String, Ann>
 public val annPropRef: kotlin.reflect.KProperty1<Ann, kotlin.String>
 
 public final annotation class Ann : kotlin.Annotation {
diff --git a/compiler/testData/diagnostics/tests/callableReference/sam.txt b/compiler/testData/diagnostics/tests/callableReference/sam.txt
index 01c40b03a16..004a7758e30 100644
--- a/compiler/testData/diagnostics/tests/callableReference/sam.txt
+++ b/compiler/testData/diagnostics/tests/callableReference/sam.txt
@@ -5,17 +5,17 @@ public fun f2(): kotlin.reflect.KFunction1<java.lang.Runnable, kotlin.Unit>
 public fun f3(): kotlin.reflect.KClass<java.lang.Runnable>
 public fun f4(): kotlin.reflect.KFunction1<java.lang.Runnable, kotlin.Unit>
 public fun f5(): kotlin.reflect.KClass<test.GenericSam<*>>
-public fun f6(): kotlin.reflect.KFunction2<test.GenericSam<*>, @kotlin.ParameterName(name = "t") kotlin.Nothing!, kotlin.Unit>
+public fun f6(): kotlin.reflect.KFunction2<test.GenericSam<*>, kotlin.Nothing!, kotlin.Unit>
 public fun f7(): kotlin.reflect.KClass<test.GenericSam<*>>
-public fun f8(): kotlin.reflect.KFunction2<test.GenericSam<kotlin.String>, @kotlin.ParameterName(name = "t") kotlin.String!, kotlin.Unit>
+public fun f8(): kotlin.reflect.KFunction2<test.GenericSam<kotlin.String>, kotlin.String!, kotlin.Unit>
 public fun g1(): kotlin.reflect.KClass<out java.lang.Runnable>
 public fun g2(): kotlin.reflect.KFunction0<kotlin.Unit>
 public fun g3(): kotlin.reflect.KClass<out java.lang.Runnable>
 public fun g4(): kotlin.reflect.KFunction0<kotlin.Unit>
 public fun g5(): kotlin.reflect.KClass<out test.GenericSam<kotlin.String>>
-public fun g6(): kotlin.reflect.KFunction1<@kotlin.ParameterName(name = "t") kotlin.String!, kotlin.Unit>
+public fun g6(): kotlin.reflect.KFunction1<kotlin.String!, kotlin.Unit>
 public fun g7(): kotlin.reflect.KClass<out test.GenericSam<kotlin.String>>
-public fun g8(): kotlin.reflect.KFunction1<@kotlin.ParameterName(name = "t") kotlin.String!, kotlin.Unit>
+public fun g8(): kotlin.reflect.KFunction1<kotlin.String!, kotlin.Unit>
 
 package test {
 
diff --git a/compiler/testData/diagnostics/tests/deprecated/functionUsage.txt b/compiler/testData/diagnostics/tests/deprecated/functionUsage.txt
index 1c23d355d75..eb7421ac0f4 100644
--- a/compiler/testData/diagnostics/tests/deprecated/functionUsage.txt
+++ b/compiler/testData/diagnostics/tests/deprecated/functionUsage.txt
@@ -4,7 +4,7 @@ package
 public fun block(): kotlin.Unit
 public fun expression(): UsefulClass
 public fun invoker(): kotlin.Unit
-public fun reflection(): kotlin.reflect.KFunction1<@kotlin.ParameterName(name = "param") kotlin.Int, UsefulClass>
+public fun reflection(): kotlin.reflect.KFunction1<kotlin.Int, UsefulClass>
 public fun reflection2(): kotlin.reflect.KFunction1<UsefulClass, kotlin.Unit>
 @kotlin.Deprecated(message = "does nothing good") public fun kotlin.Any.doNothing(): kotlin.String
 
diff --git a/compiler/tests-spec/testData/diagnostics/notLinked/dfa/pos/50.kt b/compiler/tests-spec/testData/diagnostics/notLinked/dfa/pos/50.kt
index 5c3a9b63269..e3d4e60baa3 100644
--- a/compiler/tests-spec/testData/diagnostics/notLinked/dfa/pos/50.kt
+++ b/compiler/tests-spec/testData/diagnostics/notLinked/dfa/pos/50.kt
@@ -95,9 +95,9 @@ fun <T> Inv<out T>.case_7() {
 // TESTCASE NUMBER: 8
 fun <T> T.case_8() {
     this <!UNCHECKED_CAST!>as MutableList<T><!>
-    <!DEBUG_INFO_EXPRESSION_TYPE("kotlin.reflect.KFunction1<@kotlin.ParameterName kotlin.Any?, kotlin.Boolean>")!><!DEBUG_INFO_SMARTCAST!>this<!>::equals<!>
+    <!DEBUG_INFO_EXPRESSION_TYPE("kotlin.reflect.KFunction1<kotlin.Any?, kotlin.Boolean>")!><!DEBUG_INFO_SMARTCAST!>this<!>::equals<!>
     <!DEBUG_INFO_SMARTCAST!>this<!>.equals(10)
-    <!DEBUG_INFO_EXPRESSION_TYPE("kotlin.reflect.KFunction1<@kotlin.ParameterName kotlin.Any?, kotlin.Boolean>")!>::<!DEBUG_INFO_IMPLICIT_RECEIVER_SMARTCAST!>equals<!><!>
+    <!DEBUG_INFO_EXPRESSION_TYPE("kotlin.reflect.KFunction1<kotlin.Any?, kotlin.Boolean>")!>::<!DEBUG_INFO_IMPLICIT_RECEIVER_SMARTCAST!>equals<!><!>
     <!DEBUG_INFO_IMPLICIT_RECEIVER_SMARTCAST!>equals<!>(10)
 }
 
diff --git a/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererImpl.kt b/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererImpl.kt
index 8c19a076b4f..e6629fc3f1c 100644
--- a/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererImpl.kt
+++ b/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererImpl.kt
@@ -41,10 +41,6 @@ internal class DescriptorRendererImpl(
         } as DescriptorRendererImpl
     }
 
-    private val functionTypeParameterTypesRenderer: DescriptorRenderer by lazy {
-        withOptions { excludedTypeAnnotationClasses += listOf(KotlinBuiltIns.FQ_NAMES.parameterName) }
-    }
-
     /* FORMATTING */
     private fun renderKeyword(keyword: String): String = when (textFormat) {
         RenderingFormat.PLAIN -> keyword
@@ -365,7 +361,7 @@ internal class DescriptorRendererImpl(
                 append(": ")
             }
 
-            append(functionTypeParameterTypesRenderer.renderTypeProjection(typeProjection))
+            append(renderTypeProjection(typeProjection))
         }
 
         append(") ").append(arrow()).append(" ")
@@ -413,7 +409,10 @@ internal class DescriptorRendererImpl(
 
         val annotationFilter = annotationFilter
         for (annotation in annotated.annotations) {
-            if (annotation.fqName !in excluded && (annotationFilter == null || annotationFilter(annotation))) {
+            if (annotation.fqName !in excluded
+                && !annotation.isParameterName()
+                && (annotationFilter == null || annotationFilter(annotation))
+            ) {
                 append(renderAnnotation(annotation, target))
                 if (eachAnnotationOnNewLine) {
                     appendln()
@@ -424,6 +423,10 @@ internal class DescriptorRendererImpl(
         }
     }
 
+    private fun AnnotationDescriptor.isParameterName(): Boolean {
+        return fqName == KotlinBuiltIns.FQ_NAMES.parameterName
+    }
+
     override fun renderAnnotation(annotation: AnnotationDescriptor, target: AnnotationUseSiteTarget?): String {
         return buildString {
             append('@')
diff --git a/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererOptionsImpl.kt b/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererOptionsImpl.kt
index 9938968baee..fce2e7c04ae 100644
--- a/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererOptionsImpl.kt
+++ b/core/descriptors/src/org/jetbrains/kotlin/renderer/DescriptorRendererOptionsImpl.kt
@@ -16,6 +16,7 @@
 
 package org.jetbrains.kotlin.renderer
 
+import org.jetbrains.kotlin.builtins.KotlinBuiltIns
 import org.jetbrains.kotlin.descriptors.ValueParameterDescriptor
 import org.jetbrains.kotlin.descriptors.annotations.AnnotationDescriptor
 import org.jetbrains.kotlin.name.FqName
diff --git a/idea/testData/decompiler/decompiledTextJvm/ParameterName.expected.kt b/idea/testData/decompiler/decompiledTextJvm/ParameterName.expected.kt
new file mode 100644
index 00000000000..29b6dd32516
--- /dev/null
+++ b/idea/testData/decompiler/decompiledTextJvm/ParameterName.expected.kt
@@ -0,0 +1,6 @@
+// IntelliJ API Decompiler stub source generated from a class file
+// Implementation of methods is not available
+
+package test
+
+public inline fun <A, B, C : kotlin.Any, D> test.Foo.Companion.foo(crossinline block: test.Context<B, C>.(A, B) -> D): kotlin.Unit { /* compiled code */ }
diff --git a/idea/testData/decompiler/decompiledTextJvm/ParameterName/Test.kt b/idea/testData/decompiler/decompiledTextJvm/ParameterName/Test.kt
new file mode 100644
index 00000000000..d9d8170925d
--- /dev/null
+++ b/idea/testData/decompiler/decompiledTextJvm/ParameterName/Test.kt
@@ -0,0 +1,10 @@
+@file:JvmName("ParameterName")
+package test
+
+class Foo {
+    companion object
+}
+
+class Context<T, U>
+
+inline fun <A, B, C : Any, D> Foo.Companion.foo(crossinline block: Context<B, C>.(input: A, state: B) -> D) {}
\ No newline at end of file
diff --git a/idea/testData/intentions/movePropertyToConstructor/functionReference.kt.after b/idea/testData/intentions/movePropertyToConstructor/functionReference.kt.after
index 391688c3dbb..86f19cf261e 100644
--- a/idea/testData/intentions/movePropertyToConstructor/functionReference.kt.after
+++ b/idea/testData/intentions/movePropertyToConstructor/functionReference.kt.after
@@ -6,9 +6,5 @@ fun foo(a: Int, b: String, d: Baz) {
 
 }
 
-class TestClass(
-    val prop1: KFunction3<@ParameterName(name = "a") Int, @ParameterName(name = "b") String, @ParameterName(
-        name = "d"
-    ) Baz, Unit> = ::foo
-) {
+class TestClass(val prop1: KFunction3<Int, String, Baz, Unit> = ::foo) {
 }
\ No newline at end of file
diff --git a/idea/tests/org/jetbrains/kotlin/idea/decompiler/textBuilder/JvmDecompiledTextTestGenerated.java b/idea/tests/org/jetbrains/kotlin/idea/decompiler/textBuilder/JvmDecompiledTextTestGenerated.java
index 010e6720afa..6b319edd3fe 100644
--- a/idea/tests/org/jetbrains/kotlin/idea/decompiler/textBuilder/JvmDecompiledTextTestGenerated.java
+++ b/idea/tests/org/jetbrains/kotlin/idea/decompiler/textBuilder/JvmDecompiledTextTestGenerated.java
@@ -48,6 +48,11 @@ public class JvmDecompiledTextTestGenerated extends AbstractJvmDecompiledTextTes
         runTest("idea/testData/decompiler/decompiledTextJvm/PackageWithQuotes/");
     }
 
+    @TestMetadata("ParameterName")
+    public void testParameterName() throws Exception {
+        runTest("idea/testData/decompiler/decompiledTextJvm/ParameterName/");
+    }
+
     @TestMetadata("TestKt")
     public void testTestKt() throws Exception {
         runTest("idea/testData/decompiler/decompiledTextJvm/TestKt/");
@@ -110,6 +115,19 @@ public class JvmDecompiledTextTestGenerated extends AbstractJvmDecompiledTextTes
         }
     }
 
+    @TestMetadata("idea/testData/decompiler/decompiledTextJvm/ParameterName")
+    @TestDataPath("$PROJECT_ROOT")
+    @RunWith(JUnit3RunnerWithInners.class)
+    public static class ParameterName extends AbstractJvmDecompiledTextTest {
+        private void runTest(String testDataFilePath) throws Exception {
+            KotlinTestUtils.runTest(this::doTest, this, testDataFilePath);
+        }
+
+        public void testAllFilesPresentInParameterName() throws Exception {
+            KotlinTestUtils.assertAllTestsPresentByMetadataWithExcluded(this.getClass(), new File("idea/testData/decompiler/decompiledTextJvm/ParameterName"), Pattern.compile("^([^\\.]+)$"), null, true);
+        }
+    }
+
     @TestMetadata("idea/testData/decompiler/decompiledTextJvm/TestKt")
     @TestDataPath("$PROJECT_ROOT")
     @RunWith(JUnit3RunnerWithInners.class)