diff --git a/tensorflow/core/grappler/optimizers/arithmetic_optimizer.cc b/tensorflow/core/grappler/optimizers/arithmetic_optimizer.cc
index b9502ffb45e..7a9462e88b7 100644
--- a/tensorflow/core/grappler/optimizers/arithmetic_optimizer.cc
+++ b/tensorflow/core/grappler/optimizers/arithmetic_optimizer.cc
@@ -2178,6 +2178,8 @@ class FoldMultiplyIntoConv : public ArithmeticOptimizerStage {
     // Check that value preserving chain is the only consumer of the Mul output.
     TF_RETURN_IF_TRUE(!IsAnyMul(*source));
     TF_RETURN_IF_TRUE(NumNonControlOutputs(*source, *ctx().node_map) != 1);
+    // And that Mul is not in the preserve set.
+    TF_RETURN_IF_TRUE(IsInPreserveSet(*source));
 
     const NodeDef* mul = source;
     int input_idx = 0;