diff --git a/Core/Screenshot.cpp b/Core/Screenshot.cpp
index c049756798..00f7d0a305 100644
--- a/Core/Screenshot.cpp
+++ b/Core/Screenshot.cpp
@@ -406,8 +406,7 @@ bool Save888RGBScreenshot(const Path &filename, ScreenshotFormat fmt, const u8 *
 }
 
 bool Save8888RGBAScreenshot(const Path &filename, const u8 *buffer, int w, int h) {
-	png_image png;
-	memset(&png, 0, sizeof(png));
+	png_image png{};
 	png.version = PNG_IMAGE_VERSION;
 	png.format = PNG_FORMAT_RGBA;
 	png.width = w;
@@ -421,3 +420,30 @@ bool Save8888RGBAScreenshot(const Path &filename, const u8 *buffer, int w, int h
 	}
 	return success;
 }
+
+bool Save8888RGBAScreenshot(std::vector<uint8_t> &bufferPNG, const u8 *bufferRGBA8888, int w, int h) {
+	png_image png{};
+	png.version = PNG_IMAGE_VERSION;
+	png.format = PNG_FORMAT_RGBA;
+	png.width = w;
+	png.height = h;
+
+	png_alloc_size_t allocSize = bufferPNG.size();
+	int result = png_image_write_to_memory(&png, allocSize == 0 ? nullptr : bufferPNG.data(), &allocSize, 0, bufferRGBA8888, w * 4, nullptr);
+	bool success = result != 0 && png.warning_or_error <= 1;
+	if (!success && allocSize != bufferPNG.size()) {
+		bufferPNG.resize(allocSize);
+		png.warning_or_error = 0;
+		result = png_image_write_to_memory(&png, bufferPNG.data(), &allocSize, 0, bufferRGBA8888, w * 4, nullptr);
+		success = result != 0 && png.warning_or_error <= 1;
+	}
+	if (success)
+		bufferPNG.resize(allocSize);
+	png_image_free(&png);
+
+	if (!success) {
+		ERROR_LOG(IO, "Buffering screenshot to PNG produced errors.");
+		bufferPNG.clear();
+	}
+	return success;
+}
diff --git a/Core/Screenshot.h b/Core/Screenshot.h
index 117cd5e625..ac124fef9a 100644
--- a/Core/Screenshot.h
+++ b/Core/Screenshot.h
@@ -39,5 +39,8 @@ const u8 *ConvertBufferToScreenshot(const GPUDebugBuffer &buf, bool alpha, u8 *&
 
 // Can only be used while in game.
 bool TakeGameScreenshot(const Path &filename, ScreenshotFormat fmt, ScreenshotType type, int *width = nullptr, int *height = nullptr, int maxRes = -1);
+
 bool Save888RGBScreenshot(const Path &filename, ScreenshotFormat fmt, const u8 *bufferRGB888, int w, int h);
 bool Save8888RGBAScreenshot(const Path &filename, const u8 *bufferRGBA8888, int w, int h);
+// Overallocate bufferPNG for better encoding speed.
+bool Save8888RGBAScreenshot(std::vector<uint8_t> &bufferPNG, const u8 *bufferRGBA8888, int w, int h);
diff --git a/Windows/GEDebugger/GEDebugger.cpp b/Windows/GEDebugger/GEDebugger.cpp
index be4c2d3ea3..49b0d4a6cf 100644
--- a/Windows/GEDebugger/GEDebugger.cpp
+++ b/Windows/GEDebugger/GEDebugger.cpp
@@ -292,7 +292,10 @@ void CGEDebugger::SetupPreviews() {
 				PreviewExport(primaryBuffer_);
 				break;
 			case ID_GEDBG_COPY_IMAGE:
-				PreviewToClipboard(primaryBuffer_);
+				PreviewToClipboard(primaryBuffer_, false);
+				break;
+			case ID_GEDBG_COPY_IMAGE_ALPHA:
+				PreviewToClipboard(primaryBuffer_, true);
 				break;
 			case ID_GEDBG_ENABLE_PREVIEW:
 				previewsEnabled_ ^= 1;
@@ -325,7 +328,10 @@ void CGEDebugger::SetupPreviews() {
 				PreviewExport(secondBuffer_);
 				break;
 			case ID_GEDBG_COPY_IMAGE:
-				PreviewToClipboard(secondBuffer_);
+				PreviewToClipboard(secondBuffer_, false);
+				break;
+			case ID_GEDBG_COPY_IMAGE_ALPHA:
+				PreviewToClipboard(secondBuffer_, true);
 				break;
 			case ID_GEDBG_ENABLE_PREVIEW:
 				previewsEnabled_ ^= 2;
@@ -399,59 +405,94 @@ void CGEDebugger::PreviewExport(const GPUDebugBuffer *dbgBuffer) {
 	}
 }
 
-void CGEDebugger::PreviewToClipboard(const GPUDebugBuffer *dbgBuffer) {
+void CGEDebugger::PreviewToClipboard(const GPUDebugBuffer *dbgBuffer, bool saveAlpha) {
 	if (!OpenClipboard(GetDlgHandle())) {
 		return;
 	}
 	EmptyClipboard();
 
-	uint32_t byteStride = 3 * dbgBuffer->GetStride();
-	while ((byteStride & 3) != 0)
-		++byteStride;
-
-	HANDLE memHandle = GlobalAlloc(GHND, sizeof(BITMAPV5HEADER) + byteStride * dbgBuffer->GetHeight());
-	if (memHandle == NULL) {
+	uint8_t *flipbuffer = nullptr;
+	uint32_t w = (uint32_t)-1;
+	uint32_t h = (uint32_t)-1;
+	const uint8_t *buffer = ConvertBufferToScreenshot(*dbgBuffer, saveAlpha, flipbuffer, w, h);
+	if (buffer == nullptr) {
+		delete [] flipbuffer;
 		CloseClipboard();
 		return;
 	}
 
-	BITMAPV5HEADER *header = (BITMAPV5HEADER *)GlobalLock(memHandle);
-	header->bV5Size = sizeof(BITMAPV5HEADER);
-	header->bV5Width = dbgBuffer->GetStride();
-	// Bitmaps are flipped, but we can specify negative height to not be flipped.
-	header->bV5Height = -dbgBuffer->GetHeight();
-	header->bV5Planes = 1;
-	header->bV5BitCount = 24;
-	header->bV5Compression = BI_RGB;
-	header->bV5SizeImage = byteStride * dbgBuffer->GetHeight();
-	header->bV5CSType = LCS_sRGB;
-	header->bV5Intent = LCS_GM_GRAPHICS;
+	uint32_t pixelSize = saveAlpha ? 4 : 3;
+	uint32_t byteStride = pixelSize * w;
+	while ((byteStride & 3) != 0)
+		++byteStride;
 
-	uint8_t *flipbuffer = nullptr;
-	uint32_t w = (uint32_t)-1;
-	uint32_t h = (uint32_t)-1;
-	const uint8_t *buffer = ConvertBufferToScreenshot(*dbgBuffer, false, flipbuffer, w, h);
-	if (buffer != nullptr) {
-		uint8_t *pixels = (uint8_t *)(header + 1);
-		for (uint32_t y = 0; y < dbgBuffer->GetHeight(); ++y) {
-			const uint8_t *src = buffer + y * 3 * w;
-			uint8_t *dst = pixels + y * byteStride;
-			for (uint32_t x = 0; x < w; ++x) {
-				// Have to swap B/R again for the bitmap, unfortunate.
-				dst[0] = src[2];
-				dst[1] = src[1];
-				dst[2] = src[0];
-				src += 3;
-				dst += 3;
-			}
+	// Various apps don't support alpha well, so also copy as PNG.
+	std::vector<uint8_t> png;
+	if (saveAlpha) {
+		// Overallocate if we can.
+		png.resize(byteStride * h);
+		Save8888RGBAScreenshot(png, buffer, w, h);
+
+		W32Util::ClipboardData png1("PNG", png.size());
+		W32Util::ClipboardData png2("image/png", png.size());
+		if (!png.empty() && png1 && png2) {
+			memcpy(png1.data, png.data(), png.size());
+			memcpy(png2.data, png.data(), png.size());
+			png1.Set();
+			png2.Set();
 		}
 	}
+
+	W32Util::ClipboardData bitmap(CF_DIBV5, sizeof(BITMAPV5HEADER) + byteStride * h);
+	if (!bitmap) {
+		delete [] flipbuffer;
+		CloseClipboard();
+		return;
+	}
+
+	BITMAPV5HEADER *header = (BITMAPV5HEADER *)bitmap.data;
+	header->bV5Size = sizeof(BITMAPV5HEADER);
+	header->bV5Width = w;
+	header->bV5Height = h;
+	header->bV5Planes = 1;
+	header->bV5BitCount = saveAlpha ? 32 : 24;
+	header->bV5Compression = saveAlpha ? BI_BITFIELDS : BI_RGB;
+	header->bV5SizeImage = byteStride * h;
+	header->bV5CSType = LCS_WINDOWS_COLOR_SPACE;
+	header->bV5Intent = LCS_GM_GRAPHICS;
+
+	if (saveAlpha) {
+		header->bV5RedMask = 0x000000FF;
+		header->bV5GreenMask = 0x0000FF00;
+		header->bV5BlueMask = 0x00FF0000;
+		// Only some applications respect the alpha mask...
+		header->bV5AlphaMask = 0xFF000000;
+	}
+
+	uint8_t *pixels = (uint8_t *)(header + 1);
+	for (uint32_t y = 0; y < h; ++y) {
+		const uint8_t *src = buffer + y * pixelSize * w;
+		uint8_t *dst = pixels + (h - y - 1) * byteStride;
+
+		if (saveAlpha) {
+			// No RB swap needed.
+			memcpy(dst, src, pixelSize * w);
+			continue;
+		}
+
+		for (uint32_t x = 0; x < w; ++x) {
+			// Have to swap B/R again for the bitmap, unfortunate.
+			dst[0] = src[2];
+			dst[1] = src[1];
+			dst[2] = src[0];
+			src += pixelSize;
+			dst += pixelSize;
+		}
+	}
+
 	delete [] flipbuffer;
 
-	GlobalUnlock(memHandle);
-
-	// Takes ownership.
-	SetClipboardData(CF_DIBV5, memHandle);
+	bitmap.Set();
 	CloseClipboard();
 }
 
diff --git a/Windows/GEDebugger/GEDebugger.h b/Windows/GEDebugger/GEDebugger.h
index eb4a7fe051..ba73f479a0 100644
--- a/Windows/GEDebugger/GEDebugger.h
+++ b/Windows/GEDebugger/GEDebugger.h
@@ -113,7 +113,7 @@ private:
 	void PrimaryPreviewHover(int x, int y);
 	void SecondPreviewHover(int x, int y);
 	void PreviewExport(const GPUDebugBuffer *buffer);
-	void PreviewToClipboard(const GPUDebugBuffer *buffer);
+	void PreviewToClipboard(const GPUDebugBuffer *buffer, bool saveAlpha);
 	static void DescribePixel(u32 pix, GPUDebugBufferFormat fmt, int x, int y, char desc[256]);
 	static void DescribePixelRGBA(u32 pix, GPUDebugBufferFormat fmt, int x, int y, char desc[256]);
 	void UpdateMenus();
diff --git a/Windows/W32Util/Misc.cpp b/Windows/W32Util/Misc.cpp
index f3d3b63690..4d9d101e41 100644
--- a/Windows/W32Util/Misc.cpp
+++ b/Windows/W32Util/Misc.cpp
@@ -157,6 +157,31 @@ namespace W32Util
 		}
 		ShellExecute(nullptr, nullptr, moduleFilename.c_str(), cmdline, workingDirectory.c_str(), SW_SHOW);
 	}
+
+	ClipboardData::ClipboardData(const char *format, size_t sz) {
+		format_ = RegisterClipboardFormatA(format);
+		handle_ = format_ != 0 ? GlobalAlloc(GHND, sz) : 0;
+		data = handle_ != 0 ? GlobalLock(handle_) : nullptr;
+	}
+
+	ClipboardData::ClipboardData(UINT format, size_t sz) {
+		format_ = format;
+		handle_ = GlobalAlloc(GHND, sz);
+		data = handle_ != 0 ? GlobalLock(handle_) : nullptr;
+	}
+
+	ClipboardData::~ClipboardData() {
+		if (handle_ != 0) {
+			GlobalUnlock(handle_);
+			GlobalFree(handle_);
+		}
+	}
+
+	void ClipboardData::Set() {
+		if (format_ == 0 || handle_ == 0 || data == 0)
+			return;
+		SetClipboardData(format_, handle_);
+	}
 }
 
 static constexpr UINT_PTR IDT_UPDATE = 0xC0DE0042;
diff --git a/Windows/W32Util/Misc.h b/Windows/W32Util/Misc.h
index 1b723cc241..d20998fdc9 100644
--- a/Windows/W32Util/Misc.h
+++ b/Windows/W32Util/Misc.h
@@ -14,6 +14,22 @@ namespace W32Util
 	void ExitAndRestart(bool overrideArgs = false, const std::string &args = "");
 	void SpawnNewInstance(bool overrideArgs = false, const std::string &args = "");
 	void GetSelfExecuteParams(std::wstring &workingDirectory, std::wstring &moduleFilename);
+
+	struct ClipboardData {
+		ClipboardData(const char *format, size_t sz);
+		ClipboardData(UINT format, size_t sz);
+		~ClipboardData();
+
+		void Set();
+
+		operator bool() {
+			return data != nullptr;
+		}
+
+		UINT format_;
+		HANDLE handle_;
+		void *data;
+	};
 }
 
 struct GenericListViewColumn
diff --git a/Windows/ppsspp.rc b/Windows/ppsspp.rc
index 31cdd235d5..304ffded6b 100644
--- a/Windows/ppsspp.rc
+++ b/Windows/ppsspp.rc
@@ -785,6 +785,7 @@ BEGIN
     BEGIN
         MENUITEM "Export Image...",            ID_GEDBG_EXPORT_IMAGE
         MENUITEM "Copy Opaque Image",          ID_GEDBG_COPY_IMAGE
+        MENUITEM "Copy Image With Alpha",      ID_GEDBG_COPY_IMAGE_ALPHA
         MENUITEM "Show Prim Preview",          ID_GEDBG_ENABLE_PREVIEW
     END
     POPUP "matrixoptions"
diff --git a/Windows/resource.h b/Windows/resource.h
index 0edc2cd6a5..822eb06bf9 100644
--- a/Windows/resource.h
+++ b/Windows/resource.h
@@ -334,6 +334,7 @@
 #define IDC_GEDBG_STEPVSYNC              40222
 #define ID_GEDBG_SETCOND                 40223
 #define ID_GEDBG_COPY_IMAGE              40224
+#define ID_GEDBG_COPY_IMAGE_ALPHA        40225
 
 
 // Dummy option to let the buffered rendering hotkey cycle through all the options.
@@ -347,7 +348,7 @@
 #ifdef APSTUDIO_INVOKED
 #ifndef APSTUDIO_READONLY_SYMBOLS
 #define _APS_NEXT_RESOURCE_VALUE        256
-#define _APS_NEXT_COMMAND_VALUE         40225
+#define _APS_NEXT_COMMAND_VALUE         40226
 #define _APS_NEXT_CONTROL_VALUE         1202
 #define _APS_NEXT_SYMED_VALUE           101
 #endif