diff --git a/src/tools/wasm-opt.cpp b/src/tools/wasm-opt.cpp
index 310544c9451..8dbce498357 100644
--- a/src/tools/wasm-opt.cpp
+++ b/src/tools/wasm-opt.cpp
@@ -94,6 +94,7 @@ int main(int argc, const char* argv[]) {
   std::string outputSourceMapFilename;
   std::string outputSourceMapUrl;
   bool emitExnref = false;
+  bool needCodeLocations = false;
 
   const std::string WasmOptOption = "wasm-opt options";
 
@@ -280,7 +281,21 @@ For more on how to optimize effectively, see
          "post-translation optimizations.",
          WasmOptOption,
          Options::Arguments::Zero,
-         [&emitExnref](Options*, const std::string&) { emitExnref = true; });
+         [&emitExnref](Options*, const std::string&) { emitExnref = true; })
+    .add("--print-binary-offsets",
+         "-pbo",
+         "Print wat text annotated with binary offsets",
+         WasmOptOption,
+         Options::Arguments::Zero,
+         [&](Options*, const std::string&) {
+           // Track code locations, so we can print them.
+           needCodeLocations = true;
+           // Enable debugInfo, so that we print code locations (which are part
+           // of debugInfo).
+           options.passOptions.debugInfo = true;
+           // Run the print pass, to do the printing.
+           options.passes.push_back("print");
+         });
   options.parse(argc, argv);
 
   Module wasm;
@@ -315,6 +330,7 @@ For more on how to optimize effectively, see
     reader.setDWARF(options.passOptions.debugInfo &&
                     !willRemoveDebugInfo(options.passes));
     reader.setProfile(options.profile);
+    reader.setNeedCodeLocations(needCodeLocations);
     try {
       reader.read(inputFile, wasm, inputSourceMapFilename);
     } catch (ParseException& p) {
@@ -335,6 +351,15 @@ For more on how to optimize effectively, see
                  "request for silly amounts of memory)";
     }
 
+    if (needCodeLocations) {
+      if (auto codeSectionLocation = reader.getCodeSectionLocation()) {
+        std::cout << ";; Code section offset: 0x" << std::hex
+                  << *codeSectionLocation << std::dec << '\n'
+                  << ";; (binary offsets in VM stack traces include this;"
+                  << " add it to the offsets below)\n";
+      }
+    }
+
     options.applyOptionsAfterParse(wasm);
 
     if (options.passOptions.validate) {
diff --git a/src/wasm-binary.h b/src/wasm-binary.h
index 5a1f618da3d..b781ee65bdb 100644
--- a/src/wasm-binary.h
+++ b/src/wasm-binary.h
@@ -1572,6 +1572,8 @@ class WasmBinaryReader {
   void setSkipFunctionBodies(bool skipFunctionBodies_) {
     skipFunctionBodies = skipFunctionBodies_;
   }
+  void setNeedCodeLocations(bool value) { needCodeLocations = value; }
+
   void read();
   void readCustomSection(size_t payloadLen);
 
@@ -1746,6 +1748,8 @@ class WasmBinaryReader {
   // Allow users to query the target features section features after parsing.
   FeatureSet getFeaturesSectionFeatures() { return featuresSectionFeatures; }
 
+  size_t getCodeSectionLocation() { return codeSectionLocation; }
+
 private:
   // In certain modes we need to note the locations of expressions, to match
   // them against sections like DWARF or custom annotations. As this incurs
diff --git a/src/wasm-io.h b/src/wasm-io.h
index 01d9462a5ca..c863536888a 100644
--- a/src/wasm-io.h
+++ b/src/wasm-io.h
@@ -53,6 +53,10 @@ class ModuleReader : public ModuleIOBase {
     skipFunctionBodies = skipFunctionBodies_;
   }
 
+  void setNeedCodeLocations(bool needCodeLocations_) {
+    needCodeLocations = needCodeLocations_;
+  }
+
   // read text
   void readText(std::string filename, Module& wasm);
   // read binary
@@ -68,15 +72,22 @@ class ModuleReader : public ModuleIOBase {
 
   FeatureSet getFeaturesSectionFeatures() { return featuresSectionFeatures; }
 
+  // Return the offset of the code section, or nothing if we did not read a
+  // binary.
+  std::optional<size_t> getCodeSectionLocation() { return codeSectionLocation; }
+
 private:
   bool DWARF = false;
 
   IRProfile profile = IRProfile::Normal;
 
   bool skipFunctionBodies = false;
+  bool needCodeLocations = false;
 
   FeatureSet featuresSectionFeatures = FeatureSet::MVP;
 
+  std::optional<size_t> codeSectionLocation;
+
   void readStdin(Module& wasm, std::string sourceMapFilename);
 
   void readBinaryData(std::vector<char>& input,
diff --git a/src/wasm/wasm-io.cpp b/src/wasm/wasm-io.cpp
index 77fc57e57b7..c4ad030e0d3 100644
--- a/src/wasm/wasm-io.cpp
+++ b/src/wasm/wasm-io.cpp
@@ -64,10 +64,12 @@ void ModuleReader::readBinaryData(std::vector<char>& input,
   parser.setDebugInfo(debugInfo);
   parser.setDWARF(DWARF);
   parser.setSkipFunctionBodies(skipFunctionBodies);
+  parser.setNeedCodeLocations(needCodeLocations);
   parser.read();
   if (wasm.hasFeaturesSection) {
     featuresSectionFeatures = parser.getFeaturesSectionFeatures();
   }
+  codeSectionLocation = parser.getCodeSectionLocation();
 }
 
 void ModuleReader::readBinary(std::string filename,
diff --git a/test/lit/debug/print-binary-offsets.wat b/test/lit/debug/print-binary-offsets.wat
new file mode 100644
index 00000000000..531e7cf5b6f
--- /dev/null
+++ b/test/lit/debug/print-binary-offsets.wat
@@ -0,0 +1,20 @@
+;; RUN: wasm-opt %s -o %t.wasm
+;; RUN: wasm-opt %t.wasm --print-binary-offsets | filecheck %s
+
+;; The command makes us print binary offsets in wat text. Note that it works
+;; even without -g for the names section.
+
+(module
+  (func $test
+    (call $test)
+  )
+)
+
+;; CHECK:      ;; Code section offset: 0x14
+;; CHECK-NEXT: ;; (binary offsets in VM stack traces include this; add it to the offsets below)
+
+;; CHECK:      (func $0
+;; CHECK-NEXT:  ;; code offset: 0x3
+;; CHECK-NEXT:  (call $0)
+;; CHECK-NEXT: )
+