diff --git a/pkgs/development/tools/mold/default.nix b/pkgs/development/tools/mold/default.nix
index 04ed7db71147..ac60a01a1ae9 100644
--- a/pkgs/development/tools/mold/default.nix
+++ b/pkgs/development/tools/mold/default.nix
@@ -33,6 +33,10 @@ stdenv.mkDerivation rec {
     mimalloc
   ];
 
+  patches = [
+    ./fix-debug-strip.patch # fix --debug-strip; https://github.com/rui314/mold/pull/1038
+  ];
+
   postPatch = ''
     sed -i CMakeLists.txt -e '/.*set(DEST\ .*/d'
   '';
diff --git a/pkgs/development/tools/mold/fix-debug-strip.patch b/pkgs/development/tools/mold/fix-debug-strip.patch
new file mode 100644
index 000000000000..78906efc73ac
--- /dev/null
+++ b/pkgs/development/tools/mold/fix-debug-strip.patch
@@ -0,0 +1,23 @@
+From b699b73451c57ac01c2680c0b86e1f56ca19e51c Mon Sep 17 00:00:00 2001
+From: Jakub Konka <kubkon@jakubkonka.com>
+Date: Sat, 6 May 2023 07:55:46 +0200
+Subject: [PATCH] Fix handling of --debug-strip
+
+Signed-off-by: Jakub Konka <kubkon@jakubkonka.com>
+---
+ elf/cmdline.cc | 2 +-
+ 1 file changed, 1 insertion(+), 1 deletion(-)
+
+diff --git a/elf/cmdline.cc b/elf/cmdline.cc
+index 3ac19f237..731af63ab 100644
+--- a/elf/cmdline.cc
++++ b/elf/cmdline.cc
+@@ -994,7 +994,7 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
+     } else if (read_flag("strip-all") || read_flag("s")) {
+       ctx.arg.strip_all = true;
+     } else if (read_flag("strip-debug") || read_flag("S")) {
+-      ctx.arg.strip_all = true;
++      ctx.arg.strip_debug = true;
+     } else if (read_flag("warn-unresolved-symbols")) {
+       ctx.arg.unresolved_symbols = UNRESOLVED_WARN;
+     } else if (read_flag("error-unresolved-symbols")) {