diff --git a/src/coreclr/jit/optimizebools.cpp b/src/coreclr/jit/optimizebools.cpp
index f9ca5451dd56d6..fde530b11756dc 100644
--- a/src/coreclr/jit/optimizebools.cpp
+++ b/src/coreclr/jit/optimizebools.cpp
@@ -1767,12 +1767,26 @@ bool Compiler::fgFoldCondToReturnBlock(BasicBlock* block)
         return modified;
     }
 
-    // Is block a BBJ_RETURN(1/0) ? (single statement)
+    // Is block a BBJ_RETURN(1/0) ?
     auto isReturnBool = [](const BasicBlock* block, bool value) {
-        if (block->KindIs(BBJ_RETURN) && block->hasSingleStmt() && (block->lastStmt() != nullptr))
+        if (block->KindIs(BBJ_RETURN) && (block->lastStmt() != nullptr))
         {
             GenTree* node = block->lastStmt()->GetRootNode();
-            return node->OperIs(GT_RETURN) && node->gtGetOp1()->IsIntegralConst(value ? 1 : 0);
+            if (!(node->OperIs(GT_RETURN) && node->gtGetOp1()->IsIntegralConst(value ? 1 : 0)))
+            {
+                return false;
+            }
+            // Allow preceding statements if they have no globally visible side effects
+            // (e.g., dead local stores left over from inlining).
+            for (Statement* stmt = block->firstStmt(); stmt != block->lastStmt();
+                 stmt          = stmt->GetNextStmt())
+            {
+                if (GTF_GLOBALLY_VISIBLE_SIDE_EFFECTS(stmt->GetRootNode()->gtFlags))
+                {
+                    return false;
+                }
+            }
+            return true;
         }
         return false;
     };
diff --git a/src/tests/JIT/opt/OptimizeBools/Runtime_123621.cs b/src/tests/JIT/opt/OptimizeBools/Runtime_123621.cs
new file mode 100644
index 00000000000000..430fdd579cf8e3
--- /dev/null
+++ b/src/tests/JIT/opt/OptimizeBools/Runtime_123621.cs
@@ -0,0 +1,53 @@
+// Licensed to the .NET Foundation under one or more agreements.
+// The .NET Foundation licenses this file to you under the MIT license.
+
+// When a constant-folded operand appears after a non-constant operand in a
+// short-circuit && expression, inlining may leave dead local stores in the
+// return block. fgFoldCondToReturnBlock failed to optimize this pattern
+// because isReturnBool required hasSingleStmt(), which was false due to the
+// leftover dead stores.
+
+using System;
+using System.Runtime.CompilerServices;
+using Xunit;
+
+public class Runtime_123621
+{
+    [MethodImpl(MethodImplOptions.NoInlining)]
+    public static bool Hoisted(byte v)
+    {
+        bool isUnix = Environment.NewLine != "\r\n";
+        return (v == 2 && isUnix);
+    }
+
+    [MethodImpl(MethodImplOptions.NoInlining)]
+    public static bool Inline_Before(byte v)
+    {
+        return (Environment.NewLine != "\r\n" && v == 2);
+    }
+
+    [MethodImpl(MethodImplOptions.NoInlining)]
+    public static bool Inline_After(byte v)
+    {
+        return (v == 2 && Environment.NewLine != "\r\n");
+    }
+
+    [Fact]
+    public static void TestEntryPoint()
+    {
+        bool isUnix = Environment.NewLine != "\r\n";
+
+        Assert.Equal(isUnix, Hoisted(2));
+        Assert.False(Hoisted(3));
+
+        Assert.Equal(isUnix, Inline_Before(2));
+        Assert.False(Inline_Before(3));
+
+        Assert.Equal(isUnix, Inline_After(2));
+        Assert.False(Inline_After(3));
+
+        // All three methods must produce the same result.
+        Assert.Equal(Hoisted(2), Inline_After(2));
+        Assert.Equal(Inline_Before(2), Inline_After(2));
+    }
+}
diff --git a/src/tests/JIT/opt/OptimizeBools/Runtime_123621.csproj b/src/tests/JIT/opt/OptimizeBools/Runtime_123621.csproj
new file mode 100644
index 00000000000000..b47c3e8e8d9f55
--- /dev/null
+++ b/src/tests/JIT/opt/OptimizeBools/Runtime_123621.csproj
@@ -0,0 +1,9 @@
+<Project Sdk="Microsoft.NET.Sdk">
+  <PropertyGroup>
+    <DebugType>PdbOnly</DebugType>
+    <Optimize>True</Optimize>
+  </PropertyGroup>
+  <ItemGroup>
+    <Compile Include="$(MSBuildProjectName).cs" />
+  </ItemGroup>
+</Project>