diff --git a/drivers/net/dsa/microchip/ksz9477.c b/drivers/net/dsa/microchip/ksz9477.c
index b9419d4b5e7b..bcc8863951ca 100644
--- a/drivers/net/dsa/microchip/ksz9477.c
+++ b/drivers/net/dsa/microchip/ksz9477.c
@@ -81,7 +81,8 @@ static int ksz9477_handle_wake_reason(struct ksz_device *dev, int port)
 	if (!pme_status)
 		return 0;
 
-	dev_dbg(dev->dev, "Wake event on port %d due to: %s %s\n", port,
+	dev_dbg(dev->dev, "Wake event on port %d due to: %s %s %s\n", port,
+		pme_status & PME_WOL_MAGICPKT ? "\"Magic Packet\"" : "",
 		pme_status & PME_WOL_LINKUP ? "\"Link Up\"" : "",
 		pme_status & PME_WOL_ENERGY ? "\"Enery detect\"" : "");
 
@@ -109,10 +110,22 @@ void ksz9477_get_wol(struct ksz_device *dev, int port,
 
 	wol->supported = WAKE_PHY;
 
+	/* Check if at this moment we would be able to get the MAC address
+	 * and use it for WAKE_MAGIC support. This result may change dynamically
+	 * depending on configuration of other ports.
+	 */
+	ret = ksz_switch_macaddr_get(dev->ds, port, NULL);
+	if (!ret) {
+		wol->supported |= WAKE_MAGIC;
+		ksz_switch_macaddr_put(dev->ds);
+	}
+
 	ret = ksz_pread8(dev, port, REG_PORT_PME_CTRL, &pme_ctrl);
 	if (ret)
 		return;
 
+	if (pme_ctrl & PME_WOL_MAGICPKT)
+		wol->wolopts |= WAKE_MAGIC;
 	if (pme_ctrl & (PME_WOL_LINKUP | PME_WOL_ENERGY))
 		wol->wolopts |= WAKE_PHY;
 }
@@ -134,10 +147,12 @@ void ksz9477_get_wol(struct ksz_device *dev, int port,
 int ksz9477_set_wol(struct ksz_device *dev, int port,
 		    struct ethtool_wolinfo *wol)
 {
-	u8 pme_ctrl = 0;
+	u8 pme_ctrl = 0, pme_ctrl_old = 0;
+	bool magic_switched_off;
+	bool magic_switched_on;
 	int ret;
 
-	if (wol->wolopts & ~WAKE_PHY)
+	if (wol->wolopts & ~(WAKE_PHY | WAKE_MAGIC))
 		return -EINVAL;
 
 	if (!dev->wakeup_source)
@@ -147,10 +162,42 @@ int ksz9477_set_wol(struct ksz_device *dev, int port,
 	if (ret)
 		return ret;
 
+	if (wol->wolopts & WAKE_MAGIC)
+		pme_ctrl |= PME_WOL_MAGICPKT;
 	if (wol->wolopts & WAKE_PHY)
 		pme_ctrl |= PME_WOL_LINKUP | PME_WOL_ENERGY;
 
-	return ksz_pwrite8(dev, port, REG_PORT_PME_CTRL, pme_ctrl);
+	ret = ksz_pread8(dev, port, REG_PORT_PME_CTRL, &pme_ctrl_old);
+	if (ret)
+		return ret;
+
+	if (pme_ctrl_old == pme_ctrl)
+		return 0;
+
+	magic_switched_off = (pme_ctrl_old & PME_WOL_MAGICPKT) &&
+			    !(pme_ctrl & PME_WOL_MAGICPKT);
+	magic_switched_on = !(pme_ctrl_old & PME_WOL_MAGICPKT) &&
+			    (pme_ctrl & PME_WOL_MAGICPKT);
+
+	/* To keep reference count of MAC address, we should do this
+	 * operation only on change of WOL settings.
+	 */
+	if (magic_switched_on) {
+		ret = ksz_switch_macaddr_get(dev->ds, port, NULL);
+		if (ret)
+			return ret;
+	} else if (magic_switched_off) {
+		ksz_switch_macaddr_put(dev->ds);
+	}
+
+	ret = ksz_pwrite8(dev, port, REG_PORT_PME_CTRL, pme_ctrl);
+	if (ret) {
+		if (magic_switched_on)
+			ksz_switch_macaddr_put(dev->ds);
+		return ret;
+	}
+
+	return 0;
 }
 
 static int ksz9477_wait_vlan_ctrl_ready(struct ksz_device *dev)
@@ -1106,6 +1153,11 @@ void ksz9477_port_setup(struct ksz_device *dev, int port, bool cpu_port)
 
 	/* clear pending wake flags */
 	ksz9477_handle_wake_reason(dev, port);
+
+	/* Disable all WoL options by default. Otherwise
+	 * ksz_switch_macaddr_get/put logic will not work properly.
+	 */
+	ksz_pwrite8(dev, port, REG_PORT_PME_CTRL, 0);
 }
 
 void ksz9477_config_cpu_port(struct dsa_switch *ds)
diff --git a/drivers/net/dsa/microchip/ksz_common.c b/drivers/net/dsa/microchip/ksz_common.c
index 3f7c86e545a7..377998966b13 100644
--- a/drivers/net/dsa/microchip/ksz_common.c
+++ b/drivers/net/dsa/microchip/ksz_common.c
@@ -3569,6 +3569,7 @@ static int ksz_port_set_mac_address(struct dsa_switch *ds, int port,
 				    const unsigned char *addr)
 {
 	struct dsa_port *dp = dsa_to_port(ds, port);
+	struct ethtool_wolinfo wol;
 
 	if (dp->hsr_dev) {
 		dev_err(ds->dev,
@@ -3577,6 +3578,14 @@ static int ksz_port_set_mac_address(struct dsa_switch *ds, int port,
 		return -EBUSY;
 	}
 
+	ksz_get_wol(ds, dp->index, &wol);
+	if (wol.wolopts & WAKE_MAGIC) {
+		dev_err(ds->dev,
+			"Cannot change MAC address on port %d with active Wake on Magic Packet\n",
+			port);
+		return -EBUSY;
+	}
+
 	return 0;
 }
 
@@ -3587,8 +3596,8 @@ static int ksz_port_set_mac_address(struct dsa_switch *ds, int port,
  * the same. The user ports' MAC addresses must not change while they have
  * ownership of the switch MAC address.
  */
-static int ksz_switch_macaddr_get(struct dsa_switch *ds, int port,
-				  struct netlink_ext_ack *extack)
+int ksz_switch_macaddr_get(struct dsa_switch *ds, int port,
+			   struct netlink_ext_ack *extack)
 {
 	struct net_device *slave = dsa_to_port(ds, port)->slave;
 	const unsigned char *addr = slave->dev_addr;
@@ -3628,7 +3637,7 @@ static int ksz_switch_macaddr_get(struct dsa_switch *ds, int port,
 	return 0;
 }
 
-static void ksz_switch_macaddr_put(struct dsa_switch *ds)
+void ksz_switch_macaddr_put(struct dsa_switch *ds)
 {
 	struct ksz_switch_macaddr *switch_macaddr;
 	struct ksz_device *dev = ds->priv;
diff --git a/drivers/net/dsa/microchip/ksz_common.h b/drivers/net/dsa/microchip/ksz_common.h
index a7394175fcf6..8fc3210d7a3d 100644
--- a/drivers/net/dsa/microchip/ksz_common.h
+++ b/drivers/net/dsa/microchip/ksz_common.h
@@ -396,6 +396,9 @@ void ksz_port_stp_state_set(struct dsa_switch *ds, int port, u8 state);
 bool ksz_get_gbit(struct ksz_device *dev, int port);
 phy_interface_t ksz_get_xmii(struct ksz_device *dev, int port, bool gbit);
 extern const struct ksz_chip_data ksz_switch_chips[];
+int ksz_switch_macaddr_get(struct dsa_switch *ds, int port,
+			   struct netlink_ext_ack *extack);
+void ksz_switch_macaddr_put(struct dsa_switch *ds);
 
 /* Common register access functions */
 static inline struct regmap *ksz_regmap_8(struct ksz_device *dev)
