diff --git a/gfx/gfx_thumbnail.c b/gfx/gfx_thumbnail.c
index 986fedb193..2389d21826 100644
--- a/gfx/gfx_thumbnail.c
+++ b/gfx/gfx_thumbnail.c
@@ -787,8 +787,10 @@ void gfx_thumbnail_get_draw_dimensions(
       unsigned width, unsigned height, float scale_factor,
       float *draw_width, float *draw_height)
 {
+   video_driver_state_t *video_st = video_state_get_ptr();
    float display_aspect;
    float thumbnail_aspect;
+   float core_aspect;
 
    /* Sanity check */
    if (!thumbnail || (width < 1) || (height < 1))
@@ -797,20 +799,31 @@ void gfx_thumbnail_get_draw_dimensions(
    if ((thumbnail->width < 1) || (thumbnail->height < 1))
       goto error;
 
-   /* Account for display/thumbnail aspect ratio
+   /* Account for display/thumbnail/core aspect ratio
     * differences */
    display_aspect   = (float)width            / (float)height;
    thumbnail_aspect = (float)thumbnail->width / (float)thumbnail->height;
+   core_aspect      = (thumbnail->core_aspect && video_st)
+         ? video_st->av_info.geometry.aspect_ratio : thumbnail_aspect;
 
    if (thumbnail_aspect > display_aspect)
    {
       *draw_width  = (float)width;
       *draw_height = (float)thumbnail->height * (*draw_width / (float)thumbnail->width);
+      *draw_height = *draw_height * (thumbnail_aspect / core_aspect);
+
+      if (*draw_height > height)
+      {
+         *draw_height = (float)height;
+         *draw_width  = (float)thumbnail->width * (*draw_height / (float)thumbnail->height);
+         *draw_width  = *draw_width / (thumbnail_aspect / core_aspect);
+      }
    }
    else
    {
       *draw_height = (float)height;
       *draw_width  = (float)thumbnail->width * (*draw_height / (float)thumbnail->height);
+      *draw_width  = *draw_width / (thumbnail_aspect / core_aspect);
    }
 
    /* Account for scale factor
diff --git a/gfx/gfx_thumbnail.h b/gfx/gfx_thumbnail.h
index 158eacd188..9c877adb38 100644
--- a/gfx/gfx_thumbnail.h
+++ b/gfx/gfx_thumbnail.h
@@ -74,6 +74,7 @@ typedef struct
    float delay_timer;
    enum gfx_thumbnail_status status;
    bool fade_active;
+   bool core_aspect;
 } gfx_thumbnail_t;
 
 /* Holds all configuration parameters associated
diff --git a/menu/drivers/ozone.c b/menu/drivers/ozone.c
index 608d8f01cf..cc3cbd31c7 100644
--- a/menu/drivers/ozone.c
+++ b/menu/drivers/ozone.c
@@ -3397,6 +3397,8 @@ static void ozone_update_savestate_thumbnail_image(void *data)
    if (!((ozone->is_quick_menu || ozone->is_state_slot) && ozone->libretro_running))
       return;
 
+   ozone->thumbnails.savestate.core_aspect = true;
+
    /* If path is empty, just reset thumbnail */
    if (string_is_empty(ozone->savestate_thumbnail_file_path))
       gfx_thumbnail_reset(&ozone->thumbnails.savestate);
diff --git a/menu/drivers/xmb.c b/menu/drivers/xmb.c
index 0b9d97cf24..fc3ce2fe1e 100644
--- a/menu/drivers/xmb.c
+++ b/menu/drivers/xmb.c
@@ -1432,6 +1432,8 @@ static void xmb_update_savestate_thumbnail_image(void *data)
    if (!((xmb->is_quick_menu || xmb->is_state_slot) && xmb->libretro_running))
       return;
 
+   xmb->thumbnails.savestate.core_aspect = true;
+
    /* If path is empty, just reset thumbnail */
    if (string_is_empty(xmb->savestate_thumbnail_file_path))
       gfx_thumbnail_reset(&xmb->thumbnails.savestate);