diff --git a/compiler/rustc_borrowck/src/diagnostics/conflict_errors.rs b/compiler/rustc_borrowck/src/diagnostics/conflict_errors.rs
index da472a08e7e40..6564729d3621d 100644
--- a/compiler/rustc_borrowck/src/diagnostics/conflict_errors.rs
+++ b/compiler/rustc_borrowck/src/diagnostics/conflict_errors.rs
@@ -3352,8 +3352,35 @@ impl<'infcx, 'tcx> MirBorrowckCtxt<'_, 'infcx, 'tcx> {
         proper_span: Span,
         explanation: BorrowExplanation<'tcx>,
     ) -> Diag<'infcx> {
-        if let BorrowExplanation::MustBeValidFor { category, span, from_closure: false, .. } =
-            explanation
+        // Emit E0492 for a shared `&const { expr }` borrow when `expr` has
+        // interior mutability, since that's what actually prevents promotion.
+        let interior_mut_const_span = if let Some(expr) = self.find_expr(proper_span)
+            && let hir::ExprKind::ConstBlock(const_block) = expr.kind
+            && matches!(borrow.kind(), BorrowKind::Shared)
+        {
+            let borrowed_ty = self.body.local_decls[borrow.borrowed_place.local].ty;
+            let typing_env = self.infcx.typing_env(self.infcx.param_env);
+            let tcx = self.infcx.tcx;
+            if !borrowed_ty.is_freeze(tcx, typing_env) {
+                let body_expr = tcx.hir_body(const_block.body).value;
+                let inner_span = if let hir::ExprKind::Block(block, _) = body_expr.kind
+                    && let Some(tail_expr) = block.expr
+                {
+                    tail_expr.span
+                } else {
+                    body_expr.span
+                };
+                Some(inner_span)
+            } else {
+                None
+            }
+        } else {
+            None
+        };
+
+        if interior_mut_const_span.is_none()
+            && let BorrowExplanation::MustBeValidFor { category, span, from_closure: false, .. } =
+                explanation
         {
             if let Err(diag) = self.try_report_cannot_return_reference_to_local(
                 borrow,
@@ -3366,9 +3393,43 @@ impl<'infcx, 'tcx> MirBorrowckCtxt<'_, 'infcx, 'tcx> {
             }
         }
 
-        let mut err = self.temporary_value_borrowed_for_too_long(proper_span);
-        err.span_label(proper_span, "creates a temporary value which is freed while still in use");
-        err.span_label(drop_span, "temporary value is freed at the end of this statement");
+        let mut err = if let Some(inner_span) = interior_mut_const_span {
+            // FIXME(#154810): this message is duplicated from
+            // `rustc_const_eval::errors::InteriorMutableBorrowEscaping`. Deduplicate once the
+            // diagnostic struct can be shared across the borrowck/const_eval crate boundary.
+            let mut err = struct_span_code_err!(
+                self.dcx(),
+                inner_span,
+                E0492,
+                "interior mutable shared borrows of temporaries that have their \
+                lifetime extended until the end of the program are not allowed"
+            );
+            err.span_label(
+                inner_span,
+                "this borrow of an interior mutable value refers to such a temporary",
+            );
+            err.note(
+                "temporaries in constants and statics can have their lifetime \
+                extended until the end of the program",
+            );
+            err.note(
+                "to avoid accidentally creating global mutable state, such \
+                temporaries must be immutable",
+            );
+            err.help(
+                "if you really want global mutable state, try replacing the \
+                temporary by an interior mutable `static` or a `static mut`",
+            );
+            err
+        } else {
+            let mut err = self.temporary_value_borrowed_for_too_long(proper_span);
+            err.span_label(
+                proper_span,
+                "creates a temporary value which is freed while still in use",
+            );
+            err.span_label(drop_span, "temporary value is freed at the end of this statement");
+            err
+        };
 
         match explanation {
             BorrowExplanation::UsedLater(..)
diff --git a/compiler/rustc_const_eval/src/errors.rs b/compiler/rustc_const_eval/src/errors.rs
index 9faf9a59fc22a..bde84f0430eaf 100644
--- a/compiler/rustc_const_eval/src/errors.rs
+++ b/compiler/rustc_const_eval/src/errors.rs
@@ -263,6 +263,10 @@ pub(crate) struct UnallowedInlineAsm {
     pub kind: ConstContext,
 }
 
+// FIXME(#154810): this message is duplicated in
+// `rustc_borrowck::diagnostics::conflict_errors`
+// (`report_temporary_value_does_not_live_long_enough`). Keep the two in sync until the
+// diagnostic can be shared across the crate boundary.
 #[derive(Diagnostic)]
 #[diag("interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed", code = E0492)]
 #[note(
diff --git a/tests/ui/inline-const/interior-mutable-borrow-issue-154382.rs b/tests/ui/inline-const/interior-mutable-borrow-issue-154382.rs
new file mode 100644
index 0000000000000..639d7d3b3edf8
--- /dev/null
+++ b/tests/ui/inline-const/interior-mutable-borrow-issue-154382.rs
@@ -0,0 +1,64 @@
+// Verify that `&const { expr }` where `expr` has interior mutability
+// gets E0492 instead of E0716.
+// https://github.com/rust-lang/rust/issues/154382
+
+use std::cell::Cell;
+use std::sync::atomic::AtomicUsize;
+
+struct Mutable(Cell<u32>);
+impl Mutable {
+    const fn new(a: u32) -> Self { Self(Cell::new(a)) }
+}
+
+fn foo() -> &'static Mutable {
+    &const { Mutable::new(0) }
+    //~^ ERROR interior mutable shared borrows of temporaries
+}
+
+struct Holder {
+    val: &'static Mutable,
+}
+
+fn takes_static(_: &'static Mutable) {}
+
+fn via_closure() {
+    let _f: fn() -> &'static Mutable = || &const { Mutable::new(0) };
+    //~^ ERROR interior mutable shared borrows of temporaries
+}
+
+fn via_struct() {
+    let _h = Holder { val: &const { Mutable::new(0) } };
+    //~^ ERROR interior mutable shared borrows of temporaries
+}
+
+fn via_argument() {
+    takes_static(&const { Mutable::new(0) });
+    //~^ ERROR interior mutable shared borrows of temporaries
+}
+
+// The `let` binding suggestion should still be offered alongside E0492.
+fn deferred_assignment() {
+    let r;
+    r = &const { Cell::new(0) };
+    //~^ ERROR interior mutable shared borrows of temporaries
+    r.set(1);
+}
+
+// A `&mut` borrow is not a shared borrow, so it keeps the E0716 diagnostic.
+fn mut_borrow() {
+    let _: &'static mut _ = &mut const { Cell::new(0) };
+    //~^ ERROR temporary value dropped while borrowed
+}
+
+fn main() {
+    let _: &'static _ = &const { 0u32 };
+
+    let _: &'static _ = &const { Mutable::new(0u32) };
+    //~^ ERROR interior mutable shared borrows of temporaries
+
+    let _: &'static _ = const { &Mutable::new(0u32) };
+    //~^ ERROR interior mutable shared borrows of temporaries
+
+    let _: &'static _ = &const { AtomicUsize::new(0) };
+    //~^ ERROR interior mutable shared borrows of temporaries
+}
diff --git a/tests/ui/inline-const/interior-mutable-borrow-issue-154382.stderr b/tests/ui/inline-const/interior-mutable-borrow-issue-154382.stderr
new file mode 100644
index 0000000000000..d33eeb87b4095
--- /dev/null
+++ b/tests/ui/inline-const/interior-mutable-borrow-issue-154382.stderr
@@ -0,0 +1,120 @@
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:14:14
+   |
+LL |     &const { Mutable::new(0) }
+   |     ---------^^^^^^^^^^^^^^^--
+   |     |        |
+   |     |        this borrow of an interior mutable value refers to such a temporary
+   |     returning this value requires that borrow lasts for `'static`
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:25:52
+   |
+LL |     let _f: fn() -> &'static Mutable = || &const { Mutable::new(0) };
+   |                                         - ---------^^^^^^^^^^^^^^^--
+   |                                         | |        |
+   |                                         | |        this borrow of an interior mutable value refers to such a temporary
+   |                                         | returning this value requires that borrow lasts for `'1`
+   |                                         return type of closure is &'1 Mutable
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:30:37
+   |
+LL |     let _h = Holder { val: &const { Mutable::new(0) } };
+   |                            ---------^^^^^^^^^^^^^^^--
+   |                            |        |
+   |                            |        this borrow of an interior mutable value refers to such a temporary
+   |                            this usage requires that borrow lasts for `'static`
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:35:27
+   |
+LL |     takes_static(&const { Mutable::new(0) });
+   |     ----------------------^^^^^^^^^^^^^^^---
+   |     |                     |
+   |     |                     this borrow of an interior mutable value refers to such a temporary
+   |     argument requires that borrow lasts for `'static`
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:42:18
+   |
+LL |     r = &const { Cell::new(0) };
+   |                  ^^^^^^^^^^^^ this borrow of an interior mutable value refers to such a temporary
+LL |
+LL |     r.set(1);
+   |     - borrow later used here
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+help: consider using a `let` binding to create a longer lived value
+   |
+LL ~     let binding = const { Cell::new(0) };
+LL ~     r = &binding;
+   |
+
+error[E0716]: temporary value dropped while borrowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:49:34
+   |
+LL |     let _: &'static mut _ = &mut const { Cell::new(0) };
+   |            --------------        ^^^^^^^^^^^^^^^^^^^^^^ creates a temporary value which is freed while still in use
+   |            |
+   |            type annotation requires that borrow lasts for `'static`
+LL |
+LL | }
+   | - temporary value is freed at the end of this statement
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:59:33
+   |
+LL |     let _: &'static _ = const { &Mutable::new(0u32) };
+   |                                 ^^^^^^^^^^^^^^^^^^^ this borrow of an interior mutable value refers to such a temporary
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:56:34
+   |
+LL |     let _: &'static _ = &const { Mutable::new(0u32) };
+   |            ----------            ^^^^^^^^^^^^^^^^^^ this borrow of an interior mutable value refers to such a temporary
+   |            |
+   |            type annotation requires that borrow lasts for `'static`
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error[E0492]: interior mutable shared borrows of temporaries that have their lifetime extended until the end of the program are not allowed
+  --> $DIR/interior-mutable-borrow-issue-154382.rs:62:34
+   |
+LL |     let _: &'static _ = &const { AtomicUsize::new(0) };
+   |            ----------            ^^^^^^^^^^^^^^^^^^^ this borrow of an interior mutable value refers to such a temporary
+   |            |
+   |            type annotation requires that borrow lasts for `'static`
+   |
+   = note: temporaries in constants and statics can have their lifetime extended until the end of the program
+   = note: to avoid accidentally creating global mutable state, such temporaries must be immutable
+   = help: if you really want global mutable state, try replacing the temporary by an interior mutable `static` or a `static mut`
+
+error: aborting due to 9 previous errors
+
+Some errors have detailed explanations: E0492, E0716.
+For more information about an error, try `rustc --explain E0492`.