diff --git a/tests/kernels/quantization/test_mxfp4_kernel_selection.py b/tests/kernels/quantization/test_mxfp4_kernel_selection.py
index 46bef106e6..46ff139fc7 100644
--- a/tests/kernels/quantization/test_mxfp4_kernel_selection.py
+++ b/tests/kernels/quantization/test_mxfp4_kernel_selection.py
@@ -5,11 +5,12 @@
 Run `pytest tests/kernels/quantization/test_mxfp4_kernel_selection.py`.
 """
 
-from unittest.mock import patch
+from unittest.mock import MagicMock, patch
 
 import pytest
 import torch
 
+import vllm.envs as envs
 from vllm.model_executor.kernels.linear import (
     AiterMxfp4LinearKernel,
     EmulationMxfp4LinearKernel,
@@ -46,6 +47,19 @@ _TRUE_W4A4_KERNELS = [
 _WEIGHT_ONLY_KERNELS = [MarlinMxFp4LinearKernel]
 
 
+def _make_emulation_layer():
+    layer = torch.nn.Module()
+    layer.register_parameter(
+        "weight",
+        torch.nn.Parameter(torch.ones((2, 2), dtype=torch.uint8), False),
+    )
+    layer.register_parameter(
+        "weight_scale",
+        torch.nn.Parameter(torch.ones((2, 1), dtype=torch.uint8), False),
+    )
+    return layer
+
+
 def test_can_implement_is_abstract():
     """Test that can_implement()/is_supported() are properly defined."""
     assert hasattr(MxFp4LinearKernel, "can_implement")
@@ -155,6 +169,77 @@ def test_emulation_kernel_derives_quant_dequant_func_from_config(monkeypatch):
         assert kernel.quant_dequant_func is quant_dequant_mxfp4
 
 
+@pytest.mark.parametrize("dtype", [torch.bfloat16, torch.float16])
+def test_emulation_kernel_dequantizes_at_load_and_keeps_activation_qdq(
+    dtype, monkeypatch
+):
+    monkeypatch.setattr(
+        "vllm.model_executor.kernels.linear.mxfp4.emulation.has_quark",
+        lambda: True,
+    )
+    kernel = EmulationMxfp4LinearKernel(
+        MxFp4LinearLayerConfig(activation_quant_key=kMxfp4Dynamic)
+    )
+    kernel.quant_dequant_func = MagicMock(side_effect=lambda x: x * 0.5)
+    layer = _make_emulation_layer()
+    dequantized = torch.tensor([[1.0, 2.0], [3.0, 4.0]], dtype=torch.bfloat16)
+    x = torch.tensor([[2.0, 4.0]], dtype=dtype)
+
+    with (
+        patch.object(envs, "VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD", True),
+        patch(
+            "vllm.model_executor.kernels.linear.mxfp4.emulation.dequant_mxfp4",
+            return_value=dequantized,
+        ) as dequant,
+    ):
+        kernel.process_weights_after_loading(layer)
+        actual = kernel.apply_weights(layer, x)
+
+    expected = torch.nn.functional.linear(x * 0.5, dequantized.to(dtype))
+    torch.testing.assert_close(actual, expected)
+    dequant.assert_called_once()
+    kernel.quant_dequant_func.assert_called_once_with(x)
+    assert layer.weight.dtype == torch.bfloat16
+    assert layer.weight.device == dequantized.device
+    assert not layer.weight.requires_grad
+    assert layer.weight_scale is not None
+    assert not layer.weight_scale.requires_grad
+
+
+def test_emulation_kernel_opt_out_dequantizes_per_invocation(monkeypatch):
+    monkeypatch.setattr(
+        "vllm.model_executor.kernels.linear.mxfp4.emulation.has_quark",
+        lambda: True,
+    )
+    kernel = EmulationMxfp4LinearKernel(
+        MxFp4LinearLayerConfig(activation_quant_key=kMxfp4Dynamic)
+    )
+    kernel.quant_dequant_func = MagicMock(side_effect=lambda x: x * 0.5)
+    layer = _make_emulation_layer()
+    dequantized = torch.tensor([[1.0, 2.0], [3.0, 4.0]], dtype=torch.bfloat16)
+    x = torch.tensor([[2.0, 4.0]], dtype=torch.bfloat16)
+
+    with (
+        patch.object(envs, "VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD", False),
+        patch(
+            "vllm.model_executor.kernels.linear.mxfp4.emulation.dequant_mxfp4",
+            return_value=dequantized,
+        ) as dequant,
+    ):
+        kernel.process_weights_after_loading(layer)
+        dequant.assert_not_called()
+        first = kernel.apply_weights(layer, x)
+        second = kernel.apply_weights(layer, x)
+
+    expected = torch.nn.functional.linear(x * 0.5, dequantized)
+    torch.testing.assert_close(first, expected)
+    torch.testing.assert_close(second, expected)
+    assert dequant.call_count == 2
+    assert kernel.quant_dequant_func.call_count == 2
+    assert layer.weight.dtype == torch.uint8
+    assert layer.weight_scale is not None
+
+
 def test_aiter_kernel_is_supported_requires_native_mx_support():
     """AiterMxfp4LinearKernel must not be selected on platforms without
     native MX compute, even if AITER itself is importable."""
diff --git a/vllm/envs.py b/vllm/envs.py
index fa98db1cf1..afe1193564 100755
--- a/vllm/envs.py
+++ b/vllm/envs.py
@@ -131,6 +131,7 @@ if TYPE_CHECKING:
     VLLM_GDN_DECODE_KERNEL: Literal["cuda", "triton"] = "cuda"
     VLLM_DISABLE_PYNCCL: bool = False
     VLLM_USE_OINK_OPS: bool = False
+    VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD: bool = False
     VLLM_MXFP8_EMULATION_DEQUANT_AT_LOAD: bool = True
     VLLM_ROCM_USE_AITER: bool = False
     VLLM_ROCM_USE_AITER_CUSTOM_AR: bool = True
@@ -1229,6 +1230,13 @@ environment_variables: dict[str, Callable[[], Any]] = {
     ),
     # Disable aiter ops unless specifically enabled.
     # Acts as a parent switch to enable the rest of the other operations.
+    # Set to 1 to dequantize MXFP4 weights to BF16 once at load time and run as
+    # a BF16 checkpoint (no per-step weight dequant). This improves emulation
+    # latency at the cost of additional device memory. Default off.
+    "VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD": lambda: (
+        os.getenv("VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD", "False").lower()
+        in ("true", "1")
+    ),
     # On hardware without a native MXFP8 kernel (e.g. ROCm gfx942 / MI300), the
     # MXFP8 emulation path dequantizes weights MXFP8->BF16 once at load time and
     # runs as a BF16 checkpoint (no per-step dequant). Set to 0 to fall back to
diff --git a/vllm/model_executor/kernels/linear/mxfp4/emulation.py b/vllm/model_executor/kernels/linear/mxfp4/emulation.py
index ddd0143c22..dce664c9a7 100644
--- a/vllm/model_executor/kernels/linear/mxfp4/emulation.py
+++ b/vllm/model_executor/kernels/linear/mxfp4/emulation.py
@@ -8,6 +8,7 @@ import torch
 import torch.nn.functional as F
 from torch.nn.parameter import Parameter
 
+import vllm.envs as envs
 from vllm.logger import init_logger
 from vllm.model_executor.layers.quantization.utils.mxfp4_utils import (
     dequant_mxfp4,
@@ -97,7 +98,16 @@ class EmulationMxfp4LinearKernel(MxFp4LinearKernel):
         return True, None
 
     def process_weights_after_loading(self, layer: torch.nn.Module) -> None:
-        layer.weight_scale = Parameter(layer.weight_scale.data, requires_grad=False)
+        weight_scale = Parameter(layer.weight_scale.data, requires_grad=False)
+
+        # Match the MXFP8 emulation path when explicitly enabled: dequantize
+        # once at load time so inference uses a plain high-precision linear.
+        # Otherwise retain packed weights and dequantize per invocation.
+        if envs.VLLM_MXFP4_EMULATION_DEQUANT_AT_LOAD:
+            weight = dequant_mxfp4(layer.weight, weight_scale, torch.bfloat16)
+            layer.weight = Parameter(weight.contiguous(), requires_grad=False)
+
+        layer.weight_scale = weight_scale
 
     def apply_weights(
         self,
@@ -105,6 +115,12 @@ class EmulationMxfp4LinearKernel(MxFp4LinearKernel):
         x: torch.Tensor,
         bias: torch.Tensor | None = None,
     ) -> torch.Tensor:
-        dq_w = dequant_mxfp4(layer.weight, layer.weight_scale, x.dtype)
         qdq_x = self.quant_dequant_func(x)
+
+        # Packed MXFP4 weights use one byte for two values. A weight with
+        # elements wider than one byte was already dequantized at load time.
+        if layer.weight.element_size() >= 2:
+            return F.linear(qdq_x, layer.weight.to(x.dtype), bias)
+
+        dq_w = dequant_mxfp4(layer.weight, layer.weight_scale, x.dtype)
         return F.linear(qdq_x, dq_w, bias)