diff --git a/Makefile b/Makefile
index 24cf37c21cba..b0bbf8453b66 100644
--- a/Makefile
+++ b/Makefile
@@ -1066,6 +1066,10 @@ vmlinux-alldirs	:= $(sort $(vmlinux-dirs) Documentation \
 		     $(patsubst %/,%,$(filter %/, $(core-) \
 			$(drivers-) $(libs-))))
 
+subdir-modorder := $(addsuffix modules.order,$(filter %/, \
+			$(core-y) $(core-m) $(libs-y) $(libs-m) \
+			$(drivers-y) $(drivers-m)))
+
 build-dirs	:= $(vmlinux-dirs)
 clean-dirs	:= $(vmlinux-alldirs)
 
@@ -1124,7 +1128,7 @@ targets := vmlinux
 
 # The actual objects are generated when descending,
 # make sure no implicit rule kicks in
-$(sort $(vmlinux-deps)): descend ;
+$(sort $(vmlinux-deps) $(subdir-modorder)): descend ;
 
 filechk_kernel.release = \
 	echo "$(KERNELVERSION)$$($(CONFIG_SHELL) $(srctree)/scripts/setlocalversion $(srctree))"
@@ -1345,8 +1349,12 @@ PHONY += modules_check
 modules_check: modules.order
 	$(Q)$(CONFIG_SHELL) $(srctree)/scripts/modules-check.sh $<
 
-modules.order: descend
-	$(Q)$(AWK) '!x[$$0]++' $(addsuffix /$@, $(build-dirs)) > $@
+cmd_modules_order = $(AWK) '!x[$$0]++' $(real-prereqs) > $@
+
+modules.order: $(subdir-modorder) FORCE
+	$(call if_changed,modules_order)
+
+targets += modules.order
 
 # Target to prepare building external modules
 PHONY += modules_prepare
diff --git a/scripts/Makefile.build b/scripts/Makefile.build
index a1f09bec8c70..2e8810b7e5ed 100644
--- a/scripts/Makefile.build
+++ b/scripts/Makefile.build
@@ -71,7 +71,7 @@ endif
 
 # subdir-builtin and subdir-modorder may contain duplications. Use $(sort ...)
 subdir-builtin := $(sort $(filter %/built-in.a, $(real-obj-y)))
-subdir-modorder := $(sort $(filter %/modules.order, $(modorder)))
+subdir-modorder := $(sort $(filter %/modules.order, $(obj-m)))
 
 targets-for-builtin := $(extra-y)
 
@@ -83,8 +83,7 @@ ifdef need-builtin
 targets-for-builtin += $(obj)/built-in.a
 endif
 
-targets-for-modules := $(obj-m)
-targets-for-modules += $(patsubst %.o, %.mod, $(obj-m))
+targets-for-modules := $(patsubst %.o, %.mod, $(filter %.o, $(obj-m)))
 
 ifdef need-modorder
 targets-for-modules += $(obj)/modules.order
@@ -361,8 +360,9 @@ endif
 $(obj)/%.o: $(src)/%.S $(objtool_dep) FORCE
 	$(call if_changed_rule,as_o_S)
 
-targets += $(filter-out $(subdir-builtin), $(real-obj-y)) $(real-obj-m) $(lib-y)
-targets += $(always-y) $(MAKECMDGOALS)
+targets += $(filter-out $(subdir-builtin), $(real-obj-y))
+targets += $(filter-out $(subdir-modorder), $(real-obj-m))
+targets += $(lib-y) $(always-y) $(MAKECMDGOALS)
 
 # Linker scripts preprocessor (.lds.S -> .lds)
 # ---------------------------------------------------------------------------
@@ -404,11 +404,16 @@ $(obj)/built-in.a: $(real-obj-y) FORCE
 #
 # Create commands to either record .ko file or cat modules.order from
 # a subdirectory
-$(obj)/modules.order: $(subdir-modorder) FORCE
-	$(Q){ $(foreach m, $(modorder), \
-	$(if $(filter $^, $m), cat $m, echo $m);) :; } \
+# Add $(obj-m) as the prerequisite to avoid updating the timestamp of
+# modules.order unless contained modules are updated.
+
+cmd_modules_order = { $(foreach m, $(real-prereqs), \
+	$(if $(filter %/modules.order, $m), cat $m, echo $(patsubst %.o,%.ko,$m));) :; } \
 	| $(AWK) '!x[$$0]++' - > $@
 
+$(obj)/modules.order: $(obj-m) FORCE
+	$(call if_changed,modules_order)
+
 #
 # Rule to compile a set of .o files into one .a file (with symbol table)
 #
diff --git a/scripts/Makefile.lib b/scripts/Makefile.lib
index 748e44d5a1e3..e598b07e6de4 100644
--- a/scripts/Makefile.lib
+++ b/scripts/Makefile.lib
@@ -32,27 +32,29 @@ obj-m := $(filter-out $(obj-y),$(obj-m))
 # Filter out objects already built-in
 lib-y := $(filter-out $(obj-y), $(sort $(lib-y) $(lib-m)))
 
-# Determine modorder.
-# Unfortunately, we don't have information about ordering between -y
-# and -m subdirs.  Just put -y's first.
-ifdef need-modorder
-modorder	:= $(patsubst %/,%/modules.order, $(filter %/, $(obj-y)) $(obj-m:.o=.ko))
-endif
-
 # Subdirectories we need to descend into
 subdir-ym := $(sort $(subdir-y) $(subdir-m) \
 			$(patsubst %/,%, $(filter %/, $(obj-y) $(obj-m))))
 
-# Handle objects in subdirs
-# ---------------------------------------------------------------------------
-# o if we encounter foo/ in $(obj-y), replace it by foo/built-in.a
-# o if we encounter foo/ in $(obj-m), remove it from $(obj-m)
+# Handle objects in subdirs:
+# - If we encounter foo/ in $(obj-y), replace it by foo/built-in.a and
+#   foo/modules.order
+# - If we encounter foo/ in $(obj-m), replace it by foo/modules.order
+#
+# Generate modules.order to determine modorder. Unfortunately, we don't have
+# information about ordering between -y and -m subdirs. Just put -y's first.
+
+ifdef need-modorder
+obj-m := $(patsubst %/,%/modules.order, $(filter %/, $(obj-y)) $(obj-m))
+else
+obj-m := $(filter-out %/, $(obj-m))
+endif
+
 ifdef need-builtin
 obj-y		:= $(patsubst %/, %/built-in.a, $(obj-y))
 else
 obj-y		:= $(filter-out %/, $(obj-y))
 endif
-obj-m		:= $(filter-out %/, $(obj-m))
 
 # If $(foo-objs), $(foo-y), $(foo-m), or $(foo-) exists, foo.o is a composite object
 multi-used-y := $(sort $(foreach m,$(obj-y), $(if $(strip $($(m:.o=-objs)) $($(m:.o=-y)) $($(m:.o=-))), $(m))))
@@ -81,7 +83,6 @@ endif
 extra-y		:= $(addprefix $(obj)/,$(extra-y))
 always-y	:= $(addprefix $(obj)/,$(always-y))
 targets		:= $(addprefix $(obj)/,$(targets))
-modorder	:= $(addprefix $(obj)/,$(modorder))
 obj-m		:= $(addprefix $(obj)/,$(obj-m))
 lib-y		:= $(addprefix $(obj)/,$(lib-y))
 real-obj-y	:= $(addprefix $(obj)/,$(real-obj-y))