diff --git a/source/blender/blenkernel/BKE_image.hh b/source/blender/blenkernel/BKE_image.hh
index 85626acee5e..d2584e35ef8 100644
--- a/source/blender/blenkernel/BKE_image.hh
+++ b/source/blender/blenkernel/BKE_image.hh
@@ -137,12 +137,14 @@ bool BKE_imbuf_write_as(ImBuf *ibuf,
  * Used by sequencer too.
  */
 MovieReader *openanim(const char *filepath,
-                      int flags,
+                      int ibuf_flags,
                       int streamindex,
+                      bool keep_original_colorspace,
                       char colorspace[IMA_MAX_SPACE]);
 MovieReader *openanim_noload(const char *filepath,
                              int flags,
                              int streamindex,
+                             bool keep_original_colorspace,
                              char colorspace[IMA_MAX_SPACE]);
 
 void BKE_image_tag_time(Image *ima);
diff --git a/source/blender/blenkernel/intern/image.cc b/source/blender/blenkernel/intern/image.cc
index 188ac2847c1..a8957e8c4cc 100644
--- a/source/blender/blenkernel/intern/image.cc
+++ b/source/blender/blenkernel/intern/image.cc
@@ -2677,25 +2677,27 @@ bool BKE_imbuf_write_stamp(const Scene *scene,
 }
 
 MovieReader *openanim_noload(const char *filepath,
-                             int flags,
-                             int streamindex,
+                             const int flags,
+                             const int streamindex,
+                             const bool keep_original_colorspace,
                              char colorspace[IMA_MAX_SPACE])
 {
   MovieReader *anim;
 
-  anim = MOV_open_file(filepath, flags, streamindex, colorspace);
+  anim = MOV_open_file(filepath, flags, streamindex, keep_original_colorspace, colorspace);
   return anim;
 }
 
 MovieReader *openanim(const char *filepath,
-                      int flags,
-                      int streamindex,
+                      const int ibuf_flags,
+                      const int streamindex,
+                      const bool keep_original_colorspace,
                       char colorspace[IMA_MAX_SPACE])
 {
   MovieReader *anim;
   ImBuf *ibuf;
 
-  anim = MOV_open_file(filepath, flags, streamindex, colorspace);
+  anim = MOV_open_file(filepath, ibuf_flags, streamindex, keep_original_colorspace, colorspace);
   if (anim == nullptr) {
     return nullptr;
   }
@@ -4145,7 +4147,7 @@ static ImBuf *load_movie_single(Image *ima, ImageUser *iuser, int frame, const i
     BKE_image_user_file_path(&iuser_t, ima, filepath);
 
     /* FIXME: make several stream accessible in image editor, too. */
-    ia->anim = openanim(filepath, flags, 0, ima->colorspace_settings.name);
+    ia->anim = openanim(filepath, flags, 0, false, ima->colorspace_settings.name);
 
     /* let's initialize this user */
     if (ia->anim && iuser && iuser->frames == 0) {
diff --git a/source/blender/blenkernel/intern/movieclip.cc b/source/blender/blenkernel/intern/movieclip.cc
index 4d93f86c2c2..732f46a4127 100644
--- a/source/blender/blenkernel/intern/movieclip.cc
+++ b/source/blender/blenkernel/intern/movieclip.cc
@@ -591,7 +591,7 @@ static void movieclip_open_anim_file(MovieClip *clip)
     BLI_path_abs(filepath_abs, ID_BLEND_PATH_FROM_GLOBAL(&clip->id));
 
     /* FIXME: make several stream accessible in image editor, too */
-    clip->anim = openanim(filepath_abs, IB_byte_data, 0, clip->colorspace_settings.name);
+    clip->anim = openanim(filepath_abs, IB_byte_data, 0, false, clip->colorspace_settings.name);
 
     if (clip->anim) {
       if (clip->flag & MCLIP_USE_PROXY_CUSTOM_DIR) {
diff --git a/source/blender/editors/space_sequencer/sequencer_drag_drop.cc b/source/blender/editors/space_sequencer/sequencer_drag_drop.cc
index 42e327b34b7..f7c320a3b8c 100644
--- a/source/blender/editors/space_sequencer/sequencer_drag_drop.cc
+++ b/source/blender/editors/space_sequencer/sequencer_drag_drop.cc
@@ -548,8 +548,10 @@ static void prefetch_data_fn(void *custom_data, wmJobWorkerStatus * /*worker_sta
 #endif
   }
 
+  /* The movie reader is not used to access pixel data here, so avoid internal colorspace
+   * conversions that ensures typical color pipeline in Blender as they might be expensive. */
   char colorspace[/*MAX_COLORSPACE_NAME*/ 64] = "\0";
-  MovieReader *anim = openanim(job_data->path, IB_byte_data, 0, colorspace);
+  MovieReader *anim = openanim(job_data->path, IB_byte_data, 0, true, colorspace);
 
   if (anim != nullptr) {
     g_drop_coords.strip_len = MOV_get_duration_frames(anim, IMB_TC_NONE);
diff --git a/source/blender/imbuf/intern/thumbs.cc b/source/blender/imbuf/intern/thumbs.cc
index 8c3247ee595..5ddefd64fc8 100644
--- a/source/blender/imbuf/intern/thumbs.cc
+++ b/source/blender/imbuf/intern/thumbs.cc
@@ -393,7 +393,10 @@ static ImBuf *thumb_create_ex(const char *file_path,
       }
       else if (THB_SOURCE_MOVIE == source) {
         MovieReader *anim = nullptr;
-        anim = MOV_open_file(file_path, IB_byte_data | IB_metadata, 0, nullptr);
+        /* Image buffer is converted from float to byte and only the latter one is used, and the
+         * conversion process is aware of the float colorspace. So it is possible to save some
+         * compute time by keeping the original colorspace for movies. */
+        anim = MOV_open_file(file_path, IB_byte_data | IB_metadata, 0, true, nullptr);
         if (anim != nullptr) {
           img = MOV_decode_frame(anim, 0, IMB_TC_NONE, IMB_PROXY_NONE);
           if (img == nullptr) {
diff --git a/source/blender/imbuf/movie/MOV_read.hh b/source/blender/imbuf/movie/MOV_read.hh
index 1640b0bc77e..42c7dbf434d 100644
--- a/source/blender/imbuf/movie/MOV_read.hh
+++ b/source/blender/imbuf/movie/MOV_read.hh
@@ -38,6 +38,7 @@ struct MovieProxyBuilder;
 MovieReader *MOV_open_file(const char *filepath,
                            int ib_flags,
                            int streamindex,
+                           bool keep_original_colorspace,
                            char colorspace[IM_MAX_SPACE]);
 
 /**
diff --git a/source/blender/imbuf/movie/intern/movie_proxy_indexer.cc b/source/blender/imbuf/movie/intern/movie_proxy_indexer.cc
index 26cd33a2fbd..c3e669a8050 100644
--- a/source/blender/imbuf/movie/intern/movie_proxy_indexer.cc
+++ b/source/blender/imbuf/movie/intern/movie_proxy_indexer.cc
@@ -1258,8 +1258,11 @@ MovieReader *movie_open_proxy(MovieReader *anim, IMB_Proxy_Size preview_size)
 
   get_proxy_filepath(anim, preview_size, filepath, false);
 
-  /* proxies are generated in the same color space as animation itself */
-  anim->proxy_anim[i] = MOV_open_file(filepath, 0, 0, anim->colorspace);
+  /* Proxies are generated in the same color space as animation itself.
+   *
+   * Also skip any colorspace conversion to the color pipeline design as it helps performance and
+   * the image buffers from the proxy builder are not used anywhere else in Blender. */
+  anim->proxy_anim[i] = MOV_open_file(filepath, 0, 0, true, anim->colorspace);
 
   anim->proxies_tried |= preview_size;
 
diff --git a/source/blender/imbuf/movie/intern/movie_read.cc b/source/blender/imbuf/movie/intern/movie_read.cc
index 2302564fa31..5b2cc1a5ae9 100644
--- a/source/blender/imbuf/movie/intern/movie_read.cc
+++ b/source/blender/imbuf/movie/intern/movie_read.cc
@@ -99,8 +99,9 @@ IDProperty *MOV_load_metadata(MovieReader *anim)
 }
 
 MovieReader *MOV_open_file(const char *filepath,
-                           int ib_flags,
-                           int streamindex,
+                           const int ib_flags,
+                           const int streamindex,
+                           const bool keep_original_colorspace,
                            char colorspace[IM_MAX_SPACE])
 {
   MovieReader *anim;
@@ -122,6 +123,7 @@ MovieReader *MOV_open_file(const char *filepath,
     STRNCPY(anim->filepath, filepath);
     anim->ib_flags = ib_flags;
     anim->streamindex = streamindex;
+    anim->keep_original_colorspace = keep_original_colorspace;
   }
   return anim;
 }
@@ -1248,11 +1250,9 @@ static ImBuf *ffmpeg_fetchibuf(MovieReader *anim, int position, IMB_Timecode_Typ
       MEM_mallocN_aligned(pixel_size * anim->x * anim->y, align, "ffmpeg ibuf"));
   if (anim->is_float) {
     IMB_assign_float_buffer(cur_frame_final, (float *)buffer_data, IB_TAKE_OWNERSHIP);
-    cur_frame_final->float_buffer.colorspace = colormanage_colorspace_get_named(anim->colorspace);
   }
   else {
     IMB_assign_byte_buffer(cur_frame_final, buffer_data, IB_TAKE_OWNERSHIP);
-    cur_frame_final->byte_buffer.colorspace = colormanage_colorspace_get_named(anim->colorspace);
   }
 
   AVFrame *final_frame = ffmpeg_frame_by_pts_get(anim, pts_to_search);
@@ -1268,6 +1268,30 @@ static ImBuf *ffmpeg_fetchibuf(MovieReader *anim, int position, IMB_Timecode_Typ
     ffmpeg_postprocess(anim, final_frame, cur_frame_final);
   }
 
+  if (anim->is_float) {
+    if (anim->keep_original_colorspace) {
+      /* Movie has been explicitly requested to keep original colorspace, regardless of the nature
+       * of the buffer. */
+      cur_frame_final->float_buffer.colorspace = colormanage_colorspace_get_named(
+          anim->colorspace);
+    }
+    else {
+      /* Float buffers are expected to be in the scene linear color space.
+       * Linearize the buffer if it is in a different space.
+       *
+       * It might not be the most optimal thing to do from the playback performance in the
+       * sequencer perspective, but it ensures that other areas in Blender do not run into obscure
+       * color space mismatches. */
+      colormanage_imbuf_make_linear(cur_frame_final, anim->colorspace);
+    }
+  }
+  else {
+    /* Colorspace conversion is lossy for byte buffers, so only assign the colorspace.
+     * It is up to artists to ensure operations on byte buffers do not involve mixing different
+     * colorspaces. */
+    cur_frame_final->byte_buffer.colorspace = colormanage_colorspace_get_named(anim->colorspace);
+  }
+
   anim->cur_position = position;
 
   return cur_frame_final;
diff --git a/source/blender/imbuf/movie/intern/movie_read.hh b/source/blender/imbuf/movie/intern/movie_read.hh
index 1b8642ac545..7b3f863c7fd 100644
--- a/source/blender/imbuf/movie/intern/movie_read.hh
+++ b/source/blender/imbuf/movie/intern/movie_read.hh
@@ -48,6 +48,8 @@ struct MovieReader {
 
   int streamindex = 0;
 
+  bool keep_original_colorspace = false;
+
 #ifdef WITH_FFMPEG
   AVFormatContext *pFormatCtx = nullptr;
   AVCodecContext *pCodecCtx = nullptr;
diff --git a/source/blender/sequencer/intern/cache/thumbnail_cache.cc b/source/blender/sequencer/intern/cache/thumbnail_cache.cc
index f6878219918..a9498ba0b50 100644
--- a/source/blender/sequencer/intern/cache/thumbnail_cache.cc
+++ b/source/blender/sequencer/intern/cache/thumbnail_cache.cc
@@ -359,7 +359,8 @@ void ThumbGenerationJob::run_fn(void *customdata, wmJobWorkerStatus *worker_stat
 
             cur_anim_path = request.file_path;
             cur_stream = request.stream_index;
-            cur_anim = MOV_open_file(cur_anim_path.c_str(), IB_byte_data, cur_stream, nullptr);
+            cur_anim = MOV_open_file(
+                cur_anim_path.c_str(), IB_byte_data, cur_stream, true, nullptr);
           }
 
           /* Decode the movie frame. */
diff --git a/source/blender/sequencer/intern/proxy.cc b/source/blender/sequencer/intern/proxy.cc
index 81f02cedefe..918c68a069c 100644
--- a/source/blender/sequencer/intern/proxy.cc
+++ b/source/blender/sequencer/intern/proxy.cc
@@ -222,7 +222,10 @@ ImBuf *seq_proxy_fetch(const RenderData *context, Strip *strip, int timeline_fra
         return nullptr;
       }
 
-      proxy->anim = openanim(filepath, IB_byte_data, 0, strip->data->colorspace_settings.name);
+      /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+       * kept unchanged for the performance reasons. */
+      proxy->anim = openanim(
+          filepath, IB_byte_data, 0, true, strip->data->colorspace_settings.name);
     }
     if (proxy->anim == nullptr) {
       return nullptr;
diff --git a/source/blender/sequencer/intern/render.cc b/source/blender/sequencer/intern/render.cc
index 6bc89423be2..5eb8f39870b 100644
--- a/source/blender/sequencer/intern/render.cc
+++ b/source/blender/sequencer/intern/render.cc
@@ -1030,7 +1030,10 @@ static ImBuf *seq_render_movie_strip_custom_file_proxy(const RenderData *context
 
   if (proxy->anim == nullptr) {
     if (seq_proxy_get_custom_file_filepath(strip, filepath, context->view_id)) {
-      proxy->anim = openanim(filepath, IB_byte_data, 0, strip->data->colorspace_settings.name);
+      /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+       * kept unchanged for the performance reasons. */
+      proxy->anim = openanim(
+          filepath, IB_byte_data, 0, true, strip->data->colorspace_settings.name);
     }
     if (proxy->anim == nullptr) {
       return nullptr;
diff --git a/source/blender/sequencer/intern/strip_add.cc b/source/blender/sequencer/intern/strip_add.cc
index c4a091aa256..599749a51fb 100644
--- a/source/blender/sequencer/intern/strip_add.cc
+++ b/source/blender/sequencer/intern/strip_add.cc
@@ -419,7 +419,9 @@ Strip *add_movie_strip(Main *bmain, Scene *scene, ListBase *seqbase, LoadData *l
         char filepath_view[FILE_MAX];
 
         seq_multiview_name(scene, i, prefix, ext, filepath_view, sizeof(filepath_view));
-        anim_arr[j] = openanim(filepath_view, IB_byte_data, 0, colorspace);
+        /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+         * kept unchanged for the performance reasons. */
+        anim_arr[j] = openanim(filepath_view, IB_byte_data, 0, true, colorspace);
 
         if (anim_arr[j]) {
           seq_anim_add_suffix(scene, anim_arr[j], i);
@@ -431,7 +433,9 @@ Strip *add_movie_strip(Main *bmain, Scene *scene, ListBase *seqbase, LoadData *l
   }
 
   if (is_multiview_loaded == false) {
-    anim_arr[0] = openanim(filepath, IB_byte_data, 0, colorspace);
+    /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+     * kept unchanged for the performance reasons. */
+    anim_arr[0] = openanim(filepath, IB_byte_data, 0, true, colorspace);
   }
 
   if (anim_arr[0] == nullptr && !load_data->allow_invalid_file) {
@@ -586,9 +590,12 @@ void add_reload_new_file(Main *bmain, Scene *scene, Strip *strip, const bool loc
             char filepath_view[FILE_MAX];
 
             seq_multiview_name(scene, i, prefix, ext, filepath_view, sizeof(filepath_view));
+            /* Sequencer takes care of colorspace conversion of the result. The input is the best
+             * to be kept unchanged for the performance reasons. */
             anim = openanim(filepath_view,
                             IB_byte_data | ((strip->flag & SEQ_FILTERY) ? IB_animdeinterlace : 0),
                             strip->streamindex,
+                            true,
                             strip->data->colorspace_settings.name);
 
             if (anim) {
@@ -603,11 +610,14 @@ void add_reload_new_file(Main *bmain, Scene *scene, Strip *strip, const bool loc
       }
 
       if (is_multiview_loaded == false) {
-        MovieReader *anim;
-        anim = openanim(filepath,
-                        IB_byte_data | ((strip->flag & SEQ_FILTERY) ? IB_animdeinterlace : 0),
-                        strip->streamindex,
-                        strip->data->colorspace_settings.name);
+        /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+         * kept unchanged for the performance reasons. */
+        MovieReader *anim = openanim(filepath,
+                                     IB_byte_data |
+                                         ((strip->flag & SEQ_FILTERY) ? IB_animdeinterlace : 0),
+                                     strip->streamindex,
+                                     true,
+                                     strip->data->colorspace_settings.name);
         if (anim) {
           sanim = MEM_mallocN<StripAnim>("Strip Anim");
           BLI_addtail(&strip->anims, sanim);
diff --git a/source/blender/sequencer/intern/utils.cc b/source/blender/sequencer/intern/utils.cc
index 2924bbfe06d..d4ca81868c9 100644
--- a/source/blender/sequencer/intern/utils.cc
+++ b/source/blender/sequencer/intern/utils.cc
@@ -208,10 +208,13 @@ ListBase *get_seqbase_from_strip(Strip *strip, ListBase **r_channels, int *r_off
 
 static void open_anim_filepath(Strip *strip, StripAnim *sanim, const char *filepath, bool openfile)
 {
+  /* Sequencer takes care of colorspace conversion of the result. The input is the best to be
+   * kept unchanged for the performance reasons. */
   if (openfile) {
     sanim->anim = openanim(filepath,
                            IB_byte_data | ((strip->flag & SEQ_FILTERY) ? IB_animdeinterlace : 0),
                            strip->streamindex,
+                           true,
                            strip->data->colorspace_settings.name);
   }
   else {
@@ -219,6 +222,7 @@ static void open_anim_filepath(Strip *strip, StripAnim *sanim, const char *filep
                                   IB_byte_data |
                                       ((strip->flag & SEQ_FILTERY) ? IB_animdeinterlace : 0),
                                   strip->streamindex,
+                                  true,
                                   strip->data->colorspace_settings.name);
   }
 }
diff --git a/source/blender/windowmanager/intern/wm_playanim.cc b/source/blender/windowmanager/intern/wm_playanim.cc
index f348395e096..49b69ec0ff3 100644
--- a/source/blender/windowmanager/intern/wm_playanim.cc
+++ b/source/blender/windowmanager/intern/wm_playanim.cc
@@ -855,7 +855,7 @@ static void build_pict_list_from_anim(ListBase &picsbase,
                                       const int frame_offset)
 {
   /* OCIO_TODO: support different input color space. */
-  MovieReader *anim = MOV_open_file(filepath_first, IB_byte_data, 0, nullptr);
+  MovieReader *anim = MOV_open_file(filepath_first, IB_byte_data, 0, false, nullptr);
   if (anim == nullptr) {
     CLOG_WARN(&LOG, "couldn't open anim '%s'", filepath_first);
     return;
@@ -1823,7 +1823,9 @@ static std::optional<int> wm_main_playanim_intern(int argc, const char **argv, P
       filepath = argv[0];
       if (MOV_is_movie_file(filepath)) {
         /* OCIO_TODO: support different input color spaces. */
-        MovieReader *anim = MOV_open_file(filepath, IB_byte_data, 0, nullptr);
+        /* Image buffer is used for display, which does support displaying any buffer from any
+         * colorspace. Skip colorspace conversions in the movie module to improve performance. */
+        MovieReader *anim = MOV_open_file(filepath, IB_byte_data, 0, true, nullptr);
         if (anim) {
           ibuf = MOV_decode_frame(anim, 0, IMB_TC_NONE, IMB_PROXY_NONE);
           MOV_close(anim);