diff --git a/src/Makefile b/src/Makefile
index 9551781a..c558003c 100644
--- a/src/Makefile
+++ b/src/Makefile
@@ -122,8 +122,10 @@ XCFLAGS=
 #
 # Use the system provided memory allocator (realloc) instead of the
 # bundled memory allocator. This is slower, but sometimes helpful for
-# debugging. It's helpful for Valgrind's memcheck tool, too. This option
-# cannot be enabled on x64, since the built-in allocator is mandatory.
+# debugging. This option cannot be enabled on x64, since realloc usually
+# doesn't return addresses in the right address range.
+# OTOH this option is mandatory for Valgrind's memcheck tool on x64 and
+# the only way to get useful results from it for all other architectures.
 #XCFLAGS+= -DLUAJIT_USE_SYSMALLOC
 #
 # This define is required to run LuaJIT under Valgrind. The Valgrind
diff --git a/src/lib_aux.c b/src/lib_aux.c
index 1b01fe07..e88dc7c2 100644
--- a/src/lib_aux.c
+++ b/src/lib_aux.c
@@ -302,7 +302,7 @@ static int panic(lua_State *L)
 
 #ifdef LUAJIT_USE_SYSMALLOC
 
-#if LJ_64
+#if LJ_64 && !defined(LUAJIT_USE_VALGRIND)
 #error "Must use builtin allocator for 64 bit target"
 #endif
 
diff --git a/src/lj_state.c b/src/lj_state.c
index f972fdce..b9eaef46 100644
--- a/src/lj_state.c
+++ b/src/lj_state.c
@@ -175,7 +175,7 @@ static void close_state(lua_State *L)
     g->allocf(g->allocd, G2GG(g), sizeof(GG_State), 0);
 }
 
-#if LJ_64
+#if LJ_64 && !(defined(LUAJIT_USE_VALGRIND) && defined(LUAJIT_USE_SYSMALLOC))
 lua_State *lj_state_newstate(lua_Alloc f, void *ud)
 #else
 LUA_API lua_State *lua_newstate(lua_Alloc f, void *ud)