diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index 3e56a0b2caa24..bd6eb100c0967 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -11754,6 +11754,11 @@ namespace ts {
         }
 
         function getConstraintFromIndexedAccess(type: IndexedAccessType) {
+            if (isMappedTypeGenericIndexedAccess(type)) {
+                // For indexed access types of the form { [P in K]: E }[X], where K is non-generic and X is generic,
+                // we substitute an instantiation of E where P is replaced with X.
+                return substituteIndexedMappedType(type.objectType as MappedType, type.indexType);
+            }
             const indexConstraint = getSimplifiedTypeOrConstraint(type.indexType);
             if (indexConstraint && indexConstraint !== type.indexType) {
                 const indexedAccess = getIndexedAccessTypeOrUndefined(type.objectType, indexConstraint, type.accessFlags);
@@ -11967,6 +11972,11 @@ namespace ts {
                     return constraint ? getStringMappingType((t as StringMappingType).symbol, constraint) : stringType;
                 }
                 if (t.flags & TypeFlags.IndexedAccess) {
+                    if (isMappedTypeGenericIndexedAccess(t)) {
+                        // For indexed access types of the form { [P in K]: E }[X], where K is non-generic and X is generic,
+                        // we substitute an instantiation of E where P is replaced with X.
+                        return getBaseConstraint(substituteIndexedMappedType((t as IndexedAccessType).objectType as MappedType, (t as IndexedAccessType).indexType));
+                    }
                     const baseObjectType = getBaseConstraint((t as IndexedAccessType).objectType);
                     const baseIndexType = getBaseConstraint((t as IndexedAccessType).indexType);
                     const baseIndexedAccess = baseObjectType && baseIndexType && getIndexedAccessTypeOrUndefined(baseObjectType, baseIndexType, (t as IndexedAccessType).accessFlags);
@@ -12060,13 +12070,7 @@ namespace ts {
          * type itself.
          */
         function getApparentType(type: Type): Type {
-            // We obtain the base constraint for all instantiable types, except indexed access types of the form
-            // { [P in K]: E }[X], where K is non-generic and X is generic. For those types, we instead substitute an
-            // instantiation of E where P is replaced with X. We do this because getBaseConstraintOfType directly
-            // lowers to an instantiation where X's constraint is substituted for X, which isn't always desirable.
-            const t = !(type.flags & TypeFlags.Instantiable) ? type :
-                isMappedTypeGenericIndexedAccess(type) ? substituteIndexedMappedType((type as IndexedAccessType).objectType as MappedType, (type as IndexedAccessType).indexType) :
-                getBaseConstraintOfType(type) || unknownType;
+            const t = !(type.flags & TypeFlags.Instantiable) ? type : getBaseConstraintOfType(type) || unknownType;
             return getObjectFlags(t) & ObjectFlags.Mapped ? getApparentTypeOfMappedType(t as MappedType) :
                 t.flags & TypeFlags.Intersection ? getApparentTypeOfIntersectionType(t as IntersectionType) :
                 t.flags & TypeFlags.StringLike ? globalStringType :
@@ -19225,6 +19229,17 @@ namespace ts {
                             resetErrorInfo(saveErrorInfo);
                             return result;
                         }
+                        if (isMappedTypeGenericIndexedAccess(source)) {
+                            // For an indexed access type { [P in K]: E}[X], above we have already explored an instantiation of E with X
+                            // substituted for P. We also want to explore type { [P in K]: E }[C], where C is the constraint of X.
+                            const indexConstraint = getConstraintOfType((source as IndexedAccessType).indexType);
+                            if (indexConstraint) {
+                                if (result = isRelatedTo(getIndexedAccessType((source as IndexedAccessType).objectType, indexConstraint), target, RecursionFlags.Source, reportErrors)) {
+                                    resetErrorInfo(saveErrorInfo);
+                                    return result;
+                                }
+                            }
+                        }
                     }
                 }
                 else if (source.flags & TypeFlags.Index) {
diff --git a/tests/baselines/reference/correlatedUnions.js b/tests/baselines/reference/correlatedUnions.js
index 7d0d71e9beea2..b42a48c68a0e2 100644
--- a/tests/baselines/reference/correlatedUnions.js
+++ b/tests/baselines/reference/correlatedUnions.js
@@ -157,6 +157,30 @@ function ff1() {
     const x1 = apply('sum', 1, 2)
     const x2 = apply('concat', 'str1', 'str2', 'str3' )
 }
+
+// Repro from #47368
+
+type ArgMap = { a: number, b: string };
+type Func<K extends keyof ArgMap> = (x: ArgMap[K]) => void;
+type Funcs = { [K in keyof ArgMap]: Func<K> };
+
+function f1<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    funcs[key](arg);
+}
+
+function f2<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    const func = funcs[key];  // Type Funcs[K]
+    func(arg);
+}
+
+function f3<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    const func: Func<K> = funcs[key];  // Error, Funcs[K] not assignable to Func<K>
+    func(arg);
+}
+
+function f4<K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]) {
+    x = y;
+}
 
 
 //// [correlatedUnions.js]
@@ -244,6 +268,20 @@ function ff1() {
     var x1 = apply('sum', 1, 2);
     var x2 = apply('concat', 'str1', 'str2', 'str3');
 }
+function f1(funcs, key, arg) {
+    funcs[key](arg);
+}
+function f2(funcs, key, arg) {
+    var func = funcs[key]; // Type Funcs[K]
+    func(arg);
+}
+function f3(funcs, key, arg) {
+    var func = funcs[key]; // Error, Funcs[K] not assignable to Func<K>
+    func(arg);
+}
+function f4(x, y) {
+    x = y;
+}
 
 
 //// [correlatedUnions.d.ts]
@@ -348,3 +386,15 @@ declare const scrollEvent: {
     readonly callback: (ev: Event) => void;
 };
 declare function ff1(): void;
+declare type ArgMap = {
+    a: number;
+    b: string;
+};
+declare type Func<K extends keyof ArgMap> = (x: ArgMap[K]) => void;
+declare type Funcs = {
+    [K in keyof ArgMap]: Func<K>;
+};
+declare function f1<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]): void;
+declare function f2<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]): void;
+declare function f3<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]): void;
+declare function f4<K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]): void;
diff --git a/tests/baselines/reference/correlatedUnions.symbols b/tests/baselines/reference/correlatedUnions.symbols
index ecb57667c815c..040c3983e95dd 100644
--- a/tests/baselines/reference/correlatedUnions.symbols
+++ b/tests/baselines/reference/correlatedUnions.symbols
@@ -573,3 +573,105 @@ function ff1() {
 >apply : Symbol(apply, Decl(correlatedUnions.ts, 150, 5))
 }
 
+// Repro from #47368
+
+type ArgMap = { a: number, b: string };
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>a : Symbol(a, Decl(correlatedUnions.ts, 161, 15))
+>b : Symbol(b, Decl(correlatedUnions.ts, 161, 26))
+
+type Func<K extends keyof ArgMap> = (x: ArgMap[K]) => void;
+>Func : Symbol(Func, Decl(correlatedUnions.ts, 161, 39))
+>K : Symbol(K, Decl(correlatedUnions.ts, 162, 10))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>x : Symbol(x, Decl(correlatedUnions.ts, 162, 37))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 162, 10))
+
+type Funcs = { [K in keyof ArgMap]: Func<K> };
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>K : Symbol(K, Decl(correlatedUnions.ts, 163, 16))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>Func : Symbol(Func, Decl(correlatedUnions.ts, 161, 39))
+>K : Symbol(K, Decl(correlatedUnions.ts, 163, 16))
+
+function f1<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f1 : Symbol(f1, Decl(correlatedUnions.ts, 163, 46))
+>K : Symbol(K, Decl(correlatedUnions.ts, 165, 12))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 165, 36))
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>key : Symbol(key, Decl(correlatedUnions.ts, 165, 49))
+>K : Symbol(K, Decl(correlatedUnions.ts, 165, 12))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 165, 57))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 165, 12))
+
+    funcs[key](arg);
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 165, 36))
+>key : Symbol(key, Decl(correlatedUnions.ts, 165, 49))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 165, 57))
+}
+
+function f2<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f2 : Symbol(f2, Decl(correlatedUnions.ts, 167, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 169, 12))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 169, 36))
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>key : Symbol(key, Decl(correlatedUnions.ts, 169, 49))
+>K : Symbol(K, Decl(correlatedUnions.ts, 169, 12))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 169, 57))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 169, 12))
+
+    const func = funcs[key];  // Type Funcs[K]
+>func : Symbol(func, Decl(correlatedUnions.ts, 170, 9))
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 169, 36))
+>key : Symbol(key, Decl(correlatedUnions.ts, 169, 49))
+
+    func(arg);
+>func : Symbol(func, Decl(correlatedUnions.ts, 170, 9))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 169, 57))
+}
+
+function f3<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f3 : Symbol(f3, Decl(correlatedUnions.ts, 172, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 174, 12))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 174, 36))
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>key : Symbol(key, Decl(correlatedUnions.ts, 174, 49))
+>K : Symbol(K, Decl(correlatedUnions.ts, 174, 12))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 174, 57))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 174, 12))
+
+    const func: Func<K> = funcs[key];  // Error, Funcs[K] not assignable to Func<K>
+>func : Symbol(func, Decl(correlatedUnions.ts, 175, 9))
+>Func : Symbol(Func, Decl(correlatedUnions.ts, 161, 39))
+>K : Symbol(K, Decl(correlatedUnions.ts, 174, 12))
+>funcs : Symbol(funcs, Decl(correlatedUnions.ts, 174, 36))
+>key : Symbol(key, Decl(correlatedUnions.ts, 174, 49))
+
+    func(arg);
+>func : Symbol(func, Decl(correlatedUnions.ts, 175, 9))
+>arg : Symbol(arg, Decl(correlatedUnions.ts, 174, 57))
+}
+
+function f4<K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]) {
+>f4 : Symbol(f4, Decl(correlatedUnions.ts, 177, 1))
+>K : Symbol(K, Decl(correlatedUnions.ts, 179, 12))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>x : Symbol(x, Decl(correlatedUnions.ts, 179, 36))
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>ArgMap : Symbol(ArgMap, Decl(correlatedUnions.ts, 157, 1))
+>y : Symbol(y, Decl(correlatedUnions.ts, 179, 59))
+>Funcs : Symbol(Funcs, Decl(correlatedUnions.ts, 162, 59))
+>K : Symbol(K, Decl(correlatedUnions.ts, 179, 12))
+
+    x = y;
+>x : Symbol(x, Decl(correlatedUnions.ts, 179, 36))
+>y : Symbol(y, Decl(correlatedUnions.ts, 179, 59))
+}
+
diff --git a/tests/baselines/reference/correlatedUnions.types b/tests/baselines/reference/correlatedUnions.types
index e10785790a2eb..ae14133757619 100644
--- a/tests/baselines/reference/correlatedUnions.types
+++ b/tests/baselines/reference/correlatedUnions.types
@@ -549,3 +549,78 @@ function ff1() {
 >'str3' : "str3"
 }
 
+// Repro from #47368
+
+type ArgMap = { a: number, b: string };
+>ArgMap : ArgMap
+>a : number
+>b : string
+
+type Func<K extends keyof ArgMap> = (x: ArgMap[K]) => void;
+>Func : Func<K>
+>x : ArgMap[K]
+
+type Funcs = { [K in keyof ArgMap]: Func<K> };
+>Funcs : Funcs
+
+function f1<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f1 : <K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) => void
+>funcs : Funcs
+>key : K
+>arg : ArgMap[K]
+
+    funcs[key](arg);
+>funcs[key](arg) : void
+>funcs[key] : Funcs[K]
+>funcs : Funcs
+>key : K
+>arg : ArgMap[K]
+}
+
+function f2<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f2 : <K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) => void
+>funcs : Funcs
+>key : K
+>arg : ArgMap[K]
+
+    const func = funcs[key];  // Type Funcs[K]
+>func : Funcs[K]
+>funcs[key] : Funcs[K]
+>funcs : Funcs
+>key : K
+
+    func(arg);
+>func(arg) : void
+>func : Funcs[K]
+>arg : ArgMap[K]
+}
+
+function f3<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+>f3 : <K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) => void
+>funcs : Funcs
+>key : K
+>arg : ArgMap[K]
+
+    const func: Func<K> = funcs[key];  // Error, Funcs[K] not assignable to Func<K>
+>func : Func<K>
+>funcs[key] : Funcs[K]
+>funcs : Funcs
+>key : K
+
+    func(arg);
+>func(arg) : void
+>func : Func<K>
+>arg : ArgMap[K]
+}
+
+function f4<K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]) {
+>f4 : <K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]) => void
+>x : Func<"b"> | Func<"a">
+>y : Funcs[K]
+
+    x = y;
+>x = y : Funcs[K]
+>x : Func<"b"> | Func<"a">
+>y : Funcs[K]
+}
+
diff --git a/tests/cases/compiler/correlatedUnions.ts b/tests/cases/compiler/correlatedUnions.ts
index b0b3aa63faa71..546d511034bae 100644
--- a/tests/cases/compiler/correlatedUnions.ts
+++ b/tests/cases/compiler/correlatedUnions.ts
@@ -159,3 +159,27 @@ function ff1() {
     const x1 = apply('sum', 1, 2)
     const x2 = apply('concat', 'str1', 'str2', 'str3' )
 }
+
+// Repro from #47368
+
+type ArgMap = { a: number, b: string };
+type Func<K extends keyof ArgMap> = (x: ArgMap[K]) => void;
+type Funcs = { [K in keyof ArgMap]: Func<K> };
+
+function f1<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    funcs[key](arg);
+}
+
+function f2<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    const func = funcs[key];  // Type Funcs[K]
+    func(arg);
+}
+
+function f3<K extends keyof ArgMap>(funcs: Funcs, key: K, arg: ArgMap[K]) {
+    const func: Func<K> = funcs[key];  // Error, Funcs[K] not assignable to Func<K>
+    func(arg);
+}
+
+function f4<K extends keyof ArgMap>(x: Funcs[keyof ArgMap], y: Funcs[K]) {
+    x = y;
+}