diff --git a/elf/cmdline.cc b/elf/cmdline.cc
index e5f2a4ceed..bc0182dd52 100644
--- a/elf/cmdline.cc
+++ b/elf/cmdline.cc
@@ -522,7 +522,9 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
 
   bool version_shown = false;
   bool warn_shared_textrel = false;
+  bool error_unresolved_symbols = true;
   std::optional<SeparateCodeKind> z_separate_code;
+  std::optional<bool> report_undefined;
   std::optional<bool> z_relro;
   std::optional<u64> shuffle_sections_seed;
   std::unordered_set<std::string_view> rpaths;
@@ -781,9 +783,9 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
       ctx.arg.unique = std::move(*pat);
     } else if (read_arg("unresolved-symbols")) {
       if (arg == "report-all" || arg == "ignore-in-shared-libs")
-        ctx.arg.unresolved_symbols = UNRESOLVED_ERROR;
+        report_undefined = true;
       else if (arg == "ignore-all" || arg == "ignore-in-object-files")
-        ctx.arg.unresolved_symbols = UNRESOLVED_IGNORE;
+        report_undefined = false;
       else
         Fatal(ctx) << "unknown --unresolved-symbols argument: " << arg;
     } else if (read_arg("undefined") || read_arg("u")) {
@@ -963,10 +965,10 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
       z_relro = true;
     } else if (read_z_flag("norelro")) {
       z_relro = false;
-    } else if (read_z_flag("defs")) {
-      ctx.arg.z_defs = true;
+    } else if (read_z_flag("defs") || read_flag("no-undefined")) {
+      report_undefined = true;
     } else if (read_z_flag("undefs")) {
-      ctx.arg.z_defs = false;
+      report_undefined = false;
     } else if (read_z_flag("nodlopen")) {
       ctx.arg.z_dlopen = false;
     } else if (read_z_flag("nodelete")) {
@@ -1018,8 +1020,6 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
       ctx.arg.z_rewrite_endbr = true;
     } else if (read_z_flag("rodynamic")) {
       ctx.arg.z_rodynamic = true;
-    } else if (read_flag("no-undefined")) {
-      ctx.arg.z_defs = true;
     } else if (read_flag("nmagic")) {
       ctx.arg.nmagic = true;
     } else if (read_flag("no-nmagic")) {
@@ -1149,9 +1149,9 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
     } else if (read_flag("strip-debug") || read_flag("S")) {
       ctx.arg.strip_debug = true;
     } else if (read_flag("warn-unresolved-symbols")) {
-      ctx.arg.unresolved_symbols = UNRESOLVED_WARN;
+      error_unresolved_symbols = false;
     } else if (read_flag("error-unresolved-symbols")) {
-      ctx.arg.unresolved_symbols = UNRESOLVED_ERROR;
+      error_unresolved_symbols = true;
     } else if (read_arg("rpath")) {
       add_rpath(arg);
     } else if (read_arg("R")) {
@@ -1310,6 +1310,18 @@ std::vector<std::string> parse_nonpositional_args(Context<E> &ctx) {
   if (ctx.arg.pic)
     ctx.arg.image_base = 0;
 
+  if (!report_undefined)
+    report_undefined = !ctx.arg.shared;
+
+  if (*report_undefined) {
+    if (error_unresolved_symbols)
+      ctx.arg.unresolved_symbols = UNRESOLVED_ERROR;
+    else
+      ctx.arg.unresolved_symbols = UNRESOLVED_WARN;
+  } else {
+    ctx.arg.unresolved_symbols = UNRESOLVED_IGNORE;
+  }
+
   if (ctx.arg.retain_symbols_file) {
     ctx.arg.strip_all = false;
     ctx.arg.discard_all = false;
diff --git a/elf/input-sections.cc b/elf/input-sections.cc
index 72703f2f47..8383a7fd44 100644
--- a/elf/input-sections.cc
+++ b/elf/input-sections.cc
@@ -523,16 +523,22 @@ bool InputSection<E>::record_undef_error(Context<E> &ctx, const ElfRel<E> &rel)
     acc->second.push_back(ss.str());
   };
 
-  // A non-weak undefined symbol must be promoted to an imported
-  // symbol or resolved to an defined symbol. Otherwise, it's an
-  // undefined symbol error.
+  // A non-weak undefined symbol must be promoted to an imported symbol
+  // or resolved to an defined symbol. Otherwise, we need to report an
+  // error or warn on it.
   //
   // Every ELF file has an absolute local symbol as its first symbol.
   // Referring to that symbol is always valid.
   bool is_undef = esym.is_undef() && !esym.is_weak() && sym.sym_idx;
-  if (!sym.is_imported && is_undef && sym.esym().is_undef()) {
-    record();
-    return true;
+  if (is_undef && sym.esym().is_undef()) {
+    if (ctx.arg.unresolved_symbols == UNRESOLVED_ERROR && !sym.is_imported) {
+      record();
+      return true;
+    }
+    if (ctx.arg.unresolved_symbols == UNRESOLVED_WARN) {
+      record();
+      return false;
+    }
   }
 
   // If a protected/hidden undefined symbol is resolved to other .so,
diff --git a/elf/mold.h b/elf/mold.h
index 3f826ac264..79946c6035 100644
--- a/elf/mold.h
+++ b/elf/mold.h
@@ -1690,7 +1690,7 @@ struct Context {
     Symbol<E> *entry = nullptr;
     Symbol<E> *fini = nullptr;
     Symbol<E> *init = nullptr;
-    UnresolvedKind unresolved_symbols = UNRESOLVED_ERROR;
+    UnresolvedKind unresolved_symbols = UNRESOLVED_IGNORE;
     BsymbolicKind Bsymbolic = BSYMBOLIC_NONE;
     bool allow_multiple_definition = false;
     bool apply_dynamic_relocs = true;
@@ -1745,7 +1745,6 @@ struct Context {
     bool warn_once = false;
     bool warn_textrel = false;
     bool z_copyreloc = true;
-    bool z_defs = false;
     bool z_delete = true;
     bool z_dlopen = true;
     bool z_dump = true;
diff --git a/elf/passes.cc b/elf/passes.cc
index a35904c79f..49fa569fd5 100644
--- a/elf/passes.cc
+++ b/elf/passes.cc
@@ -1432,9 +1432,11 @@ void compute_section_sizes(Context<E> &ctx) {
 }
 
 // Find all unresolved symbols and attach them to the most appropriate files.
-// Note that even a symbol that will be reported as an undefined symbol will
-// get an owner file in this function. Such symbol will be reported by
-// ObjectFile<E>::scan_relocations().
+//
+// Note that even a symbol that will be reported as an undefined symbol
+// will get an owner file in this function. Such symbol will be reported
+// by ObjectFile<E>::scan_relocations(). This is because we want to report
+// errors only on symbols that are actually referenced.
 template <typename E>
 void claim_unresolved_symbols(Context<E> &ctx) {
   Timer t(ctx, "claim_unresolved_symbols");
@@ -1512,7 +1514,8 @@ void claim_unresolved_symbols(Context<E> &ctx) {
       // promoted to dynamic symbols for compatibility with other linkers.
       // Some major programs, notably Firefox, depend on the behavior
       // (they use this loophole to export symbols from libxul.so).
-      if (ctx.arg.shared && sym.visibility != STV_HIDDEN && !ctx.arg.z_defs) {
+      if (ctx.arg.shared && sym.visibility != STV_HIDDEN &&
+          ctx.arg.unresolved_symbols != UNRESOLVED_ERROR) {
         claim(true);
         continue;
       }
diff --git a/test/elf/copyrel-norelro.sh b/test/elf/copyrel-norelro.sh
old mode 100644
new mode 100755
diff --git a/test/elf/linker-script6.sh b/test/elf/linker-script6.sh
old mode 100644
new mode 100755
diff --git a/test/elf/riscv64_global-pointer-dso.sh b/test/elf/riscv64_global-pointer-dso.sh
old mode 100644
new mode 100755
diff --git a/test/elf/unresolved-symbols2.sh b/test/elf/unresolved-symbols2.sh
new file mode 100755
index 0000000000..566f50653e
--- /dev/null
+++ b/test/elf/unresolved-symbols2.sh
@@ -0,0 +1,10 @@
+#!/bin/bash
+. $(dirname $0)/common.inc
+
+cat <<EOF | $CC -c -o $t/a.o -xc -fPIC -
+int foo();
+int bar() { foo(); }
+EOF
+
+$CC -B. -shared -o $t/b.so $t/a.o -Wl,-z,defs -Wl,--unresolved-symbols,ignore-in-object-files
+readelf -W --dyn-syms $t/b.so | grep -q ' UND foo$'