diff --git a/base/initdefs.jl b/base/initdefs.jl
index ea456907a17a8..3dfd6aed39015 100644
--- a/base/initdefs.jl
+++ b/base/initdefs.jl
@@ -101,7 +101,6 @@ function and `using` and `import` statements to consider when loading
 code.
 """
 const LOAD_PATH = Any[]
-const LOAD_CACHE_PATH = String[]
 
 function parse_load_path(str::String)
     envs = Any[split(str, Sys.iswindows() ? ';' : ':');]
diff --git a/base/loading.jl b/base/loading.jl
index d1056ee208623..1aa230ab1a4ea 100644
--- a/base/loading.jl
+++ b/base/loading.jl
@@ -638,15 +638,17 @@ function find_source_file(path::AbstractString)
     return isfile(base_path) ? base_path : nothing
 end
 
-cache_file_entry(pkg::PkgId) =
-    pkg.uuid === nothing ? "$(pkg.name).ji" :
-        joinpath(pkg.name, "$(package_slug(pkg.uuid)).ji")
+cache_file_entry(pkg::PkgId) = joinpath(
+    "compiled",
+    "v$(VERSION.major).$(VERSION.minor)",
+    pkg.uuid === nothing ? "$(pkg.name).ji" : joinpath(pkg.name, "$(package_slug(pkg.uuid)).ji")
+)
 
 function find_all_in_cache_path(pkg::PkgId)
     paths = String[]
-    suffix = cache_file_entry(pkg)
-    for prefix in LOAD_CACHE_PATH
-        path = joinpath(prefix, suffix)
+    entry = cache_file_entry(pkg)
+    for depot in DEPOT_PATH
+        path = joinpath(depot, entry)
         isfile_casesensitive(path) && push!(paths, path)
     end
     return paths
@@ -1133,8 +1135,6 @@ function create_expr_cache(input::String, output::String, concrete_deps::typeof(
         append!(Base.LOAD_PATH, $(repr(LOAD_PATH, context=:module=>nothing)))
         empty!(Base.DEPOT_PATH)
         append!(Base.DEPOT_PATH, $(repr(DEPOT_PATH)))
-        empty!(Base.LOAD_CACHE_PATH)
-        append!(Base.LOAD_CACHE_PATH, $(repr(LOAD_CACHE_PATH)))
         empty!(Base.DL_LOAD_PATH)
         append!(Base.DL_LOAD_PATH, $(repr(DL_LOAD_PATH)))
         Base._track_dependencies[] = true
@@ -1173,11 +1173,9 @@ end
 """
     Base.compilecache(module::PkgId)
 
-Creates a precompiled cache file for
-a module and all of its dependencies.
+Creates a precompiled cache file for a module and all of its dependencies.
 This can be used to reduce package load times. Cache files are stored in
-`LOAD_CACHE_PATH[1]`, which defaults to `~/.julia/lib/VERSION`. See
-[Module initialization and precompilation](@ref)
+`DEPOT_PATH[1]/compiled`. See [Module initialization and precompilation](@ref)
 for important notes.
 """
 function compilecache(pkg::PkgId)
@@ -1186,7 +1184,7 @@ function compilecache(pkg::PkgId)
     path = locate_package(pkg)
     path === nothing && throw(ArgumentError("$name not found in path"))
     # decide where to put the resulting cache file
-    cachefile = abspath(LOAD_CACHE_PATH[1], cache_file_entry(pkg))
+    cachefile = abspath(DEPOT_PATH[1], cache_file_entry(pkg))
     cachepath = dirname(cachefile)
     isdir(cachepath) || mkpath(cachepath)
     # build up the list of modules that we want the precompile process to preserve
diff --git a/doc/src/manual/modules.md b/doc/src/manual/modules.md
index bb7c0f28e2b4f..1442f898bcb53 100644
--- a/doc/src/manual/modules.md
+++ b/doc/src/manual/modules.md
@@ -221,7 +221,7 @@ versions of modules to reduce this time.
 To create an incremental precompiled module file, add `__precompile__()` at the top of your module
 file (before the `module` starts). This will cause it to be automatically compiled the first time
 it is imported. Alternatively, you can manually call `Base.compilecache(modulename)`. The resulting
-cache files will be stored in `Base.LOAD_CACHE_PATH[1]`. Subsequently, the module is automatically
+cache files will be stored in `DEPOT_PATH[1]/compiled/`. Subsequently, the module is automatically
 recompiled upon `import` whenever any of its dependencies change; dependencies are modules it
 imports, the Julia build, files it includes, or explicit dependencies declared by `include_dependency(path)`
 in the module file(s).
diff --git a/stdlib/Pkg/src/Pkg.jl b/stdlib/Pkg/src/Pkg.jl
index 88cd02050ba98..55a7098ade83c 100644
--- a/stdlib/Pkg/src/Pkg.jl
+++ b/stdlib/Pkg/src/Pkg.jl
@@ -89,7 +89,6 @@ init(meta::AbstractString=DEFAULT_META, branch::AbstractString=META_BRANCH) = Di
 function __init__()
     vers = "v$(VERSION.major).$(VERSION.minor)"
     push!(Base.LOAD_PATH, dir)
-    pushfirst!(Base.LOAD_CACHE_PATH, abspath(Dir._pkgroot(), "lib", vers))
 end
 
 """
diff --git a/stdlib/Pkg/src/entry.jl b/stdlib/Pkg/src/entry.jl
index 21a9cbd982fb9..5534e57caaaad 100644
--- a/stdlib/Pkg/src/entry.jl
+++ b/stdlib/Pkg/src/entry.jl
@@ -588,8 +588,6 @@ function build(pkg::AbstractString, build_file::AbstractString, errfile::Abstrac
         append!(Base.LOAD_PATH, $(repr(LOAD_PATH, context=:module=>nothing)))
         empty!(Base.DEPOT_PATH)
         append!(Base.DEPOT_PATH, $(repr(DEPOT_PATH)))
-        empty!(Base.LOAD_CACHE_PATH)
-        append!(Base.LOAD_CACHE_PATH, $(repr(Base.LOAD_CACHE_PATH)))
         empty!(Base.DL_LOAD_PATH)
         append!(Base.DL_LOAD_PATH, $(repr(Base.DL_LOAD_PATH)))
         open("$(escape_string(errfile))", "a") do f
diff --git a/test/compile.jl b/test/compile.jl
index 6412abf3f4b1b..a67a2f5c014af 100644
--- a/test/compile.jl
+++ b/test/compile.jl
@@ -16,7 +16,7 @@ using .ConflictingBindings
 dir = mktempdir()
 dir2 = mktempdir()
 insert!(LOAD_PATH, 1, dir)
-insert!(Base.LOAD_CACHE_PATH, 1, dir)
+insert!(DEPOT_PATH, 1, dir)
 try
     Foo_file = joinpath(dir, "$Foo_module.jl")
     Foo2_file = joinpath(dir, "$Foo2_module.jl")
@@ -166,7 +166,9 @@ try
         @test Foo.override(UInt(1)) == 2
     end
 
-    cachefile = joinpath(dir, "$Foo_module.ji")
+    cachedir = joinpath(dir, "compiled", "v$(VERSION.major).$(VERSION.minor)")
+    cachedir2 = joinpath(dir2, "compiled", "v$(VERSION.major).$(VERSION.minor)")
+    cachefile = joinpath(cachedir, "$Foo_module.ji")
     # use _require_from_serialized to ensure that the test fails if
     # the module doesn't reload from the image:
     @test_logs (:warn, "Replacing module `$Foo_module`") begin
@@ -293,36 +295,36 @@ try
           """)
 
     Base.compilecache(Base.PkgId("FooBar"))
-    @test isfile(joinpath(dir, "FooBar.ji"))
-    @test Base.stale_cachefile(FooBar_file, joinpath(dir, "FooBar.ji")) isa Vector
+    @test isfile(joinpath(cachedir, "FooBar.ji"))
+    @test Base.stale_cachefile(FooBar_file, joinpath(cachedir, "FooBar.ji")) isa Vector
     @test !isdefined(Main, :FooBar)
     @test !isdefined(Main, :FooBar1)
 
     relFooBar_file = joinpath(dir, "subfolder", "..", "FooBar.jl")
-    @test Base.stale_cachefile(relFooBar_file, joinpath(dir, "FooBar.ji")) isa (Sys.iswindows() ? Vector : Bool) # `..` is not a symlink on Windows
+    @test Base.stale_cachefile(relFooBar_file, joinpath(cachedir, "FooBar.ji")) isa (Sys.iswindows() ? Vector : Bool) # `..` is not a symlink on Windows
     mkdir(joinpath(dir, "subfolder"))
-    @test Base.stale_cachefile(relFooBar_file, joinpath(dir, "FooBar.ji")) isa Vector
+    @test Base.stale_cachefile(relFooBar_file, joinpath(cachedir, "FooBar.ji")) isa Vector
 
     @eval using FooBar
     fb_uuid = Base.module_build_id(FooBar)
     sleep(2); touch(FooBar_file)
-    insert!(Base.LOAD_CACHE_PATH, 1, dir2)
-    @test Base.stale_cachefile(FooBar_file, joinpath(dir, "FooBar.ji")) === true
+    insert!(DEPOT_PATH, 1, dir2)
+    @test Base.stale_cachefile(FooBar_file, joinpath(cachedir, "FooBar.ji")) === true
     @eval using FooBar1
-    @test !isfile(joinpath(dir2, "FooBar.ji"))
-    @test !isfile(joinpath(dir, "FooBar1.ji"))
-    @test isfile(joinpath(dir2, "FooBar1.ji"))
-    @test Base.stale_cachefile(FooBar_file, joinpath(dir, "FooBar.ji")) === true
-    @test Base.stale_cachefile(FooBar1_file, joinpath(dir2, "FooBar1.ji")) isa Vector
+    @test !isfile(joinpath(cachedir2, "FooBar.ji"))
+    @test !isfile(joinpath(cachedir, "FooBar1.ji"))
+    @test isfile(joinpath(cachedir2, "FooBar1.ji"))
+    @test Base.stale_cachefile(FooBar_file, joinpath(cachedir, "FooBar.ji")) === true
+    @test Base.stale_cachefile(FooBar1_file, joinpath(cachedir2, "FooBar1.ji")) isa Vector
     @test fb_uuid == Base.module_build_id(FooBar)
     fb_uuid1 = Base.module_build_id(FooBar1)
     @test fb_uuid != fb_uuid1
 
     # test checksum
-    open(joinpath(dir2, "FooBar1.ji"), "a") do f
+    open(joinpath(cachedir2, "FooBar1.ji"), "a") do f
         write(f, 0x076cac96) # append 4 random bytes
     end
-    @test Base.stale_cachefile(FooBar1_file, joinpath(dir2, "FooBar1.ji")) === true
+    @test Base.stale_cachefile(FooBar1_file, joinpath(cachedir2, "FooBar1.ji")) === true
 
     # test behavior of precompile modules that throw errors
     FooBar2_file = joinpath(dir, "FooBar2.jl")
@@ -373,10 +375,10 @@ try
           end
           """)
     rm(FooBarT_file)
-    @test Base.stale_cachefile(FooBarT2_file, joinpath(dir2, "FooBarT2.ji")) === true
+    @test Base.stale_cachefile(FooBarT2_file, joinpath(cachedir2, "FooBarT2.ji")) === true
     @test Base.require(Main, :FooBarT2) isa Module
 finally
-    splice!(Base.LOAD_CACHE_PATH, 1:2)
+    splice!(DEPOT_PATH, 1:2)
     splice!(LOAD_PATH, 1)
     rm(dir, recursive=true)
     rm(dir2, recursive=true)
@@ -398,7 +400,7 @@ let dir = mktempdir(),
 
         eval(quote
             insert!(LOAD_PATH, 1, $(dir))
-            insert!(Base.LOAD_CACHE_PATH, 1, $(dir))
+            insert!(DEPOT_PATH, 1, $(dir))
             Base.compilecache(Base.PkgId("Time4b3a94a1a081a8cb"))
         end)
 
@@ -406,7 +408,7 @@ let dir = mktempdir(),
 
         testcode = """
             insert!(LOAD_PATH, 1, $(repr(dir)))
-            insert!(Base.LOAD_CACHE_PATH, 1, $(repr(dir)))
+            insert!(DEPOT_PATH, 1, $(repr(dir)))
             using $Time_module
             getfield($Time_module, :time)
         """
@@ -421,7 +423,7 @@ let dir = mktempdir(),
         @test parse(Float64, t1_no) < parse(Float64, t2_no)
 
     finally
-        splice!(Base.LOAD_CACHE_PATH, 1)
+        splice!(DEPOT_PATH, 1)
         splice!(LOAD_PATH, 1)
         rm(dir, recursive=true)
     end
@@ -448,7 +450,7 @@ let dir = mktempdir()
 
         testcode = """
             insert!(LOAD_PATH, 1, $(repr(dir)))
-            insert!(Base.LOAD_CACHE_PATH, 1, $(repr(dir)))
+            insert!(DEPOT_PATH, 1, $(repr(dir)))
             using $Test_module
         """
 
@@ -481,7 +483,7 @@ end
 let dir = mktempdir()
     try
         insert!(LOAD_PATH, 1, dir)
-        insert!(Base.LOAD_CACHE_PATH, 1, dir)
+        insert!(DEPOT_PATH, 1, dir)
 
         loaded_modules = Channel{Symbol}(32)
         callback = (mod::Base.PkgId) -> put!(loaded_modules, Symbol(mod.name))
@@ -521,7 +523,7 @@ let dir = mktempdir()
         @test take!(loaded_modules) == Test3_module
     finally
         pop!(Base.package_callbacks)
-        splice!(Base.LOAD_CACHE_PATH, 1)
+        splice!(DEPOT_PATH, 1)
         splice!(LOAD_PATH, 1)
         rm(dir, recursive=true)
     end
@@ -563,7 +565,7 @@ end
 
         @everywhere test_workers begin
             pushfirst!(LOAD_PATH, $load_path)
-            pushfirst!(Base.LOAD_CACHE_PATH, $load_cache_path)
+            pushfirst!(DEPOT_PATH, $load_cache_path)
         end
         try
             @eval using $ModuleB
@@ -579,7 +581,7 @@ end
         finally
             @everywhere test_workers begin
                 popfirst!(LOAD_PATH)
-                popfirst!(Base.LOAD_CACHE_PATH)
+                popfirst!(DEPOT_PATH)
             end
         end
     finally
@@ -594,7 +596,7 @@ end
 (f -> f())() do # wrap in function scope, so we can test world errors
 dir = mktempdir()
 insert!(LOAD_PATH, 1, dir)
-insert!(Base.LOAD_CACHE_PATH, 1, dir)
+insert!(DEPOT_PATH, 1, dir)
 try
     A_module = :Aedb164bd3a126418
     B_module = :Bedb164bd3a126418
@@ -642,7 +644,7 @@ try
     @test Base.invokelatest(B.bnopc, 1) == Base.invokelatest(B.bnopc, 1.0) == 2
 finally
     popfirst!(LOAD_PATH)
-    popfirst!(Base.LOAD_CACHE_PATH)
+    popfirst!(DEPOT_PATH)
     rm(dir, recursive=true)
 end
 
@@ -662,7 +664,7 @@ let
             """)
 
         pushfirst!(LOAD_PATH, load_path)
-        pushfirst!(Base.LOAD_CACHE_PATH, load_cache_path)
+        pushfirst!(DEPOT_PATH, load_cache_path)
 
         l0 = length(Base.package_callbacks)
         @eval using $ModuleA
@@ -700,7 +702,7 @@ let
             """)
 
         pushfirst!(LOAD_PATH, load_path)
-        pushfirst!(Base.LOAD_CACHE_PATH, load_cache_path)
+        pushfirst!(DEPOT_PATH, load_cache_path)
 
         Base.compilecache(Base.PkgId("A25604"))
         @test_nowarn @eval using A25604
diff --git a/test/embedding/embedding.c b/test/embedding/embedding.c
index dff95a69dc08f..12dde4be3bde8 100644
--- a/test/embedding/embedding.c
+++ b/test/embedding/embedding.c
@@ -163,10 +163,6 @@ int main()
         // locate files relative to the "embedding" executable
         "    stdlib = filter(env -> startswith(Base.find_package(Base, \"Distributed\"), env), Base.load_path())[end]\n"
         "    push!(empty!(LOAD_PATH), dir, stdlib)\n"
-        // this directory needs to be writable for the example,
-        // although in real code it usually wouldn't necessarily be used that way
-        "    empty!(Base.LOAD_CACHE_PATH)\n"
-        "    push!(Base.LOAD_CACHE_PATH, tempdir())\n"
         "end"
         );
         checked_eval_string("import LocalModule");