diff --git a/package/valgrind/valgrind.hash b/package/valgrind/valgrind.hash
index ea05dd677c..87fb496857 100644
--- a/package/valgrind/valgrind.hash
+++ b/package/valgrind/valgrind.hash
@@ -1,5 +1,5 @@
 # From http://valgrind.org/downloads/current.html
-md5 817dd08f1e8a66336b9ff206400a5369 valgrind-3.13.0.tar.bz2
+md5 74175426afa280184b62591b58c671b3 valgrind-3.14.0.tar.bz2
 
 # License files
 sha256 8177f97513213526df2cf6184d8ff986c675afb514d4e68a404010521b880643 COPYING
diff --git a/package/valgrind/valgrind.mk b/package/valgrind/valgrind.mk
index b1ab7e72fc..f097c7be1f 100644
--- a/package/valgrind/valgrind.mk
+++ b/package/valgrind/valgrind.mk
@@ -4,7 +4,7 @@
 #
 ################################################################################
 
-VALGRIND_VERSION = 3.13.0
+VALGRIND_VERSION = 3.14.0
 VALGRIND_SITE = ftp://sourceware.org/pub/valgrind
 VALGRIND_SOURCE = valgrind-$(VALGRIND_VERSION).tar.bz2
 VALGRIND_LICENSE = GPL-2.0, GFDL-1.2
@@ -46,6 +46,12 @@ VALGRIND_CONF_OPTS += \
 	--host=$(patsubst arm-%,armv7-%,$(GNU_TARGET_NAME))
 endif
 
+ifeq ($(BR2_GCC_ENABLE_LTO),y)
+VALGRIND_CONF_OPTS += --enable-lto
+else
+VALGRIND_CONF_OPTS += --disable-lto
+endif
+
 define VALGRIND_INSTALL_UCLIBC_SUPP
 	$(INSTALL) -D -m 0644 package/valgrind/uclibc.supp $(TARGET_DIR)/usr/lib/valgrind/uclibc.supp
 endef