diff --git a/migration/colo.c b/migration/colo.c
index 94c4e097da..59bb507189 100644
--- a/migration/colo.c
+++ b/migration/colo.c
@@ -30,6 +30,7 @@
 #include "block/block.h"
 #include "qapi/qapi-events-migration.h"
 #include "qapi/qmp/qerror.h"
+#include "sysemu/cpus.h"
 
 static bool vmstate_loading;
 static Notifier packets_compare_notifier;
@@ -401,23 +402,34 @@ static int colo_do_checkpoint_transaction(MigrationState *s,
 
     /* Disable block migration */
     migrate_set_block_enabled(false, &local_err);
-    qemu_savevm_state_header(fb);
-    qemu_savevm_state_setup(fb);
     qemu_mutex_lock_iothread();
     replication_do_checkpoint_all(&local_err);
     if (local_err) {
         qemu_mutex_unlock_iothread();
         goto out;
     }
-    qemu_savevm_state_complete_precopy(fb, false, false);
-    qemu_mutex_unlock_iothread();
-
-    qemu_fflush(fb);
 
     colo_send_message(s->to_dst_file, COLO_MESSAGE_VMSTATE_SEND, &local_err);
     if (local_err) {
+        qemu_mutex_unlock_iothread();
         goto out;
     }
+    /* Note: device state is saved into buffer */
+    ret = qemu_save_device_state(fb);
+
+    qemu_mutex_unlock_iothread();
+    if (ret < 0) {
+        goto out;
+    }
+    /*
+     * Only save VM's live state, which not including device state.
+     * TODO: We may need a timeout mechanism to prevent COLO process
+     * to be blocked here.
+     */
+    qemu_savevm_live_state(s->to_dst_file);
+
+    qemu_fflush(fb);
+
     /*
      * We need the size of the VMstate data in Secondary side,
      * With which we can decide how much data should be read.
@@ -635,6 +647,7 @@ void *colo_process_incoming_thread(void *opaque)
     uint64_t total_size;
     uint64_t value;
     Error *local_err = NULL;
+    int ret;
 
     rcu_register_thread();
     qemu_sem_init(&mis->colo_incoming_sem, 0);
@@ -708,6 +721,16 @@ void *colo_process_incoming_thread(void *opaque)
             goto out;
         }
 
+        qemu_mutex_lock_iothread();
+        cpu_synchronize_all_pre_loadvm();
+        ret = qemu_loadvm_state_main(mis->from_src_file, mis);
+        qemu_mutex_unlock_iothread();
+
+        if (ret < 0) {
+            error_report("Load VM's live state (ram) error");
+            goto out;
+        }
+
         value = colo_receive_message_value(mis->from_src_file,
                                  COLO_MESSAGE_VMSTATE_SIZE, &local_err);
         if (local_err) {
@@ -739,10 +762,10 @@ void *colo_process_incoming_thread(void *opaque)
         }
 
         qemu_mutex_lock_iothread();
-        qemu_system_reset(SHUTDOWN_CAUSE_NONE);
         vmstate_loading = true;
-        if (qemu_loadvm_state(fb) < 0) {
-            error_report("COLO: loadvm failed");
+        ret = qemu_load_device_state(fb);
+        if (ret < 0) {
+            error_report("COLO: load device state failed");
             qemu_mutex_unlock_iothread();
             goto out;
         }
diff --git a/migration/savevm.c b/migration/savevm.c
index 288b8075be..e4caff9a6a 100644
--- a/migration/savevm.c
+++ b/migration/savevm.c
@@ -1378,13 +1378,21 @@ done:
     return ret;
 }
 
-static int qemu_save_device_state(QEMUFile *f)
+void qemu_savevm_live_state(QEMUFile *f)
+{
+    /* save QEMU_VM_SECTION_END section */
+    qemu_savevm_state_complete_precopy(f, true, false);
+    qemu_put_byte(f, QEMU_VM_EOF);
+}
+
+int qemu_save_device_state(QEMUFile *f)
 {
     SaveStateEntry *se;
 
-    qemu_put_be32(f, QEMU_VM_FILE_MAGIC);
-    qemu_put_be32(f, QEMU_VM_FILE_VERSION);
-
+    if (!migration_in_colo_state()) {
+        qemu_put_be32(f, QEMU_VM_FILE_MAGIC);
+        qemu_put_be32(f, QEMU_VM_FILE_VERSION);
+    }
     cpu_synchronize_all_states();
 
     QTAILQ_FOREACH(se, &savevm_state.handlers, entry) {
@@ -1440,8 +1448,6 @@ enum LoadVMExitCodes {
     LOADVM_QUIT     =  1,
 };
 
-static int qemu_loadvm_state_main(QEMUFile *f, MigrationIncomingState *mis);
-
 /* ------ incoming postcopy messages ------ */
 /* 'advise' arrives before any transfers just to tell us that a postcopy
  * *might* happen - it might be skipped if precopy transferred everything
@@ -2247,7 +2253,7 @@ static bool postcopy_pause_incoming(MigrationIncomingState *mis)
     return true;
 }
 
-static int qemu_loadvm_state_main(QEMUFile *f, MigrationIncomingState *mis)
+int qemu_loadvm_state_main(QEMUFile *f, MigrationIncomingState *mis)
 {
     uint8_t section_type;
     int ret = 0;
@@ -2418,6 +2424,22 @@ int qemu_loadvm_state(QEMUFile *f)
     return ret;
 }
 
+int qemu_load_device_state(QEMUFile *f)
+{
+    MigrationIncomingState *mis = migration_incoming_get_current();
+    int ret;
+
+    /* Load QEMU_VM_SECTION_FULL section */
+    ret = qemu_loadvm_state_main(f, mis);
+    if (ret < 0) {
+        error_report("Failed to load device state: %d", ret);
+        return ret;
+    }
+
+    cpu_synchronize_all_post_init();
+    return 0;
+}
+
 int save_snapshot(const char *name, Error **errp)
 {
     BlockDriverState *bs, *bs1;
diff --git a/migration/savevm.h b/migration/savevm.h
index 8373c2f6bd..51a4b9caa8 100644
--- a/migration/savevm.h
+++ b/migration/savevm.h
@@ -56,8 +56,12 @@ void qemu_savevm_send_postcopy_ram_discard(QEMUFile *f, const char *name,
                                            uint64_t *start_list,
                                            uint64_t *length_list);
 void qemu_savevm_send_colo_enable(QEMUFile *f);
+void qemu_savevm_live_state(QEMUFile *f);
+int qemu_save_device_state(QEMUFile *f);
 
 int qemu_loadvm_state(QEMUFile *f);
 void qemu_loadvm_state_cleanup(void);
+int qemu_loadvm_state_main(QEMUFile *f, MigrationIncomingState *mis);
+int qemu_load_device_state(QEMUFile *f);
 
 #endif