diff --git a/doc/release-notes-18466.md b/doc/release-notes-18466.md
new file mode 100644
index 00000000000..e46d5064a38
--- /dev/null
+++ b/doc/release-notes-18466.md
@@ -0,0 +1,10 @@
+Low-level RPC changes
+---------------------
+
+- Error codes have been updated to be more accurate for the following error cases (#18466):
+  - `signmessage` now returns RPC_INVALID_ADDRESS_OR_KEY (-5) if the
+    passed address is invalid. Previously returned RPC_TYPE_ERROR (-3).
+  - `verifymessage` now returns RPC_INVALID_ADDRESS_OR_KEY (-5) if the
+    passed address is invalid. Previously returned RPC_TYPE_ERROR (-3).
+  - `verifymessage` now returns RPC_TYPE_ERROR (-3) if the passed signature
+    is malformed. Previously returned RPC_INVALID_ADDRESS_OR_KEY (-5).
diff --git a/src/rpc/misc.cpp b/src/rpc/misc.cpp
index 38a0bddddb0..143be1274ee 100644
--- a/src/rpc/misc.cpp
+++ b/src/rpc/misc.cpp
@@ -305,11 +305,11 @@ static RPCHelpMan verifymessage()
 
     switch (MessageVerify(strAddress, strSign, strMessage)) {
     case MessageVerificationResult::ERR_INVALID_ADDRESS:
-        throw JSONRPCError(RPC_TYPE_ERROR, "Invalid address");
+        throw JSONRPCError(RPC_INVALID_ADDRESS_OR_KEY, "Invalid address");
     case MessageVerificationResult::ERR_ADDRESS_NO_KEY:
         throw JSONRPCError(RPC_TYPE_ERROR, "Address does not refer to key");
     case MessageVerificationResult::ERR_MALFORMED_SIGNATURE:
-        throw JSONRPCError(RPC_INVALID_ADDRESS_OR_KEY, "Malformed base64 encoding");
+        throw JSONRPCError(RPC_TYPE_ERROR, "Malformed base64 encoding");
     case MessageVerificationResult::ERR_PUBKEY_NOT_RECOVERED:
     case MessageVerificationResult::ERR_NOT_SIGNED:
         return false;
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
index bfc42ac1b00..6d6cdedb2bf 100644
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -630,7 +630,7 @@ static RPCHelpMan signmessage()
 
     CTxDestination dest = DecodeDestination(strAddress);
     if (!IsValidDestination(dest)) {
-        throw JSONRPCError(RPC_TYPE_ERROR, "Invalid address");
+        throw JSONRPCError(RPC_INVALID_ADDRESS_OR_KEY, "Invalid address");
     }
 
     const PKHash* pkhash = std::get_if<PKHash>(&dest);
diff --git a/test/functional/rpc_signmessage.py b/test/functional/rpc_signmessage.py
index 0cb3ce42151..1c71732a614 100755
--- a/test/functional/rpc_signmessage.py
+++ b/test/functional/rpc_signmessage.py
@@ -5,7 +5,10 @@
 """Test RPC commands for signing and verifying messages."""
 
 from test_framework.test_framework import BitcoinTestFramework
-from test_framework.util import assert_equal
+from test_framework.util import (
+    assert_equal,
+    assert_raises_rpc_error,
+)
 
 class SignMessagesTest(BitcoinTestFramework):
     def set_test_params(self):
@@ -38,5 +41,22 @@ class SignMessagesTest(BitcoinTestFramework):
         assert not self.nodes[0].verifymessage(other_address, signature, message)
         assert not self.nodes[0].verifymessage(address, other_signature, message)
 
+        self.log.info('test parameter validity and error codes')
+        # signmessage(withprivkey) have two required parameters
+        for num_params in [0, 1, 3, 4, 5]:
+            param_list = ["dummy"]*num_params
+            assert_raises_rpc_error(-1, "signmessagewithprivkey", self.nodes[0].signmessagewithprivkey, *param_list)
+            assert_raises_rpc_error(-1, "signmessage", self.nodes[0].signmessage, *param_list)
+        # verifymessage has three required parameters
+        for num_params in [0, 1, 2, 4, 5]:
+            param_list = ["dummy"]*num_params
+            assert_raises_rpc_error(-1, "verifymessage", self.nodes[0].verifymessage, *param_list)
+        # invalid key or address provided
+        assert_raises_rpc_error(-5, "Invalid private key", self.nodes[0].signmessagewithprivkey, "invalid_key", message)
+        assert_raises_rpc_error(-5, "Invalid address", self.nodes[0].signmessage, "invalid_addr", message)
+        assert_raises_rpc_error(-5, "Invalid address", self.nodes[0].verifymessage, "invalid_addr", signature, message)
+        # malformed signature provided
+        assert_raises_rpc_error(-3, "Malformed base64 encoding", self.nodes[0].verifymessage, self.nodes[0].getnewaddress(), "invalid_sig", message)
+
 if __name__ == '__main__':
     SignMessagesTest().main()