diff --git a/deepspeed/runtime/engine.py b/deepspeed/runtime/engine.py
index 00346317ebf1..9c0da4c2d406 100644
--- a/deepspeed/runtime/engine.py
+++ b/deepspeed/runtime/engine.py
@@ -2745,10 +2745,12 @@ def load_checkpoint(self,
                                                          load_module_only=load_module_only,
                                                          custom_load_fn=custom_load_fn)
 
-        load_zero_checkpoint = load_optimizer_states and load_path is not None and (self.zero_optimization()
-                                                                                    or self.bfloat16_enabled())
+        load_zero_checkpoint = load_path is not None and (self.zero_optimization() or self.bfloat16_enabled())
         if load_zero_checkpoint:
-            success = self._load_zero_checkpoint(load_dir, tag, load_optimizer_states=load_optimizer_states)
+            if load_optimizer_states and not load_module_only:
+                success = self._load_zero_checkpoint(load_dir, tag, load_optimizer_states=load_optimizer_states)
+            else:
+                success = False
             if not success:
                 self.optimizer._restore_from_bit16_weights()
 
@@ -2830,7 +2832,7 @@ def _load_checkpoint(self,
         optim_checkpoint = None
         if load_module_only:
             deepspeed_states = ['module']
-            if self.optimizer is not None and self.fp16_enabled():
+            if self.optimizer is not None:
                 self.optimizer.refresh_fp32_params()
         else:
             has_zero_optimizer_state = self.zero_optimization() or self.bfloat16_enabled()