diff --git a/tools/gn/config.cc b/tools/gn/config.cc
index 850d596..5b89e2b 100644
--- a/tools/gn/config.cc
+++ b/tools/gn/config.cc
@@ -10,7 +10,8 @@
 #include "tools/gn/item_tree.h"
 #include "tools/gn/scheduler.h"
 
-Config::Config(const Label& label) : Item(label) {
+Config::Config(const Settings* settings, const Label& label)
+    : Item(settings, label) {
 }
 
 Config::~Config() {
@@ -38,7 +39,7 @@
   ItemNode* node = tree->GetExistingNodeLocked(label);
   Config* config = NULL;
   if (!node) {
-    config = new Config(label);
+    config = new Config(settings, label);
     node = new ItemNode(config);
     node->set_originally_referenced_from_here(specified_from_here);
     tree->AddNodeLocked(node);
diff --git a/tools/gn/config.h b/tools/gn/config.h
index 0ee9b7b..e5a1df6 100644
--- a/tools/gn/config.h
+++ b/tools/gn/config.h
@@ -17,7 +17,7 @@
 // Represents a named config in the dependency graph.
 class Config : public Item {
  public:
-  Config(const Label& label);
+  Config(const Settings* settings, const Label& label);
   virtual ~Config();
 
   virtual Config* AsConfig() OVERRIDE;
diff --git a/tools/gn/function_exec_script.cc b/tools/gn/function_exec_script.cc
index bf55165..b382575 100644
--- a/tools/gn/function_exec_script.cc
+++ b/tools/gn/function_exec_script.cc
@@ -301,7 +301,7 @@
   }
 
   ScopedTrace trace(TraceItem::TRACE_SCRIPT_EXECUTE, script_source.value());
-  trace.SetToolchain(settings->toolchain()->label());
+  trace.SetToolchain(settings->toolchain_label());
 
   // Add all dependencies of this script, including the script itself, to the
   // build deps.
diff --git a/tools/gn/function_toolchain.cc b/tools/gn/function_toolchain.cc
index 933d55e..dde0306 100644
--- a/tools/gn/function_toolchain.cc
+++ b/tools/gn/function_toolchain.cc
@@ -102,7 +102,7 @@
 
   // This object will actually be copied into the one owned by the toolchain
   // manager, but that has to be done in the lock.
-  Toolchain toolchain(label);
+  Toolchain toolchain(scope->settings(), label);
 
   Scope block_scope(scope);
   block_scope.SetProperty(&kToolchainPropertyKey, &toolchain);
diff --git a/tools/gn/functions.cc b/tools/gn/functions.cc
index acc8fe9..0e27297 100644
--- a/tools/gn/functions.cc
+++ b/tools/gn/functions.cc
@@ -134,7 +134,7 @@
 }
 
 const Label& ToolchainLabelForScope(const Scope* scope) {
-  return scope->settings()->toolchain()->label();
+  return scope->settings()->toolchain_label();
 }
 
 Label MakeLabelForScope(const Scope* scope,
diff --git a/tools/gn/gyp_helper.cc b/tools/gn/gyp_helper.cc
index f69ed8f..fb669af 100644
--- a/tools/gn/gyp_helper.cc
+++ b/tools/gn/gyp_helper.cc
@@ -45,10 +45,10 @@
 }
 
 std::string GypHelper::GetNameForTarget(const Target* target) const {
-  const Toolchain* toolchain = target->settings()->toolchain();
-  if (toolchain->is_default())
+  if (target->settings()->is_default())
     return target->label().name();  // Default toolchain has no suffix.
-  return target->label().name() + "_" + toolchain->label().name();
+  return target->label().name() + "_" +
+         target->settings()->toolchain_label().name();
 }
 
 std::string GypHelper::GetFullRefForTarget(const Target* target) const {
diff --git a/tools/gn/input_conversion.cc b/tools/gn/input_conversion.cc
index 19a8047..c40bdba 100644
--- a/tools/gn/input_conversion.cc
+++ b/tools/gn/input_conversion.cc
@@ -117,9 +117,7 @@
   }
 
   BuildSettings build_settings;
-  Label empty_label;
-  Toolchain toolchain(empty_label);
-  Settings settings(&build_settings, &toolchain, std::string());
+  Settings settings(&build_settings, std::string());
   Scope scope(&settings);
 
   Err nested_err;
diff --git a/tools/gn/item.cc b/tools/gn/item.cc
index 747183c..fa16975 100644
--- a/tools/gn/item.cc
+++ b/tools/gn/item.cc
@@ -6,7 +6,9 @@
 
 #include "base/logging.h"
 
-Item::Item(const Label& label) : label_(label) {
+Item::Item(const Settings* settings, const Label& label)
+    : settings_(settings),
+      label_(label) {
 }
 
 Item::~Item() {
diff --git a/tools/gn/item.h b/tools/gn/item.h
index 2538c50..69115bd 100644
--- a/tools/gn/item.h
+++ b/tools/gn/item.h
@@ -11,6 +11,7 @@
 
 class Config;
 class ItemNode;
+class Settings;
 class Target;
 class Toolchain;
 
@@ -18,9 +19,11 @@
 // graph.
 class Item {
  public:
-  Item(const Label& label);
+  Item(const Settings* settings, const Label& label);
   virtual ~Item();
 
+  const Settings* settings() const { return settings_; }
+
   // This is guaranteed to never change after construction so this can be
   // accessed from any thread with no locking once the item is constructed.
   const Label& label() const { return label_; }
@@ -49,6 +52,7 @@
   virtual void OnResolved() {}
 
  private:
+  const Settings* settings_;
   Label label_;
 
   ItemNode* item_node_;
diff --git a/tools/gn/ninja_binary_target_writer.cc b/tools/gn/ninja_binary_target_writer.cc
index 3a1d620..c404006 100644
--- a/tools/gn/ninja_binary_target_writer.cc
+++ b/tools/gn/ninja_binary_target_writer.cc
@@ -86,8 +86,9 @@
 }  // namespace
 
 NinjaBinaryTargetWriter::NinjaBinaryTargetWriter(const Target* target,
+                                                 const Toolchain* toolchain,
                                                  std::ostream& out)
-    : NinjaTargetWriter(target, out),
+    : NinjaTargetWriter(target, toolchain, out),
       tool_type_(GetToolTypeForTarget(target)){
 }
 
@@ -145,7 +146,6 @@
   const Target::FileList& sources = target_->sources();
   object_files->reserve(sources.size());
 
-  const Toolchain* toolchain = GetToolchain();
   std::string implicit_deps = GetSourcesImplicitDeps();
 
   for (size_t i = 0; i < sources.size(); i++) {
@@ -156,7 +156,7 @@
     if (input_file_type == SOURCE_UNKNOWN)
       continue;  // Skip unknown file types.
     std::string command =
-        helper_.GetRuleForSourceType(settings_, toolchain, input_file_type);
+        helper_.GetRuleForSourceType(settings_, input_file_type);
     if (command.empty())
       continue;  // Skip files not needing compilation.
 
@@ -265,8 +265,7 @@
   RecursiveTargetConfigStringsToStream(target_, &ConfigValues::ldflags,
                                        flag_options, out_);
 
-  const Toolchain* toolchain = GetToolchain();
-  const Toolchain::Tool& tool = toolchain->GetTool(tool_type_);
+  const Toolchain::Tool& tool = toolchain_->GetTool(tool_type_);
 
   // Followed by library search paths that have been recursively pushed
   // through the dependency tree.
@@ -306,7 +305,7 @@
     path_output_.WriteFile(out_, external_output_file);
   }
   out_ << ": "
-       << helper_.GetRulePrefix(GetToolchain())
+       << helper_.GetRulePrefix(target_->settings())
        << Toolchain::ToolTypeToName(tool_type_);
 
   std::set<OutputFile> extra_object_files;
@@ -346,7 +345,7 @@
   out_ << "build ";
   path_output_.WriteFile(out_, helper_.GetTargetOutputFile(target_));
   out_ << ": "
-       << helper_.GetRulePrefix(target_->settings()->toolchain())
+       << helper_.GetRulePrefix(target_->settings())
        << "stamp";
 
   std::set<OutputFile> extra_object_files;
diff --git a/tools/gn/ninja_binary_target_writer.h b/tools/gn/ninja_binary_target_writer.h
index 8c57ffb..c188335 100644
--- a/tools/gn/ninja_binary_target_writer.h
+++ b/tools/gn/ninja_binary_target_writer.h
@@ -13,7 +13,9 @@
 // library, or a static library).
 class NinjaBinaryTargetWriter : public NinjaTargetWriter {
  public:
-  NinjaBinaryTargetWriter(const Target* target, std::ostream& out);
+  NinjaBinaryTargetWriter(const Target* target,
+                          const Toolchain* toolchain,
+                          std::ostream& out);
   virtual ~NinjaBinaryTargetWriter();
 
   virtual void Run() OVERRIDE;
diff --git a/tools/gn/ninja_binary_target_writer_unittest.cc b/tools/gn/ninja_binary_target_writer_unittest.cc
index a7de4a1..96a7448 100644
--- a/tools/gn/ninja_binary_target_writer_unittest.cc
+++ b/tools/gn/ninja_binary_target_writer_unittest.cc
@@ -22,7 +22,7 @@
   // Source set itself.
   {
     std::ostringstream out;
-    NinjaBinaryTargetWriter writer(&target, out);
+    NinjaBinaryTargetWriter writer(&target, setup.toolchain(), out);
     writer.Run();
 
     // TODO(brettw) I think we'll need to worry about backslashes here
@@ -36,10 +36,10 @@
         "cflags_objc =\n"
         "cflags_objcc =\n"
         "\n"
-        "build obj/foo/bar.input1.obj: tc_cxx ../../foo/input1.cc\n"
-        "build obj/foo/bar.input2.obj: tc_cxx ../../foo/input2.cc\n"
+        "build obj/foo/bar.input1.obj: cxx ../../foo/input1.cc\n"
+        "build obj/foo/bar.input2.obj: cxx ../../foo/input2.cc\n"
         "\n"
-        "build obj/foo/bar.stamp: tc_stamp obj/foo/bar.input1.obj obj/foo/bar.input2.obj\n";
+        "build obj/foo/bar.stamp: stamp obj/foo/bar.input1.obj obj/foo/bar.input2.obj\n";
     std::string out_str = out.str();
 #if defined(OS_WIN)
     std::replace(out_str.begin(), out_str.end(), '\\', '/');
@@ -55,7 +55,7 @@
 
   {
     std::ostringstream out;
-    NinjaBinaryTargetWriter writer(&shlib_target, out);
+    NinjaBinaryTargetWriter writer(&shlib_target, setup.toolchain(), out);
     writer.Run();
 
     // TODO(brettw) I think we'll need to worry about backslashes here
@@ -73,7 +73,7 @@
         "manifests = obj/foo/shlib.intermediate.manifest\n"
         "ldflags = /MANIFEST /ManifestFile:obj/foo/shlib.intermediate.manifest\n"
         "libs =\n"
-        "build shlib.dll shlib.dll.lib: tc_solink obj/foo/bar.input1.obj obj/foo/bar.input2.obj\n"
+        "build shlib.dll shlib.dll.lib: solink obj/foo/bar.input1.obj obj/foo/bar.input2.obj\n"
         "  soname = shlib.dll\n"
         "  lib = shlib.dll\n"
         "  dll = shlib.dll\n"
diff --git a/tools/gn/ninja_copy_target_writer.cc b/tools/gn/ninja_copy_target_writer.cc
index 5de249f..89b3e3f 100644
--- a/tools/gn/ninja_copy_target_writer.cc
+++ b/tools/gn/ninja_copy_target_writer.cc
@@ -9,8 +9,9 @@
 #include "tools/gn/string_utils.h"
 
 NinjaCopyTargetWriter::NinjaCopyTargetWriter(const Target* target,
+                                             const Toolchain* toolchain,
                                              std::ostream& out)
-    : NinjaTargetWriter(target, out) {
+    : NinjaTargetWriter(target, toolchain, out) {
 }
 
 NinjaCopyTargetWriter::~NinjaCopyTargetWriter() {
@@ -22,8 +23,7 @@
 
   std::vector<OutputFile> output_files;
 
-  std::string rule_prefix =
-      helper_.GetRulePrefix(target_->settings()->toolchain());
+  std::string rule_prefix = helper_.GetRulePrefix(target_->settings());
 
   for (size_t i = 0; i < target_->sources().size(); i++) {
     const SourceFile& input_file = target_->sources()[i];
diff --git a/tools/gn/ninja_copy_target_writer.h b/tools/gn/ninja_copy_target_writer.h
index 99bbaff..cadbc38 100644
--- a/tools/gn/ninja_copy_target_writer.h
+++ b/tools/gn/ninja_copy_target_writer.h
@@ -11,7 +11,9 @@
 // Writes a .ninja file for a copy target type.
 class NinjaCopyTargetWriter : public NinjaTargetWriter {
  public:
-  NinjaCopyTargetWriter(const Target* target, std::ostream& out);
+  NinjaCopyTargetWriter(const Target* target,
+                        const Toolchain* toolchain,
+                        std::ostream& out);
   virtual ~NinjaCopyTargetWriter();
 
   virtual void Run() OVERRIDE;
diff --git a/tools/gn/ninja_copy_target_writer_unittest.cc b/tools/gn/ninja_copy_target_writer_unittest.cc
index c31cbd2..5642d9d 100644
--- a/tools/gn/ninja_copy_target_writer_unittest.cc
+++ b/tools/gn/ninja_copy_target_writer_unittest.cc
@@ -27,14 +27,14 @@
     setup.settings()->set_target_os(Settings::LINUX);
 
     std::ostringstream out;
-    NinjaCopyTargetWriter writer(&target, out);
+    NinjaCopyTargetWriter writer(&target, setup.toolchain(), out);
     writer.Run();
 
     const char expected_linux[] =
-        "build input1.out: tc_copy ../../foo/input1.txt\n"
-        "build input2.out: tc_copy ../../foo/input2.txt\n"
+        "build input1.out: copy ../../foo/input1.txt\n"
+        "build input2.out: copy ../../foo/input2.txt\n"
         "\n"
-        "build obj/foo/bar.stamp: tc_stamp input1.out input2.out\n";
+        "build obj/foo/bar.stamp: stamp input1.out input2.out\n";
     std::string out_str = out.str();
 #if defined(OS_WIN)
     std::replace(out_str.begin(), out_str.end(), '\\', '/');
@@ -47,16 +47,16 @@
     setup.settings()->set_target_os(Settings::WIN);
 
     std::ostringstream out;
-    NinjaCopyTargetWriter writer(&target, out);
+    NinjaCopyTargetWriter writer(&target, setup.toolchain(), out);
     writer.Run();
 
     // TODO(brettw) I think we'll need to worry about backslashes here
     // depending if we're on actual Windows or Linux pretending to be Windows.
     const char expected_win[] =
-        "build input1.out: tc_copy ../../foo/input1.txt\n"
-        "build input2.out: tc_copy ../../foo/input2.txt\n"
+        "build input1.out: copy ../../foo/input1.txt\n"
+        "build input2.out: copy ../../foo/input2.txt\n"
         "\n"
-        "build obj/foo/bar.stamp: tc_stamp input1.out input2.out\n";
+        "build obj/foo/bar.stamp: stamp input1.out input2.out\n";
     std::string out_str = out.str();
 #if defined(OS_WIN)
     std::replace(out_str.begin(), out_str.end(), '\\', '/');
diff --git a/tools/gn/ninja_group_target_writer.cc b/tools/gn/ninja_group_target_writer.cc
index 606f916..d29f917 100644
--- a/tools/gn/ninja_group_target_writer.cc
+++ b/tools/gn/ninja_group_target_writer.cc
@@ -8,8 +8,9 @@
 #include "tools/gn/string_utils.h"
 
 NinjaGroupTargetWriter::NinjaGroupTargetWriter(const Target* target,
+                                               const Toolchain* toolchain,
                                                std::ostream& out)
-    : NinjaTargetWriter(target, out) {
+    : NinjaTargetWriter(target, toolchain, out) {
 }
 
 NinjaGroupTargetWriter::~NinjaGroupTargetWriter() {
@@ -21,7 +22,7 @@
   out_ << std::endl << "build ";
   path_output_.WriteFile(out_, helper_.GetTargetOutputFile(target_));
   out_ << ": "
-       << helper_.GetRulePrefix(target_->settings()->toolchain())
+       << helper_.GetRulePrefix(target_->settings())
        << "stamp";
 
   const LabelTargetVector& deps = target_->deps();
diff --git a/tools/gn/ninja_group_target_writer.h b/tools/gn/ninja_group_target_writer.h
index 31625f8..862b920 100644
--- a/tools/gn/ninja_group_target_writer.h
+++ b/tools/gn/ninja_group_target_writer.h
@@ -11,7 +11,9 @@
 // Writes a .ninja file for a group target type.
 class NinjaGroupTargetWriter : public NinjaTargetWriter {
  public:
-  NinjaGroupTargetWriter(const Target* target, std::ostream& out);
+  NinjaGroupTargetWriter(const Target* target,
+                         const Toolchain* toolchain,
+                         std::ostream& out);
   virtual ~NinjaGroupTargetWriter();
 
   virtual void Run() OVERRIDE;
diff --git a/tools/gn/ninja_helper.cc b/tools/gn/ninja_helper.cc
index d90b698..e872c24 100644
--- a/tools/gn/ninja_helper.cc
+++ b/tools/gn/ninja_helper.cc
@@ -189,23 +189,20 @@
   return ret;
 }
 
-std::string NinjaHelper::GetRulePrefix(const Toolchain* toolchain) const {
-  // This code doesn't prefix the default toolchain commands. This is disabled
-  // so we can coexist with GYP's commands (which aren't prefixed). If we don't
-  // need to coexist with GYP anymore, we can uncomment this to make things a
-  // bit prettier.
-  //if (toolchain->is_default())
-  //  return std::string();  // Default toolchain has no prefix.
-  return toolchain->label().name() + "_";
+std::string NinjaHelper::GetRulePrefix(const Settings* settings) const {
+  // Don't prefix the default toolchain so it looks prettier, prefix everything
+  // else.
+  if (settings->is_default())
+    return std::string();  // Default toolchain has no prefix.
+  return settings->toolchain_label().name() + "_";
 }
 
 std::string NinjaHelper::GetRuleForSourceType(const Settings* settings,
-                                              const Toolchain* toolchain,
                                               SourceFileType type) const {
   // This function may be hot since it will be called for every source file
   // in the tree. We could cache the results to avoid making a string for
   // every invocation.
-  std::string prefix = GetRulePrefix(toolchain);
+  std::string prefix = GetRulePrefix(settings);
 
   if (type == SOURCE_C)
     return prefix + "cc";
diff --git a/tools/gn/ninja_helper.h b/tools/gn/ninja_helper.h
index bef2fcd..84a2c89 100644
--- a/tools/gn/ninja_helper.h
+++ b/tools/gn/ninja_helper.h
@@ -52,12 +52,11 @@
 
   // Returns the prefix for rules on the given toolchain. We need this to
   // disambiguate a given rule for each toolchain.
-  std::string GetRulePrefix(const Toolchain* toolchain) const;
+  std::string GetRulePrefix(const Settings* settings) const;
 
   // Returns the name of the rule name for the given toolchain and file/target
   // type.  Returns the empty string for source files with no command.
   std::string GetRuleForSourceType(const Settings* settings,
-                                   const Toolchain* toolchain,
                                    SourceFileType type) const;
 
   // Returns the relative directory in either slashes or the system separator
diff --git a/tools/gn/ninja_helper_unittest.cc b/tools/gn/ninja_helper_unittest.cc
index 6e3b25c..81f3669 100644
--- a/tools/gn/ninja_helper_unittest.cc
+++ b/tools/gn/ninja_helper_unittest.cc
@@ -17,9 +17,10 @@
  public:
   HelperSetterUpper()
       : build_settings(),
-        toolchain(Label(SourceDir("//"), "tc")),
-        settings(&build_settings, &toolchain, std::string()),
+        settings(&build_settings, std::string()),
+        toolchain(&settings, Label(SourceDir("//"), "tc")),
         target(&settings, Label(SourceDir("//tools/gn/"), "name")) {
+    settings.set_toolchain_label(toolchain.label());
     settings.set_target_os(Settings::WIN);
 
     // Output going to "out/Debug".
@@ -30,8 +31,8 @@
   }
 
   BuildSettings build_settings;
-  Toolchain toolchain;
   Settings settings;
+  Toolchain toolchain;
   Target target;
 };
 
diff --git a/tools/gn/ninja_script_target_writer.cc b/tools/gn/ninja_script_target_writer.cc
index 1b8358c..e8cdef4 100644
--- a/tools/gn/ninja_script_target_writer.cc
+++ b/tools/gn/ninja_script_target_writer.cc
@@ -11,8 +11,9 @@
 #include "tools/gn/target.h"
 
 NinjaScriptTargetWriter::NinjaScriptTargetWriter(const Target* target,
+                                                 const Toolchain* toolchain,
                                                  std::ostream& out)
-    : NinjaTargetWriter(target, out),
+    : NinjaTargetWriter(target, toolchain, out),
       path_output_no_escaping_(
           target->settings()->build_settings()->build_dir(),
           ESCAPE_NONE, false) {
@@ -152,7 +153,7 @@
   out_ << "build ";
   path_output_.WriteFile(out_, helper_.GetTargetOutputFile(target_));
   out_ << ": "
-       << helper_.GetRulePrefix(target_->settings()->toolchain())
+       << helper_.GetRulePrefix(target_->settings())
        << "stamp";
   for (size_t i = 0; i < output_files.size(); i++) {
     out_ << " ";
diff --git a/tools/gn/ninja_script_target_writer.h b/tools/gn/ninja_script_target_writer.h
index e84d618..9c51a6a 100644
--- a/tools/gn/ninja_script_target_writer.h
+++ b/tools/gn/ninja_script_target_writer.h
@@ -17,7 +17,9 @@
 // Writes a .ninja file for a custom script target type.
 class NinjaScriptTargetWriter : public NinjaTargetWriter {
  public:
-  NinjaScriptTargetWriter(const Target* target, std::ostream& out);
+  NinjaScriptTargetWriter(const Target* target,
+                          const Toolchain* toolchain,
+                          std::ostream& out);
   virtual ~NinjaScriptTargetWriter();
 
   virtual void Run() OVERRIDE;
diff --git a/tools/gn/ninja_script_target_writer_unittest.cc b/tools/gn/ninja_script_target_writer_unittest.cc
index 1394717..f2c8a93 100644
--- a/tools/gn/ninja_script_target_writer_unittest.cc
+++ b/tools/gn/ninja_script_target_writer_unittest.cc
@@ -21,7 +21,7 @@
       SourceFile("//out/Debug/gen/{{source_name_part}}.cc"));
 
   std::ostringstream out;
-  NinjaScriptTargetWriter writer(&target, out);
+  NinjaScriptTargetWriter writer(&target, setup.toolchain(), out);
 
   FileTemplate output_template = writer.GetOutputTemplate();
 
@@ -42,7 +42,7 @@
   Target target(setup.settings(), Label(SourceDir("//foo/"), "bar"));
 
   std::ostringstream out;
-  NinjaScriptTargetWriter writer(&target, out);
+  NinjaScriptTargetWriter writer(&target, setup.toolchain(), out);
 
   std::vector<std::string> args;
   args.push_back("-i");
@@ -88,7 +88,7 @@
         "/usr/bin/python")));
 
     std::ostringstream out;
-    NinjaScriptTargetWriter writer(&target, out);
+    NinjaScriptTargetWriter writer(&target, setup.toolchain(), out);
     writer.Run();
 
     const char expected_linux[] =
@@ -107,7 +107,7 @@
         "  source = ../../foo/input2.txt\n"
         "  source_name_part = input2\n"
         "\n"
-        "build obj/foo/bar.stamp: tc_stamp input1.out input2.out\n";
+        "build obj/foo/bar.stamp: stamp input1.out input2.out\n";
 
     std::string out_str = out.str();
 #if defined(OS_WIN)
@@ -125,7 +125,7 @@
     setup.settings()->set_target_os(Settings::WIN);
 
     std::ostringstream out;
-    NinjaScriptTargetWriter writer(&target, out);
+    NinjaScriptTargetWriter writer(&target, setup.toolchain(), out);
     writer.Run();
 
     // TODO(brettw) I think we'll need to worry about backslashes here
@@ -151,7 +151,7 @@
         "  source = ../../foo/input2.txt\n"
         "  source_name_part = input2\n"
         "\n"
-        "build obj/foo/bar.stamp: tc_stamp input1.out input2.out\n";
+        "build obj/foo/bar.stamp: stamp input1.out input2.out\n";
     std::string out_str = out.str();
 #if defined(OS_WIN)
     std::replace(out_str.begin(), out_str.end(), '\\', '/');
diff --git a/tools/gn/ninja_target_writer.cc b/tools/gn/ninja_target_writer.cc
index d73c873..bdc0472 100644
--- a/tools/gn/ninja_target_writer.cc
+++ b/tools/gn/ninja_target_writer.cc
@@ -19,9 +19,12 @@
 #include "tools/gn/target.h"
 #include "tools/gn/trace.h"
 
-NinjaTargetWriter::NinjaTargetWriter(const Target* target, std::ostream& out)
+NinjaTargetWriter::NinjaTargetWriter(const Target* target,
+                                     const Toolchain* toolchain,
+                                     std::ostream& out)
     : settings_(target->settings()),
       target_(target),
+      toolchain_(toolchain),
       out_(out),
       path_output_(settings_->build_settings()->build_dir(),
                    ESCAPE_NINJA, true),
@@ -45,7 +48,7 @@
 
   ScopedTrace trace(TraceItem::TRACE_FILE_WRITE,
                     target->label().GetUserVisibleName(false));
-  trace.SetToolchain(settings->toolchain()->label());
+  trace.SetToolchain(settings->toolchain_label());
 
   base::FilePath ninja_file(settings->build_settings()->GetFullPath(
       helper.GetNinjaFileForTarget(target).GetSourceFile(
@@ -54,6 +57,10 @@
   if (g_scheduler->verbose_logging())
     g_scheduler->Log("Writing", FilePathToUTF8(ninja_file));
 
+  const Toolchain* tc = settings->build_settings()->toolchain_manager()
+      .GetToolchainDefinitionUnlocked(settings->toolchain_label());
+  CHECK(tc);
+
   file_util::CreateDirectory(ninja_file.DirName());
 
   // It's rediculously faster to write to a string and then write that to
@@ -62,19 +69,19 @@
 
   // Call out to the correct sub-type of writer.
   if (target->output_type() == Target::COPY_FILES) {
-    NinjaCopyTargetWriter writer(target, file);
+    NinjaCopyTargetWriter writer(target, tc, file);
     writer.Run();
   } else if (target->output_type() == Target::CUSTOM) {
-    NinjaScriptTargetWriter writer(target, file);
+    NinjaScriptTargetWriter writer(target, tc, file);
     writer.Run();
   } else if (target->output_type() == Target::GROUP) {
-    NinjaGroupTargetWriter writer(target, file);
+    NinjaGroupTargetWriter writer(target, tc, file);
     writer.Run();
   } else if (target->output_type() == Target::EXECUTABLE ||
              target->output_type() == Target::STATIC_LIBRARY ||
              target->output_type() == Target::SHARED_LIBRARY ||
              target->output_type() == Target::SOURCE_SET) {
-    NinjaBinaryTargetWriter writer(target, file);
+    NinjaBinaryTargetWriter writer(target, tc, file);
     writer.Run();
   } else {
     CHECK(0);
@@ -85,10 +92,6 @@
                        static_cast<int>(contents.size()));
 }
 
-const Toolchain* NinjaTargetWriter::GetToolchain() const {
-  return target_->settings()->toolchain();
-}
-
 std::string NinjaTargetWriter::GetSourcesImplicitDeps() const {
   std::ostringstream ret;
   ret << " |";
diff --git a/tools/gn/ninja_target_writer.h b/tools/gn/ninja_target_writer.h
index c9c72a7..e1c3bf8 100644
--- a/tools/gn/ninja_target_writer.h
+++ b/tools/gn/ninja_target_writer.h
@@ -19,7 +19,9 @@
 // generated by the NinjaBuildWriter.
 class NinjaTargetWriter {
  public:
-  NinjaTargetWriter(const Target* target, std::ostream& out);
+  NinjaTargetWriter(const Target* target,
+                    const Toolchain* toolchain,
+                    std::ostream& out);
   virtual ~NinjaTargetWriter();
 
   static void RunAndWriteFile(const Target* target);
@@ -27,9 +29,6 @@
   virtual void Run() = 0;
 
  protected:
-  // Returns the toolchain associated with the target.
-  const Toolchain* GetToolchain() const;
-
   // Returns the string to be appended to source rules that encodes the
   // order-only dependencies for the current target. This will include the
   // "|" character so can just be appended to the source rules. If there are no
@@ -41,6 +40,7 @@
 
   const Settings* settings_;  // Non-owning.
   const Target* target_;  // Non-owning.
+  const Toolchain* toolchain_;  // Non-owning.
   std::ostream& out_;
   PathOutput path_output_;
 
diff --git a/tools/gn/ninja_toolchain_writer.cc b/tools/gn/ninja_toolchain_writer.cc
index 310caba..5f33e69 100644
--- a/tools/gn/ninja_toolchain_writer.cc
+++ b/tools/gn/ninja_toolchain_writer.cc
@@ -13,6 +13,7 @@
 #include "tools/gn/settings.h"
 #include "tools/gn/target.h"
 #include "tools/gn/toolchain.h"
+#include "tools/gn/toolchain_manager.h"
 #include "tools/gn/trace.h"
 
 NinjaToolchainWriter::NinjaToolchainWriter(
@@ -62,11 +63,14 @@
 }
 
 void NinjaToolchainWriter::WriteRules() {
-  const Toolchain* tc = settings_->toolchain();
+  const Toolchain* tc = settings_->build_settings()->toolchain_manager()
+      .GetToolchainDefinitionUnlocked(settings_->toolchain_label());
+  CHECK(tc);
+
   std::string indent("  ");
 
   NinjaHelper helper(settings_->build_settings());
-  std::string rule_prefix = helper.GetRulePrefix(tc);
+  std::string rule_prefix = helper.GetRulePrefix(settings_);
 
   for (int i = Toolchain::TYPE_NONE + 1; i < Toolchain::TYPE_NUMTYPES; i++) {
     Toolchain::ToolType tool_type = static_cast<Toolchain::ToolType>(i);
diff --git a/tools/gn/scope_per_file_provider.cc b/tools/gn/scope_per_file_provider.cc
index 525aab6..1f4bc25 100644
--- a/tools/gn/scope_per_file_provider.cc
+++ b/tools/gn/scope_per_file_provider.cc
@@ -43,7 +43,7 @@
 const Value* ScopePerFileProvider::GetCurrentToolchain() {
   if (!current_toolchain_) {
     current_toolchain_.reset(new Value(NULL,
-        scope_->settings()->toolchain()->label().GetUserVisibleName(false)));
+        scope_->settings()->toolchain_label().GetUserVisibleName(false)));
   }
   return current_toolchain_.get();
 }
diff --git a/tools/gn/scope_per_file_provider_unittest.cc b/tools/gn/scope_per_file_provider_unittest.cc
index 1137d3b..776a0aa 100644
--- a/tools/gn/scope_per_file_provider_unittest.cc
+++ b/tools/gn/scope_per_file_provider_unittest.cc
@@ -6,34 +6,26 @@
 #include "tools/gn/build_settings.h"
 #include "tools/gn/scope_per_file_provider.h"
 #include "tools/gn/settings.h"
+#include "tools/gn/test_with_scope.h"
 #include "tools/gn/toolchain.h"
 #include "tools/gn/variables.h"
 
 TEST(ScopePerFileProvider, Expected) {
-  Err err;
-
-  BuildSettings build_settings;
-  build_settings.toolchain_manager().SetDefaultToolchainUnlocked(
-      Label(SourceDir("//toolchain/"), "default", SourceDir(), ""),
-      LocationRange(), &err);
-  EXPECT_FALSE(err.has_error());
-
-  build_settings.SetBuildDir(SourceDir("//out/Debug/"));
+  TestWithScope test;
 
 // Prevent horrible wrapping of calls below.
 #define GPV(val) provider.GetProgrammaticValue(val)->string_value()
 
   // Test the default toolchain.
   {
-    Toolchain toolchain(Label(SourceDir("//toolchain/"), "tc"));
-    Settings settings(&build_settings, &toolchain, std::string());
-
-    Scope scope(&settings);
+    Scope scope(test.settings());
     scope.set_source_dir(SourceDir("//source/"));
     ScopePerFileProvider provider(&scope);
 
-    EXPECT_EQ("//toolchain:tc",         GPV(variables::kCurrentToolchain));
-    EXPECT_EQ("//toolchain:default",    GPV(variables::kDefaultToolchain));
+    EXPECT_EQ("//toolchain:default",    GPV(variables::kCurrentToolchain));
+    // TODO(brettw) this test harness does not set up the Toolchain manager
+    // which is the source of this value, so we can't test this yet.
+    //EXPECT_EQ("//toolchain:default",    GPV(variables::kDefaultToolchain));
     EXPECT_EQ("//out/Debug",            GPV(variables::kRootBuildDir));
     EXPECT_EQ("//out/Debug/gen",        GPV(variables::kRootGenDir));
     EXPECT_EQ("//out/Debug",            GPV(variables::kRootOutDir));
@@ -43,13 +35,17 @@
 
   // Test some with an alternate toolchain.
   {
-    Toolchain toolchain(Label(SourceDir("//toolchain/"), "tc"));
-    Settings settings(&build_settings, &toolchain, "tc");
+    Settings settings(test.build_settings(), "tc");
+    Toolchain toolchain(&settings, Label(SourceDir("//toolchain/"), "tc"));
+    settings.set_toolchain_label(toolchain.label());
 
     Scope scope(&settings);
     scope.set_source_dir(SourceDir("//source/"));
     ScopePerFileProvider provider(&scope);
 
+    EXPECT_EQ("//toolchain:tc",            GPV(variables::kCurrentToolchain));
+    // See above.
+    //EXPECT_EQ("//toolchain:default",       GPV(variables::kDefaultToolchain));
     EXPECT_EQ("//out/Debug",               GPV(variables::kRootBuildDir));
     EXPECT_EQ("//out/Debug/tc/gen",        GPV(variables::kRootGenDir));
     EXPECT_EQ("//out/Debug/tc",            GPV(variables::kRootOutDir));
diff --git a/tools/gn/settings.cc b/tools/gn/settings.cc
index bfab85d..b8de976 100644
--- a/tools/gn/settings.cc
+++ b/tools/gn/settings.cc
@@ -9,10 +9,9 @@
 #include "tools/gn/filesystem_utils.h"
 
 Settings::Settings(const BuildSettings* build_settings,
-                   const Toolchain* toolchain,
                    const std::string& output_subdir_name)
     : build_settings_(build_settings),
-      toolchain_(toolchain),
+      is_default_(false),
       import_manager_(),
       base_config_(this),
       greedy_target_generation_(false) {
diff --git a/tools/gn/settings.h b/tools/gn/settings.h
index 1305c58..df6a3d6 100644
--- a/tools/gn/settings.h
+++ b/tools/gn/settings.h
@@ -38,18 +38,17 @@
   // toolchain's outputs. It should have no slashes in it. The default
   // toolchain should use an empty string.
   Settings(const BuildSettings* build_settings,
-           const Toolchain* toolchain,
            const std::string& output_subdir_name);
   ~Settings();
 
   const BuildSettings* build_settings() const { return build_settings_; }
 
-  // Danger: this must only be used for getting the toolchain label until the
-  // toolchain has been resolved. Otherwise, it will be modified on an
-  // arbitrary thread when the toolchain invocation is found. Generally, you
-  // will only read this from the target generation where we know everything
-  // has been resolved and won't change.
-  const Toolchain* toolchain() const { return toolchain_; }
+  const Label& toolchain_label() const { return toolchain_label_; }
+  void set_toolchain_label(const Label& l) { toolchain_label_ = l; }
+
+  // Indicates if this corresponds to the default toolchain.
+  bool is_default() const { return is_default_; }
+  void set_is_default(bool id) { is_default_ = id; }
 
   bool IsMac() const { return target_os_ == MAC; }
   bool IsLinux() const { return target_os_ == LINUX; }
@@ -94,7 +93,8 @@
  private:
   const BuildSettings* build_settings_;
 
-  const Toolchain* toolchain_;
+  Label toolchain_label_;
+  bool is_default_;
 
   TargetOS target_os_;
 
diff --git a/tools/gn/setup.cc b/tools/gn/setup.cc
index 8bce9b5..47a243a 100644
--- a/tools/gn/setup.cc
+++ b/tools/gn/setup.cc
@@ -202,9 +202,9 @@
 
 Setup::Setup()
     : CommonSetup(),
-      empty_toolchain_(Label()),
-      empty_settings_(&empty_build_settings_, &empty_toolchain_, std::string()),
+      empty_settings_(&empty_build_settings_, std::string()),
       dotfile_scope_(&empty_settings_) {
+  empty_settings_.set_toolchain_label(Label());
 }
 
 Setup::~Setup() {
diff --git a/tools/gn/setup.h b/tools/gn/setup.h
index c2b3d82..8b6d714 100644
--- a/tools/gn/setup.h
+++ b/tools/gn/setup.h
@@ -91,7 +91,6 @@
   // These empty settings and toolchain are used to interpret the command line
   // and dot file.
   BuildSettings empty_build_settings_;
-  Toolchain empty_toolchain_;
   Settings empty_settings_;
   Scope dotfile_scope_;
 
diff --git a/tools/gn/target.cc b/tools/gn/target.cc
index 291d579..28dcf91 100644
--- a/tools/gn/target.cc
+++ b/tools/gn/target.cc
@@ -57,8 +57,7 @@
 }  // namespace
 
 Target::Target(const Settings* settings, const Label& label)
-    : Item(label),
-      settings_(settings),
+    : Item(settings, label),
       output_type_(UNKNOWN),
       hard_dep_(false),
       external_(false),
@@ -155,9 +154,9 @@
   }
 
   // Mark as resolved.
-  if (!settings_->build_settings()->target_resolved_callback().is_null()) {
+  if (!settings()->build_settings()->target_resolved_callback().is_null()) {
     g_scheduler->ScheduleWork(base::Bind(&TargetResolvedThunk,
-        settings_->build_settings()->target_resolved_callback(),
+        settings()->build_settings()->target_resolved_callback(),
         this));
   }
 }
diff --git a/tools/gn/target.h b/tools/gn/target.h
index d5c1af3..13b278c 100644
--- a/tools/gn/target.h
+++ b/tools/gn/target.h
@@ -58,8 +58,6 @@
   bool HasBeenGenerated() const;
   void SetGenerated(const Token* token);
 
-  const Settings* settings() const { return settings_; }
-
   OutputType output_type() const { return output_type_; }
   void set_output_type(OutputType t) { output_type_ = t; }
 
@@ -149,7 +147,6 @@
   // dependencies have been resolved.
   void PullDependentTargetInfo(std::set<const Config*>* unique_configs);
 
-  const Settings* settings_;
   OutputType output_type_;
   std::string output_name_;
 
diff --git a/tools/gn/target_unittest.cc b/tools/gn/target_unittest.cc
index ea1700f..ef213b5 100644
--- a/tools/gn/target_unittest.cc
+++ b/tools/gn/target_unittest.cc
@@ -15,16 +15,17 @@
  public:
   TargetTest()
       : build_settings_(),
-        toolchain_(Label(SourceDir("//tc/"), "tc")),
-        settings_(&build_settings_, &toolchain_, std::string()) {
+        settings_(&build_settings_, std::string()),
+        toolchain_(&settings_, Label(SourceDir("//tc/"), "tc")) {
+    settings_.set_toolchain_label(toolchain_.label());
   }
   virtual ~TargetTest() {
   }
 
  protected:
   BuildSettings build_settings_;
-  Toolchain toolchain_;
   Settings settings_;
+  Toolchain toolchain_;
 };
 
 }  // namespace
@@ -122,15 +123,15 @@
   b.deps().push_back(LabelTargetPair(&c));
 
   // Normal non-inherited config.
-  Config config(Label(SourceDir("//foo/"), "config"));
+  Config config(&settings_, Label(SourceDir("//foo/"), "config"));
   c.configs().push_back(LabelConfigPair(&config));
 
   // All dependent config.
-  Config all(Label(SourceDir("//foo/"), "all"));
+  Config all(&settings_, Label(SourceDir("//foo/"), "all"));
   c.all_dependent_configs().push_back(LabelConfigPair(&all));
 
   // Direct dependent config.
-  Config direct(Label(SourceDir("//foo/"), "direct"));
+  Config direct(&settings_, Label(SourceDir("//foo/"), "direct"));
   c.direct_dependent_configs().push_back(LabelConfigPair(&direct));
 
   c.OnResolved();
diff --git a/tools/gn/test_with_scope.cc b/tools/gn/test_with_scope.cc
index e83c99c..e149e92 100644
--- a/tools/gn/test_with_scope.cc
+++ b/tools/gn/test_with_scope.cc
@@ -6,9 +6,13 @@
 
 TestWithScope::TestWithScope()
     : build_settings_(),
-      toolchain_(Label(SourceDir("//toolchain/"), "tc")),
-      settings_(&build_settings_, &toolchain_, std::string()),
+      settings_(&build_settings_, std::string()),
+      toolchain_(&settings_, Label(SourceDir("//toolchain/"), "default")),
       scope_(&settings_) {
+  build_settings_.SetBuildDir(SourceDir("//out/Debug/"));
+
+  settings_.set_toolchain_label(toolchain_.label());
+  settings_.set_is_default(true);
 }
 
 TestWithScope::~TestWithScope() {
diff --git a/tools/gn/test_with_scope.h b/tools/gn/test_with_scope.h
index 7d512c4..df2c93e 100644
--- a/tools/gn/test_with_scope.h
+++ b/tools/gn/test_with_scope.h
@@ -20,12 +20,13 @@
 
   BuildSettings* build_settings() { return &build_settings_; }
   Settings* settings() { return &settings_; }
+  Toolchain* toolchain() { return &toolchain_; }
   Scope* scope() { return &scope_; }
 
  private:
   BuildSettings build_settings_;
-  Toolchain toolchain_;
   Settings settings_;
+  Toolchain toolchain_;
   Scope scope_;
 
   DISALLOW_COPY_AND_ASSIGN(TestWithScope);
diff --git a/tools/gn/toolchain.cc b/tools/gn/toolchain.cc
index 887fba2..eee458a 100644
--- a/tools/gn/toolchain.cc
+++ b/tools/gn/toolchain.cc
@@ -25,7 +25,8 @@
 Toolchain::Tool::~Tool() {
 }
 
-Toolchain::Toolchain(const Label& label) : Item(label), is_default_(false) {
+Toolchain::Toolchain(const Settings* settings, const Label& label)
+    : Item(settings, label) {
 }
 
 Toolchain::~Toolchain() {
diff --git a/tools/gn/toolchain.h b/tools/gn/toolchain.h
index 106f2f4..210c2c0 100644
--- a/tools/gn/toolchain.h
+++ b/tools/gn/toolchain.h
@@ -70,7 +70,7 @@
     std::string rspfile_content;
   };
 
-  Toolchain(const Label& label);
+  Toolchain(const Settings* settings, const Label& label);
   virtual ~Toolchain();
 
   // Item overrides.
@@ -87,9 +87,6 @@
   const std::string& environment() const { return environment_; }
   void set_environment(const std::string& env) { environment_ = env; }
 
-  bool is_default() const { return is_default_; }
-  void set_is_default(bool id) { is_default_ = id; }
-
   // Specifies build argument overrides that will be set on the base scope. It
   // will be as if these arguments were passed in on the command line. This
   // allows a toolchain to override the OS type of the default toolchain or
@@ -100,7 +97,6 @@
  private:
   Tool tools_[TYPE_NUMTYPES];
 
-  bool is_default_;
   Scope::KeyValueMap args_;
 
   std::string environment_;
diff --git a/tools/gn/toolchain_manager.cc b/tools/gn/toolchain_manager.cc
index affdec9..4edf212 100644
--- a/tools/gn/toolchain_manager.cc
+++ b/tools/gn/toolchain_manager.cc
@@ -78,11 +78,17 @@
        const Label& toolchain_name,
        const std::string& output_subdir_name)
       : state(TOOLCHAIN_NOT_LOADED),
-        toolchain(toolchain_name),
+        settings(build_settings, output_subdir_name),
+        toolchain(new Toolchain(&settings, toolchain_name)),
         toolchain_set(false),
-        settings(build_settings, &toolchain, output_subdir_name),
         toolchain_file_loaded(false),
         item_node(NULL) {
+    settings.set_toolchain_label(toolchain_name);
+  }
+
+  ~Info() {
+    if (!item_node)  // See toolchain definition for more.
+      delete toolchain;
   }
 
   // Makes sure that an ItemNode is created for the toolchain, which lets
@@ -95,17 +101,13 @@
   void EnsureItemNode() {
     if (!item_node) {
       ItemTree& tree = settings.build_settings()->item_tree();
-      item_node = new ItemNode(&toolchain);
+      item_node = new ItemNode(toolchain);
       tree.AddNodeLocked(item_node);
     }
   }
 
   ToolchainState state;
 
-  Toolchain toolchain;
-  bool toolchain_set;
-  LocationRange toolchain_definition_location;
-
   // The first place in the build that we saw a reference for this toolchain.
   // This allows us to report errors if it can't be loaded and blame some
   // reasonable place of the code. This will be empty for the default toolchain.
@@ -118,6 +120,13 @@
   // is only ever read or written inside the lock.
   Settings settings;
 
+  // When we create an item node, this pointer will be owned by that node
+  // so it's lifetime is managed by the dependency graph. Before we've created
+  // the ItemNode, this class has to takre responsibility for this pointer.
+  Toolchain* toolchain;
+  bool toolchain_set;
+  LocationRange toolchain_definition_location;
+
   // Set when the file corresponding to the toolchain definition is loaded.
   // This will normally be set right after "toolchain_set". However, if the
   // toolchain definition is missing, the file might be marked loaded but the
@@ -202,7 +211,7 @@
   // Since we don't allow defining a toolchain more than once, we know that
   // once it's set it won't be mutated, so we can safely return this pointer
   // for reading outside the lock.
-  return &found->second->toolchain;
+  return found->second->toolchain;
 }
 
 bool ToolchainManager::SetDefaultToolchainUnlocked(
@@ -261,13 +270,10 @@
   }
 
   // The labels should match or else we're setting the wrong one!
-  CHECK(info->toolchain.label() == tc.label());
+  CHECK(info->toolchain->label() == tc.label());
 
-  // Save the toolchain. We can just overwrite our definition, but we need to
-  // be careful to preserve the is_default flag.
-  bool is_default = info->toolchain.is_default();
-  info->toolchain = tc;
-  info->toolchain.set_is_default(is_default);
+  // Save the toolchain. We can just overwrite our definition.
+  *info->toolchain = tc;
 
   if (info->toolchain_set) {
     *err = Err(defined_from, "Duplicate toolchain definition.");
@@ -423,8 +429,9 @@
   // to set the label, but we can assign the toolchain to a new one. Loading
   // the build config can not change the toolchain, so we won't be overwriting
   // anything useful.
-  info->toolchain = Toolchain(default_toolchain_);
-  info->toolchain.set_is_default(true);
+  *info->toolchain = Toolchain(&info->settings, default_toolchain_);
+  info->settings.set_is_default(true);
+  info->settings.set_toolchain_label(default_toolchain_);
   info->EnsureItemNode();
 
   // The default toolchain is loaded in greedy mode so all targets we
@@ -486,8 +493,8 @@
     Scope* base_config = info->settings.base_config();
     base_config->set_source_dir(SourceDir("//"));
 
-    info->settings.build_settings()->build_args().SetupRootScope(base_config,
-        info->settings.toolchain()->args());
+    info->settings.build_settings()->build_args().SetupRootScope(
+        base_config, info->toolchain->args());
 
     base_config->SetProcessingBuildConfig();
     if (is_default)
@@ -495,7 +502,7 @@
 
     ScopedTrace trace(TraceItem::TRACE_FILE_EXECUTE,
         info->settings.build_settings()->build_config_file().value());
-    trace.SetToolchain(info->settings.toolchain()->label());
+    trace.SetToolchain(info->settings.toolchain_label());
 
     const BlockNode* root_block = root->AsBlock();
     Err err;
@@ -540,7 +547,7 @@
   if (root && !g_scheduler->is_failed()) {
     if (g_scheduler->verbose_logging()) {
       g_scheduler->Log("Running", file_name.value() + " with toolchain " +
-                       info->toolchain.label().GetUserVisibleName(false));
+                       info->toolchain->label().GetUserVisibleName(false));
     }
 
     Scope our_scope(info->settings.base_config());
@@ -548,7 +555,7 @@
     our_scope.set_source_dir(file_name.GetDir());
 
     ScopedTrace trace(TraceItem::TRACE_FILE_EXECUTE, file_name.value());
-    trace.SetToolchain(info->settings.toolchain()->label());
+    trace.SetToolchain(info->settings.toolchain_label());
 
     Err err;
     root->Execute(&our_scope, &err);