# LoRA vs. Full Fine-Tuning: A Theoretical Perspective

arXiv: https://arxiv.org/abs/2605.19018 · HTML: https://mlsanity.com/paper/2605.19018/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- Builds on 19 of its 28 references that are in the map.
- First posted on arXiv 18 May 2026.

## Builds on (most cited first, 19 of 19)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [PaLM: Scaling Language Modeling with Pathways](https://mlsanity.com/paper/2204.02311/) (2022)
- [QLoRA: Efficient Finetuning of Quantized LLMs](https://mlsanity.com/paper/2305.14314/) (2023)
- [BoolQ: Exploring the Surprising Difficulty of Natural Yes/No Questions](https://mlsanity.com/paper/1905.10044/) (2019)
- [Fine-Tuning Language Models from Human Preferences](https://mlsanity.com/paper/1909.08593/) (2019)
- [CommonsenseQA: A Question Answering Challenge Targeting Commonsense Knowledge](https://mlsanity.com/paper/1811.00937/) (2018)
- [Benign Overfitting in Linear Regression](https://mlsanity.com/paper/1906.11300/) (2019)
- [Surprises in High-Dimensional Ridgeless Least Squares Interpolation](https://mlsanity.com/paper/1903.08560/) (2019)
- [Fine-Tuning Pretrained Language Models: Weight Initializations, Data Orders, and Early Stopping](https://mlsanity.com/paper/2002.06305/) (2020)
- [LoRA Learns Less and Forgets Less](https://mlsanity.com/paper/2405.09673/) (2024)
- [Camels in a Changing Climate: Enhancing LM Adaptation with Tulu 2](https://mlsanity.com/paper/2311.10702/) (2023)
- [LoRA vs Full Fine-tuning: An Illusion of Equivalence](https://mlsanity.com/paper/2410.21228/) (2024)
- [The Expressive Power of Low-Rank Adaptation](https://mlsanity.com/paper/2310.17513/) (2023)
- [LoRA-One: One-Step Full Gradient Could Suffice for Fine-Tuning Large Language Models, Provably and Efficiently](https://mlsanity.com/paper/2502.01235/) (2025)
- [Astraios: Parameter-Efficient Instruction Tuning Code Large Language Models](https://mlsanity.com/paper/2401.00788/) (2024)
- [LoRA Training Provably Converges to a Low-Rank Global Minimum or It Fails Loudly (But it Probably Won't Fail)](https://mlsanity.com/paper/2502.09376/) (2025)
- [Sharp Generalization Bounds for Foundation Models with Asymmetric Randomized Low-Rank Adapters](https://mlsanity.com/paper/2506.14530/) (2025)

## Built on by (most cited first, 2 of 2)

- [What Does the Rank Buy? A Spectral and Distributional Analysis of Low-Rank Adaptation](https://mlsanity.com/paper/2609.32002/) (2026)
- [LoRA's Second Descent Extends Beyond Parameter Parity](https://mlsanity.com/paper/2610.04507/) (2026)

## Abstract (arXiv)

Fine-tuning adapts a pre-trained model to downstream tasks using a small amount of labeled data. Low-Rank Adaptation (LoRA) is an efficient fine-tuning method that reduces memory and computation costs while often achieving performance close to full fine-tuning. Despite its widespread use, the theoretical behavior of LoRA is not yet well understood. In this paper, we study LoRA in a simple linear regression setting and compare its excess risk with that of full fine-tuning. Our analysis identifies regimes in which LoRA achieves lower excess risk than full fine-tuning in both overdetermined and underdetermined settings. Specifically, our theory predicts that LoRA can outperform full fine-tuning when the difference between the pretraining and the downstream tasks is effectively low-rank. We further show how the choice of LoRA rank affects generalization performance, explaining why using a very small rank can improve test accuracy in certain settings, even though it limits model expressivity. Finally, we support our theoretical results with experiments on practical tasks, suggesting that the identified tradeoffs and insights extend beyond linear regression.