diff --git a/changelog/fix_performance_squeeze_cop_error_on_frozen_ast_string_node_value.md b/changelog/fix_performance_squeeze_cop_error_on_frozen_ast_string_node_value.md
new file mode 100644
index 000000000..491548f93
--- /dev/null
+++ b/changelog/fix_performance_squeeze_cop_error_on_frozen_ast_string_node_value.md
@@ -0,0 +1 @@
+* [#480](https://github.com/rubocop/rubocop-performance/pull/480): Fix `Performance/Squeeze` cop error on frozen AST string node value. ([@viralpraxis][])
diff --git a/lib/rubocop/cop/performance/squeeze.rb b/lib/rubocop/cop/performance/squeeze.rb
index 3176154f8..bf2766a13 100644
--- a/lib/rubocop/cop/performance/squeeze.rb
+++ b/lib/rubocop/cop/performance/squeeze.rb
@@ -46,7 +46,11 @@ def on_send(node)
             message = format(MSG, current: bad_method, prefer: good_method)
 
             add_offense(node.loc.selector, message: message) do |corrector|
-              string_literal = to_string_literal(replace_str)
+              # FIXME: When requiring only RuboCop 1.70.0 and above,
+              # `dup` in `replace_str.dup` becomes unnecessary, as
+              # frozen strings are handled in the `to_string_literal`
+              # implementation. Please remove it.
+              string_literal = to_string_literal(replace_str.dup)
               new_code = "#{receiver.source}#{node.loc.dot.source}#{good_method}(#{string_literal})"
 
               corrector.replace(node, new_code)
diff --git a/spec/rubocop/cop/performance/squeeze_spec.rb b/spec/rubocop/cop/performance/squeeze_spec.rb
index 02f73fdc2..8bbdb1b2e 100644
--- a/spec/rubocop/cop/performance/squeeze_spec.rb
+++ b/spec/rubocop/cop/performance/squeeze_spec.rb
@@ -51,4 +51,15 @@
       str.gsub(/a+/, 'b')
     RUBY
   end
+
+  it 'registers an offense when AST string literal might be frozen' do
+    expect_offense(<<~'RUBY')
+      str.gsub(/\n+/, ?\n)
+          ^^^^ Use `squeeze` instead of `gsub`.
+    RUBY
+
+    expect_correction(<<~'RUBY')
+      str.squeeze("\n")
+    RUBY
+  end
 end