One embodiment of the present invention provides a system that facilitates executing a memory barrier (membar) instruction in an execute-ahead processor, wherein the membar instruction forces buffered loads and stores to complete before allowing a following instruction to be issued. During operation in a normal-execution mode, the processor issues instructions for execution in program order. Upon encountering a membar instruction, the processor determines if the load buffer and store buffer contain unresolved loads and stores. If so, the processor defers the membar instruction and executes subsequent program instructions in execute-ahead mode. In execute-ahead mode, instructions that cannot be executed because of an unresolved data dependency are deferred, and other non-deferred instructions are executed in program order. When all stores and loads that precede the membar instruction have been committed to memory from the store buffer and the load buffer, the processor enters a deferred mode and executes the deferred instructions, including the membar instruction, in program order. If all deferred instructions have been executed, the processor returns to the normal-execution mode and resumes execution from the point where the execute-ahead mode left off.