diff --git a/CHANGELOG.md b/CHANGELOG.md
index f6afaccf0e..4037dd3632 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -91,7 +91,7 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 - Fixed an issue where incorrect type warnings appear when the overridden `LightningLite.run` method accepts user-defined arguments ([#12629](https://github.com/PyTorchLightning/pytorch-lightning/pull/12629))
 
 
--
+- Fixed `rank_zero_only` decorator in LSF environments ([#12587](https://github.com/PyTorchLightning/pytorch-lightning/pull/12587))
 
 
 -
diff --git a/pytorch_lightning/utilities/rank_zero.py b/pytorch_lightning/utilities/rank_zero.py
index 513798ff7a..b503fa3727 100644
--- a/pytorch_lightning/utilities/rank_zero.py
+++ b/pytorch_lightning/utilities/rank_zero.py
@@ -39,7 +39,7 @@ def rank_zero_only(fn: Callable) -> Callable:
 def _get_rank() -> int:
     # SLURM_PROCID can be set even if SLURM is not managing the multiprocessing,
     # therefore LOCAL_RANK needs to be checked first
-    rank_keys = ("RANK", "LOCAL_RANK", "SLURM_PROCID")
+    rank_keys = ("RANK", "LOCAL_RANK", "SLURM_PROCID", "JSM_NAMESPACE_RANK")
     for key in rank_keys:
         rank = os.environ.get(key)
         if rank is not None:
diff --git a/tests/utilities/test_rank_zero.py b/tests/utilities/test_rank_zero.py
index 15a55fdd87..ebc827cc46 100644
--- a/tests/utilities/test_rank_zero.py
+++ b/tests/utilities/test_rank_zero.py
@@ -18,7 +18,7 @@ from unittest import mock
 import pytest
 
 
-@pytest.mark.parametrize("env_vars", [{"RANK": "0"}, {"SLURM_PROCID": "0"}])
+@pytest.mark.parametrize("env_vars", [{"RANK": "0"}, {"SLURM_PROCID": "0"}, {"JSM_NAMESPACE_RANK": "0"}])
 def test_rank_zero_known_cluster_envs(env_vars: Mapping[str, str]):
     """Test that SLURM environment variables are properly checked for rank_zero_only."""
     from pytorch_lightning.utilities.rank_zero import _get_rank, rank_zero_only
@@ -38,7 +38,9 @@ def test_rank_zero_known_cluster_envs(env_vars: Mapping[str, str]):
         assert x == 1
 
 
-@pytest.mark.parametrize("rank_key,rank", [("RANK", "1"), ("SLURM_PROCID", "2"), ("LOCAL_RANK", "3")])
+@pytest.mark.parametrize(
+    "rank_key,rank", [("RANK", "1"), ("SLURM_PROCID", "2"), ("LOCAL_RANK", "3"), ("JSM_NAMESPACE_RANK", "4")]
+)
 def test_rank_zero_none_set(rank_key, rank):
     """Test that function is not called when rank environment variables are not global zero."""
 
@@ -58,9 +60,10 @@ def test_rank_zero_none_set(rank_key, rank):
 @pytest.mark.parametrize(
     "environ,expected_rank",
     [
-        ({"SLURM_PROCID": "2"}, 2),
-        ({"SLURM_PROCID": "2", "LOCAL_RANK": "1"}, 1),
-        ({"SLURM_PROCID": "2", "LOCAL_RANK": "1", "RANK": "0"}, 0),
+        ({"JSM_NAMESPACE_RANK": "3"}, 3),
+        ({"JSM_NAMESPACE_RANK": "3", "SLURM_PROCID": "2"}, 2),
+        ({"JSM_NAMESPACE_RANK": "3", "SLURM_PROCID": "2", "LOCAL_RANK": "1"}, 1),
+        ({"JSM_NAMESPACE_RANK": "3", "SLURM_PROCID": "2", "LOCAL_RANK": "1", "RANK": "0"}, 0),
     ],
 )
 def test_rank_zero_priority(environ, expected_rank):