diff --git a/newsfragments/5199.added.md b/newsfragments/5199.added.md
new file mode 100644
index 00000000000..2da08ebfa39
--- /dev/null
+++ b/newsfragments/5199.added.md
@@ -0,0 +1,2 @@
+- Add `PyString::from_fmt`
+- Add `py_format!` macro
diff --git a/pyo3-benches/Cargo.toml b/pyo3-benches/Cargo.toml
index 1611244082c..c2c9d67f8fd 100644
--- a/pyo3-benches/Cargo.toml
+++ b/pyo3-benches/Cargo.toml
@@ -87,4 +87,8 @@ harness = false
 name = "bench_bigint"
 harness = false
 
+[[bench]]
+name = "bench_pystring_from_fmt"
+harness = false
+
 [workspace]
diff --git a/pyo3-benches/benches/bench_pystring_from_fmt.rs b/pyo3-benches/benches/bench_pystring_from_fmt.rs
new file mode 100644
index 00000000000..877c5c34310
--- /dev/null
+++ b/pyo3-benches/benches/bench_pystring_from_fmt.rs
@@ -0,0 +1,28 @@
+use codspeed_criterion_compat::{criterion_group, criterion_main, Bencher, Criterion};
+use pyo3::{py_format, Python};
+use std::hint::black_box;
+
+fn format_simple(b: &mut Bencher<'_>) {
+    Python::attach(|py| {
+        b.iter(|| {
+            py_format!(py, "Hello {}!", "world").unwrap()
+        });
+    });
+}
+
+fn format_complex(b: &mut Bencher<'_>) {
+    Python::attach(|py| {
+        b.iter(|| {
+            let value = (black_box(42), black_box("foo"), [0; 0]);
+            py_format!(py, "This is some complex value: {value:?}").unwrap()
+        });
+    });
+}
+
+fn criterion_benchmark(c: &mut Criterion) {
+    c.bench_function("format_simple", format_simple);
+    c.bench_function("format_complex", format_complex);
+}
+
+criterion_group!(benches, criterion_benchmark);
+criterion_main!(benches);
diff --git a/pyo3-ffi/src/cpython/unicodeobject.rs b/pyo3-ffi/src/cpython/unicodeobject.rs
index cf0ef54484e..ae1a9074883 100644
--- a/pyo3-ffi/src/cpython/unicodeobject.rs
+++ b/pyo3-ffi/src/cpython/unicodeobject.rs
@@ -686,6 +686,26 @@ extern "C" {
     // skipped PyUnicode_GetMax
 }
 
+#[cfg(Py_3_14)]
+opaque_struct!(pub PyUnicodeWriter);
+
+extern "C" {
+    #[cfg(Py_3_14)]
+    pub fn PyUnicodeWriter_Create(length: Py_ssize_t) -> *mut PyUnicodeWriter;
+    #[cfg(Py_3_14)]
+    pub fn PyUnicodeWriter_Finish(writer: *mut PyUnicodeWriter) -> *mut PyObject;
+    #[cfg(Py_3_14)]
+    pub fn PyUnicodeWriter_Discard(writer: *mut PyUnicodeWriter);
+    #[cfg(Py_3_14)]
+    pub fn PyUnicodeWriter_WriteChar(writer: *mut PyUnicodeWriter, ch: Py_UCS4) -> c_int;
+    #[cfg(Py_3_14)]
+    pub fn PyUnicodeWriter_WriteUTF8(
+        writer: *mut PyUnicodeWriter,
+        str: *const c_char,
+        size: Py_ssize_t,
+    ) -> c_int;
+}
+
 // skipped _PyUnicodeWriter
 // skipped _PyUnicodeWriter_Init
 // skipped _PyUnicodeWriter_Prepare
diff --git a/src/fmt.rs b/src/fmt.rs
new file mode 100644
index 00000000000..2b5554182f1
--- /dev/null
+++ b/src/fmt.rs
@@ -0,0 +1,226 @@
+#[cfg(any(doc, all(Py_3_14, not(Py_LIMITED_API))))]
+use crate::{types::PyString, Python};
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+use {
+    crate::ffi::{
+        PyUnicodeWriter_Create, PyUnicodeWriter_Discard, PyUnicodeWriter_Finish,
+        PyUnicodeWriter_WriteChar, PyUnicodeWriter_WriteUTF8,
+    },
+    crate::ffi_ptr_ext::FfiPtrExt,
+    crate::impl_::callback::WrappingCastTo,
+    crate::py_result_ext::PyResultExt,
+    crate::IntoPyObject,
+    crate::{ffi, Bound, PyErr, PyResult},
+    std::fmt,
+    std::mem::ManuallyDrop,
+    std::ptr::NonNull,
+};
+
+/// This macro is analogous to Rust's [`format!`] macro, but returns a [`PyString`] instead of a [`String`].
+///
+/// # Arguments
+///
+/// The arguments are exactly like [`format!`], but with `py` (a [`Python`] token) as the first argument:
+///
+/// # Interning Advantage
+///
+/// If the format string is a static string and all arguments are constant at compile time,
+/// this macro will intern the string in Python, offering better performance and memory usage
+/// compared to [`PyString::from_fmt`].
+///
+/// ```rust
+/// # use pyo3::{py_format, Python, types::PyString, Bound};
+/// Python::attach(|py| {
+///     let py_string: Bound<'_, PyString> = py_format!(py, "{} {}", "hello", "world").unwrap();
+///     assert_eq!(py_string.to_string(), "hello world");
+/// });
+/// ```
+#[macro_export]
+macro_rules! py_format {
+    ($py: expr, $($arg:tt)*) => {{
+        if let Some(static_string) = format_args!($($arg)*).as_str() {
+            static INTERNED: $crate::sync::PyOnceLock<$crate::Py<$crate::types::PyString>> = $crate::sync::PyOnceLock::new();
+            Ok(
+                INTERNED
+                .get_or_init($py, || $crate::types::PyString::intern($py, static_string).unbind())
+                .bind($py)
+                .to_owned()
+            )
+        } else {
+            $crate::types::PyString::from_fmt($py, format_args!($($arg)*))
+        }
+    }}
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+/// The `PyUnicodeWriter` is a utility for efficiently constructing Python strings
+pub(crate) struct PyUnicodeWriter<'py> {
+    python: Python<'py>,
+    writer: NonNull<ffi::PyUnicodeWriter>,
+    last_error: Option<PyErr>,
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+impl<'py> PyUnicodeWriter<'py> {
+    /// Creates a new `PyUnicodeWriter`.
+    pub fn new(py: Python<'py>) -> PyResult<Self> {
+        Self::with_capacity(py, 0)
+    }
+
+    /// Creates a new `PyUnicodeWriter` with the specified initial capacity.
+    #[inline]
+    pub fn with_capacity(py: Python<'py>, capacity: usize) -> PyResult<Self> {
+        match NonNull::new(unsafe { PyUnicodeWriter_Create(capacity.wrapping_cast()) }) {
+            Some(ptr) => Ok(PyUnicodeWriter {
+                python: py,
+                writer: ptr,
+                last_error: None,
+            }),
+            None => Err(PyErr::fetch(py)),
+        }
+    }
+
+    /// Consumes the `PyUnicodeWriter` and returns a `Bound<PyString>` containing the constructed string.
+    #[inline]
+    pub fn into_py_string(mut self) -> PyResult<Bound<'py, PyString>> {
+        let py = self.python;
+        if let Some(error) = self.take_error() {
+            Err(error)
+        } else {
+            unsafe {
+                PyUnicodeWriter_Finish(ManuallyDrop::new(self).as_ptr())
+                    .assume_owned_or_err(py)
+                    .cast_into_unchecked()
+            }
+        }
+    }
+
+    /// When fmt::Write returned an error, this function can be used to retrieve the last error that occurred.
+    #[inline]
+    pub fn take_error(&mut self) -> Option<PyErr> {
+        self.last_error.take()
+    }
+
+    #[inline]
+    fn as_ptr(&self) -> *mut ffi::PyUnicodeWriter {
+        self.writer.as_ptr()
+    }
+
+    #[inline]
+    fn set_error(&mut self) {
+        self.last_error = Some(PyErr::fetch(self.python));
+    }
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+impl fmt::Write for PyUnicodeWriter<'_> {
+    #[inline]
+    fn write_str(&mut self, s: &str) -> fmt::Result {
+        let result = unsafe {
+            PyUnicodeWriter_WriteUTF8(self.as_ptr(), s.as_ptr().cast(), s.len() as isize)
+        };
+        if result < 0 {
+            self.set_error();
+            Err(fmt::Error)
+        } else {
+            Ok(())
+        }
+    }
+
+    #[inline]
+    fn write_char(&mut self, c: char) -> fmt::Result {
+        let result = unsafe { PyUnicodeWriter_WriteChar(self.as_ptr(), c.into()) };
+        if result < 0 {
+            self.set_error();
+            Err(fmt::Error)
+        } else {
+            Ok(())
+        }
+    }
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+impl Drop for PyUnicodeWriter<'_> {
+    #[inline]
+    fn drop(&mut self) {
+        unsafe {
+            PyUnicodeWriter_Discard(self.as_ptr());
+        }
+    }
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+impl<'py> IntoPyObject<'py> for PyUnicodeWriter<'py> {
+    type Target = PyString;
+    type Output = Bound<'py, Self::Target>;
+    type Error = PyErr;
+
+    #[inline]
+    fn into_pyobject(self, _py: Python<'py>) -> PyResult<Bound<'py, PyString>> {
+        self.into_py_string()
+    }
+}
+
+#[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+impl<'py> TryInto<Bound<'py, PyString>> for PyUnicodeWriter<'py> {
+    type Error = PyErr;
+
+    #[inline]
+    fn try_into(self) -> PyResult<Bound<'py, PyString>> {
+        self.into_py_string()
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    #[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+    use super::*;
+    use crate::types::PyStringMethods;
+    use crate::{IntoPyObject, Python};
+
+    #[test]
+    #[allow(clippy::write_literal)]
+    #[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+    fn unicode_writer_test() {
+        use std::fmt::Write;
+        Python::attach(|py| {
+            let mut writer = PyUnicodeWriter::new(py).unwrap();
+            write!(writer, "Hello {}!", "world").unwrap();
+            writer.write_char('😎').unwrap();
+            let result = writer.into_py_string().unwrap();
+            assert_eq!(result.to_string(), "Hello world!😎");
+        });
+    }
+
+    #[test]
+    #[allow(clippy::write_literal)]
+    #[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+    fn unicode_writer_with_capacity() {
+        use std::fmt::Write;
+        Python::attach(|py| {
+            let mut writer = PyUnicodeWriter::with_capacity(py, 10).unwrap();
+            write!(writer, "Hello {}!", "world").unwrap();
+            writer.write_char('😎').unwrap();
+            let result = writer.into_py_string().unwrap();
+            assert_eq!(result.to_string(), "Hello world!😎");
+        });
+    }
+
+    #[test]
+    fn test_pystring_from_fmt() {
+        Python::attach(|py| {
+            py_format!(py, "Hello {}!", "world").unwrap();
+        });
+    }
+
+    #[test]
+    fn test_complex_format() {
+        Python::attach(|py| {
+            let complex_value = (42, "foo", [0; 0]).into_pyobject(py).unwrap();
+            let py_string = py_format!(py, "This is some complex value: {complex_value}").unwrap();
+            let actual = py_string.to_cow().unwrap();
+            let expected = "This is some complex value: (42, 'foo', [])";
+            assert_eq!(actual, expected);
+        });
+    }
+}
diff --git a/src/lib.rs b/src/lib.rs
index 41307496b75..2d8e0b3059f 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -418,6 +418,7 @@ pub mod coroutine;
 mod err;
 pub mod exceptions;
 pub mod ffi;
+pub(crate) mod fmt;
 mod instance;
 mod interpreter_lifecycle;
 pub mod marker;
diff --git a/src/types/string.rs b/src/types/string.rs
index 0f69d18e0be..a2010d3f434 100644
--- a/src/types/string.rs
+++ b/src/types/string.rs
@@ -8,7 +8,7 @@ use crate::types::PyBytes;
 use crate::{ffi, Bound, Py, PyAny, PyResult, Python};
 use std::borrow::Cow;
 use std::ffi::CStr;
-use std::str;
+use std::{fmt, str};
 
 /// Represents raw data backing a Python `str`.
 ///
@@ -230,6 +230,36 @@ impl PyString {
                 .cast_into_unchecked()
         }
     }
+
+    /// Creates a Python string using a format string.
+    ///
+    /// This function is similar to [`format!`], but it returns a Python string object instead of a Rust string.
+    #[inline]
+    pub fn from_fmt<'py>(
+        py: Python<'py>,
+        args: fmt::Arguments<'_>,
+    ) -> PyResult<Bound<'py, PyString>> {
+        if let Some(static_string) = args.as_str() {
+            return Ok(PyString::new(py, static_string));
+        };
+
+        #[cfg(all(Py_3_14, not(Py_LIMITED_API)))]
+        {
+            use crate::fmt::PyUnicodeWriter;
+            use std::fmt::Write as _;
+
+            let mut writer = PyUnicodeWriter::new(py)?;
+            writer
+                .write_fmt(args)
+                .map_err(|_| writer.take_error().expect("expected error"))?;
+            writer.into_py_string()
+        }
+
+        #[cfg(any(not(Py_3_14), Py_LIMITED_API))]
+        {
+            Ok(PyString::new(py, &format!("{args}")))
+        }
+    }
 }
 
 /// Implementation of functionality for [`PyString`].