diff --git a/aiocache/__init__.py b/aiocache/__init__.py
index 6e8715d00..d1bb8d5ef 100644
--- a/aiocache/__init__.py
+++ b/aiocache/__init__.py
@@ -2,13 +2,17 @@
 from typing import Any, Type
 
 from .backends.memory import SimpleMemoryCache
+from .backends.limited_memory import LimitedSizeMemoryCache
 from .base import BaseCache
 
 __version__ = "1.0.0a0"
 
 logger = logging.getLogger(__name__)
 
-_AIOCACHE_CACHES: list[Type[BaseCache[Any]]] = [SimpleMemoryCache]
+_AIOCACHE_CACHES: list[Type[BaseCache[Any]]] = [
+    SimpleMemoryCache,
+    LimitedSizeMemoryCache,
+]
 
 try:
     import glide
diff --git a/aiocache/backends/limited_memory.py b/aiocache/backends/limited_memory.py
new file mode 100644
index 000000000..bd6f9f022
--- /dev/null
+++ b/aiocache/backends/limited_memory.py
@@ -0,0 +1,163 @@
+from __future__ import annotations
+
+import asyncio
+import collections
+import logging
+import sys
+from typing import Dict, Iterable, Optional
+
+from aiocache.backends.memory import SimpleMemoryCache
+
+__all__ = ("LimitedSizeMemoryCache",)
+
+logger = logging.getLogger(__name__)
+
+
+class LimitedSizeMemoryCache(SimpleMemoryCache):
+    """In-memory cache with an LRU eviction policy and a global size limit.
+
+    Parameters
+    ----------
+    max_size_mb: int
+        Maximum cache size in megabytes. Defaults to ``64``.
+    raise_on_oversize: bool
+        If ``True``, trying to cache a single value bigger than ``max_size_mb``
+        raises :class:`MemoryError`.  If ``False`` (default) the operation is
+        silently skipped.
+    """
+
+    NAME = "limited_memory"
+
+    def __init__(
+        self,
+        max_size_mb: int = 64,
+        *,
+        raise_on_oversize: bool = False,
+        **kwargs,
+    ) -> None:
+        super().__init__(**kwargs)
+        self._max_bytes: int = max_size_mb * 1024 * 1024
+        self._raise_oversize: bool = raise_on_oversize
+        self._sizes: Dict[str, int] = {}
+        self._lru: "collections.OrderedDict[str, None]" = collections.OrderedDict()
+        self._current_bytes: int = 0
+
+    def _estimate_size(self, value) -> int:
+        """Return an approximate byte size of ``value`` after serialization."""
+        blob = self._serializer.dumps(value)
+        if isinstance(blob, (bytes, bytearray)):
+            return len(blob)
+        if isinstance(blob, str):
+            return len(blob.encode())
+        return sys.getsizeof(blob)
+
+    def _touch(self, key: str) -> None:
+        self._lru[key] = None
+        self._lru.move_to_end(key)
+
+    async def _evict_until_fits(self, extra_bytes: int) -> None:
+        while self._lru and self._current_bytes + extra_bytes > self._max_bytes:
+            victim, _ = self._lru.popitem(last=False)
+            await super()._delete(victim)
+            self._current_bytes -= self._sizes.pop(victim, 0)
+
+    async def _get(self, key, encoding="utf-8", _conn=None):
+        value = await super()._get(key, encoding=encoding, _conn=_conn)
+        if value is not None:
+            self._touch(key)
+        return value
+
+    async def _multi_get(self, keys: Iterable[str], encoding="utf-8", _conn=None):
+        values = await super()._multi_get(keys, encoding=encoding, _conn=_conn)
+        for k, v in zip(keys, values):
+            if v is not None:
+                self._touch(k)
+        return values
+
+    async def _set(self, key, value, ttl=None, _cas_token=None, _conn=None):
+        new_size = self._estimate_size(value)
+        old_size = self._sizes.get(key, 0)
+        size_delta = new_size - old_size
+
+        if new_size > self._max_bytes:
+            if self._raise_oversize:
+                raise MemoryError(
+                    f"Item ({new_size / 1_048_576:.2f} MB) exceeds "
+                    f"max_size_mb={self._max_bytes / 1_048_576:.2f}"
+                )
+            logger.debug(
+                "Skipping insertion of %r (%.2f MB > %.2f MB)",
+                key,
+                new_size / 1_048_576,
+                self._max_bytes / 1_048_576,
+            )
+            return False
+
+        await self._evict_until_fits(size_delta)
+        stored = await super()._set(
+            key, value, ttl=None, _cas_token=_cas_token, _conn=_conn
+        )
+        if not stored:
+            return stored
+
+        self._current_bytes += size_delta
+        self._sizes[key] = new_size
+        self._touch(key)
+
+        if key in self._handlers:
+            self._handlers[key].cancel()
+        if ttl:
+            loop = asyncio.get_running_loop()
+            self._handlers[key] = loop.call_later(ttl, self._expire_and_bookkeep, key)
+
+        return stored
+
+    async def _multi_set(self, pairs, ttl=None, _conn=None):
+        for k, v in pairs:
+            await self._set(k, v, ttl=ttl)
+        return True
+
+    async def _add(self, key, value, ttl=None, _conn=None):
+        if await super()._exists(key):
+            raise ValueError(f"Key {key!r} already exists, use .set to update")
+        return await self._set(key, value, ttl=ttl)
+
+    async def _delete(self, key, _conn=None):
+        removed = await super()._delete(key)
+        if removed:
+            self._current_bytes -= self._sizes.pop(key, 0)
+            self._lru.pop(key, None)
+        return removed
+
+    async def _clear(self, namespace: Optional[str] = None, _conn=None):
+        await super()._clear(namespace, _conn=_conn)
+        if namespace is None:
+            self._sizes.clear()
+            self._lru.clear()
+            self._current_bytes = 0
+            return True
+        doomed = [k for k in self._sizes if k.startswith(namespace)]
+        freed = sum(self._sizes.pop(k) for k in doomed)
+        self._current_bytes -= freed
+        for k in doomed:
+            self._lru.pop(k, None)
+        return True
+
+    async def _expire(self, key, ttl, _conn=None):
+        if key not in self._cache:
+            return False
+        handle = self._handlers.pop(key, None)
+        if handle:
+            handle.cancel()
+        if ttl:
+            loop = asyncio.get_running_loop()
+            self._handlers[key] = loop.call_later(ttl, self._expire_and_bookkeep, key)
+        return True
+
+    def _expire_and_bookkeep(self, key: str) -> None:
+        if self._cache.pop(key, None) is not None:
+            handle = self._handlers.pop(key, None)
+            if handle:
+                handle.cancel()
+            self._current_bytes -= self._sizes.pop(key, 0)
+            self._lru.pop(key, None)
diff --git a/docs/caches.rst b/docs/caches.rst
index e11a7530e..e0e9eebeb 100644
--- a/docs/caches.rst
+++ b/docs/caches.rst
@@ -67,6 +67,15 @@ SimpleMemoryCache
   :members:
 
 
+..  _limitedsizememorycache:
+
+LimitedSizeMemoryCache
+----------------------
+
+.. autoclass:: aiocache.LimitedSizeMemoryCache
+  :members:
+
+
 ..  _memcachedcache:
 
 MemcachedCache
diff --git a/tests/ut/backends/test_limited_memory.py b/tests/ut/backends/test_limited_memory.py
new file mode 100644
index 000000000..41fe37820
--- /dev/null
+++ b/tests/ut/backends/test_limited_memory.py
@@ -0,0 +1,36 @@
+import pytest
+
+from aiocache.backends.limited_memory import LimitedSizeMemoryCache
+
+pytestmark = pytest.mark.asyncio
+
+
+async def test_lru_eviction():
+    cache = LimitedSizeMemoryCache(max_size_mb=1)
+    v1 = "a" * 400_000
+    v2 = "b" * 400_000
+    v3 = "c" * 400_000
+
+    await cache.set("k1", v1)
+    await cache.set("k2", v2)
+
+    # Touch k1 so k2 becomes LRU
+    await cache.get("k1")
+
+    await cache.set("k3", v3)
+
+    assert await cache.get("k1") == v1
+    assert await cache.get("k2") is None
+    assert await cache.get("k3") == v3
+
+
+async def test_oversize_item():
+    big = "x" * (2 * 1024 * 1024)
+    cache = LimitedSizeMemoryCache(max_size_mb=1)
+
+    assert not await cache.set("big", big)
+    assert not await cache.exists("big")
+
+    cache = LimitedSizeMemoryCache(max_size_mb=1, raise_on_oversize=True)
+    with pytest.raises(MemoryError):
+        await cache.set("big", big)