diff --git a/eth/precompiles/ecadd.py b/eth/precompiles/ecadd.py
index 27938b0e24..a12cb8d7c0 100644
--- a/eth/precompiles/ecadd.py
+++ b/eth/precompiles/ecadd.py
@@ -32,7 +32,7 @@ def ecadd(computation: BaseComputation) -> BaseComputation:
     computation.consume_gas(constants.GAS_ECADD, reason='ECADD Precompile')
 
     try:
-        result = _ecadd(computation.msg.data)
+        result = _ecadd(computation.msg.data_as_bytes)
     except ValidationError:
         raise VMError("Invalid ECADD parameters")
 
diff --git a/eth/precompiles/ecmul.py b/eth/precompiles/ecmul.py
index 0df5238c5c..05366695c8 100644
--- a/eth/precompiles/ecmul.py
+++ b/eth/precompiles/ecmul.py
@@ -32,7 +32,7 @@ def ecmul(computation: BaseComputation) -> BaseComputation:
     computation.consume_gas(constants.GAS_ECMUL, reason='ECMUL Precompile')
 
     try:
-        result = _ecmull(computation.msg.data)
+        result = _ecmull(computation.msg.data_as_bytes)
     except ValidationError:
         raise VMError("Invalid ECMUL parameters")
 
diff --git a/eth/precompiles/ecpairing.py b/eth/precompiles/ecpairing.py
index d00b23ae52..5a5874ca02 100644
--- a/eth/precompiles/ecpairing.py
+++ b/eth/precompiles/ecpairing.py
@@ -19,6 +19,10 @@
     VMError,
 )
 
+from eth.typing import (
+    BytesOrView,
+)
+
 from eth.utils.bn128 import (
     validate_point,
     FQP_point_to_FQ2_point,
@@ -60,7 +64,7 @@ def ecpairing(computation: BaseComputation) -> BaseComputation:
     return computation
 
 
-def _ecpairing(data: bytes) -> bool:
+def _ecpairing(data: BytesOrView) -> bool:
     exponent = bn128.FQ12.one()
 
     processing_pipeline = (
diff --git a/eth/precompiles/ecrecover.py b/eth/precompiles/ecrecover.py
index d04ec02b24..263bf54c3c 100644
--- a/eth/precompiles/ecrecover.py
+++ b/eth/precompiles/ecrecover.py
@@ -27,16 +27,17 @@
 
 def ecrecover(computation: BaseComputation) -> BaseComputation:
     computation.consume_gas(constants.GAS_ECRECOVER, reason="ECRecover Precompile")
-    raw_message_hash = computation.msg.data[:32]
+    data = computation.msg.data_as_bytes
+    raw_message_hash = data[:32]
     message_hash = pad32r(raw_message_hash)
 
-    v_bytes = pad32r(computation.msg.data[32:64])
+    v_bytes = pad32r(data[32:64])
     v = big_endian_to_int(v_bytes)
 
-    r_bytes = pad32r(computation.msg.data[64:96])
+    r_bytes = pad32r(data[64:96])
     r = big_endian_to_int(r_bytes)
 
-    s_bytes = pad32r(computation.msg.data[96:128])
+    s_bytes = pad32r(data[96:128])
     s = big_endian_to_int(s_bytes)
 
     try:
diff --git a/eth/precompiles/identity.py b/eth/precompiles/identity.py
index a2661559c0..9ad722c0c7 100644
--- a/eth/precompiles/identity.py
+++ b/eth/precompiles/identity.py
@@ -14,5 +14,5 @@ def identity(computation: BaseComputation) -> BaseComputation:
 
     computation.consume_gas(gas_fee, reason="Identity Precompile")
 
-    computation.output = computation.msg.data
+    computation.output = computation.msg.data_as_bytes
     return computation
diff --git a/eth/precompiles/modexp.py b/eth/precompiles/modexp.py
index d6d0772653..e3b3e66485 100644
--- a/eth/precompiles/modexp.py
+++ b/eth/precompiles/modexp.py
@@ -125,12 +125,14 @@ def modexp(computation: BaseComputation) -> BaseComputation:
     """
     https://github.com/ethereum/EIPs/pull/198
     """
-    gas_fee = _compute_modexp_gas_fee(computation.msg.data)
+    data = computation.msg.data_as_bytes
+
+    gas_fee = _compute_modexp_gas_fee(data)
     computation.consume_gas(gas_fee, reason='MODEXP Precompile')
 
-    result = _modexp(computation.msg.data)
+    result = _modexp(data)
 
-    _, _, modulus_length = _extract_lengths(computation.msg.data)
+    _, _, modulus_length = _extract_lengths(data)
 
     # Modulo 0 is undefined, return zero
     # https://math.stackexchange.com/questions/516251/why-is-n-mod-0-undefined
diff --git a/eth/typing.py b/eth/typing.py
index af3f075432..b19358eb1f 100644
--- a/eth/typing.py
+++ b/eth/typing.py
@@ -57,6 +57,8 @@
 
 GenesisDict = Dict[str, Union[int, BlockNumber, bytes, Hash32]]
 
+BytesOrView = Union[bytes, memoryview]
+
 Normalizer = Callable[[Dict[Any, Any]], Dict[str, Any]]
 
 RawAccountDetails = TypedDict('RawAccountDetails',
diff --git a/eth/validation.py b/eth/validation.py
index bdec8fe8fc..8cf75a17d5 100644
--- a/eth/validation.py
+++ b/eth/validation.py
@@ -40,6 +40,10 @@
     UINT_256_MAX,
 )
 
+from eth.typing import (
+    BytesOrView,
+)
+
 if TYPE_CHECKING:
     from eth.vm.base import BaseVM      # noqa: F401
 
@@ -51,6 +55,14 @@ def validate_is_bytes(value: bytes, title: str="Value") -> None:
         )
 
 
+def validate_is_bytes_or_view(value: BytesOrView, title: str="Value") -> None:
+    if isinstance(value, (bytes, memoryview)):
+        return
+    raise ValidationError(
+        "{title} must be bytes or memoryview. Got {0}".format(type(value), title=title)
+    )
+
+
 def validate_is_integer(value: Union[int, bool], title: str="Value") -> None:
     if not isinstance(value, int) or isinstance(value, bool):
         raise ValidationError(
diff --git a/eth/vm/computation.py b/eth/vm/computation.py
index 603d0a0f2f..e4298d1ded 100644
--- a/eth/vm/computation.py
+++ b/eth/vm/computation.py
@@ -29,6 +29,9 @@
     Halt,
     VMError,
 )
+from eth.typing import (
+    BytesOrView,
+)
 from eth.tools.logging import (
     ExtendedDebugLogger,
 )
@@ -243,12 +246,18 @@ def memory_write(self, start_position: int, size: int, value: bytes) -> None:
         """
         return self._memory.write(start_position, size, value)
 
-    def memory_read(self, start_position: int, size: int) -> bytes:
+    def memory_read(self, start_position: int, size: int) -> memoryview:
         """
-        Read and return ``size`` bytes from memory starting at ``start_position``.
+        Read and return a view of ``size`` bytes from memory starting at ``start_position``.
         """
         return self._memory.read(start_position, size)
 
+    def memory_read_bytes(self, start_position: int, size: int) -> bytes:
+        """
+        Read and return ``size`` bytes from memory starting at ``start_position``.
+        """
+        return self._memory.read_bytes(start_position, size)
+
     #
     # Gas Consumption
     #
@@ -360,7 +369,7 @@ def prepare_child_message(self,
                               gas: int,
                               to: Address,
                               value: int,
-                              data: bytes,
+                              data: BytesOrView,
                               code: bytes,
                               **kwargs: Any) -> Message:
         """
diff --git a/eth/vm/logic/context.py b/eth/vm/logic/context.py
index 117da4a74e..8bc9c574a0 100644
--- a/eth/vm/logic/context.py
+++ b/eth/vm/logic/context.py
@@ -42,7 +42,7 @@ def calldataload(computation: BaseComputation) -> None:
     """
     start_position = computation.stack_pop(type_hint=constants.UINT256)
 
-    value = computation.msg.data[start_position:start_position + 32]
+    value = computation.msg.data_as_bytes[start_position:start_position + 32]
     padded_value = value.ljust(32, b'\x00')
     normalized_value = padded_value.lstrip(b'\x00')
 
@@ -68,7 +68,9 @@ def calldatacopy(computation: BaseComputation) -> None:
 
     computation.consume_gas(copy_gas_cost, reason="CALLDATACOPY fee")
 
-    value = computation.msg.data[calldata_start_position: calldata_start_position + size]
+    value = computation.msg.data_as_bytes[
+        calldata_start_position: calldata_start_position + size
+    ]
     padded_value = value.ljust(size, b'\x00')
 
     computation.memory_write(mem_start_position, size, padded_value)
diff --git a/eth/vm/logic/logging.py b/eth/vm/logic/logging.py
index ce941ef5b7..1c6ce515d4 100644
--- a/eth/vm/logic/logging.py
+++ b/eth/vm/logic/logging.py
@@ -30,7 +30,7 @@ def log_XX(computation: BaseComputation, topic_count: int) -> None:
     )
 
     computation.extend_memory(mem_start_position, size)
-    log_data = computation.memory_read(mem_start_position, size)
+    log_data = computation.memory_read_bytes(mem_start_position, size)
 
     computation.add_log_entry(
         account=computation.msg.storage_address,
diff --git a/eth/vm/logic/memory.py b/eth/vm/logic/memory.py
index 30a395ff22..e10d1df832 100644
--- a/eth/vm/logic/memory.py
+++ b/eth/vm/logic/memory.py
@@ -32,7 +32,7 @@ def mload(computation: BaseComputation) -> None:
 
     computation.extend_memory(start_position, 32)
 
-    value = computation.memory_read(start_position, 32)
+    value = computation.memory_read_bytes(start_position, 32)
     computation.stack_push(value)
 
 
diff --git a/eth/vm/logic/sha3.py b/eth/vm/logic/sha3.py
index aee319e28f..7a77907df5 100644
--- a/eth/vm/logic/sha3.py
+++ b/eth/vm/logic/sha3.py
@@ -12,7 +12,7 @@ def sha3(computation: BaseComputation) -> None:
 
     computation.extend_memory(start_position, size)
 
-    sha3_bytes = computation.memory_read(start_position, size)
+    sha3_bytes = computation.memory_read_bytes(start_position, size)
     word_count = ceil32(len(sha3_bytes)) // 32
 
     gas_cost = constants.GAS_SHA3WORD * word_count
diff --git a/eth/vm/logic/system.py b/eth/vm/logic/system.py
index e3f12123ef..9e97e8a777 100644
--- a/eth/vm/logic/system.py
+++ b/eth/vm/logic/system.py
@@ -32,8 +32,7 @@ def return_op(computation: BaseComputation) -> None:
 
     computation.extend_memory(start_position, size)
 
-    output = computation.memory_read(start_position, size)
-    computation.output = bytes(output)
+    computation.output = computation.memory_read_bytes(start_position, size)
     raise Halt('RETURN')
 
 
@@ -42,8 +41,7 @@ def revert(computation: BaseComputation) -> None:
 
     computation.extend_memory(start_position, size)
 
-    output = computation.memory_read(start_position, size)
-    computation.output = bytes(output)
+    computation.output = computation.memory_read_bytes(start_position, size)
     raise Revert(computation.output)
 
 
@@ -163,7 +161,9 @@ def __call__(self, computation: BaseComputation) -> None:
             computation.stack_push(0)
             return
 
-        call_data = computation.memory_read(stack_data.memory_start, stack_data.memory_length)
+        call_data = computation.memory_read_bytes(
+            stack_data.memory_start, stack_data.memory_length
+        )
 
         create_msg_gas = self.max_child_gas_modifier(
             computation.get_gas_remaining()
diff --git a/eth/vm/memory.py b/eth/vm/memory.py
index 5e08e7147b..29daacb9e1 100644
--- a/eth/vm/memory.py
+++ b/eth/vm/memory.py
@@ -32,7 +32,16 @@ def extend(self, start_position: int, size: int) -> None:
             return
 
         size_to_extend = new_size - len(self)
-        self._bytes.extend(itertools.repeat(0, size_to_extend))
+        try:
+            self._bytes.extend(itertools.repeat(0, size_to_extend))
+        except BufferError:
+            # we can't extend the buffer (which might involve relocating it) if a
+            # memoryview (which stores a pointer into the buffer) has been created by
+            # read() and not released. Callers of read() will never try to write to the
+            # buffer so we're not missing anything by making a new buffer and forgetting
+            # about the old one. We're keeping too much memory around but this is still a
+            # net savings over having read() return a new bytes() object every time.
+            self._bytes = self._bytes + bytearray(size_to_extend)
 
     def __len__(self) -> int:
         return len(self._bytes)
@@ -51,8 +60,14 @@ def write(self, start_position: int, size: int, value: bytes) -> None:
             for idx, v in enumerate(value):
                 self._bytes[start_position + idx] = v
 
-    def read(self, start_position: int, size: int) -> bytes:
+    def read(self, start_position: int, size: int) -> memoryview:
         """
-        Read a value from memory.
+        Return a view into the memory
+        """
+        return memoryview(self._bytes)[start_position:start_position + size]
+
+    def read_bytes(self, start_position: int, size: int) -> bytes:
+        """
+        Read a value from memory and return a fresh bytes instance
         """
         return bytes(self._bytes[start_position:start_position + size])
diff --git a/eth/vm/message.py b/eth/vm/message.py
index 4969646582..281b955f22 100644
--- a/eth/vm/message.py
+++ b/eth/vm/message.py
@@ -5,9 +5,13 @@
 from eth.constants import (
     CREATE_CONTRACT_ADDRESS,
 )
+from eth.typing import (
+    BytesOrView,
+)
 from eth.validation import (
     validate_canonical_address,
     validate_is_bytes,
+    validate_is_bytes_or_view,
     validate_is_integer,
     validate_gte,
     validate_uint256,
@@ -31,7 +35,7 @@ def __init__(self,
                  to: Address,
                  sender: Address,
                  value: int,
-                 data: bytes,
+                 data: BytesOrView,
                  code: bytes,
                  depth: int=0,
                  create_address: Address=None,
@@ -51,7 +55,7 @@ def __init__(self,
         validate_uint256(value, title="Message.value")
         self.value = value
 
-        validate_is_bytes(data, title="Message.data")
+        validate_is_bytes_or_view(data, title="Message.data")
         self.data = data
 
         validate_is_integer(depth, title="Message.depth")
@@ -100,3 +104,7 @@ def storage_address(self, value: Address) -> None:
     @property
     def is_create(self) -> bool:
         return self.to == CREATE_CONTRACT_ADDRESS
+
+    @property
+    def data_as_bytes(self) -> bytes:
+        return bytes(self.data)