diff --git a/src/openai/lib/_parsing/_completions.py b/src/openai/lib/_parsing/_completions.py
index 7903732a4a..e946c7edf8 100644
--- a/src/openai/lib/_parsing/_completions.py
+++ b/src/openai/lib/_parsing/_completions.py
@@ -2,6 +2,7 @@
 
 import json
 import logging
+import weakref
 from typing import TYPE_CHECKING, Any, Iterable, cast
 from typing_extensions import TypeVar, TypeGuard, assert_never
 
@@ -30,6 +31,9 @@
 from ...types.chat.completion_create_params import ResponseFormat as ResponseFormatParam
 from ...types.chat.chat_completion_message_function_tool_call import Function
 
+# Cache to store weak references to schema objects
+_schema_cache: weakref.WeakKeyDictionary[type, ResponseFormatParam] = weakref.WeakKeyDictionary()
+
 ResponseFormatT = TypeVar(
     "ResponseFormatT",
     # if it isn't given then we don't do any parsing
@@ -284,6 +288,10 @@ def type_to_response_format_param(
     # can only be a `type`
     response_format = cast(type, response_format)
 
+    # Check if we already have a schema for this type in the cache
+    if response_format in _schema_cache:
+        return _schema_cache[response_format]
+
     json_schema_type: type[pydantic.BaseModel] | pydantic.TypeAdapter[Any] | None = None
 
     if is_basemodel_type(response_format):
@@ -295,7 +303,7 @@ def type_to_response_format_param(
     else:
         raise TypeError(f"Unsupported response_format type - {response_format}")
 
-    return {
+    schema_param: ResponseFormatParam = {
         "type": "json_schema",
         "json_schema": {
             "schema": to_strict_json_schema(json_schema_type),
@@ -303,3 +311,8 @@ def type_to_response_format_param(
             "strict": True,
         },
     }
+
+    # Store a weak reference to the schema parameter
+    _schema_cache[response_format] = schema_param
+
+    return schema_param
diff --git a/tests/lib/_parsing/test_memory_leak.py b/tests/lib/_parsing/test_memory_leak.py
new file mode 100644
index 0000000000..e60dcf8953
--- /dev/null
+++ b/tests/lib/_parsing/test_memory_leak.py
@@ -0,0 +1,50 @@
+import gc
+from typing import List
+
+import pytest
+from pydantic import Field, create_model
+
+from openai.lib._parsing import type_to_response_format_param
+from openai.lib._parsing._completions import _schema_cache
+
+
+@pytest.mark.asyncio
+async def test_async_completions_parse_memory() -> None:
+    """Test if AsyncCompletions.parse() doesn't leak memory with dynamic models"""
+    # Create a base step model
+    StepModel = create_model(
+        "Step",
+        explanation=(str, Field()),
+        output=(str, Field()),
+    )
+    
+    # Clear the cache before testing
+    _schema_cache.clear()
+
+    # Simulate the issue by creating multiple models and making calls
+    models: list[type] = []
+    for i in range(10):
+        # Create a new dynamic model each time
+        new_model = create_model(
+            f"MathResponse{i}",
+            steps=(List[StepModel], Field()),  # type: ignore[valid-type]
+            final_answer=(str, Field()),
+        )
+        models.append(new_model)
+        
+        # Convert to response format and check if it's in the cache
+        type_to_response_format_param(new_model)
+        assert new_model in _schema_cache
+    
+    # Record cache size with all models referenced
+    cache_size_with_references = len(_schema_cache)
+    
+    # Let the models go out of scope and trigger garbage collection
+    del models
+    gc.collect()
+    
+    # After garbage collection, the cache should be significantly reduced
+    cache_size_after_gc = len(_schema_cache)
+    assert cache_size_after_gc < cache_size_with_references
+    # The cache size should be close to the initial size (with some tolerance)
+    assert cache_size_after_gc < cache_size_with_references / 2
\ No newline at end of file