diff --git a/jax/_src/config.py b/jax/_src/config.py
index b99b75945895..1ab7f5f91043 100644
--- a/jax/_src/config.py
+++ b/jax/_src/config.py
@@ -883,6 +883,11 @@ def _update_disable_jit_thread_local(val):
     )
 )
 
+config.define_bool_state(
+    name='jax_experimental_subjaxpr_lowering_cache',
+    default=False,
+    help='Enable using a cache for lowering subjaxprs.')
+
 @contextlib.contextmanager
 def explicit_device_put_scope() -> Iterator[None]:
   """Indicates that the current context is an explicit device_put*() call."""
diff --git a/jax/interpreters/partial_eval.py b/jax/interpreters/partial_eval.py
index 8dd31a3eb0d2..942593570f65 100644
--- a/jax/interpreters/partial_eval.py
+++ b/jax/interpreters/partial_eval.py
@@ -1818,7 +1818,11 @@ def process_call(self, call_primitive, f, explicit_tracers, params):
     in_tracers = [*implicit_tracers, *explicit_tracers]
     # TODO(mattjj): check in_tracers are consistent with f.in_type annotation
     with core.new_sublevel():
-      jaxpr, out_type, consts = trace_to_subjaxpr_dynamic2(f, self.main)
+      if config.jax_check_tracer_leaks or not config.jax_experimental_subjaxpr_lowering_cache:
+        jaxpr, out_type, consts = trace_to_subjaxpr_dynamic2(f, self.main)
+      else:
+        jaxpr, out_type, consts = trace_to_subjaxpr_dynamic2_memoized(
+            f, self.main).val
     if jaxpr.effects:
       raise NotImplementedError('Effects not supported for call primitives.')
     if params.get('inline', False):
@@ -2117,6 +2121,18 @@ def trace_to_subjaxpr_dynamic2(
   return jaxpr, out_type, consts
 
 
+@lu.cache
+def trace_to_subjaxpr_dynamic2_memoized(fun: lu.WrappedFun,
+                                        main: core.MainTrace):
+  return WrapperForWeakRef(trace_to_subjaxpr_dynamic2(fun, main))
+
+
+class WrapperForWeakRef:
+  val: Any
+
+  def __init__(self, val):
+    self.val = val
+
 @contextlib.contextmanager
 def extend_jaxpr_stack(main, frame):
   main.jaxpr_stack = main.jaxpr_stack + (frame,)
diff --git a/tests/api_test.py b/tests/api_test.py
index 872f9c30dc01..6583da55898e 100644
--- a/tests/api_test.py
+++ b/tests/api_test.py
@@ -3779,6 +3779,54 @@ def test_jit_negative_static_argnums(self):
     g(1, 2)  # doesn't crash
 
 
+@jtu.with_config(jax_experimental_subjaxpr_lowering_cache=True)
+class SubcallTraceCacheTest(jtu.JaxTestCase):
+
+  def test_subcall_trace_caching(self):
+    should_be_tracing_f = False
+
+    @api.jit
+    def f(x):
+      self.assertTrue(should_be_tracing_f)
+      return x**2
+
+    @api.jit
+    def g(x):
+      nonlocal should_be_tracing_f
+      self.assertTrue(should_be_tracing_g)
+      should_be_tracing_f = True
+      y = f(x)
+      should_be_tracing_f = False
+      z = f(x + 1)
+      return y + z
+
+    should_be_tracing_g = True
+    out = g(2)
+    self.assertEqual(out, 13)
+
+    should_be_tracing_g = False
+    out = g(3)
+    self.assertEqual(out, 25)
+
+  def test_subcall_jaxpr_id(self):
+
+    @api.jit
+    def f(x):
+      return x**2
+
+    def g(x):
+      y = f(x)
+      z = f(x + 1)
+      return y + z
+
+    jaxpr = api.make_jaxpr(g)(2)
+    self.assertIn("call_jaxpr", jaxpr.eqns[0].params)
+    self.assertIn("call_jaxpr", jaxpr.eqns[2].params)
+    subjaxpr1 = jaxpr.eqns[0].params["call_jaxpr"]
+    subjaxpr2 = jaxpr.eqns[2].params["call_jaxpr"]
+    self.assertIs(subjaxpr1, subjaxpr2)
+
+
 class RematTest(jtu.JaxTestCase):
 
   @parameterized.named_parameters(
@@ -4274,7 +4322,7 @@ def g():
         return seq[0]
 
       remat(g)()
-      remat(g)()
+      remat(lambda: g())()  # lambda defeats caching
 
     with self.assertRaisesRegex(UnexpectedTracerError, "global state"):
       api.jit(f)()