diff --git a/sqlx-core/src/common/statement_cache.rs b/sqlx-core/src/common/statement_cache.rs
index e87785eb09..7ba19a610b 100644
--- a/sqlx-core/src/common/statement_cache.rs
+++ b/sqlx-core/src/common/statement_cache.rs
@@ -47,4 +47,9 @@ impl StatementCache {
     pub fn remove_lru(&mut self) -> Option<u32> {
         self.inner.remove_lru().map(|(_, v)| v)
     }
+
+    /// Clear all cached statements from the cache.
+    pub fn clear(&mut self) {
+        self.inner.clear();
+    }
 }
diff --git a/sqlx-core/src/postgres/connection/establish.rs b/sqlx-core/src/postgres/connection/establish.rs
index 7b160ad16d..a0438e6f3c 100644
--- a/sqlx-core/src/postgres/connection/establish.rs
+++ b/sqlx-core/src/postgres/connection/establish.rs
@@ -1,5 +1,6 @@
 use hashbrown::HashMap;
 
+use crate::common::StatementCache;
 use crate::error::Error;
 use crate::io::Decode;
 use crate::postgres::connection::{sasl, stream::PgStream, tls};
@@ -138,7 +139,7 @@ impl PgConnection {
             transaction_status,
             pending_ready_for_query_count: 0,
             next_statement_id: 1,
-            cache_statement: HashMap::with_capacity(10),
+            cache_statement: StatementCache::new(options.statement_cache_size),
             cache_type_oid: HashMap::new(),
             cache_type_info: HashMap::new(),
             scratch_row_columns: Default::default(),
diff --git a/sqlx-core/src/postgres/connection/executor.rs b/sqlx-core/src/postgres/connection/executor.rs
index ed58ed56fa..b3fc706767 100644
--- a/sqlx-core/src/postgres/connection/executor.rs
+++ b/sqlx-core/src/postgres/connection/executor.rs
@@ -88,15 +88,16 @@ async fn recv_desc_rows(conn: &mut PgConnection) -> Result<Option<RowDescription
 
     Ok(rows)
 }
+
 impl PgConnection {
     async fn prepare(&mut self, query: &str, arguments: &PgArguments) -> Result<u32, Error> {
-        if let Some(statement) = self.cache_statement.get(query) {
+        if let Some(statement) = self.cache_statement.get_mut(query) {
             return Ok(*statement);
         }
 
         let statement = prepare(self, query, arguments).await?;
 
-        self.cache_statement.insert(query.to_owned(), statement);
+        self.cache_statement.insert(query, statement);
 
         Ok(statement)
     }
diff --git a/sqlx-core/src/postgres/connection/mod.rs b/sqlx-core/src/postgres/connection/mod.rs
index e3d1e22066..987769dfdc 100644
--- a/sqlx-core/src/postgres/connection/mod.rs
+++ b/sqlx-core/src/postgres/connection/mod.rs
@@ -5,6 +5,8 @@ use futures_core::future::BoxFuture;
 use futures_util::{FutureExt, TryFutureExt};
 use hashbrown::HashMap;
 
+use crate::caching_connection::CachingConnection;
+use crate::common::StatementCache;
 use crate::connection::{Connect, Connection};
 use crate::error::Error;
 use crate::executor::Executor;
@@ -46,7 +48,7 @@ pub struct PgConnection {
     next_statement_id: u32,
 
     // cache statement by query string to the id and columns
-    cache_statement: HashMap<String, u32>,
+    cache_statement: StatementCache,
 
     // cache user-defined types by id <-> info
     cache_type_info: HashMap<u32, PgTypeInfo>,
@@ -96,6 +98,19 @@ impl Debug for PgConnection {
     }
 }
 
+impl CachingConnection for PgConnection {
+    fn cached_statements_count(&self) -> usize {
+        self.cache_statement.len()
+    }
+
+    fn clear_cached_statements(&mut self) -> BoxFuture<'_, Result<(), Error>> {
+        Box::pin(async move {
+            self.cache_statement.clear();
+            Ok(())
+        })
+    }
+}
+
 impl Connection for PgConnection {
     type Database = Postgres;
 
diff --git a/sqlx-core/src/postgres/options.rs b/sqlx-core/src/postgres/options.rs
index b59a332f53..35971adea2 100644
--- a/sqlx-core/src/postgres/options.rs
+++ b/sqlx-core/src/postgres/options.rs
@@ -115,6 +115,7 @@ pub struct PgConnectOptions {
     pub(crate) database: Option<String>,
     pub(crate) ssl_mode: PgSslMode,
     pub(crate) ssl_root_cert: Option<PathBuf>,
+    pub(crate) statement_cache_size: usize,
 }
 
 impl Default for PgConnectOptions {
@@ -162,6 +163,7 @@ impl PgConnectOptions {
                 .ok()
                 .and_then(|v| v.parse().ok())
                 .unwrap_or_default(),
+            statement_cache_size: 100,
         }
     }
 
@@ -285,6 +287,17 @@ impl PgConnectOptions {
         self.ssl_root_cert = Some(cert.as_ref().to_path_buf());
         self
     }
+
+    /// Sets the size of the connection's statement cache in a number of stored
+    /// distinct statements. Caching is handled using LRU, meaning when the
+    /// amount of queries hits the defined limit, the oldest statement will get
+    /// dropped.
+    ///
+    /// The default cache size is 100 statements.
+    pub fn statement_cache_size(mut self, size: usize) -> Self {
+        self.statement_cache_size = size;
+        self
+    }
 }
 
 fn default_host(port: u16) -> String {
diff --git a/tests/postgres/postgres.rs b/tests/postgres/postgres.rs
index 2aeea43dbc..b7a40cf45c 100644
--- a/tests/postgres/postgres.rs
+++ b/tests/postgres/postgres.rs
@@ -1,6 +1,7 @@
 use futures::TryStreamExt;
 use sqlx::postgres::PgRow;
 use sqlx::postgres::{PgDatabaseError, PgErrorPosition, PgSeverity};
+use sqlx::CachingConnection;
 use sqlx::{postgres::Postgres, Connection, Executor, PgPool, Row};
 use sqlx_test::new;
 use std::time::Duration;
@@ -487,3 +488,25 @@ SELECT id, text FROM _sqlx_test_postgres_5112;
 
     Ok(())
 }
+
+#[sqlx_macros::test]
+async fn it_caches_statements() -> anyhow::Result<()> {
+    let mut conn = new::<Postgres>().await?;
+
+    for i in 0..2 {
+        let row = sqlx::query("SELECT $1 AS val")
+            .bind(i)
+            .fetch_one(&mut conn)
+            .await?;
+
+        let val: u32 = row.get("val");
+
+        assert_eq!(i, val);
+    }
+
+    assert_eq!(1, conn.cached_statements_count());
+    conn.clear_cached_statements().await?;
+    assert_eq!(0, conn.cached_statements_count());
+
+    Ok(())
+}