diff --git a/newsfragments/3802.added.md b/newsfragments/3802.added.md
new file mode 100644
index 00000000000..86b98e9df97
--- /dev/null
+++ b/newsfragments/3802.added.md
@@ -0,0 +1 @@
+Add `PyBackedStr` and `PyBackedBytes`, as alternatives to `&str` and `&bytes` where a Python object owns the data.
diff --git a/src/lib.rs b/src/lib.rs
index 3f91eb56913..2a970ce1d5f 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -426,6 +426,7 @@ pub mod marshal;
 pub mod sync;
 pub mod panic;
 pub mod prelude;
+pub mod pybacked;
 pub mod pycell;
 pub mod pyclass;
 pub mod pyclass_init;
diff --git a/src/pybacked.rs b/src/pybacked.rs
new file mode 100644
index 00000000000..bd29c830e65
--- /dev/null
+++ b/src/pybacked.rs
@@ -0,0 +1,186 @@
+//! Contains types for working with Python objects that own the underlying data.
+
+use std::{ops::Deref, ptr::NonNull};
+
+use crate::{
+    types::{
+        any::PyAnyMethods, bytearray::PyByteArrayMethods, bytes::PyBytesMethods,
+        string::PyStringMethods, PyByteArray, PyBytes, PyString,
+    },
+    Bound, DowncastError, FromPyObject, Py, PyAny, PyErr, PyResult,
+};
+
+/// A wrapper around `str` where the storage is owned by a Python `bytes` or `str` object.
+///
+/// This type gives access to the underlying data via a `Deref` implementation.
+pub struct PyBackedStr {
+    #[allow(dead_code)] // only held so that the storage is not dropped
+    storage: Py<PyAny>,
+    data: NonNull<[u8]>,
+}
+
+impl Deref for PyBackedStr {
+    type Target = str;
+    fn deref(&self) -> &str {
+        // Safety: `data` is known to be immutable utf8 string and owned by self
+        unsafe { std::str::from_utf8_unchecked(self.data.as_ref()) }
+    }
+}
+
+impl TryFrom<Bound<'_, PyString>> for PyBackedStr {
+    type Error = PyErr;
+    fn try_from(py_string: Bound<'_, PyString>) -> Result<Self, Self::Error> {
+        #[cfg(any(Py_3_10, not(Py_LIMITED_API)))]
+        {
+            let s = py_string.to_str()?;
+            let data = NonNull::from(s.as_bytes());
+            Ok(Self {
+                storage: py_string.as_any().to_owned().unbind(),
+                data,
+            })
+        }
+        #[cfg(not(any(Py_3_10, not(Py_LIMITED_API))))]
+        {
+            let bytes = py_string.encode_utf8()?;
+            let b = bytes.as_bytes();
+            let data = NonNull::from(b);
+            Ok(Self {
+                storage: bytes.into_any().unbind(),
+                data,
+            })
+        }
+    }
+}
+
+impl FromPyObject<'_> for PyBackedStr {
+    fn extract_bound(obj: &Bound<'_, PyAny>) -> PyResult<Self> {
+        let py_string = obj.downcast::<PyString>()?.to_owned();
+        Self::try_from(py_string)
+    }
+}
+
+/// A wrapper around `[u8]` where the storage is either owned by a Python `bytes` object, or a Rust `Box<[u8]>`.
+///
+/// This type gives access to the underlying data via a `Deref` implementation.
+pub struct PyBackedBytes {
+    #[allow(dead_code)] // only held so that the storage is not dropped
+    storage: PyBackedBytesStorage,
+    data: NonNull<[u8]>,
+}
+
+#[allow(dead_code)]
+enum PyBackedBytesStorage {
+    Python(Py<PyBytes>),
+    Rust(Box<[u8]>),
+}
+
+impl Deref for PyBackedBytes {
+    type Target = [u8];
+    fn deref(&self) -> &[u8] {
+        // Safety: `data` is known to be immutable and owned by self
+        unsafe { self.data.as_ref() }
+    }
+}
+
+impl From<Bound<'_, PyBytes>> for PyBackedBytes {
+    fn from(py_bytes: Bound<'_, PyBytes>) -> Self {
+        let b = py_bytes.as_bytes();
+        let data = NonNull::from(b);
+        Self {
+            storage: PyBackedBytesStorage::Python(py_bytes.to_owned().unbind()),
+            data,
+        }
+    }
+}
+
+impl From<Bound<'_, PyByteArray>> for PyBackedBytes {
+    fn from(py_bytearray: Bound<'_, PyByteArray>) -> Self {
+        let s = py_bytearray.to_vec().into_boxed_slice();
+        let data = NonNull::from(s.as_ref());
+        Self {
+            storage: PyBackedBytesStorage::Rust(s),
+            data,
+        }
+    }
+}
+
+impl FromPyObject<'_> for PyBackedBytes {
+    fn extract_bound(obj: &Bound<'_, PyAny>) -> PyResult<Self> {
+        if let Ok(bytes) = obj.downcast::<PyBytes>() {
+            Ok(Self::from(bytes.to_owned()))
+        } else if let Ok(bytearray) = obj.downcast::<PyByteArray>() {
+            Ok(Self::from(bytearray.to_owned()))
+        } else {
+            Err(DowncastError::new(obj, "`bytes` or `bytearray`").into())
+        }
+    }
+}
+
+#[cfg(test)]
+mod test {
+    use super::*;
+    use crate::Python;
+
+    #[test]
+    fn py_backed_str_empty() {
+        Python::with_gil(|py| {
+            let s = PyString::new_bound(py, "");
+            let py_backed_str = s.extract::<PyBackedStr>().unwrap();
+            assert_eq!(&*py_backed_str, "");
+        });
+    }
+
+    #[test]
+    fn py_backed_str() {
+        Python::with_gil(|py| {
+            let s = PyString::new_bound(py, "hello");
+            let py_backed_str = s.extract::<PyBackedStr>().unwrap();
+            assert_eq!(&*py_backed_str, "hello");
+        });
+    }
+
+    #[test]
+    fn py_backed_str_try_from() {
+        Python::with_gil(|py| {
+            let s = PyString::new_bound(py, "hello");
+            let py_backed_str = PyBackedStr::try_from(s).unwrap();
+            assert_eq!(&*py_backed_str, "hello");
+        });
+    }
+
+    #[test]
+    fn py_backed_bytes_empty() {
+        Python::with_gil(|py| {
+            let b = PyBytes::new_bound(py, &[]);
+            let py_backed_bytes = b.extract::<PyBackedBytes>().unwrap();
+            assert_eq!(&*py_backed_bytes, &[]);
+        });
+    }
+
+    #[test]
+    fn py_backed_bytes() {
+        Python::with_gil(|py| {
+            let b = PyBytes::new_bound(py, b"abcde");
+            let py_backed_bytes = b.extract::<PyBackedBytes>().unwrap();
+            assert_eq!(&*py_backed_bytes, b"abcde");
+        });
+    }
+
+    #[test]
+    fn py_backed_bytes_from_bytes() {
+        Python::with_gil(|py| {
+            let b = PyBytes::new_bound(py, b"abcde");
+            let py_backed_bytes = PyBackedBytes::from(b);
+            assert_eq!(&*py_backed_bytes, b"abcde");
+        });
+    }
+
+    #[test]
+    fn py_backed_bytes_from_bytearray() {
+        Python::with_gil(|py| {
+            let b = PyByteArray::new_bound(py, b"abcde");
+            let py_backed_bytes = PyBackedBytes::from(b);
+            assert_eq!(&*py_backed_bytes, b"abcde");
+        });
+    }
+}