diff --git a/newsfragments/3871.added.md b/newsfragments/3871.added.md
new file mode 100644
index 00000000000..f90e92fdfff
--- /dev/null
+++ b/newsfragments/3871.added.md
@@ -0,0 +1 @@
+Add `Py::drop_ref` to explicitly drop a `Py`` and immediately decrease the Python reference count if the GIL is already held.
diff --git a/src/instance.rs b/src/instance.rs
index b83b69a20d3..e88cefd2313 100644
--- a/src/instance.rs
+++ b/src/instance.rs
@@ -817,6 +817,10 @@ impl<T> IntoPy<PyObject> for Borrowed<'_, '_, T> {
 /// Otherwise, the reference count will be decreased the next time the GIL is
 /// reacquired.
 ///
+/// If you happen to be already holding the GIL, [`Py::drop_ref`] will decrease
+/// the Python reference count immediately and will execute slightly faster than
+/// relying on implicit [`Drop`]s.
+///
 /// # A note on `Send` and `Sync`
 ///
 /// Accessing this object is threadsafe, since any access to its API requires a [`Python<'py>`](crate::Python) token.
@@ -1215,6 +1219,35 @@ impl<T> Py<T> {
         unsafe { Py::from_borrowed_ptr(py, self.0.as_ptr()) }
     }
 
+    /// Drops `self` and immediately decreases its reference count.
+    ///
+    /// This method is a micro-optimisation over [`Drop`] if you happen to be holding the GIL
+    /// already.
+    ///
+    /// Note that if you are using [`Bound`], you do not need to use [`Self::drop_ref`] since
+    /// [`Bound`] guarantees that the GIL is held.
+    ///
+    /// # Examples
+    ///
+    /// ```rust
+    /// use pyo3::prelude::*;
+    /// use pyo3::types::PyDict;
+    ///
+    /// # fn main() {
+    /// Python::with_gil(|py| {
+    ///     let object: Py<PyDict> = PyDict::new_bound(py).unbind();
+    ///
+    ///     // some usage of object
+    ///
+    ///     object.drop_ref(py);
+    /// });
+    /// # }
+    /// ```
+    #[inline]
+    pub fn drop_ref(self, py: Python<'_>) {
+        let _ = self.into_bound(py);
+    }
+
     /// Returns whether the object is considered to be None.
     ///
     /// This is equivalent to the Python expression `self is None`.
@@ -2129,6 +2162,23 @@ a = A()
         })
     }
 
+    #[test]
+    fn explicit_drop_ref() {
+        Python::with_gil(|py| {
+            let object: Py<PyDict> = PyDict::new_bound(py).unbind();
+            let object2 = object.clone_ref(py);
+
+            assert_eq!(object.as_ptr(), object2.as_ptr());
+            assert_eq!(object.get_refcnt(py), 2);
+
+            object.drop_ref(py);
+
+            assert_eq!(object2.get_refcnt(py), 1);
+
+            object2.drop_ref(py);
+        });
+    }
+
     #[cfg(feature = "macros")]
     mod using_macros {
         use crate::PyCell;