diff --git a/docs/reference-guides/core-blocks.md b/docs/reference-guides/core-blocks.md
index 84396caefbf47..bee68530eeb23 100644
--- a/docs/reference-guides/core-blocks.md
+++ b/docs/reference-guides/core-blocks.md
@@ -694,7 +694,7 @@ Give special visual emphasis to a quote from your text. ([Source](https://github
 
 -	**Name:** core/pullquote
 -	**Category:** text
--	**Supports:** align (full, left, right, wide), anchor, color (background, gradients, link, text), typography (fontSize, lineHeight)
+-	**Supports:** align (full, left, right, wide), anchor, color (background, gradients, link, text), spacing (margin, padding), typography (fontSize, lineHeight)
 -	**Attributes:** citation, textAlign, value
 
 ## Query Loop
diff --git a/packages/block-library/src/pullquote/block.json b/packages/block-library/src/pullquote/block.json
index 7fc81d5683bd1..f041d46cda8cd 100644
--- a/packages/block-library/src/pullquote/block.json
+++ b/packages/block-library/src/pullquote/block.json
@@ -35,6 +35,10 @@
 				"text": true
 			}
 		},
+		"spacing": {
+			"margin": true,
+			"padding": true
+		},
 		"typography": {
 			"fontSize": true,
 			"lineHeight": true,
diff --git a/packages/block-library/src/pullquote/style.scss b/packages/block-library/src/pullquote/style.scss
index 94d043d1cf2f5..b53dbf6561638 100644
--- a/packages/block-library/src/pullquote/style.scss
+++ b/packages/block-library/src/pullquote/style.scss
@@ -1,5 +1,5 @@
 .wp-block-pullquote {
-	padding: 3em 0;
+	padding: 4em 0;
 	text-align: center; // Default text-alignment where the `textAlign` attribute value isn't specified.
 	overflow-wrap: break-word; // Break long strings of text without spaces so they don't overflow the block.
 	box-sizing: border-box;
@@ -10,6 +10,18 @@
 		color: inherit;
 	}
 
+	blockquote {
+		margin: 0;
+	}
+
+	p {
+		margin-top: 0;
+
+		&:last-child {
+			margin-bottom: 0;
+		}
+	}
+
 	&.alignleft,
 	&.alignright {
 		max-width: $content-width * 0.5;