diff --git a/packages/components/CHANGELOG.md b/packages/components/CHANGELOG.md
index 1ac67cd6d62a4e..1c9fb763995e99 100644
--- a/packages/components/CHANGELOG.md
+++ b/packages/components/CHANGELOG.md
@@ -8,6 +8,7 @@
 -   `CustomGradientPicker`: Convert to TypeScript ([#48929](https://github.com/WordPress/gutenberg/pull/48929)).
 -   `ColorPicker`: Convert to TypeScript ([#49214](https://github.com/WordPress/gutenberg/pull/49214)).
 -   `GradientPicker`: Convert to TypeScript ([#48316](https://github.com/WordPress/gutenberg/pull/48316)).
+-   `FormTokenField`: Add a `__nextHasNoMarginBottom` prop to start opting into the margin-free styles ([48609](https://github.com/WordPress/gutenberg/pull/48609)).
 
 ### Enhancements
 
diff --git a/packages/components/src/form-token-field/README.md b/packages/components/src/form-token-field/README.md
index 3b5bd7e46bf21e..90fe84e56f2ee6 100644
--- a/packages/components/src/form-token-field/README.md
+++ b/packages/components/src/form-token-field/README.md
@@ -61,6 +61,7 @@ The `value` property is handled in a manner similar to controlled form component
 -   `__experimentalShowHowTo` - If false, the text on how to use the select (ie: _Separate with commas or the Enter key._) will be hidden.
 -   `__experimentalValidateInput` - If passed, all introduced values will be validated before being added as tokens.
 -   `__experimentalAutoSelectFirstMatch` - If true, the select the first matching suggestion when the user presses the Enter key (or space when tokenizeOnSpace is true).
+-   `__nextHasNoMarginBottom` - Start opting into the new margin-free styles that will become the default in a future version, currently scheduled to be WordPress 6.5. (The prop can be safely removed once this happens.)
 
 ## Usage
 
diff --git a/packages/components/src/form-token-field/index.tsx b/packages/components/src/form-token-field/index.tsx
index 980376e905e782..5c87db86514b7e 100644
--- a/packages/components/src/form-token-field/index.tsx
+++ b/packages/components/src/form-token-field/index.tsx
@@ -22,7 +22,11 @@ import { TokensAndInputWrapperFlex } from './styles';
 import SuggestionsList from './suggestions-list';
 import type { FormTokenFieldProps, TokenItem } from './types';
 import { FlexItem } from '../flex';
-import { StyledLabel } from '../base-control/styles/base-control-styles';
+import {
+	StyledHelp,
+	StyledLabel,
+} from '../base-control/styles/base-control-styles';
+import { Spacer } from '../spacer';
 
 const identity = ( value: string ) => value;
 
@@ -67,6 +71,7 @@ export function FormTokenField( props: FormTokenFieldProps ) {
 		__experimentalShowHowTo = true,
 		__next36pxDefaultSize = false,
 		__experimentalAutoSelectFirstMatch = false,
+		__nextHasNoMarginBottom = false,
 	} = props;
 
 	const instanceId = useInstanceId( FormTokenField );
@@ -716,17 +721,19 @@ export function FormTokenField( props: FormTokenFieldProps ) {
 					/>
 				) }
 			</div>
+			{ ! __nextHasNoMarginBottom && <Spacer marginBottom={ 2 } /> }
 			{ __experimentalShowHowTo && (
-				<p
+				<StyledHelp
 					id={ `components-form-token-suggestions-howto-${ instanceId }` }
 					className="components-form-token-field__help"
+					__nextHasNoMarginBottom={ __nextHasNoMarginBottom }
 				>
 					{ tokenizeOnSpace
 						? __(
 								'Separate with commas, spaces, or the Enter key.'
 						  )
 						: __( 'Separate with commas or the Enter key.' ) }
-				</p>
+				</StyledHelp>
 			) }
 		</div>
 	);
diff --git a/packages/components/src/form-token-field/style.scss b/packages/components/src/form-token-field/style.scss
index 52d118d5d99bdc..775999c1d01246 100644
--- a/packages/components/src/form-token-field/style.scss
+++ b/packages/components/src/form-token-field/style.scss
@@ -1,7 +1,6 @@
 .components-form-token-field__input-container {
 	@include input-control();
 	width: 100%;
-	margin: 0 0 $grid-unit-10 0;
 	padding: 0;
 	cursor: text;
 
@@ -48,12 +47,6 @@
 	}
 }
 
-.components-form-token-field__help {
-	font-size: $helptext-font-size;
-	font-style: normal;
-	color: $gray-700;
-}
-
 // Tokens
 .components-form-token-field__token {
 	font-size: $default-font-size;
diff --git a/packages/components/src/form-token-field/test/index.tsx b/packages/components/src/form-token-field/test/index.tsx
index a10677f3c10aa1..e62e851f1cf226 100644
--- a/packages/components/src/form-token-field/test/index.tsx
+++ b/packages/components/src/form-token-field/test/index.tsx
@@ -44,6 +44,7 @@ const FormTokenFieldWithState = ( {
 				setSelectedValue( tokens );
 				onChange?.( tokens );
 			} }
+			__nextHasNoMarginBottom
 		/>
 	);
 };
diff --git a/packages/components/src/form-token-field/types.ts b/packages/components/src/form-token-field/types.ts
index bdc67d725489b4..44c11d6461859c 100644
--- a/packages/components/src/form-token-field/types.ts
+++ b/packages/components/src/form-token-field/types.ts
@@ -169,6 +169,12 @@ export interface FormTokenFieldProps
 	 * Custom renderer for suggestions.
 	 */
 	__experimentalRenderItem?: ( args: { item: string } ) => ReactNode;
+	/**
+	 * Start opting into the new margin-free styles that will become the default in a future version.
+	 *
+	 * @default false
+	 */
+	__nextHasNoMarginBottom?: boolean;
 }
 
 /**