diff --git a/packages/react/src/components/Toggletip/__tests__/Toggletip-test.js b/packages/react/src/components/Toggletip/__tests__/Toggletip-test.js
new file mode 100644
index 000000000000..e6af109c5a9e
--- /dev/null
+++ b/packages/react/src/components/Toggletip/__tests__/Toggletip-test.js
@@ -0,0 +1,26 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+describe('Toggletip', () => {
+  describe('accessibility', () => {
+    test.todo('accessibility-checker');
+    test.todo('axe');
+  });
+
+  // Usage
+  it.todo('should toggle visibility on click');
+  it.todo('should toggle visibility on Enter and Space');
+  it.todo('should close on Escape');
+  it.todo('should close if an element outside of the toggletip is clicked');
+
+  describe('Component API', () => {
+    it.todo('should support custom elements with the `as` prop');
+    it.todo('should support a custom class name with the `className` prop');
+    it.todo('should support different alignments with the `align` prop');
+    it.todo('should initially be open if `defaultOpen` is set to true');
+  });
+});
diff --git a/packages/react/src/components/Toggletip/__tests__/ToggletipActions-test.js b/packages/react/src/components/Toggletip/__tests__/ToggletipActions-test.js
new file mode 100644
index 000000000000..315a60eb64b4
--- /dev/null
+++ b/packages/react/src/components/Toggletip/__tests__/ToggletipActions-test.js
@@ -0,0 +1,12 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+describe('ToggletipActions', () => {
+  describe('Component API', () => {
+    it.todo('should support a custom class name with the `className` prop');
+  });
+});
diff --git a/packages/react/src/components/Toggletip/__tests__/ToggletipButton.js b/packages/react/src/components/Toggletip/__tests__/ToggletipButton.js
new file mode 100644
index 000000000000..275805de040a
--- /dev/null
+++ b/packages/react/src/components/Toggletip/__tests__/ToggletipButton.js
@@ -0,0 +1,13 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+describe('ToggletipButton', () => {
+  describe('Component API', () => {
+    it.todo('should support a custom class name with the `className` prop');
+    it.todo('should use the `label` prop as the label for the <button>');
+  });
+});
diff --git a/packages/react/src/components/Toggletip/__tests__/ToggletipContent-test.js b/packages/react/src/components/Toggletip/__tests__/ToggletipContent-test.js
new file mode 100644
index 000000000000..bf3339802dec
--- /dev/null
+++ b/packages/react/src/components/Toggletip/__tests__/ToggletipContent-test.js
@@ -0,0 +1,12 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+describe('ToggletipContent', () => {
+  describe('Component API', () => {
+    it.todo('should support a custom class name with the `className` prop');
+  });
+});
diff --git a/packages/react/src/components/Toggletip/__tests__/ToggletipLabel-test.js b/packages/react/src/components/Toggletip/__tests__/ToggletipLabel-test.js
new file mode 100644
index 000000000000..60d186ae7665
--- /dev/null
+++ b/packages/react/src/components/Toggletip/__tests__/ToggletipLabel-test.js
@@ -0,0 +1,13 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+describe('ToggletipLabel', () => {
+  describe('Component API', () => {
+    it.todo('should support custom elements with the `as` prop');
+    it.todo('should support a custom class name with the `className` prop');
+  });
+});
diff --git a/packages/react/src/components/Toggletip/index.js b/packages/react/src/components/Toggletip/index.js
new file mode 100644
index 000000000000..3551bf88ffee
--- /dev/null
+++ b/packages/react/src/components/Toggletip/index.js
@@ -0,0 +1,252 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+import cx from 'classnames';
+import PropTypes from 'prop-types';
+import React, { useContext, useRef, useState } from 'react';
+import { Popover, PopoverContent } from '../Popover';
+import { match, keys } from '../../internal/keyboard';
+import { useWindowEvent } from '../../internal/useEvent';
+import { useId } from '../../internal/useId';
+import { usePrefix } from '../../internal/usePrefix';
+
+/**
+ * Used to render the label for a Toggletip
+ */
+function ToggletipLabel({
+  as: BaseComponent = 'span',
+  children,
+  className: customClassName,
+}) {
+  const prefix = usePrefix();
+  const className = cx(`${prefix}--toggletip-label`, customClassName);
+  return <BaseComponent className={className}>{children}</BaseComponent>;
+}
+
+ToggletipLabel.propTypes = {
+  /**
+   * Provide a custom element or component to render the top-level node for the
+   * component.
+   */
+  as: PropTypes.oneOfType([PropTypes.string, PropTypes.elementType]),
+
+  /**
+   * Custom children to be rendered as the content of the label
+   */
+  children: PropTypes.node,
+
+  /**
+   * Provide a custom class name to be added to the outermost node in the
+   * component
+   */
+  className: PropTypes.string,
+};
+
+// Used to coordinate accessibility props between button and content along with
+// the actions to open and close the toggletip
+const ToggletipContext = React.createContext();
+
+function useToggletip() {
+  return useContext(ToggletipContext);
+}
+
+/**
+ * Used as a container for the button and content of a toggletip. This component
+ * is responsible for coordinating between interactions with the button and the
+ * visibility of the content
+ */
+function Toggletip({
+  align,
+  as,
+  className: customClassName,
+  children,
+  defaultOpen = false,
+}) {
+  const ref = useRef();
+  const [open, setOpen] = useState(defaultOpen);
+  const prefix = usePrefix();
+  const id = useId();
+  const className = cx(`${prefix}--toggletip`, customClassName, {
+    [`${prefix}--toggletip--open`]: open,
+  });
+  const actions = {
+    toggle: () => {
+      setOpen(!open);
+    },
+    close: () => {
+      setOpen(false);
+    },
+  };
+  const value = {
+    buttonProps: {
+      'aria-expanded': open,
+      'aria-controls': id,
+      onClick: actions.toggle,
+    },
+    contentProps: {
+      id,
+    },
+  };
+
+  function onKeyDown(event) {
+    if (open && match(event, keys.Escape)) {
+      actions.close();
+    }
+  }
+
+  useWindowEvent('click', (event) => {
+    if (open && !ref.current.contains(event.target)) {
+      actions.close();
+    }
+  });
+
+  return (
+    <ToggletipContext.Provider value={value}>
+      <Popover
+        align={align}
+        as={as}
+        caret
+        className={className}
+        dropShadow={false}
+        highContrast
+        open={open}
+        onKeyDown={onKeyDown}
+        ref={ref}>
+        {children}
+      </Popover>
+    </ToggletipContext.Provider>
+  );
+}
+
+Toggletip.propTypes = {
+  /**
+   * Specify how the toggletip should align with the button
+   */
+  align: PropTypes.oneOf(['top', 'bottom', 'left', 'right']),
+
+  /**
+   * Provide a custom element or component to render the top-level node for the
+   * component.
+   */
+  as: PropTypes.oneOfType([PropTypes.string, PropTypes.elementType]),
+
+  /**
+   * Custom children to be rendered as the content of the label
+   */
+  children: PropTypes.node,
+
+  /**
+   * Provide a custom class name to be added to the outermost node in the
+   * component
+   */
+  className: PropTypes.string,
+
+  /**
+   * Specify if the toggletip should be open by default
+   */
+  defaultOpen: PropTypes.bool,
+};
+
+/**
+ * `ToggletipButton` controls the visibility of the Toggletip through mouse
+ * clicks and keyboard interactions.
+ */
+function ToggletipButton({
+  children,
+  className: customClassName,
+  label = 'Show information',
+}) {
+  const toggletip = useToggletip();
+  const prefix = usePrefix();
+  const className = cx(`${prefix}--toggletip-button`, customClassName);
+  return (
+    <button
+      {...toggletip.buttonProps}
+      aria-label={label}
+      type="button"
+      className={className}>
+      {children}
+    </button>
+  );
+}
+
+ToggletipButton.propTypes = {
+  /**
+   * Custom children to be rendered as the content of the label
+   */
+  children: PropTypes.node,
+
+  /**
+   * Provide a custom class name to be added to the outermost node in the
+   * component
+   */
+  className: PropTypes.string,
+
+  /**
+   * Provide an accessible label for this button
+   */
+  label: PropTypes.string,
+};
+
+/**
+ * `ToggletipContent` is a wrapper around `PopoverContent`. It places the
+ * `children` passed in as a prop inside of `PopoverContent` so that they will
+ * be rendered inside of the popover for this component.
+ */
+function ToggletipContent({ children, className: customClassName }) {
+  const toggletip = useToggletip();
+  const prefix = usePrefix();
+  return (
+    <PopoverContent className={customClassName} {...toggletip.contentProps}>
+      <div className={`${prefix}--toggletip-content`}>{children}</div>
+    </PopoverContent>
+  );
+}
+
+ToggletipContent.propTypes = {
+  /**
+   * Custom children to be rendered as the content of the label
+   */
+  children: PropTypes.node,
+
+  /**
+   * Provide a custom class name to be added to the outermost node in the
+   * component
+   */
+  className: PropTypes.string,
+};
+
+/**
+ * `ToggletipActions` is a container for one or two actions present at the base
+ * of a toggletip. It is used for layout of these items.
+ */
+function ToggletipActions({ children, className: customClassName }) {
+  const prefix = usePrefix();
+  const className = cx(`${prefix}--toggletip-actions`, customClassName);
+  return <div className={className}>{children}</div>;
+}
+
+ToggletipActions.propTypes = {
+  /**
+   * Custom children to be rendered as the content of the label
+   */
+  children: PropTypes.node,
+
+  /**
+   * Provide a custom class name to be added to the outermost node in the
+   * component
+   */
+  className: PropTypes.string,
+};
+
+export {
+  ToggletipLabel,
+  Toggletip,
+  ToggletipButton,
+  ToggletipContent,
+  ToggletipActions,
+};
diff --git a/packages/react/src/components/Toggletip/next/Toggletip.mdx b/packages/react/src/components/Toggletip/next/Toggletip.mdx
new file mode 100644
index 000000000000..2f12ca8115a3
--- /dev/null
+++ b/packages/react/src/components/Toggletip/next/Toggletip.mdx
@@ -0,0 +1,29 @@
+import { Preview, Props, Story } from '@storybook/addon-docs/blocks';
+
+# Toggletip
+
+[Source code](https://github.com/carbon-design-system/carbon/tree/main/packages/react/src/components/Toggletip)
+
+<!-- START doctoc generated TOC please keep comment here to allow auto update -->
+<!-- DON'T EDIT THIS SECTION, INSTEAD RE-RUN doctoc TO UPDATE -->
+
+## Table of Contents
+
+- [Overview](#overview)
+- [Component API](#component-api)
+- [Feedback](#feedback)
+
+<!-- END doctoc generated TOC please keep comment here to allow auto update -->
+
+## Overview
+
+## Component API
+
+<Props />
+
+## Feedback
+
+Help us improve this component by providing feedback, asking questions on Slack,
+or updating this file on
+[GitHub](https://github.com/carbon-design-system/carbon/edit/main/packages/react/src/components/Toggletip/next/Toggletip.mdx).
+
diff --git a/packages/react/src/components/Toggletip/next/Toggletip.stories.js b/packages/react/src/components/Toggletip/next/Toggletip.stories.js
new file mode 100644
index 000000000000..1a5f7bdc90da
--- /dev/null
+++ b/packages/react/src/components/Toggletip/next/Toggletip.stories.js
@@ -0,0 +1,123 @@
+/**
+ * Copyright IBM Corp. 2016, 2018
+ *
+ * This source code is licensed under the Apache-2.0 license found in the
+ * LICENSE file in the root directory of this source tree.
+ */
+
+import { Information16 } from '@carbon/icons-react';
+import React from 'react';
+import { default as Button } from '../../Button';
+import { default as Link } from '../../Link';
+import {
+  ToggletipLabel,
+  Toggletip,
+  ToggletipButton,
+  ToggletipContent,
+  ToggletipActions,
+} from '../../Toggletip';
+import mdx from './Toggletip.mdx';
+
+export default {
+  title: 'Components/Toggletip',
+  component: Toggletip,
+  subcomponents: {
+    ToggletipLabel,
+    ToggletipButton,
+    ToggletipContent,
+    ToggletipActions,
+  },
+  argTypes: {
+    as: {
+      table: {
+        disable: true,
+      },
+    },
+    children: {
+      table: { disable: true },
+    },
+    className: {
+      table: {
+        disable: true,
+      },
+    },
+  },
+  parameters: {
+    docs: {
+      page: mdx,
+    },
+  },
+};
+
+export const Default = () => {
+  return (
+    <div style={{ display: 'flex', justifyContent: 'center' }}>
+      <ToggletipLabel>Toggletip label</ToggletipLabel>
+      <Toggletip defaultOpen>
+        <ToggletipButton label="Show information">
+          <Information16 />
+        </ToggletipButton>
+        <ToggletipContent>
+          <p>
+            Lorem ipsum dolor sit amet, di os consectetur adipiscing elit, sed
+            do eiusmod tempor incididunt ut fsil labore et dolore magna aliqua.
+          </p>
+          <ToggletipActions>
+            <Link href="#">Link action</Link>
+            <Button size="sm">Button</Button>
+          </ToggletipActions>
+        </ToggletipContent>
+      </Toggletip>
+    </div>
+  );
+};
+
+const PlaygroundStory = (controls) => {
+  const { align } = controls;
+  return (
+    <>
+      <ToggletipLabel>Toggletip label</ToggletipLabel>
+      <Toggletip align={align} defaultOpen>
+        <ToggletipButton label="Show information">
+          <Information16 />
+        </ToggletipButton>
+        <ToggletipContent>
+          <p>
+            Lorem ipsum dolor sit amet, di os consectetur adipiscing elit, sed
+            do eiusmod tempor incididunt ut fsil labore et dolore magna aliqua.
+          </p>
+          <ToggletipActions>
+            <Link href="#">Link action</Link>
+            <Button size="sm">Button</Button>
+          </ToggletipActions>
+        </ToggletipContent>
+      </Toggletip>
+    </>
+  );
+};
+
+export const Playground = PlaygroundStory.bind({});
+
+Playground.argTypes = {
+  align: {
+    options: ['top', 'bottom', 'left', 'right'],
+    control: {
+      type: 'select',
+    },
+  },
+};
+
+Playground.story = {
+  decorators: [
+    (story) => (
+      <div
+        style={{
+          display: 'flex',
+          alignItems: 'center',
+          justifyContent: 'center',
+        }}>
+        {story()}
+      </div>
+    ),
+  ],
+};
diff --git a/packages/react/src/internal/useEvent.js b/packages/react/src/internal/useEvent.js
index 05e817433271..fe876c7a73d3 100644
--- a/packages/react/src/internal/useEvent.js
+++ b/packages/react/src/internal/useEvent.js
@@ -7,7 +7,7 @@
 
 import { useEffect, useRef } from 'react';
 
-export function useEvent(element, eventName, callback) {
+export function useEvent(elementOrRef, eventName, callback) {
   const savedCallback = useRef(null);
 
   useEffect(() => {
@@ -21,10 +21,33 @@ export function useEvent(element, eventName, callback) {
       }
     }
 
+    const element = elementOrRef.current ?? elementOrRef;
     element.addEventListener(eventName, handler);
 
     return () => {
       element.removeEventListener(eventName, handler);
     };
-  }, [element, eventName]);
+  }, [elementOrRef, eventName]);
+}
+
+export function useWindowEvent(eventName, callback) {
+  const savedCallback = useRef(null);
+
+  useEffect(() => {
+    savedCallback.current = callback;
+  });
+
+  useEffect(() => {
+    function handler(event) {
+      if (savedCallback.current) {
+        savedCallback.current(event);
+      }
+    }
+
+    window.addEventListener(eventName, handler);
+
+    return () => {
+      window.removeEventListener(eventName, handler);
+    };
+  }, [eventName]);
 }
diff --git a/packages/styles/scss/components/_index.scss b/packages/styles/scss/components/_index.scss
index e9113da0e260..cca88e0e5936 100644
--- a/packages/styles/scss/components/_index.scss
+++ b/packages/styles/scss/components/_index.scss
@@ -51,6 +51,7 @@
 @use 'text-input';
 @use 'tile';
 @use 'time-picker';
+@use 'toggletip';
 @use 'toggle';
 @use 'tooltip';
 @use 'treeview';
diff --git a/packages/styles/scss/components/button/_mixins.scss b/packages/styles/scss/components/button/_mixins.scss
index 951fbf595311..ccf7efa90f76 100644
--- a/packages/styles/scss/components/button/_mixins.scss
+++ b/packages/styles/scss/components/button/_mixins.scss
@@ -13,8 +13,11 @@
 @use '../../type' as *;
 @use '../../utilities/component-reset';
 @use '../../utilities/convert' as *;
+@use '../../utilities/custom-property';
 @use 'tokens' as *;
 
+$button-focus-color: custom-property.get-var('button-focus-color', $focus);
+
 @mixin button-base {
   @include component-reset.reset;
   @include type-style('body-short-01');
@@ -84,8 +87,8 @@
   }
 
   &:focus {
-    border-color: $focus;
-    box-shadow: inset 0 0 0 $button-outline-width $focus,
+    border-color: $button-focus-color;
+    box-shadow: inset 0 0 0 $button-outline-width $button-focus-color,
       inset 0 0 0 $button-border-width $background;
   }
 
diff --git a/packages/styles/scss/components/link/_link.scss b/packages/styles/scss/components/link/_link.scss
index b953303ba209..508998d83be2 100644
--- a/packages/styles/scss/components/link/_link.scss
+++ b/packages/styles/scss/components/link/_link.scss
@@ -11,8 +11,19 @@
 @use '../../theme' as *;
 @use '../../type';
 @use '../../utilities/component-reset';
+@use '../../utilities/custom-property';
 @use '../../utilities/focus-outline' as *;
 
+$link-text-color: custom-property.get-var('link-text-color', $link-primary);
+$link-hover-text-color: custom-property.get-var(
+  'link-hover-text-color',
+  $link-primary-hover
+);
+$link-focus-text-color: custom-property.get-var(
+  'link-focus-text-color',
+  $focus
+);
+
 /// Link styles
 /// @access public
 /// @group link
@@ -22,13 +33,13 @@
     @include type.type-style('body-short-01');
 
     display: inline-flex;
-    color: $link-primary;
+    color: $link-text-color;
     outline: none;
     text-decoration: none;
     transition: color $duration-fast-01 motion(standard, productive);
 
     &:hover {
-      color: $link-primary-hover;
+      color: $link-hover-text-color;
       text-decoration: underline;
     }
 
@@ -41,6 +52,8 @@
 
     &:focus {
       @include focus-outline;
+
+      outline-color: $link-focus-text-color;
     }
 
     &:visited {
diff --git a/packages/styles/scss/components/toggletip/_index.scss b/packages/styles/scss/components/toggletip/_index.scss
new file mode 100644
index 000000000000..89a085bf24b2
--- /dev/null
+++ b/packages/styles/scss/components/toggletip/_index.scss
@@ -0,0 +1,11 @@
+//
+// Copyright IBM Corp. 2018, 2018
+//
+// This source code is licensed under the Apache-2.0 license found in the
+// LICENSE file in the root directory of this source tree.
+//
+
+@forward 'toggletip';
+@use 'toggletip';
+
+@include toggletip.toggletip;
diff --git a/packages/styles/scss/components/toggletip/_toggletip.scss b/packages/styles/scss/components/toggletip/_toggletip.scss
new file mode 100644
index 000000000000..ee31f6c0bdba
--- /dev/null
+++ b/packages/styles/scss/components/toggletip/_toggletip.scss
@@ -0,0 +1,81 @@
+//
+// Copyright IBM Corp. 2018, 2018
+//
+// This source code is licensed under the Apache-2.0 license found in the
+// LICENSE file in the root directory of this source tree.
+//
+
+@use '../../config' as *;
+@use '../../spacing';
+@use '../../theme';
+@use '../../type';
+@use '../../utilities/button-reset';
+@use '../../utilities/convert';
+@use '../../utilities/custom-property';
+@use '../../utilities/focus-outline';
+
+@mixin toggletip() {
+  .#{$prefix}--toggletip-label {
+    @include type.type-style('label-01');
+
+    margin-right: spacing.$spacing-03;
+
+    color: theme.$text-secondary;
+  }
+
+  .#{$prefix}--toggletip-button {
+    @include button-reset.reset();
+
+    display: flex;
+    align-items: center;
+  }
+
+  .#{$prefix}--toggletip-button svg {
+    fill: theme.$icon-secondary;
+  }
+
+  .#{$prefix}--toggletip-button:hover svg,
+  .#{$prefix}--toggletip--open .#{$prefix}--toggletip-button svg {
+    fill: theme.$icon-primary;
+  }
+
+  .#{$prefix}--toggletip-button:focus {
+    @include focus-outline.focus-outline;
+  }
+
+  .#{$prefix}--toggletip {
+    @include custom-property.declaration('popover-offset', convert.rem(13px));
+  }
+
+  .#{$prefix}--toggletip-content {
+    @include custom-property.declaration(
+      'button-focus-color',
+      theme.$focus-inverse
+    );
+    @include custom-property.declaration(
+      'link-text-color',
+      theme.$link-inverse
+    );
+    @include custom-property.declaration(
+      'link-hover-text-color',
+      theme.$link-inverse
+    );
+    @include custom-property.declaration(
+      'link-focus-text-color',
+      theme.$focus-inverse
+    );
+    @include type.type-style('body-short-01');
+
+    display: grid;
+    max-width: 18rem;
+    padding: spacing.$spacing-05;
+    row-gap: spacing.$spacing-05;
+  }
+
+  .#{$prefix}--toggletip-actions {
+    display: flex;
+    align-items: center;
+    justify-content: space-between;
+    column-gap: spacing.$spacing-05;
+  }
+}