diff --git a/python_modules/libraries/dagster-dbt/dagster_dbt/dbt_manifest.py b/python_modules/libraries/dagster-dbt/dagster_dbt/dbt_manifest.py
index cc5dc86af673e..1d021a80c455e 100644
--- a/python_modules/libraries/dagster-dbt/dagster_dbt/dbt_manifest.py
+++ b/python_modules/libraries/dagster-dbt/dagster_dbt/dbt_manifest.py
@@ -1,3 +1,4 @@
+from functools import lru_cache
 from pathlib import Path
 from typing import Any, Mapping, Union, cast
 
@@ -7,6 +8,19 @@
 DbtManifestParam = Union[Mapping[str, Any], str, Path]
 
 
+@lru_cache(maxsize=None)
+def read_manifest_path(manifest_path: Path) -> Mapping[str, Any]:
+    """Reads a dbt manifest path and returns the parsed JSON as a dict.
+
+    This function is cached to ensure that we don't read the same path multiple times, which
+    creates multiple copies of the parsed manifest in memory.
+
+    If we fix the fact that the manifest is held in memory instead of garbage collected, we
+    can delete this cache.
+    """
+    return cast(Mapping[str, Any], orjson.loads(manifest_path.read_bytes()))
+
+
 def validate_manifest(manifest: DbtManifestParam) -> Mapping[str, Any]:
     check.inst_param(manifest, "manifest", (Path, str, dict))
 
@@ -14,6 +28,7 @@ def validate_manifest(manifest: DbtManifestParam) -> Mapping[str, Any]:
         manifest = Path(manifest)
 
     if isinstance(manifest, Path):
-        manifest = cast(Mapping[str, Any], orjson.loads(manifest.read_bytes()))
+        # Resolve the path to ensure a consistent key for the cache
+        manifest = read_manifest_path(manifest.resolve())
 
     return manifest