diff --git a/src/libraries/System.Text.Json/src/System/Text/Json/Serialization/Converters/Value/TimeOnlyConverter.cs b/src/libraries/System.Text.Json/src/System/Text/Json/Serialization/Converters/Value/TimeOnlyConverter.cs
index 3e66dbb937b74..ac0e8ce37febe 100644
--- a/src/libraries/System.Text.Json/src/System/Text/Json/Serialization/Converters/Value/TimeOnlyConverter.cs
+++ b/src/libraries/System.Text.Json/src/System/Text/Json/Serialization/Converters/Value/TimeOnlyConverter.cs
@@ -3,30 +3,72 @@
 
 using System.Buffers.Text;
 using System.Diagnostics;
-using System.Globalization;
 
 namespace System.Text.Json.Serialization.Converters
 {
     internal sealed class TimeOnlyConverter : JsonConverter<TimeOnly>
     {
-        private static readonly TimeSpanConverter s_timeSpanConverter = new TimeSpanConverter();
-        private static readonly TimeSpan s_timeOnlyMaxValue = TimeOnly.MaxValue.ToTimeSpan();
+        private const int MinimumTimeOnlyFormatLength = 8; // hh:mm:ss
+        private const int MaximumTimeOnlyFormatLength = 16; // hh:mm:ss.fffffff
+        private const int MaximumEscapedTimeOnlyFormatLength = JsonConstants.MaxExpansionFactorWhileEscaping * MaximumTimeOnlyFormatLength;
 
         public override TimeOnly Read(ref Utf8JsonReader reader, Type typeToConvert, JsonSerializerOptions options)
         {
-            TimeSpan timespan = s_timeSpanConverter.Read(ref reader, typeToConvert, options);
+            if (reader.TokenType != JsonTokenType.String)
+            {
+                ThrowHelper.ThrowInvalidOperationException_ExpectedString(reader.TokenType);
+            }
 
-            if (timespan < TimeSpan.Zero || timespan > s_timeOnlyMaxValue)
+            if (!JsonHelpers.IsInRangeInclusive(reader.ValueLength, MinimumTimeOnlyFormatLength, MaximumEscapedTimeOnlyFormatLength))
             {
-                ThrowHelper.ThrowJsonException();
+                ThrowHelper.ThrowFormatException(DataType.TimeOnly);
             }
 
+            ReadOnlySpan<byte> source = stackalloc byte[0];
+            if (!reader.HasValueSequence && !reader.ValueIsEscaped)
+            {
+                source = reader.ValueSpan;
+            }
+            else
+            {
+                Span<byte> stackSpan = stackalloc byte[MaximumEscapedTimeOnlyFormatLength];
+                int bytesWritten = reader.CopyString(stackSpan);
+                source = stackSpan.Slice(0, bytesWritten);
+            }
+
+            byte firstChar = source[0];
+            int firstSeparator = source.IndexOfAny((byte)'.', (byte)':');
+            if (!JsonHelpers.IsDigit(firstChar) || firstSeparator < 0 || source[firstSeparator] == (byte)'.')
+            {
+                // Note: Utf8Parser.TryParse permits leading whitespace, negative values
+                // and numbers of days so we need to exclude these cases here.
+                ThrowHelper.ThrowFormatException(DataType.TimeOnly);
+            }
+
+            bool result = Utf8Parser.TryParse(source, out TimeSpan timespan, out int bytesConsumed, 'c');
+
+            // Note: Utf8Parser.TryParse will return true for invalid input so
+            // long as it starts with an integer. Example: "2021-06-18" or
+            // "1$$$$$$$$$$". We need to check bytesConsumed to know if the
+            // entire source was actually valid.
+
+            if (!result || source.Length != bytesConsumed)
+            {
+                ThrowHelper.ThrowFormatException(DataType.TimeOnly);
+            }
+
+            Debug.Assert(TimeOnly.MinValue.ToTimeSpan() <= timespan && timespan <= TimeOnly.MaxValue.ToTimeSpan());
             return TimeOnly.FromTimeSpan(timespan);
         }
 
         public override void Write(Utf8JsonWriter writer, TimeOnly value, JsonSerializerOptions options)
         {
-            s_timeSpanConverter.Write(writer, value.ToTimeSpan(), options);
+            Span<byte> output = stackalloc byte[MaximumTimeOnlyFormatLength];
+
+            bool result = Utf8Formatter.TryFormat(value.ToTimeSpan(), output, out int bytesWritten, 'c');
+            Debug.Assert(result);
+
+            writer.WriteStringValue(output.Slice(0, bytesWritten));
         }
     }
 }
diff --git a/src/libraries/System.Text.Json/src/System/Text/Json/ThrowHelper.cs b/src/libraries/System.Text.Json/src/System/Text/Json/ThrowHelper.cs
index 0e384360934c1..e7f151dc9df2b 100644
--- a/src/libraries/System.Text.Json/src/System/Text/Json/ThrowHelper.cs
+++ b/src/libraries/System.Text.Json/src/System/Text/Json/ThrowHelper.cs
@@ -628,6 +628,7 @@ public static void ThrowFormatException(DataType dataType)
                 case DataType.DateOnly:
                 case DataType.DateTime:
                 case DataType.DateTimeOffset:
+                case DataType.TimeOnly:
                 case DataType.TimeSpan:
                 case DataType.Guid:
                 case DataType.Version:
@@ -723,6 +724,7 @@ internal enum DataType
         DateOnly,
         DateTime,
         DateTimeOffset,
+        TimeOnly,
         TimeSpan,
         Base64String,
         Guid,
diff --git a/src/libraries/System.Text.Json/tests/System.Text.Json.Tests/Serialization/Value.ReadTests.cs b/src/libraries/System.Text.Json/tests/System.Text.Json.Tests/Serialization/Value.ReadTests.cs
index 257d354ef2fad..031454bf99e8e 100644
--- a/src/libraries/System.Text.Json/tests/System.Text.Json.Tests/Serialization/Value.ReadTests.cs
+++ b/src/libraries/System.Text.Json/tests/System.Text.Json.Tests/Serialization/Value.ReadTests.cs
@@ -670,8 +670,11 @@ public static void TimeOnly_Read_Nullable_Tests()
         [InlineData("\\u0032\\u0034\\u003A\\u0030\\u0030\\u003A\\u0030\\u0030")]
         [InlineData("00:60:00")]
         [InlineData("00:00:60")]
+        [InlineData("-00:00:00")]
         [InlineData("00:00:00.00000009")]
         [InlineData("900000000.00:00:00")]
+        [InlineData("1.00:00:00")]
+        [InlineData("0.00:00:00")]
         [InlineData("1:00:00")] // 'g' Format
         [InlineData("1:2:00:00")] // 'g' Format
         [InlineData("+00:00:00")]