diff --git a/src/Files.App/Data/Models/ItemViewModel.cs b/src/Files.App/Data/Models/ItemViewModel.cs
index 5ccd5979f1464..b426ab7373043 100644
--- a/src/Files.App/Data/Models/ItemViewModel.cs
+++ b/src/Files.App/Data/Models/ItemViewModel.cs
@@ -914,31 +914,28 @@ private async Task<BitmapImage> GetShieldIcon()
 			return shieldIcon;
 		}
 
-		/// <summary>
-		/// Loads basic icon using ReturnIconOnly flag
-		/// </summary>
-		/// <param name="item"></param>
-		/// <returns></returns>
-		private async Task LoadBasicIconAsync(ListedItem item)
+		private async Task LoadThumbnailAsync(ListedItem item)
 		{
-			// Get icon
+			// Cancel if thumbnails aren't enabled
+			var thumbnailSize = folderSettings.GetRoundedIconSize();
+			var returnIconOnly = UserSettingsService.FoldersSettingsService.ShowThumbnails == false || thumbnailSize < 48;
+
+			// Get thumbnail
 			var icon = await FileThumbnailHelper.GetIconAsync(
 					item.ItemPath,
-					folderSettings.GetRoundedIconSize(),
+					thumbnailSize,
 					item.IsFolder,
 					false,
-					IconOptions.ReturnIconOnly);
+					returnIconOnly ? IconOptions.ReturnIconOnly : IconOptions.None);
 
 			if (icon.IconData is not null)
 			{
 				await dispatcherQueue.EnqueueOrInvokeAsync(async () =>
 				{
+					// Assign FileImage property
 					var image = await icon.IconData.ToBitmapAsync();
 					if (image is not null)
-					{
-						// Assign FileImage property
 						item.FileImage = image;
-					}
 				}, Microsoft.UI.Dispatching.DispatcherQueuePriority.Low);
 			}
 
@@ -954,39 +951,6 @@ await dispatcherQueue.EnqueueOrInvokeAsync(async () =>
 			}
 		}
 
-		/// <summary>
-		/// Loads thumbnail without any flags
-		/// Returns early if thumbnails aren't needed for this item (eg. if thumbnails are disabled or size is too small)
-		/// </summary>
-		/// <param name="item"></param>
-		/// <returns></returns>
-		private async Task LoadThumbnailAsync(ListedItem item)
-		{
-			// Cancel if thumbnails aren't enabled
-			var thumbnailSize = folderSettings.GetRoundedIconSize();
-			if (UserSettingsService.FoldersSettingsService.ShowThumbnails == false || thumbnailSize < 48)
-				return;
-
-			// Get thumbnail
-			var icon = await FileThumbnailHelper.GetIconAsync(
-					item.ItemPath,
-					thumbnailSize,
-					item.IsFolder,
-					false,
-					IconOptions.None);
-
-			if (icon.IconData is not null)
-			{
-				await dispatcherQueue.EnqueueOrInvokeAsync(async () =>
-				{
-					// Assign FileImage property
-					var image = await icon.IconData.ToBitmapAsync();
-					if (image is not null)
-						item.FileImage = image;
-				}, Microsoft.UI.Dispatching.DispatcherQueuePriority.Low);
-			}
-		}
-
 		/// <summary>
 		/// Tries getting a cached thumbnail from the system. This is usually only needed for cloud locations, otherwise LoadThumbnailAsync does the job.
 		/// </summary>
@@ -1081,7 +1045,7 @@ await Task.Run(async () =>
 						}
 
 						cts.Token.ThrowIfCancellationRequested();
-						await LoadBasicIconAsync(item);
+						await LoadThumbnailAsync(item);
 
 						if (item.IsLibrary || item.PrimaryItemAttribute == StorageItemTypes.File || item.IsArchive)
 						{
@@ -1192,8 +1156,6 @@ await dispatcherQueue.EnqueueOrInvokeAsync(() =>
 							// Load cached thumbnail for cloud files
 							if (item.SyncStatusUI.SyncStatus != CloudDriveSyncStatus.NotSynced && item.SyncStatusUI.SyncStatus != CloudDriveSyncStatus.Unknown)
 								_ = LoadCachedThumbnailAsync(item);
-							else
-								_ = LoadThumbnailAsync(item);
 						}
 
 						if (loadGroupHeaderInfo)
diff --git a/src/Files.App/Utils/Shell/Win32API.cs b/src/Files.App/Utils/Shell/Win32API.cs
index 0e9d835942d73..6406de58988df 100644
--- a/src/Files.App/Utils/Shell/Win32API.cs
+++ b/src/Files.App/Utils/Shell/Win32API.cs
@@ -273,6 +273,15 @@ public static string ExtractStringFromDLL(string file, int number)
 			return overlayData;
 		}
 
+		private class IconCacheEntry
+		{
+			public byte[]? Icon { get; set; }
+		}
+
+		private static readonly ConcurrentDictionary<string, ConcurrentDictionary<int, IconCacheEntry>> _iconOnlyCache = new();
+
+		private static readonly ConcurrentDictionary<string, ConcurrentDictionary<int, IconCacheEntry>> _thumbnailCache = new();
+
 		private static readonly object _iconLock = new object();
 
 		/// <summary>
@@ -297,6 +306,26 @@ public static (byte[]? icon, bool isIconCached) GetIcon(
 			byte[]? iconData = null;
 			bool isIconCached = false;
 
+
+
+			var iconOnlyEntry = _iconOnlyCache.GetOrAdd(path, _ => new());
+			if (iconOnlyEntry.TryGetValue(thumbnailSize, out var iconOnlyCacheEntry))
+			{
+				iconData = iconOnlyCacheEntry.Icon;
+
+				if (getIconOnly && iconOnlyCacheEntry is not null)
+					return (iconData, true);
+			}
+
+			var thumbnailEntry = _thumbnailCache.GetOrAdd(path, _ => new());
+			if (thumbnailEntry.TryGetValue(thumbnailSize, out var thumbnailCacheEntry))
+			{
+				iconData = thumbnailCacheEntry.Icon;
+
+				if (!getIconOnly && iconData is not null)
+					return (iconData, true);
+			}
+
 			try
 			{
 				// Attempt to get file icon/thumbnail using IShellItemImageFactory GetImage
@@ -326,7 +355,7 @@ public static (byte[]? icon, bool isIconCached) GetIcon(
 				}
 
 				if (iconData is not null)
-					return (iconData, isIconCached);			
+					return (iconData, isIconCached);
 				else
 				{
 					var shfi = new Shell32.SHFILEINFO();
@@ -335,7 +364,7 @@ public static (byte[]? icon, bool isIconCached) GetIcon(
 					// Cannot access file, use file attributes
 					var useFileAttibutes = iconData is null;
 
-					var ret = Shell32.SHGetFileInfo(path, isFolder ? FileAttributes.Directory : 0, ref shfi, Shell32.SHFILEINFO.Size, flags);					
+					var ret = Shell32.SHGetFileInfo(path, isFolder ? FileAttributes.Directory : 0, ref shfi, Shell32.SHFILEINFO.Size, flags);
 					if (ret == IntPtr.Zero)
 						return (iconData, isIconCached);
 
@@ -396,7 +425,22 @@ public static (byte[]? icon, bool isIconCached) GetIcon(
 			}
 			finally
 			{
+				if (getIconOnly)
+				{
+					iconOnlyCacheEntry = new IconCacheEntry();
+					if (iconData is not null)
+						iconOnlyCacheEntry.Icon = iconData;
 
+					iconOnlyEntry[thumbnailSize] = iconOnlyCacheEntry;
+				}
+				else
+				{
+					thumbnailCacheEntry = new IconCacheEntry();
+					if (iconData is not null)
+						thumbnailCacheEntry.Icon = iconData;
+
+					thumbnailEntry[thumbnailSize] = thumbnailCacheEntry;
+				}
 			}
 		}