diff --git a/.github/workflows/build_and_test_workflow.yml b/.github/workflows/build_and_test_workflow.yml
index c8b7239a4041..1557eef64b58 100644
--- a/.github/workflows/build_and_test_workflow.yml
+++ b/.github/workflows/build_and_test_workflow.yml
@@ -47,6 +47,18 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $GITHUB_ENV
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Run bootstrap
         run: yarn osd bootstrap
@@ -101,14 +113,23 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
 
-      # https://github.com/yarnpkg/yarn/issues/8242#issuecomment-776561223
-      # Increase network timeout for Windows, retry once if bootstrap fails
-      - name: Run bootstrap
+      - name: Configure Yarn Cache
         run: |
-          yarn cache clean
-          yarn config set network-timeout 1000000 -g
-          yarn osd bootstrap || yarn osd bootstrap
+          echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $env:GITHUB_ENV
+          echo C:\Program Files\Git\usr\bin>>"%GITHUB_PATH%"
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
+
+      - name: Run bootstrap
+        run: yarn osd bootstrap || yarn osd bootstrap
 
       - name: Run linter
         id: linter
@@ -158,6 +179,18 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $GITHUB_ENV
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Setup chromedriver
         run: node scripts/upgrade_chromedriver.js
@@ -217,17 +250,26 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: |
+          echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $env:GITHUB_ENV
+          echo C:\Program Files\Git\usr\bin>>"%GITHUB_PATH%"
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Setup chromedriver
         run: node scripts/upgrade_chromedriver.js
 
-      # https://github.com/yarnpkg/yarn/issues/8242#issuecomment-776561223
-      # Increase network timeout for Windows, retry once if bootstrap fails
       - name: Run bootstrap
-        run: |
-          yarn cache clean
-          yarn config set network-timeout 1000000 -g
-          yarn osd bootstrap || yarn osd bootstrap
+        run: yarn osd bootstrap || yarn osd bootstrap
 
       - name: Build plugins
         run: node scripts/build_opensearch_dashboards_platform_plugins --no-examples --workers 10
@@ -285,6 +327,18 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $GITHUB_ENV
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Get package version
         run: |
@@ -341,6 +395,20 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: |
+          echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $env:GITHUB_ENV
+          echo C:\Program Files\Git\usr\bin>>"%GITHUB_PATH%"
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Get package version
         run: |
@@ -395,6 +463,18 @@ jobs:
         run: |
           npm uninstall -g yarn
           npm i -g yarn@1.22.10
+          yarn config set network-timeout 1000000 -g
+
+      - name: Configure Yarn Cache
+        run: echo "YARN_CACHE_LOCATION=$(yarn cache dir)" >> $GITHUB_ENV
+
+      - name: Initialize Yarn Cache
+        uses: actions/cache@v3
+        with:
+          path: ${{ env.YARN_CACHE_LOCATION }}
+          key: yarn-${{ hashFiles('**/yarn.lock') }}
+          restore-keys: |
+            yarn-
 
       - name: Get package version
         run: |
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 76074e073827..d51b059b9506 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -57,6 +57,7 @@ Inspired from [Keep a Changelog](https://keepachangelog.com/en/1.0.0/)
 - Add CHANGELOG.md and related workflows ([#2414](https://github.com/opensearch-project/OpenSearch-Dashboards/pull/2414))
 - Update backport custom branch name to utilize head template ([#2766](https://github.com/opensearch-project/OpenSearch-Dashboards/pull/2766))
 - Add automatic selection of the appropriate version of chrome driver to run functional tests ([#2990](https://github.com/opensearch-project/OpenSearch-Dashboards/pull/2990))
+- Improve yarn's performance in workflows by caching yarn's cache folder ([#3194](https://github.com/opensearch-project/OpenSearch-Dashboards/pull/3194))
 
 ### 📝 Documentation