diff --git a/packages/react-debug-tools/src/ReactDebugHooks.js b/packages/react-debug-tools/src/ReactDebugHooks.js
index b00df7e46d761..1256c8fa8330f 100644
--- a/packages/react-debug-tools/src/ReactDebugHooks.js
+++ b/packages/react-debug-tools/src/ReactDebugHooks.js
@@ -55,6 +55,7 @@ function getPrimitiveStackCache(): Map<string, Array<any>> {
       Dispatcher.useLayoutEffect(() => {});
       Dispatcher.useEffect(() => {});
       Dispatcher.useImperativeHandle(undefined, () => null);
+      Dispatcher.useDebugValue(null);
       Dispatcher.useCallback(() => {});
       Dispatcher.useMemo(() => null);
     } finally {
@@ -180,6 +181,14 @@ function useImperativeHandle<T>(
   });
 }
 
+function useDebugValue(value: any, formatterFn: ?(value: any) => any) {
+  hookLog.push({
+    primitive: 'DebugValue',
+    stackError: new Error(),
+    value: typeof formatterFn === 'function' ? formatterFn(value) : value,
+  });
+}
+
 function useCallback<T>(callback: T, inputs: Array<mixed> | void | null): T {
   let hook = nextHook();
   hookLog.push({
@@ -206,6 +215,7 @@ const Dispatcher = {
   useContext,
   useEffect,
   useImperativeHandle,
+  useDebugValue,
   useLayoutEffect,
   useMemo,
   useReducer,
@@ -388,7 +398,7 @@ function buildTree(rootStack, readHookLog): HooksTree {
         let children = [];
         levelChildren.push({
           name: parseCustomHookName(stack[j - 1].functionName),
-          value: undefined, // TODO: Support custom inspectable values.
+          value: undefined,
           subHooks: children,
         });
         stackOfChildren.push(levelChildren);
@@ -402,9 +412,47 @@ function buildTree(rootStack, readHookLog): HooksTree {
       subHooks: [],
     });
   }
+
+  // Associate custom hook values (useDebugValue() hook entries) with the correct hooks.
+  processDebugValues(rootChildren, null);
+
   return rootChildren;
 }
 
+// Custom hooks support user-configurable labels (via the special useDebugValue() hook).
+// That hook adds user-provided values to the hooks tree,
+// but these values aren't intended to appear alongside of the other hooks.
+// Instead they should be attributed to their parent custom hook.
+// This method walks the tree and assigns debug values to their custom hook owners.
+function processDebugValues(
+  hooksTree: HooksTree,
+  parentHooksNode: HooksNode | null,
+): void {
+  let debugValueHooksNodes: Array<HooksNode> = [];
+
+  for (let i = 0; i < hooksTree.length; i++) {
+    const hooksNode = hooksTree[i];
+    if (hooksNode.name === 'DebugValue' && hooksNode.subHooks.length === 0) {
+      hooksTree.splice(i, 1);
+      i--;
+      debugValueHooksNodes.push(hooksNode);
+    } else {
+      processDebugValues(hooksNode.subHooks, hooksNode);
+    }
+  }
+
+  // Bubble debug value labels to their custom hook owner.
+  // If there is no parent hook, just ignore them for now.
+  // (We may warn about this in the future.)
+  if (parentHooksNode !== null) {
+    if (debugValueHooksNodes.length === 1) {
+      parentHooksNode.value = debugValueHooksNodes[0].value;
+    } else if (debugValueHooksNodes.length > 1) {
+      parentHooksNode.value = debugValueHooksNodes.map(({value}) => value);
+    }
+  }
+}
+
 export function inspectHooks<Props>(
   renderFunction: Props => React$Node,
   props: Props,
diff --git a/packages/react-debug-tools/src/__tests__/ReactHooksInspection-test.internal.js b/packages/react-debug-tools/src/__tests__/ReactHooksInspection-test.internal.js
index cb26bfc55636d..d84bd82fb2780 100644
--- a/packages/react-debug-tools/src/__tests__/ReactHooksInspection-test.internal.js
+++ b/packages/react-debug-tools/src/__tests__/ReactHooksInspection-test.internal.js
@@ -41,6 +41,7 @@ describe('ReactHooksInspection', () => {
   it('should inspect a simple custom hook', () => {
     function useCustom(value) {
       let [state] = React.useState(value);
+      React.useDebugValue('custom hook label');
       return state;
     }
     function Foo(props) {
@@ -51,7 +52,7 @@ describe('ReactHooksInspection', () => {
     expect(tree).toEqual([
       {
         name: 'Custom',
-        value: undefined,
+        value: __DEV__ ? 'custom hook label' : undefined,
         subHooks: [
           {
             name: 'State',
@@ -249,4 +250,34 @@ describe('ReactHooksInspection', () => {
     expect(setterCalls[0]).not.toBe(initial);
     expect(setterCalls[1]).toBe(initial);
   });
+
+  describe('useDebugValue', () => {
+    it('should be ignored when called outside of a custom hook', () => {
+      function Foo(props) {
+        React.useDebugValue('this is invalid');
+        return null;
+      }
+      let tree = ReactDebugTools.inspectHooks(Foo, {});
+      expect(tree).toHaveLength(0);
+    });
+
+    it('should support an optional formatter function param', () => {
+      function useCustom() {
+        React.useDebugValue({bar: 123}, object => `bar:${object.bar}`);
+        React.useState(0);
+      }
+      function Foo(props) {
+        useCustom();
+        return null;
+      }
+      let tree = ReactDebugTools.inspectHooks(Foo, {});
+      expect(tree).toEqual([
+        {
+          name: 'Custom',
+          value: __DEV__ ? 'bar:123' : undefined,
+          subHooks: [{name: 'State', subHooks: [], value: 0}],
+        },
+      ]);
+    });
+  });
 });
diff --git a/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.internal.js b/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.internal.js
index b242c4adc5cc0..703db2af538d8 100644
--- a/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.internal.js
+++ b/packages/react-debug-tools/src/__tests__/ReactHooksInspectionIntegration-test.internal.js
@@ -212,6 +212,154 @@ describe('ReactHooksInspectionIntergration', () => {
     ]);
   });
 
+  describe('useDebugValue', () => {
+    it('should support inspectable values for multiple custom hooks', () => {
+      function useLabeledValue(label) {
+        let [value] = React.useState(label);
+        React.useDebugValue(`custom label ${label}`);
+        return value;
+      }
+      function useAnonymous(label) {
+        let [value] = React.useState(label);
+        return value;
+      }
+      function Example() {
+        useLabeledValue('a');
+        React.useState('b');
+        useAnonymous('c');
+        useLabeledValue('d');
+        return null;
+      }
+      let renderer = ReactTestRenderer.create(<Example />);
+      let childFiber = renderer.root.findByType(Example)._currentFiber();
+      let tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+      expect(tree).toEqual([
+        {
+          name: 'LabeledValue',
+          value: __DEV__ ? 'custom label a' : undefined,
+          subHooks: [{name: 'State', value: 'a', subHooks: []}],
+        },
+        {
+          name: 'State',
+          value: 'b',
+          subHooks: [],
+        },
+        {
+          name: 'Anonymous',
+          value: undefined,
+          subHooks: [{name: 'State', value: 'c', subHooks: []}],
+        },
+        {
+          name: 'LabeledValue',
+          value: __DEV__ ? 'custom label d' : undefined,
+          subHooks: [{name: 'State', value: 'd', subHooks: []}],
+        },
+      ]);
+    });
+
+    it('should support inspectable values for nested custom hooks', () => {
+      function useInner() {
+        React.useDebugValue('inner');
+        React.useState(0);
+      }
+      function useOuter() {
+        React.useDebugValue('outer');
+        useInner();
+      }
+      function Example() {
+        useOuter();
+        return null;
+      }
+      let renderer = ReactTestRenderer.create(<Example />);
+      let childFiber = renderer.root.findByType(Example)._currentFiber();
+      let tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+      expect(tree).toEqual([
+        {
+          name: 'Outer',
+          value: __DEV__ ? 'outer' : undefined,
+          subHooks: [
+            {
+              name: 'Inner',
+              value: __DEV__ ? 'inner' : undefined,
+              subHooks: [{name: 'State', value: 0, subHooks: []}],
+            },
+          ],
+        },
+      ]);
+    });
+
+    it('should support multiple inspectable values per custom hooks', () => {
+      function useMultiLabelCustom() {
+        React.useDebugValue('one');
+        React.useDebugValue('two');
+        React.useDebugValue('three');
+        React.useState(0);
+      }
+      function useSingleLabelCustom(value) {
+        React.useDebugValue(`single ${value}`);
+        React.useState(0);
+      }
+      function Example() {
+        useSingleLabelCustom('one');
+        useMultiLabelCustom();
+        useSingleLabelCustom('two');
+        return null;
+      }
+      let renderer = ReactTestRenderer.create(<Example />);
+      let childFiber = renderer.root.findByType(Example)._currentFiber();
+      let tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+      expect(tree).toEqual([
+        {
+          name: 'SingleLabelCustom',
+          value: __DEV__ ? 'single one' : undefined,
+          subHooks: [{name: 'State', value: 0, subHooks: []}],
+        },
+        {
+          name: 'MultiLabelCustom',
+          value: __DEV__ ? ['one', 'two', 'three'] : undefined,
+          subHooks: [{name: 'State', value: 0, subHooks: []}],
+        },
+        {
+          name: 'SingleLabelCustom',
+          value: __DEV__ ? 'single two' : undefined,
+          subHooks: [{name: 'State', value: 0, subHooks: []}],
+        },
+      ]);
+    });
+
+    it('should ignore useDebugValue() made outside of a custom hook', () => {
+      function Example() {
+        React.useDebugValue('this is invalid');
+        return null;
+      }
+      let renderer = ReactTestRenderer.create(<Example />);
+      let childFiber = renderer.root.findByType(Example)._currentFiber();
+      let tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+      expect(tree).toHaveLength(0);
+    });
+
+    it('should support an optional formatter function param', () => {
+      function useCustom() {
+        React.useDebugValue({bar: 123}, object => `bar:${object.bar}`);
+        React.useState(0);
+      }
+      function Example() {
+        useCustom();
+        return null;
+      }
+      let renderer = ReactTestRenderer.create(<Example />);
+      let childFiber = renderer.root.findByType(Example)._currentFiber();
+      let tree = ReactDebugTools.inspectHooksOfFiber(childFiber);
+      expect(tree).toEqual([
+        {
+          name: 'Custom',
+          value: __DEV__ ? 'bar:123' : undefined,
+          subHooks: [{name: 'State', subHooks: [], value: 0}],
+        },
+      ]);
+    });
+  });
+
   it('should support defaultProps and lazy', async () => {
     let Suspense = React.Suspense;
 
diff --git a/packages/react-reconciler/src/ReactFiberDispatcher.js b/packages/react-reconciler/src/ReactFiberDispatcher.js
index d29267f84b295..ed2ed3b2f315b 100644
--- a/packages/react-reconciler/src/ReactFiberDispatcher.js
+++ b/packages/react-reconciler/src/ReactFiberDispatcher.js
@@ -13,6 +13,7 @@ import {
   useContext,
   useEffect,
   useImperativeHandle,
+  useDebugValue,
   useLayoutEffect,
   useMemo,
   useReducer,
@@ -26,6 +27,7 @@ export const Dispatcher = {
   useContext,
   useEffect,
   useImperativeHandle,
+  useDebugValue,
   useLayoutEffect,
   useMemo,
   useReducer,
diff --git a/packages/react-reconciler/src/ReactFiberHooks.js b/packages/react-reconciler/src/ReactFiberHooks.js
index b859f4067b6a6..2f8d9a24a5658 100644
--- a/packages/react-reconciler/src/ReactFiberHooks.js
+++ b/packages/react-reconciler/src/ReactFiberHooks.js
@@ -588,6 +588,15 @@ export function useImperativeHandle<T>(
   }, nextInputs);
 }
 
+export function useDebugValue(
+  value: any,
+  formatterFn: ?(value: any) => any,
+): void {
+  // This hook is normally a no-op.
+  // The react-debug-hooks package injects its own implementation
+  // so that e.g. DevTools can display custom hook values.
+}
+
 export function useCallback<T>(
   callback: T,
   inputs: Array<mixed> | void | null,
diff --git a/packages/react/src/React.js b/packages/react/src/React.js
index 9544e21ad99e9..4b868feca9c88 100644
--- a/packages/react/src/React.js
+++ b/packages/react/src/React.js
@@ -33,6 +33,7 @@ import {
   useContext,
   useEffect,
   useImperativeHandle,
+  useDebugValue,
   useLayoutEffect,
   useMemo,
   useReducer,
@@ -99,6 +100,7 @@ if (enableHooks) {
   React.useContext = useContext;
   React.useEffect = useEffect;
   React.useImperativeHandle = useImperativeHandle;
+  React.useDebugValue = useDebugValue;
   React.useLayoutEffect = useLayoutEffect;
   React.useMemo = useMemo;
   React.useReducer = useReducer;
diff --git a/packages/react/src/ReactHooks.js b/packages/react/src/ReactHooks.js
index e5fa9d3a507c4..37f85cd5c3537 100644
--- a/packages/react/src/ReactHooks.js
+++ b/packages/react/src/ReactHooks.js
@@ -110,3 +110,10 @@ export function useImperativeHandle<T>(
   const dispatcher = resolveDispatcher();
   return dispatcher.useImperativeHandle(ref, create, inputs);
 }
+
+export function useDebugValue(value: any, formatterFn: ?(value: any) => any) {
+  if (__DEV__) {
+    const dispatcher = resolveDispatcher();
+    return dispatcher.useDebugValue(value, formatterFn);
+  }
+}