diff --git a/doc/api/errors.md b/doc/api/errors.md
index fadc4142c2d..b06abbf8d96 100644
--- a/doc/api/errors.md
+++ b/doc/api/errors.md
@@ -1365,6 +1365,13 @@ Path is a directory.
 An attempt has been made to read a file whose size is larger than the maximum
 allowed size for a `Buffer`.
 
+<a id="ERR_FS_WATCH_QUEUE_OVERFLOW"></a>
+
+### `ERR_FS_WATCH_QUEUE_OVERFLOW`
+
+The number of file system events queued without being handled exceeded the size specified in
+`maxQueue` in `fs.watch()`.
+
 <a id="ERR_HTTP2_ALTSVC_INVALID_ORIGIN"></a>
 
 ### `ERR_HTTP2_ALTSVC_INVALID_ORIGIN`
diff --git a/doc/api/fs.md b/doc/api/fs.md
index 2d3c01312e3..2232528e47c 100644
--- a/doc/api/fs.md
+++ b/doc/api/fs.md
@@ -1797,6 +1797,11 @@ added:
     filename passed to the listener. **Default:** `'utf8'`.
   * `signal` {AbortSignal} An {AbortSignal} used to signal when the watcher
     should stop.
+  * `maxQueue` {number} Specifies the number of events to queue between iterations
+    of the {AsyncIterator} returned. **Default:** `2048`.
+  * `overflow` {string} Either `'ignore'` or `'throw'` when there are more events to be
+    queued than `maxQueue` allows. `'ignore'` means overflow events are dropped and a
+    warning is emitted, while `'throw'` means to throw an exception. **Default:** `'ignore'`.
 * Returns: {AsyncIterator} of objects with the properties:
   * `eventType` {string} The type of change
   * `filename` {string|Buffer|null} The name of the file changed.
diff --git a/lib/internal/errors.js b/lib/internal/errors.js
index 6c48b1fd31b..1714744915f 100644
--- a/lib/internal/errors.js
+++ b/lib/internal/errors.js
@@ -1219,6 +1219,7 @@ E('ERR_FS_CP_SYMLINK_TO_SUBDIRECTORY',
 E('ERR_FS_CP_UNKNOWN', 'Cannot copy an unknown file type', SystemError);
 E('ERR_FS_EISDIR', 'Path is a directory', SystemError, HideStackFramesError);
 E('ERR_FS_FILE_TOO_LARGE', 'File size (%s) is greater than 2 GiB', RangeError);
+E('ERR_FS_WATCH_QUEUE_OVERFLOW', 'fs.watch() queued more than %d events', Error);
 E('ERR_HTTP2_ALTSVC_INVALID_ORIGIN',
   'HTTP/2 ALTSVC frames require a valid origin', TypeError);
 E('ERR_HTTP2_ALTSVC_LENGTH',
diff --git a/lib/internal/fs/watchers.js b/lib/internal/fs/watchers.js
index d1d8bcf3726..605dee28cac 100644
--- a/lib/internal/fs/watchers.js
+++ b/lib/internal/fs/watchers.js
@@ -1,6 +1,9 @@
 'use strict';
 
 const {
+  ArrayPrototypePush,
+  ArrayPrototypeShift,
+  Error,
   FunctionPrototypeCall,
   ObjectDefineProperty,
   ObjectSetPrototypeOf,
@@ -12,9 +15,11 @@ const {
   AbortError,
   UVException,
   codes: {
+    ERR_FS_WATCH_QUEUE_OVERFLOW,
     ERR_INVALID_ARG_VALUE,
   },
 } = require('internal/errors');
+
 const {
   kEmptyObject,
 } = require('internal/util');
@@ -45,6 +50,8 @@ const {
   validateBoolean,
   validateObject,
   validateUint32,
+  validateInteger,
+  validateOneOf,
 } = require('internal/validators');
 
 const {
@@ -309,11 +316,15 @@ async function* watch(filename, options = kEmptyObject) {
     persistent = true,
     recursive = false,
     encoding = 'utf8',
+    maxQueue = 2048,
+    overflow = 'ignore',
     signal,
   } = options;
 
   validateBoolean(persistent, 'options.persistent');
   validateBoolean(recursive, 'options.recursive');
+  validateInteger(maxQueue, 'options.maxQueue');
+  validateOneOf(overflow, 'options.overflow', ['ignore', 'error']);
   validateAbortSignal(signal, 'options.signal');
 
   if (encoding && !isEncoding(encoding)) {
@@ -325,10 +336,11 @@ async function* watch(filename, options = kEmptyObject) {
     throw new AbortError(undefined, { cause: signal.reason });
 
   const handle = new FSEvent();
-  let { promise, resolve, reject } = PromiseWithResolvers();
+  let { promise, resolve } = PromiseWithResolvers();
+  const queue = [];
   const oncancel = () => {
     handle.close();
-    reject(new AbortError(undefined, { cause: signal?.reason }));
+    resolve();
   };
 
   try {
@@ -345,11 +357,20 @@ async function* watch(filename, options = kEmptyObject) {
         });
         error.filename = filename;
         handle.close();
-        reject(error);
+        ArrayPrototypePush(queue, error);
+        resolve();
         return;
       }
-
-      resolve({ eventType, filename });
+      if (queue.length < maxQueue) {
+        ArrayPrototypePush(queue, { __proto__: null, eventType, filename });
+        resolve();
+      } else if (overflow === 'error') {
+        queue.length = 0;
+        ArrayPrototypePush(queue, new ERR_FS_WATCH_QUEUE_OVERFLOW(maxQueue));
+        resolve();
+      } else {
+        process.emitWarning('fs.watch maxQueue exceeded');
+      }
     };
 
     const err = handle.start(path, persistent, recursive, encoding);
@@ -367,10 +388,20 @@ async function* watch(filename, options = kEmptyObject) {
     }
 
     while (!signal?.aborted) {
-      yield await promise;
-      ({ promise, resolve, reject } = PromiseWithResolvers());
+      await promise;
+      while (queue.length) {
+        const item = ArrayPrototypeShift(queue);
+        if (item instanceof Error) {
+          throw item;
+        } else {
+          yield item;
+        }
+      }
+      ({ promise, resolve } = PromiseWithResolvers());
+    }
+    if (signal?.aborted) {
+      throw new AbortError(undefined, { cause: signal?.reason });
     }
-    throw new AbortError(undefined, { cause: signal?.reason });
   } finally {
     handle.close();
     signal?.removeEventListener('abort', oncancel);
diff --git a/test/parallel/parallel.status b/test/parallel/parallel.status
index e612653d45c..9c534c4492a 100644
--- a/test/parallel/parallel.status
+++ b/test/parallel/parallel.status
@@ -77,6 +77,7 @@ test-domain-throw-error-then-throw-from-uncaught-exception-handler: PASS, FLAKY
 test-domain-with-abort-on-uncaught-exception: PASS, FLAKY
 # https://github.com/nodejs/node/issues/54346
 test-esm-loader-hooks-inspect-wait: PASS, FLAKY
+test-fs-promises-watch-iterator: SKIP
 # https://github.com/nodejs/node/issues/50050
 test-tick-processor-arguments: SKIP
 # https://github.com/nodejs/node/issues/54534
@@ -85,6 +86,7 @@ test-runner-run-watch: PASS, FLAKY
 [$system==freebsd]
 # https://github.com/nodejs/node/issues/54346
 test-esm-loader-hooks-inspect-wait: PASS, FLAKY
+test-fs-promises-watch-iterator: SKIP
 
 [$system==aix]
 # https://github.com/nodejs/node/issues/54346
@@ -95,6 +97,7 @@ test-esm-loader-hooks-inspect-wait: PASS, FLAKY
 test-child-process-fork-net-server: SKIP
 test-cli-node-options: SKIP
 test-cluster-shared-leak: SKIP
+test-fs-promises-watch-iterator: SKIP
 test-http-writable-true-after-close: SKIP
 test-http2-connect-method: SKIP
 test-net-error-twice: SKIP
diff --git a/test/parallel/test-fs-promises-watch-iterator.js b/test/parallel/test-fs-promises-watch-iterator.js
new file mode 100644
index 00000000000..1606bdef422
--- /dev/null
+++ b/test/parallel/test-fs-promises-watch-iterator.js
@@ -0,0 +1,57 @@
+'use strict';
+// This tests that when there is a burst of fs watch events, the events
+// emitted after the consumer receives the initial event and before the
+// control returns back to fs.watch() can be queued up and show up
+// in the next iteration.
+const common = require('../common');
+const { watch, writeFile } = require('fs/promises');
+const fs = require('fs');
+const assert = require('assert');
+const { join } = require('path');
+const { setTimeout } = require('timers/promises');
+const tmpdir = require('../common/tmpdir');
+
+class WatchTestCase {
+  constructor(dirName, files) {
+    this.dirName = dirName;
+    this.files = files;
+  }
+  get dirPath() { return tmpdir.resolve(this.dirName); }
+  filePath(fileName) { return join(this.dirPath, fileName); }
+
+  async run() {
+    await Promise.all([this.watchFiles(), this.writeFiles()]);
+    assert(!this.files.length);
+  }
+  async watchFiles() {
+    const watcher = watch(this.dirPath);
+    for await (const evt of watcher) {
+      const idx = this.files.indexOf(evt.filename);
+      if (idx < 0) continue;
+      this.files.splice(idx, 1);
+      await setTimeout(common.platformTimeout(100));
+      if (!this.files.length) break;
+    }
+  }
+  async writeFiles() {
+    for (const fileName of [...this.files]) {
+      await writeFile(this.filePath(fileName), Date.now() + fileName.repeat(1e4));
+    }
+    await setTimeout(common.platformTimeout(100));
+  }
+}
+
+const kCases = [
+  // Watch on a directory should callback with a filename on supported systems
+  new WatchTestCase(
+    'watch1',
+    ['foo', 'bar', 'baz']
+  ),
+];
+
+tmpdir.refresh();
+
+for (const testCase of kCases) {
+  fs.mkdirSync(testCase.dirPath);
+  testCase.run().then(common.mustCall());
+}
diff --git a/test/parallel/test-fs-promises-watch.js b/test/parallel/test-fs-promises-watch.js
index 692ed33dbcd..65ac429a59a 100644
--- a/test/parallel/test-fs-promises-watch.js
+++ b/test/parallel/test-fs-promises-watch.js
@@ -123,6 +123,25 @@ assert.rejects(
   },
   { code: 'ERR_INVALID_ARG_TYPE' }).then(common.mustCall());
 
+assert.rejects(
+  async () => {
+    // eslint-disable-next-line no-unused-vars, no-empty
+    for await (const _ of watch('', { maxQueue: 'silly' })) { }
+  },
+  { code: 'ERR_INVALID_ARG_TYPE' }).then(common.mustCall());
+assert.rejects(
+  async () => {
+    // eslint-disable-next-line no-unused-vars, no-empty
+    for await (const _ of watch('', { overflow: 1 })) { }
+  },
+  { code: 'ERR_INVALID_ARG_VALUE' }).then(common.mustCall());
+assert.rejects(
+  async () => {
+    // eslint-disable-next-line no-unused-vars, no-empty
+    for await (const _ of watch('', { overflow: 'barf' })) { }
+  },
+  { code: 'ERR_INVALID_ARG_VALUE' }).then(common.mustCall());
+
 (async () => {
   const ac = new AbortController();
   const { signal } = ac;