diff --git a/test/run_tests.sh b/test/run_tests.sh
index 29abac1bb2f..a082f64ca22 100755
--- a/test/run_tests.sh
+++ b/test/run_tests.sh
@@ -200,6 +200,8 @@ function run_xla_op_tests2 {
   run_test "$CDIR/eager/test_eager_with_torch_compile.py"
   run_test "$CDIR/eager/test_eager_all_reduce_in_place.py"
   run_test "$CDIR/eager/test_eager_spmd.py"
+  run_test "$CDIR/test_callback.py"
+  XLA_USE_SPMD=1 run_test "$CDIR/test_callback.py"
 }
 
 # All the new xla op tests should go to run_xla_op_tests3
diff --git a/test/test_callback.py b/test/test_callback.py
new file mode 100644
index 00000000000..09c443c504b
--- /dev/null
+++ b/test/test_callback.py
@@ -0,0 +1,34 @@
+import threading
+
+from absl.testing import absltest
+import torch
+import torch_xla
+from torch_xla.experimental import callback
+
+
+class TestExperimentalCallback(absltest.TestCase):
+
+  @staticmethod
+  @torch_xla.compile
+  def executable():
+    a, b = torch.randn((100, 100), device=torch_xla.device()), torch.randn(
+        (100, 100), device=torch_xla.device())
+    return a @ b
+
+  def test_callback(self):
+    event = threading.Event()
+    c = self.executable()
+
+    def cb(tensor):
+      self.assertIs(c, tensor)
+      # TODO: check that result is both assigned and completed
+      self.assertNotIn("Data Handle: None",
+                       torch_xla._XLAC._get_xla_tensor_debug_info(tensor))
+      event.set()
+
+    callback.on_ready_callback(c, cb)
+    event.wait(3)
+
+
+if __name__ == "__main__":
+  absltest.main()
diff --git a/torch_xla/csrc/init_python_bindings.cpp b/torch_xla/csrc/init_python_bindings.cpp
index 6dc798ba4d3..4768ebfd2bc 100644
--- a/torch_xla/csrc/init_python_bindings.cpp
+++ b/torch_xla/csrc/init_python_bindings.cpp
@@ -27,6 +27,7 @@
 #include "pybind11/attr.h"
 #include "pybind11/cast.h"
 #include "pybind11/detail/common.h"
+#include "pybind11/functional.h"
 #include "pybind11/numpy.h"
 #include "pybind11/pybind11.h"
 #include "pybind11/pytypes.h"
@@ -133,7 +134,7 @@ void PrepareToExit() {
   if (client != nullptr) {
     auto xla_device = GetDeviceOrCurrent("");
     SetAllReduceToken(xla_device, nullptr);
-    XLAGraphExecutor::Get()->WaitDeviceOps({});
+    WaitDeviceOps();
   }
 }
 
@@ -2619,6 +2620,29 @@ void InitXlaModuleBindings(py::module m) {
     return false;
   });
 
+  m.def("_on_ready_callback",
+        [](const at::Tensor& tensor, const std::function<void()>& callback) {
+          XLATensorPtr xtensor = bridge::GetXlaTensor(tensor);
+          XLA_CHECK(xtensor) << "The input is not an XLA tensor.";
+          // Wait for placeholder `Data`s to be assigned
+          XLAGraphExecutor::Get()->WaitDeviceOps({});
+          std::shared_ptr<runtime::ComputationClient::Data> data;
+          if (xtensor->CurrentDataHandle() != nullptr) {
+            data = UnwrapXlaData(xtensor->CurrentDataHandle());
+          } else if (xtensor->CurrentIrValue().node != nullptr) {
+            DeviceData* device_data =
+                DeviceData::Cast(xtensor->CurrentIrValue().node.get());
+            if (device_data != nullptr) {
+              data = UnwrapXlaData(device_data->data());
+            } else {
+              XLA_ERROR() << "Could not get the buffer pointer for XLATensor "
+                             "with IR that's not DeviceData";
+            }
+            XLA_ERROR() << "Could not get buffer for tensor";
+          }
+          runtime::GetComputationClient()->OnReadyCallback(data, callback);
+        });
+
   m.def("_unsafe_buffer_pointer",
         [](const at::Tensor& input) -> std::uintptr_t {
           XLATensorPtr xtensor = bridge::GetXlaTensor(input);
@@ -2646,9 +2670,9 @@ void InitXlaModuleBindings(py::module m) {
 
   // from an XLA tensor to a PyCapsule.
   // When consuming the PyCapsule, we should synchronize
-  // (waits for all kernels in all streams on a CUDA device to complete) if the
-  // current stream is different from the ext_data's stream. Otherwise, we may
-  // risk of getting incorrect results.
+  // (waits for all kernels in all streams on a CUDA device to complete) if
+  // the current stream is different from the ext_data's stream. Otherwise, we
+  // may risk of getting incorrect results.
   m.def("_to_dlpack", [](const at::Tensor& input) -> py::handle {
     DLManagedTensor* dlMTensor;
     {
@@ -2660,9 +2684,9 @@ void InitXlaModuleBindings(py::module m) {
 
   // from a dlpack PyCapsule to an XLA tensor
   // If ext_data is the result of an CUDA computation, we should synchronize
-  // (waits for all kernels in all streams on a CUDA device to complete) if the
-  // current stream is different from the ext_data's stream. Otherwise, we may
-  // risk of getting incorrect results. Or you can use torch_xla's
+  // (waits for all kernels in all streams on a CUDA device to complete) if
+  // the current stream is different from the ext_data's stream. Otherwise, we
+  // may risk of getting incorrect results. Or you can use torch_xla's
   // from_dlpack(cuda_tensor) and it will handle the synchronization for you.
   m.def("_from_dlpack", [](py::handle ext_data) -> at::Tensor {
     return tensor_fromDLPack(ext_data.ptr());
diff --git a/torch_xla/csrc/runtime/computation_client.h b/torch_xla/csrc/runtime/computation_client.h
index 0c84ea12bc6..1b2819656cf 100644
--- a/torch_xla/csrc/runtime/computation_client.h
+++ b/torch_xla/csrc/runtime/computation_client.h
@@ -409,6 +409,10 @@ class ComputationClient {
                                   void* function_ptr,
                                   const std::string& platform) = 0;
 
+  // Installs a callback to be called when the buffer backing `data` is ready.
+  virtual void OnReadyCallback(DataPtr data,
+                               const std::function<void()>& callback) = 0;
+
   // Utility API around the vector based Compile() API to compile a single
   // computation.
   ComputationPtr Compile(xla::XlaComputation computation,
diff --git a/torch_xla/csrc/runtime/ifrt_computation_client.h b/torch_xla/csrc/runtime/ifrt_computation_client.h
index a0492e0a728..ec8c314bc3d 100644
--- a/torch_xla/csrc/runtime/ifrt_computation_client.h
+++ b/torch_xla/csrc/runtime/ifrt_computation_client.h
@@ -155,6 +155,11 @@ class IfrtComputationClient : public ComputationClient {
     XLA_ERROR() << __FUNCTION__ << " not implemented";
   };
 
+  void OnReadyCallback(DataPtr data,
+                       const std::function<void()>& callback) override {
+    XLA_ERROR() << __FUNCTION__ << " not implemented";
+  }
+
  private:
   std::shared_ptr<xla::ifrt::PjRtClient> client_;
   std::unique_ptr<XlaCoordinator> coordinator_;
diff --git a/torch_xla/csrc/runtime/pjrt_computation_client.cc b/torch_xla/csrc/runtime/pjrt_computation_client.cc
index f3c2873ff37..280a733bebe 100644
--- a/torch_xla/csrc/runtime/pjrt_computation_client.cc
+++ b/torch_xla/csrc/runtime/pjrt_computation_client.cc
@@ -1033,5 +1033,22 @@ void PjRtComputationClient::RegisterCustomCall(const std::string& fn_name,
   }
 }
 
+void PjRtComputationClient::OnReadyCallback(
+    ComputationClient::DataPtr data, const std::function<void()>& callback) {
+  std::shared_ptr<xla::PjRtBuffer> buffer;
+  if (auto pjrt_data = std::dynamic_pointer_cast<PjRtData>(data)) {
+    buffer = pjrt_data->buffer;
+  } else if (auto sharded_data =
+                 std::dynamic_pointer_cast<PjRtShardedData>(data)) {
+    XLA_CHECK(sharded_data->shards.size()) << "sharded data has no shards";
+    buffer = sharded_data->shards[0]->buffer;
+  } else {
+    XLA_ERROR() << "received invalid data pointer";
+  }
+  XLA_CHECK(buffer) << "received placeholder data as argument";
+  buffer->GetReadyFuture().OnReady(
+      [callback](absl::Status unused) { callback(); });
+}
+
 }  // namespace runtime
 }  // namespace torch_xla
diff --git a/torch_xla/csrc/runtime/pjrt_computation_client.h b/torch_xla/csrc/runtime/pjrt_computation_client.h
index 5eb4ff8fdd3..ca2257f8295 100644
--- a/torch_xla/csrc/runtime/pjrt_computation_client.h
+++ b/torch_xla/csrc/runtime/pjrt_computation_client.h
@@ -156,6 +156,9 @@ class PjRtComputationClient : public ComputationClient {
   void RegisterCustomCall(const std::string& fn_name, void* function_ptr,
                           const std::string& platform) override;
 
+  void OnReadyCallback(DataPtr data,
+                       const std::function<void()>& callback) override;
+
  private:
   std::unique_ptr<xla::PjRtClient> client_;
   std::unique_ptr<XlaCoordinator> coordinator_;
diff --git a/torch_xla/experimental/callback.py b/torch_xla/experimental/callback.py
new file mode 100644
index 00000000000..363620f7867
--- /dev/null
+++ b/torch_xla/experimental/callback.py
@@ -0,0 +1,17 @@
+from typing import Callable
+import torch
+import torch_xla
+
+
+def on_ready_callback(tensor, callback: Callable[[torch.Tensor], None]):
+  """Installs callback on `tensor` to be called when underlying buffer is ready.
+
+  Note: Since `callback` will need to re-acquire the GIL since it is a Python
+  callable. If the main thread is blocking on `callback` and holding the GIL,
+  this will result in a deadlock.
+  """
+
+  def _callback_wrapper():
+    callback(tensor)
+
+  torch_xla._XLAC._on_ready_callback(tensor, _callback_wrapper)