diff --git a/crates/deadpool-postgres/src/lib.rs b/crates/deadpool-postgres/src/lib.rs
index 2bb4d8e1..26e1228c 100644
--- a/crates/deadpool-postgres/src/lib.rs
+++ b/crates/deadpool-postgres/src/lib.rs
@@ -39,6 +39,7 @@ use std::{
 use deadpool::managed;
 #[cfg(not(target_arch = "wasm32"))]
 use tokio::spawn;
+use tokio::sync::Semaphore;
 use tokio::task::JoinHandle;
 use tokio_postgres::{
     types::Type, Client as PgClient, Config as PgConfig, Error, IsolationLevel, Statement,
@@ -288,6 +289,15 @@ struct StatementCacheKey<'a> {
     types: Cow<'a, [Type]>,
 }
 
+// The contents of a [`StatementCache`].
+enum StatementCacheValue {
+    // The previously prepared statement.
+    Statement(Statement),
+    // A semaphore limiting how many threads will try to prepare the statement
+    // at once.
+    Semaphore(Arc<Semaphore>),
+}
+
 /// Representation of a cache of [`Statement`]s.
 ///
 /// [`StatementCache`] is bound to one [`Client`], and [`Statement`]s generated
@@ -308,7 +318,7 @@ struct StatementCacheKey<'a> {
 /// and [`ClientWrapper::prepare_typed_cached()`] methods instead (or the
 /// similar ones on [`Transaction`]).
 pub struct StatementCache {
-    map: RwLock<HashMap<StatementCacheKey<'static>, Statement>>,
+    map: RwLock<HashMap<StatementCacheKey<'static>, StatementCacheValue>>,
     size: AtomicUsize,
 }
 
@@ -348,20 +358,15 @@ impl StatementCache {
             types: Cow::Owned(types.to_owned()),
         };
         let mut map = self.map.write().unwrap();
-        let removed = map.remove(&key);
-        if removed.is_some() {
-            let _ = self.size.fetch_sub(1, Ordering::Relaxed);
+        match map.remove(&key) {
+            Some(StatementCacheValue::Statement(statement)) => {
+                // Decrease cache size only when removing a statement
+                let _ = self.size.fetch_sub(1, Ordering::Relaxed);
+                Some(statement)
+            }
+            Some(StatementCacheValue::Semaphore(_)) => None,
+            None => None,
         }
-        removed
-    }
-
-    /// Returns a [`Statement`] from this [`StatementCache`].
-    fn get(&self, query: &str, types: &[Type]) -> Option<Statement> {
-        let key = StatementCacheKey {
-            query: Cow::Borrowed(query),
-            types: Cow::Borrowed(types),
-        };
-        self.map.read().unwrap().get(&key).map(ToOwned::to_owned)
     }
 
     /// Inserts a [`Statement`] into this [`StatementCache`].
@@ -371,7 +376,11 @@ impl StatementCache {
             types: Cow::Owned(types.to_owned()),
         };
         let mut map = self.map.write().unwrap();
-        if map.insert(key, stmt).is_none() {
+        // Increase cache size if key was absent or when replacing a semaphore
+        // with a statement
+        if let None | Some(StatementCacheValue::Semaphore(_)) =
+            map.insert(key, StatementCacheValue::Statement(stmt))
+        {
             let _ = self.size.fetch_add(1, Ordering::Relaxed);
         }
     }
@@ -394,14 +403,63 @@ impl StatementCache {
         query: &str,
         types: &[Type],
     ) -> Result<Statement, Error> {
-        match self.get(query, types) {
-            Some(statement) => Ok(statement),
-            None => {
-                let stmt = client.prepare_typed(query, types).await?;
-                self.insert(query, types, stmt.clone());
-                Ok(stmt)
+        let borrowed_key = StatementCacheKey {
+            query: Cow::Borrowed(query),
+            types: Cow::Borrowed(types),
+        };
+        // Each map entry is empty, contains a Semaphore, or contains a prepared
+        // Statement. The first call to `prepare_typed()` will insert a
+        // `Semaphore`. Then, tasks will wait for a semaphore permit before
+        // preparing the query, to ensure that only one task sends a `PREPARE`
+        // statement at once. At both steps in the process, the map will be read
+        // via a read lock first, then again via a write lock, before updating
+        // the entry.
+        let semaphore = {
+            let read_lock = self.map.read().unwrap();
+            match read_lock.get(&borrowed_key) {
+                // Fast path: statement already prepared.
+                Some(StatementCacheValue::Statement(stmt)) => {
+                    return Ok(stmt.clone());
+                }
+                // Slow path: statement not yet prepared but semaphore exists.
+                Some(StatementCacheValue::Semaphore(semaphore)) => semaphore.clone(),
+                // Slow path: statement not yet prepared and no semaphore
+                // exists, so create one.
+                None => {
+                    // Drop the read lock and upgrade to a write lock.
+                    drop(read_lock);
+                    let mut write_lock = self.map.write().unwrap();
+
+                    // A statement may have been inserted while we waited for
+                    // the write lock
+                    match write_lock
+                        .entry(StatementCacheKey {
+                            query: Cow::Owned(query.to_owned()),
+                            types: Cow::Owned(types.to_owned()),
+                        })
+                        .or_insert(StatementCacheValue::Semaphore(Arc::new(Semaphore::new(1))))
+                    {
+                        StatementCacheValue::Statement(stmt) => return Ok(stmt.clone()),
+                        StatementCacheValue::Semaphore(semaphore) => semaphore.clone(),
+                    }
+                }
             }
+        };
+
+        // unwrap safety: we never close the semaphore.
+        let _permit = semaphore.acquire().await.unwrap();
+        // A statement may have been inserted while we waited to acquire the
+        // semaphore.
+        if let Some(StatementCacheValue::Statement(stmt)) =
+            self.map.read().unwrap().get(&borrowed_key)
+        {
+            return Ok(stmt.clone());
         }
+        // Still no statement in the cache, so do the expensive statement
+        // preparation.
+        let stmt = client.prepare_typed(query, types).await?;
+        self.insert(query, types, stmt.clone());
+        Ok(stmt)
     }
 }