diff --git a/BUCK b/BUCK
index 175d872524b..ea5bacbb893 100644
--- a/BUCK
+++ b/BUCK
@@ -727,6 +727,7 @@ rn_library(
         "//xplat/js:node_modules__base64_19js",
         "//xplat/js:node_modules__event_19target_19shim",
         "//xplat/js:node_modules__invariant",
+        "//xplat/js:node_modules__memoize_19one",
         "//xplat/js:node_modules__nullthrows",
         "//xplat/js:node_modules__pretty_19format",
         "//xplat/js:node_modules__promise",
diff --git a/Libraries/Lists/FlatList.js b/Libraries/Lists/FlatList.js
index f78ca22968c..8e810372bd7 100644
--- a/Libraries/Lists/FlatList.js
+++ b/Libraries/Lists/FlatList.js
@@ -26,6 +26,7 @@ import type {
 } from './ViewabilityHelper';
 import type {RenderItemType, RenderItemProps} from './VirtualizedList';
 import {keyExtractor as defaultKeyExtractor} from './VirtualizeUtils';
+import memoizeOne from 'memoize-one';
 
 type RequiredProps<ItemT> = {|
   /**
@@ -141,6 +142,10 @@ type OptionalProps<ItemT> = {|
    * See `ScrollView` for flow type and further documentation.
    */
   fadingEdgeLength?: ?number,
+  /**
+   * Enable an optimization to memoize the item renderer to prevent unnecessary rerenders.
+   */
+  strictMode?: boolean,
 |};
 
 /**
@@ -578,9 +583,14 @@ class FlatList<ItemT> extends React.PureComponent<Props<ItemT>, void> {
     };
   }
 
-  _renderer = () => {
-    const {ListItemComponent, renderItem, columnWrapperStyle} = this.props;
-    const numColumns = numColumnsOrDefault(this.props.numColumns);
+  _renderer = (
+    ListItemComponent: ?(React.ComponentType<any> | React.Element<any>),
+    renderItem: ?RenderItemType<ItemT>,
+    columnWrapperStyle: ?ViewStyleProp,
+    numColumns: ?number,
+    extraData: ?any,
+  ) => {
+    const cols = numColumnsOrDefault(numColumns);
 
     let virtualizedListRenderKey = ListItemComponent
       ? 'ListItemComponent'
@@ -605,7 +615,7 @@ class FlatList<ItemT> extends React.PureComponent<Props<ItemT>, void> {
        * This comment suppresses an error found when Flow v0.111 was deployed.
        * To see the error, delete this comment and run Flow. */
       [virtualizedListRenderKey]: (info: RenderItemProps<ItemT>) => {
-        if (numColumns > 1) {
+        if (cols > 1) {
           const {item, index} = info;
           invariant(
             Array.isArray(item),
@@ -616,7 +626,7 @@ class FlatList<ItemT> extends React.PureComponent<Props<ItemT>, void> {
               {item.map((it, kk) => {
                 const element = renderer({
                   item: it,
-                  index: index * numColumns + kk,
+                  index: index * cols + kk,
                   separators: info.separators,
                 });
                 return element != null ? (
@@ -632,14 +642,19 @@ class FlatList<ItemT> extends React.PureComponent<Props<ItemT>, void> {
     };
   };
 
+  _memoizedRenderer = memoizeOne(this._renderer);
+
   render(): React.Node {
     const {
       numColumns,
       columnWrapperStyle,
       removeClippedSubviews: _removeClippedSubviews,
+      strictMode = false,
       ...restProps
     } = this.props;
 
+    const renderer = strictMode ? this._memoizedRenderer : this._renderer;
+
     return (
       <VirtualizedList
         {...restProps}
@@ -651,7 +666,13 @@ class FlatList<ItemT> extends React.PureComponent<Props<ItemT>, void> {
         removeClippedSubviews={removeClippedSubviewsOrDefault(
           _removeClippedSubviews,
         )}
-        {...this._renderer()}
+        {...renderer(
+          this.props.ListItemComponent,
+          this.props.renderItem,
+          columnWrapperStyle,
+          numColumns,
+          this.props.extraData,
+        )}
       />
     );
   }
diff --git a/package.json b/package.json
index 8b568a1915a..4dd8e76f4a3 100644
--- a/package.json
+++ b/package.json
@@ -105,6 +105,7 @@
     "hermes-engine": "~0.11.0",
     "invariant": "^2.2.4",
     "jsc-android": "^250230.2.1",
+    "memoize-one": "^5.0.0",
     "metro-react-native-babel-transformer": "0.69.1",
     "metro-runtime": "0.69.1",
     "metro-source-map": "0.69.1",
diff --git a/yarn.lock b/yarn.lock
index 78327049a61..65959b2029d 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -4926,6 +4926,11 @@ map-visit@^1.0.0:
   dependencies:
     object-visit "^1.0.0"
 
+memoize-one@^5.0.0:
+  version "5.2.1"
+  resolved "https://registry.yarnpkg.com/memoize-one/-/memoize-one-5.2.1.tgz#8337aa3c4335581839ec01c3d594090cebe8f00e"
+  integrity sha512-zYiwtZUcYyXKo/np96AGZAckk+FWWsUdJ3cHGGmld7+AhvcWmQyGCYUh1hc4Q/pkOhb65dQR/pqCyK0cOaHz4Q==
+
 merge-stream@^2.0.0:
   version "2.0.0"
   resolved "https://registry.yarnpkg.com/merge-stream/-/merge-stream-2.0.0.tgz#52823629a14dd00c9770fb6ad47dc6310f2c1f60"