diff --git a/src/__tests__/__snapshots__/inspectedElementContext-test.js.snap b/src/__tests__/__snapshots__/inspectedElementContext-test.js.snap
index 7834f6842e..cf7a61c3c8 100644
--- a/src/__tests__/__snapshots__/inspectedElementContext-test.js.snap
+++ b/src/__tests__/__snapshots__/inspectedElementContext-test.js.snap
@@ -51,6 +51,58 @@ exports[`InspectedElementContext should inspect the currently selected element:
 }
 `;
 
+exports[`InspectedElementContext should not re-render a function with hooks if it did not update since it was last inspected: 1: mount 1`] = `
+[root]
+  ▾ <Wrapper>
+      <Anonymous>
+`;
+
+exports[`InspectedElementContext should not re-render a function with hooks if it did not update since it was last inspected: 2: initial render 1`] = `
+{
+  "id": 3,
+  "owners": null,
+  "context": null,
+  "events": null,
+  "hooks": [
+    {
+      "id": 0,
+      "isStateEditable": true,
+      "name": "State",
+      "value": 0,
+      "subHooks": []
+    }
+  ],
+  "props": {
+    "foo": 1,
+    "bar": "abc"
+  },
+  "state": null
+}
+`;
+
+exports[`InspectedElementContext should not re-render a function with hooks if it did not update since it was last inspected: 3: updated state 1`] = `
+{
+  "id": 3,
+  "owners": null,
+  "context": null,
+  "events": null,
+  "hooks": [
+    {
+      "id": 0,
+      "isStateEditable": true,
+      "name": "State",
+      "value": 0,
+      "subHooks": []
+    }
+  ],
+  "props": {
+    "foo": 2,
+    "bar": "def"
+  },
+  "state": null
+}
+`;
+
 exports[`InspectedElementContext should poll for updates for the currently selected element: 1: mount 1`] = `
 [root]
     <Example>
diff --git a/src/__tests__/inspectedElementContext-test.js b/src/__tests__/inspectedElementContext-test.js
index bf8d7f8bf7..2ae0b0743c 100644
--- a/src/__tests__/inspectedElementContext-test.js
+++ b/src/__tests__/inspectedElementContext-test.js
@@ -159,4 +159,94 @@ describe('InspectedElementContext', () => {
 
     done();
   });
+
+  it('should not re-render a function with hooks if it did not update since it was last inspected', async done => {
+    let targetRenderCount = 0;
+
+    const Wrapper = ({ children }) => children;
+    const Target = React.memo(props => {
+      targetRenderCount++;
+      React.useState(0);
+      return null;
+    });
+
+    const container = document.createElement('div');
+    utils.act(() =>
+      ReactDOM.render(
+        <Wrapper>
+          <Target foo={1} bar="abc" />
+        </Wrapper>,
+        container
+      )
+    );
+    expect(store).toMatchSnapshot('1: mount');
+
+    const id = ((store.getElementIDAtIndex(1): any): number);
+
+    let inspectedElement = null;
+
+    function Suspender({ target }) {
+      const { read } = React.useContext(InspectedElementContext);
+      inspectedElement = read(target);
+      return null;
+    }
+
+    targetRenderCount = 0;
+
+    let renderer;
+    await utils.actAsync(
+      () =>
+        (renderer = TestRenderer.create(
+          <Contexts
+            defaultSelectedElementID={id}
+            defaultSelectedElementIndex={1}
+          >
+            <React.Suspense fallback={null}>
+              <Suspender target={id} />
+            </React.Suspense>
+          </Contexts>
+        )),
+      3
+    );
+    expect(targetRenderCount).toBe(1);
+    expect(inspectedElement).toMatchSnapshot('2: initial render');
+
+    const initialInspectedElement = inspectedElement;
+
+    targetRenderCount = 0;
+    inspectedElement = null;
+    await utils.actAsync(
+      () =>
+        renderer.update(
+          <Contexts
+            defaultSelectedElementID={id}
+            defaultSelectedElementIndex={1}
+          >
+            <React.Suspense fallback={null}>
+              <Suspender target={id} />
+            </React.Suspense>
+          </Contexts>
+        ),
+      1
+    );
+    expect(targetRenderCount).toBe(0);
+    expect(inspectedElement).toEqual(initialInspectedElement);
+
+    targetRenderCount = 0;
+
+    await utils.actAsync(() =>
+      ReactDOM.render(
+        <Wrapper>
+          <Target foo={2} bar="def" />
+        </Wrapper>,
+        container
+      )
+    );
+
+    // Target should have been rendered once (by ReactDOM) and once by DevTools for inspection.
+    expect(targetRenderCount).toBe(2);
+    expect(inspectedElement).toMatchSnapshot('3: updated state');
+
+    done();
+  });
 });
diff --git a/src/backend/renderer.js b/src/backend/renderer.js
index b670e6c765..67692034be 100644
--- a/src/backend/renderer.js
+++ b/src/backend/renderer.js
@@ -1102,6 +1102,19 @@ export function attach(
     if (__DEBUG__) {
       debug('updateFiberRecursively()', nextFiber, parentFiber);
     }
+
+    if (
+      mostRecentlyInspectedElement !== null &&
+      mostRecentlyInspectedElementID ===
+        getFiberID(getPrimaryFiber(nextFiber)) &&
+      hasDataChanged(prevFiber, nextFiber)
+    ) {
+      // If this Fiber has updated, clear cached inspected data.
+      // If it is inspected again, it may need to be re-run to obtain updated hooks values.
+      mostRecentlyInspectedElement = null;
+      mostRecentlyInspectedElementID = null;
+    }
+
     const shouldIncludeInTree = !shouldFilterFiber(nextFiber);
     const isSuspense = nextFiber.tag === SuspenseComponent;
     let shouldResetChildren = false;
@@ -1890,18 +1903,41 @@ export function attach(
     };
   }
 
+  let mostRecentlyInspectedElementID: number | null = null;
+  let mostRecentlyInspectedElement: InspectedElement | null = null;
+
   function inspectElement(id: number): InspectedElement | null {
-    let result = inspectElementRaw(id);
-    if (result === null) {
+    // If this element has not been updated since it was last inspected, reuse the last value.
+    // This avoids re-invoking a function component with hooks.
+    // TODO We could send a special signal (e.g. true) to avoid serialization too.
+    if (
+      mostRecentlyInspectedElement !== null &&
+      mostRecentlyInspectedElementID === id
+    ) {
+      return mostRecentlyInspectedElement;
+    }
+
+    mostRecentlyInspectedElementID = id;
+    mostRecentlyInspectedElement = inspectElementRaw(id);
+    if (mostRecentlyInspectedElement === null) {
       return null;
     }
-    // TODO Review sanitization approach for the below inspectable values.
-    result.context = cleanForBridge(result.context);
-    result.events = cleanForBridge(result.events);
-    result.hooks = cleanForBridge(result.hooks);
-    result.props = cleanForBridge(result.props);
-    result.state = cleanForBridge(result.state);
-    return result;
+    mostRecentlyInspectedElement.context = cleanForBridge(
+      mostRecentlyInspectedElement.context
+    );
+    mostRecentlyInspectedElement.events = cleanForBridge(
+      mostRecentlyInspectedElement.events
+    );
+    mostRecentlyInspectedElement.hooks = cleanForBridge(
+      mostRecentlyInspectedElement.hooks
+    );
+    mostRecentlyInspectedElement.props = cleanForBridge(
+      mostRecentlyInspectedElement.props
+    );
+    mostRecentlyInspectedElement.state = cleanForBridge(
+      mostRecentlyInspectedElement.state
+    );
+    return mostRecentlyInspectedElement;
   }
 
   function logElementToConsole(id) {