diff --git a/Doc/library/dataclasses.rst b/Doc/library/dataclasses.rst
index 0e8db50..dbbc5d6 100644
--- a/Doc/library/dataclasses.rst
+++ b/Doc/library/dataclasses.rst
@@ -46,7 +46,7 @@
 Module-level decorators, classes, and functions
 -----------------------------------------------
 
-.. decorator:: dataclass(*, init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False)
+.. decorator:: dataclass(*, init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False, slots=False)
 
    This function is a :term:`decorator` that is used to add generated
    :term:`special method`\s to classes, as described below.
@@ -79,7 +79,7 @@
      class C:
          ...
 
-     @dataclass(init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False)
+     @dataclass(init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False, slots=False)
      class C:
         ...
 
@@ -173,6 +173,11 @@
      glossary entry for details.  Also see the ``dataclasses.KW_ONLY``
      section.
 
+   - ``slots``: If true (the default is ``False``), :attr:`__slots__` attribute
+     will be generated and new class will be returned instead of the original one.
+     If :attr:`__slots__` is already defined in the class, then :exc:`TypeError`
+     is raised.
+
    ``field``\s may optionally specify a default value, using normal
    Python syntax::
 
@@ -337,7 +342,7 @@
 
    Raises :exc:`TypeError` if ``instance`` is not a dataclass instance.
 
-.. function:: make_dataclass(cls_name, fields, *, bases=(), namespace=None, init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False)
+.. function:: make_dataclass(cls_name, fields, *, bases=(), namespace=None, init=True, repr=True, eq=True, order=False, unsafe_hash=False, frozen=False, match_args=True, kw_only=False, slots=False)
 
    Creates a new dataclass with name ``cls_name``, fields as defined
    in ``fields``, base classes as given in ``bases``, and initialized
@@ -346,8 +351,8 @@
    or ``(name, type, Field)``.  If just ``name`` is supplied,
    ``typing.Any`` is used for ``type``.  The values of ``init``,
    ``repr``, ``eq``, ``order``, ``unsafe_hash``, ``frozen``,
-   ``match_args``, and ``kw_only`` have the same meaning as they do
-   in :func:`dataclass`.
+   ``match_args``, ``kw_only``, and  ``slots`` have the same meaning as
+   they do in :func:`dataclass`.
 
    This function is not strictly required, because any Python
    mechanism for creating a new class with ``__annotations__`` can
diff --git a/Doc/whatsnew/3.10.rst b/Doc/whatsnew/3.10.rst
index 1a39066..9c8e296 100644
--- a/Doc/whatsnew/3.10.rst
+++ b/Doc/whatsnew/3.10.rst
@@ -895,6 +895,12 @@
 they are provided by the underlying curses library.
 (Contributed by Zackery Spytz in :issue:`39273`.)
 
+dataclasses
+-----------
+
+Added ``slots`` parameter in :func:`dataclasses.dataclass` decorator.
+(Contributed by Yurii Karabas in :issue:`42269`)
+
 .. _distutils-deprecated:
 
 distutils
diff --git a/Lib/dataclasses.py b/Lib/dataclasses.py
index 3de50cf..5e57163 100644
--- a/Lib/dataclasses.py
+++ b/Lib/dataclasses.py
@@ -874,7 +874,7 @@ def _hash_exception(cls, fields, globals):
 
 
 def _process_class(cls, init, repr, eq, order, unsafe_hash, frozen,
-                   match_args, kw_only):
+                   match_args, kw_only, slots):
     # Now that dicts retain insertion order, there's no reason to use
     # an ordered dict.  I am leveraging that ordering here, because
     # derived class fields overwrite base class fields, but the order
@@ -1086,14 +1086,46 @@ def _process_class(cls, init, repr, eq, order, unsafe_hash, frozen,
         _set_new_attribute(cls, '__match_args__',
                            tuple(f.name for f in std_init_fields))
 
+    if slots:
+        cls = _add_slots(cls)
+
     abc.update_abstractmethods(cls)
 
     return cls
 
 
+def _add_slots(cls):
+    # Need to create a new class, since we can't set __slots__
+    #  after a class has been created.
+
+    # Make sure __slots__ isn't already set.
+    if '__slots__' in cls.__dict__:
+        raise TypeError(f'{cls.__name__} already specifies __slots__')
+
+    # Create a new dict for our new class.
+    cls_dict = dict(cls.__dict__)
+    field_names = tuple(f.name for f in fields(cls))
+    cls_dict['__slots__'] = field_names
+    for field_name in field_names:
+        # Remove our attributes, if present. They'll still be
+        #  available in _MARKER.
+        cls_dict.pop(field_name, None)
+
+    # Remove __dict__ itself.
+    cls_dict.pop('__dict__', None)
+
+    # And finally create the class.
+    qualname = getattr(cls, '__qualname__', None)
+    cls = type(cls)(cls.__name__, cls.__bases__, cls_dict)
+    if qualname is not None:
+        cls.__qualname__ = qualname
+
+    return cls
+
+
 def dataclass(cls=None, /, *, init=True, repr=True, eq=True, order=False,
               unsafe_hash=False, frozen=False, match_args=True,
-              kw_only=False):
+              kw_only=False, slots=False):
     """Returns the same class as was passed in, with dunder methods
     added based on the fields defined in the class.
 
@@ -1105,12 +1137,13 @@ def dataclass(cls=None, /, *, init=True, repr=True, eq=True, order=False,
     __hash__() method function is added. If frozen is true, fields may
     not be assigned to after instance creation. If match_args is true,
     the __match_args__ tuple is added. If kw_only is true, then by
-    default all fields are keyword-only.
+    default all fields are keyword-only. If slots is true, an
+    __slots__ attribute is added.
     """
 
     def wrap(cls):
         return _process_class(cls, init, repr, eq, order, unsafe_hash,
-                              frozen, match_args, kw_only)
+                              frozen, match_args, kw_only, slots)
 
     # See if we're being called as @dataclass or @dataclass().
     if cls is None:
@@ -1269,7 +1302,7 @@ def _astuple_inner(obj, tuple_factory):
 
 def make_dataclass(cls_name, fields, *, bases=(), namespace=None, init=True,
                    repr=True, eq=True, order=False, unsafe_hash=False,
-                   frozen=False, match_args=True):
+                   frozen=False, match_args=True, slots=False):
     """Return a new dynamically created dataclass.
 
     The dataclass name will be 'cls_name'.  'fields' is an iterable
@@ -1336,7 +1369,7 @@ def exec_body_callback(ns):
     # Apply the normal decorator.
     return dataclass(cls, init=init, repr=repr, eq=eq, order=order,
                      unsafe_hash=unsafe_hash, frozen=frozen,
-                     match_args=match_args)
+                     match_args=match_args, slots=slots)
 
 
 def replace(obj, /, **changes):
diff --git a/Lib/test/test_dataclasses.py b/Lib/test/test_dataclasses.py
index 670648a..2fa0ae0 100644
--- a/Lib/test/test_dataclasses.py
+++ b/Lib/test/test_dataclasses.py
@@ -2781,6 +2781,59 @@ class Derived(Base):
         # We can add a new field to the derived instance.
         d.z = 10
 
+    def test_generated_slots(self):
+        @dataclass(slots=True)
+        class C:
+            x: int
+            y: int
+
+        c = C(1, 2)
+        self.assertEqual((c.x, c.y), (1, 2))
+
+        c.x = 3
+        c.y = 4
+        self.assertEqual((c.x, c.y), (3, 4))
+
+        with self.assertRaisesRegex(AttributeError, "'C' object has no attribute 'z'"):
+            c.z = 5
+
+    def test_add_slots_when_slots_exists(self):
+        with self.assertRaisesRegex(TypeError, '^C already specifies __slots__$'):
+            @dataclass(slots=True)
+            class C:
+                __slots__ = ('x',)
+                x: int
+
+    def test_generated_slots_value(self):
+        @dataclass(slots=True)
+        class Base:
+            x: int
+
+        self.assertEqual(Base.__slots__, ('x',))
+
+        @dataclass(slots=True)
+        class Delivered(Base):
+            y: int
+
+        self.assertEqual(Delivered.__slots__, ('x', 'y'))
+
+        @dataclass
+        class AnotherDelivered(Base):
+            z: int
+
+        self.assertTrue('__slots__' not in AnotherDelivered.__dict__)
+
+    def test_returns_new_class(self):
+        class A:
+            x: int
+
+        B = dataclass(A, slots=True)
+        self.assertIsNot(A, B)
+
+        self.assertFalse(hasattr(A, "__slots__"))
+        self.assertTrue(hasattr(B, "__slots__"))
+
+
 class TestDescriptors(unittest.TestCase):
     def test_set_name(self):
         # See bpo-33141.
diff --git a/Misc/NEWS.d/next/Library/2021-01-08-22-32-13.bpo-42269.W5v8z4.rst b/Misc/NEWS.d/next/Library/2021-01-08-22-32-13.bpo-42269.W5v8z4.rst
new file mode 100644
index 0000000..595f873
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2021-01-08-22-32-13.bpo-42269.W5v8z4.rst
@@ -0,0 +1,3 @@
+Add ``slots`` parameter to ``dataclasses.dataclass`` decorator to
+automatically generate ``__slots__`` for class. Patch provided by Yurii
+Karabas.