diff --git a/Doc/c-api/module.rst b/Doc/c-api/module.rst
index 985a347..df9301f 100644
--- a/Doc/c-api/module.rst
+++ b/Doc/c-api/module.rst
@@ -7,8 +7,6 @@
 
 .. index:: object: module
 
-There are only a few functions special to module objects.
-
 
 .. c:var:: PyTypeObject PyModule_Type
 
@@ -109,6 +107,14 @@
       unencodable filenames, use :c:func:`PyModule_GetFilenameObject` instead.
 
 
+Per-interpreter module state
+^^^^^^^^^^^^^^^^^^^^^^^^^^^^
+
+Single-phase initialization creates singleton modules that can store additional
+information as part of the interpreter, allow that state to be retrieved later
+with only a reference to the module definition, rather than to the module
+itself.
+
 .. c:function:: void* PyModule_GetState(PyObject *module)
 
    Return the "state" of the module, that is, a pointer to the block of memory
@@ -146,27 +152,6 @@
 Initializing C modules
 ^^^^^^^^^^^^^^^^^^^^^^
 
-These functions are usually used in the module initialization function.
-
-.. c:function:: PyObject* PyModule_Create(PyModuleDef *module)
-
-   Create a new module object, given the definition in *module*.  This behaves
-   like :c:func:`PyModule_Create2` with *module_api_version* set to
-   :const:`PYTHON_API_VERSION`.
-
-
-.. c:function:: PyObject* PyModule_Create2(PyModuleDef *module, int module_api_version)
-
-   Create a new module object, given the definition in *module*, assuming the
-   API version *module_api_version*.  If that version does not match the version
-   of the running interpreter, a :exc:`RuntimeWarning` is emitted.
-
-   .. note::
-
-      Most uses of this function should be using :c:func:`PyModule_Create`
-      instead; only use this if you are sure you need it.
-
-
 .. c:type:: PyModuleDef
 
    This struct holds all information that is needed to create a module object.
@@ -210,9 +195,10 @@
       A pointer to a table of module-level functions, described by
       :c:type:`PyMethodDef` values.  Can be *NULL* if no functions are present.
 
-   .. c:member:: inquiry m_reload
+   .. c:member:: PyModuleDef_Slot* m_slots
 
-      Currently unused, should be *NULL*.
+      An array of slot definitions for multi-phase initialization, terminated by
+      a *NULL* entry.
 
    .. c:member:: traverseproc m_traverse
 
@@ -229,6 +215,61 @@
       A function to call during deallocation of the module object, or *NULL* if
       not needed.
 
+The module initialization function may create and return the module object
+directly. This is referred to as "single-phase initialization", and uses one
+of the following two module creation functions:
+
+.. c:function:: PyObject* PyModule_Create(PyModuleDef *module)
+
+   Create a new module object, given the definition in *module*.  This behaves
+   like :c:func:`PyModule_Create2` with *module_api_version* set to
+   :const:`PYTHON_API_VERSION`.
+
+
+.. c:function:: PyObject* PyModule_Create2(PyModuleDef *module, int module_api_version)
+
+   Create a new module object, given the definition in *module*, assuming the
+   API version *module_api_version*.  If that version does not match the version
+   of the running interpreter, a :exc:`RuntimeWarning` is emitted.
+
+   .. note::
+
+      Most uses of this function should be using :c:func:`PyModule_Create`
+      instead; only use this if you are sure you need it.
+
+
+Alternatively, the module initialization function may instead return a
+:c:type:`PyModuleDef` instance with a non-empty ``m_slots`` array. This is
+referred to as "multi-phase initialization", and ``PyModuleDef`` instance
+should be initialized with the following function:
+
+.. c:function:: PyObject* PyModuleDef_Init(PyModuleDef *module)
+
+   Ensures a module definition is a properly initialized Python object that
+   correctly reports its type and reference count.
+
+.. XXX (ncoghlan): It's not clear if it makes sense to document PyModule_ExecDef
+   PyModule_FromDefAndSpec or PyModule_FromDefAndSpec2 here, as end user code
+   generally shouldn't be calling those.
+
+The module initialization function (if using single phase initialization) or
+a function called from a module execution slot (if using multiphase
+initialization), can use the following functions to help initialize the module
+state:
+
+.. c:function:: int PyModule_SetDocString(PyObject *module, const char *docstring)
+
+   Set the docstring for *module* to *docstring*. Return ``-1`` on error, ``0``
+   on success.
+
+.. c:function:: int PyModule_AddFunctions(PyObject *module, PyMethodDef *functions)
+
+   Add the functions from the ``NULL`` terminated *functions* array to *module*.
+   Refer to the :c:type:`PyMethodDef` documentation for details on individual
+   entries (due to the lack of a shared module namespace, module level
+   "functions" implemented in C typically receive the module as their first
+   parameter, making them similar to instance methods on Python classes).
+
 
 .. c:function:: int PyModule_AddObject(PyObject *module, const char *name, PyObject *value)
 
@@ -236,7 +277,6 @@
    be used from the module's initialization function.  This steals a reference to
    *value*.  Return ``-1`` on error, ``0`` on success.
 
-
 .. c:function:: int PyModule_AddIntConstant(PyObject *module, const char *name, long value)
 
    Add an integer constant to *module* as *name*.  This convenience function can be
diff --git a/Doc/library/importlib.rst b/Doc/library/importlib.rst
index 07d8ae1..771c4c5 100644
--- a/Doc/library/importlib.rst
+++ b/Doc/library/importlib.rst
@@ -55,6 +55,12 @@
     :pep:`451`
         A ModuleSpec Type for the Import System
 
+    :pep:`488`
+        Elimination of PYO files
+
+    :pep:`489`
+        Multi-phase extension module initialization
+
     :pep:`3120`
         Using UTF-8 as the Default Source Encoding
 
@@ -756,9 +762,9 @@
     Only class methods are defined by this class to alleviate the need for
     instantiation.
 
-    .. note::
-       Due to limitations in the extension module C-API, for now
-       BuiltinImporter does not implement :meth:`Loader.exec_module`.
+    .. versionchanged:: 3.5
+       As part of :pep:`489`, the builtin importer now implements
+       :meth:`Loader.create_module` and :meth:`Loader.exec_module`
 
 
 .. class:: FrozenImporter
@@ -973,14 +979,18 @@
 
       Path to the extension module.
 
-   .. method:: load_module(name=None)
+   .. method:: create_module(spec)
 
-      Loads the extension module if and only if *fullname* is the same as
-      :attr:`name` or is ``None``.
+      Creates the module object from the given specification in accordance
+      with :pep:`489`.
 
-      .. note::
-         Due to limitations in the extension module C-API, for now
-         ExtensionFileLoader does not implement :meth:`Loader.exec_module`.
+      .. versionadded:: 3.5
+
+   .. method:: exec_module(module)
+
+      Initializes the given module object in accordance with :pep:`489`.
+
+      .. versionadded:: 3.5
 
    .. method:: is_package(fullname)
 
diff --git a/Doc/whatsnew/3.5.rst b/Doc/whatsnew/3.5.rst
index c0f9346..75bc7fb 100644
--- a/Doc/whatsnew/3.5.rst
+++ b/Doc/whatsnew/3.5.rst
@@ -93,6 +93,7 @@
   (:issue:`19977`).
 
 * :pep:`488`, the elimination of ``.pyo`` files.
+* :pep:`489`, multi-phase initialization of extension modules.
 
 Significantly Improved Library Modules:
 
@@ -265,6 +266,21 @@
    :pep:`488` -- Elimination of PYO files
 
 
+PEP 489: Multi-phase extension module initialization
+----------------------------------------------------
+
+:pep:`489` updates extension module initialization to take advantage of the
+two step module loading mechanism introduced by :pep:`451` in Python 3.4.
+
+This change brings the import semantics of extension modules that opt-in to
+using the new mechanism much closer to those of Python source and bytecode
+modules, including the ability to any valid identifier as a module name,
+rather than being restricted to ASCII.
+
+.. seealso::
+
+   :pep:`488` -- Multi-phase extension module initialization
+
 Other Language Changes
 ======================
 
@@ -667,7 +683,7 @@
 tkinter
 -------
 
-* The :module:`tkinter._fix` module used for setting up the Tcl/Tk environment
+* The :mod:`tkinter._fix` module used for setting up the Tcl/Tk environment
   on Windows has been replaced by a private function in the :module:`_tkinter`
   module which makes no permanent changes to environment variables.
   (Contributed by Zachary Ware in :issue:`20035`.)
@@ -1012,7 +1028,6 @@
   program depends on patching the module level variable to capture the debug
   output, you will need to update it to capture sys.stderr instead.
 
-
 Changes in the C API
 --------------------