diff --git a/Doc/c-api/import.rst b/Doc/c-api/import.rst
index b168751..6de3fb0 100644
--- a/Doc/c-api/import.rst
+++ b/Doc/c-api/import.rst
@@ -30,13 +30,13 @@
 
 .. c:function:: PyObject* PyImport_ImportModuleNoBlock(const char *name)
 
-   This version of :c:func:`PyImport_ImportModule` does not block. It's intended
-   to be used in C functions that import other modules to execute a function.
-   The import may block if another thread holds the import lock. The function
-   :c:func:`PyImport_ImportModuleNoBlock` never blocks. It first tries to fetch
-   the module from sys.modules and falls back to :c:func:`PyImport_ImportModule`
-   unless the lock is held, in which case the function will raise an
-   :exc:`ImportError`.
+   This function is a deprecated alias of :c:func:`PyImport_ImportModule`.
+
+   .. versionchanged:: 3.3
+      This function used to fail immediately when the import lock was held
+      by another thread.  In Python 3.3 though, the locking scheme switched
+      to per-module locks for most purposes, so this function's special
+      behaviour isn't needed anymore.
 
 
 .. c:function:: PyObject* PyImport_ImportModuleEx(char *name, PyObject *globals, PyObject *locals, PyObject *fromlist)
diff --git a/Doc/library/imp.rst b/Doc/library/imp.rst
index d54bd9d..885cfeb 100644
--- a/Doc/library/imp.rst
+++ b/Doc/library/imp.rst
@@ -112,18 +112,29 @@
    Return ``True`` if the import lock is currently held, else ``False``. On
    platforms without threads, always return ``False``.
 
-   On platforms with threads, a thread executing an import holds an internal lock
-   until the import is complete. This lock blocks other threads from doing an
-   import until the original import completes, which in turn prevents other threads
-   from seeing incomplete module objects constructed by the original thread while
-   in the process of completing its import (and the imports, if any, triggered by
-   that).
+   On platforms with threads, a thread executing an import first holds a
+   global import lock, then sets up a per-module lock for the rest of the
+   import.  This blocks other threads from importing the same module until
+   the original import completes, preventing other threads from seeing
+   incomplete module objects constructed by the original thread.  An
+   exception is made for circular imports, which by construction have to
+   expose an incomplete module object at some point.
+
+   .. note::
+      Locking semantics of imports are an implementation detail which may
+      vary from release to release.  However, Python ensures that circular
+      imports work without any deadlocks.
+
+   .. versionchanged:: 3.3
+      In Python 3.3, the locking scheme has changed to per-module locks for
+      the most part.
 
 
 .. function:: acquire_lock()
 
-   Acquire the interpreter's import lock for the current thread.  This lock should
-   be used by import hooks to ensure thread-safety when importing modules.
+   Acquire the interpreter's global import lock for the current thread.
+   This lock should be used by import hooks to ensure thread-safety when
+   importing modules.
 
    Once a thread has acquired the import lock, the same thread may acquire it
    again without blocking; the thread must release it once for each time it has
@@ -134,8 +145,8 @@
 
 .. function:: release_lock()
 
-   Release the interpreter's import lock. On platforms without threads, this
-   function does nothing.
+   Release the interpreter's global import lock. On platforms without
+   threads, this function does nothing.
 
 
 .. function:: reload(module)
diff --git a/Lib/importlib/_bootstrap.py b/Lib/importlib/_bootstrap.py
index 41b96a9..3069bd8 100644
--- a/Lib/importlib/_bootstrap.py
+++ b/Lib/importlib/_bootstrap.py
@@ -159,6 +159,145 @@
     return type(_io)(name)
 
 
+# Module-level locking ########################################################
+
+# A dict mapping module names to weakrefs of _ModuleLock instances
+_module_locks = {}
+# A dict mapping thread ids to _ModuleLock instances
+_blocking_on = {}
+
+
+class _DeadlockError(RuntimeError):
+    pass
+
+
+class _ModuleLock:
+    """A recursive lock implementation which is able to detect deadlocks
+    (e.g. thread 1 trying to take locks A then B, and thread 2 trying to
+    take locks B then A).
+    """
+
+    def __init__(self, name):
+        self.lock = _thread.allocate_lock()
+        self.wakeup = _thread.allocate_lock()
+        self.name = name
+        self.owner = None
+        self.count = 0
+        self.waiters = 0
+
+    def has_deadlock(self):
+        # Deadlock avoidance for concurrent circular imports.
+        me = _thread.get_ident()
+        tid = self.owner
+        while True:
+            lock = _blocking_on.get(tid)
+            if lock is None:
+                return False
+            tid = lock.owner
+            if tid == me:
+                return True
+
+    def acquire(self):
+        """
+        Acquire the module lock.  If a potential deadlock is detected,
+        a _DeadlockError is raised.
+        Otherwise, the lock is always acquired and True is returned.
+        """
+        tid = _thread.get_ident()
+        _blocking_on[tid] = self
+        try:
+            while True:
+                with self.lock:
+                    if self.count == 0 or self.owner == tid:
+                        self.owner = tid
+                        self.count += 1
+                        return True
+                    if self.has_deadlock():
+                        raise _DeadlockError("deadlock detected by %r" % self)
+                    if self.wakeup.acquire(False):
+                        self.waiters += 1
+                # Wait for a release() call
+                self.wakeup.acquire()
+                self.wakeup.release()
+        finally:
+            del _blocking_on[tid]
+
+    def release(self):
+        tid = _thread.get_ident()
+        with self.lock:
+            if self.owner != tid:
+                raise RuntimeError("cannot release un-acquired lock")
+            assert self.count > 0
+            self.count -= 1
+            if self.count == 0:
+                self.owner = None
+                if self.waiters:
+                    self.waiters -= 1
+                    self.wakeup.release()
+
+    def __repr__(self):
+        return "_ModuleLock(%r) at %d" % (self.name, id(self))
+
+
+class _DummyModuleLock:
+    """A simple _ModuleLock equivalent for Python builds without
+    multi-threading support."""
+
+    def __init__(self, name):
+        self.name = name
+        self.count = 0
+
+    def acquire(self):
+        self.count += 1
+        return True
+
+    def release(self):
+        if self.count == 0:
+            raise RuntimeError("cannot release un-acquired lock")
+        self.count -= 1
+
+    def __repr__(self):
+        return "_DummyModuleLock(%r) at %d" % (self.name, id(self))
+
+
+# The following two functions are for consumption by Python/import.c.
+
+def _get_module_lock(name):
+    """Get or create the module lock for a given module name.
+
+    Should only be called with the import lock taken."""
+    lock = None
+    if name in _module_locks:
+        lock = _module_locks[name]()
+    if lock is None:
+        if _thread is None:
+            lock = _DummyModuleLock(name)
+        else:
+            lock = _ModuleLock(name)
+        def cb(_):
+            del _module_locks[name]
+        _module_locks[name] = _weakref.ref(lock, cb)
+    return lock
+
+def _lock_unlock_module(name):
+    """Release the global import lock, and acquires then release the
+    module lock for a given module name.
+    This is used to ensure a module is completely initialized, in the
+    event it is being imported by another thread.
+
+    Should only be called with the import lock taken."""
+    lock = _get_module_lock(name)
+    _imp.release_lock()
+    try:
+        lock.acquire()
+    except _DeadlockError:
+        # Concurrent circular import, we'll accept a partially initialized
+        # module object.
+        pass
+    else:
+        lock.release()
+
+
 # Finder/loader utility code ##################################################
 
 _PYCACHE = '__pycache__'
@@ -264,12 +403,15 @@
                 else:
                     module.__package__ = fullname.rpartition('.')[0]
         try:
+            module.__initializing__ = True
             # If __package__ was not set above, __import__() will do it later.
             return fxn(self, module, *args, **kwargs)
         except:
             if not is_reload:
                 del sys.modules[fullname]
             raise
+        finally:
+            module.__initializing__ = False
     _wrap(module_for_loader_wrapper, fxn)
     return module_for_loader_wrapper
 
@@ -932,7 +1074,8 @@
     if not sys.meta_path:
         _warnings.warn('sys.meta_path is empty', ImportWarning)
     for finder in sys.meta_path:
-        loader = finder.find_module(name, path)
+        with _ImportLockContext():
+            loader = finder.find_module(name, path)
         if loader is not None:
             # The parent import may have already imported this module.
             if name not in sys.modules:
@@ -962,8 +1105,7 @@
 
 _ERR_MSG = 'No module named {!r}'
 
-def _find_and_load(name, import_):
-    """Find and load the module."""
+def _find_and_load_unlocked(name, import_):
     path = None
     parent = name.rpartition('.')[0]
     if parent:
@@ -1009,6 +1151,19 @@
     return module
 
 
+def _find_and_load(name, import_):
+    """Find and load the module, and release the import lock."""
+    try:
+        lock = _get_module_lock(name)
+    finally:
+        _imp.release_lock()
+    lock.acquire()
+    try:
+        return _find_and_load_unlocked(name, import_)
+    finally:
+        lock.release()
+
+
 def _gcd_import(name, package=None, level=0):
     """Import and return the module based on its name, the package the call is
     being made from, and the level adjustment.
@@ -1021,17 +1176,17 @@
     _sanity_check(name, package, level)
     if level > 0:
         name = _resolve_name(name, package, level)
-    with _ImportLockContext():
-        try:
-            module = sys.modules[name]
-            if module is None:
-                message = ("import of {} halted; "
-                            "None in sys.modules".format(name))
-                raise ImportError(message, name=name)
-            return module
-        except KeyError:
-            pass  # Don't want to chain the exception
+    _imp.acquire_lock()
+    if name not in sys.modules:
         return _find_and_load(name, _gcd_import)
+    module = sys.modules[name]
+    if module is None:
+        _imp.release_lock()
+        message = ("import of {} halted; "
+                    "None in sys.modules".format(name))
+        raise ImportError(message, name=name)
+    _lock_unlock_module(name)
+    return module
 
 
 def _handle_fromlist(module, fromlist, import_):
@@ -1149,7 +1304,17 @@
                 continue
     else:
         raise ImportError('importlib requires posix or nt')
+
+    try:
+        thread_module = BuiltinImporter.load_module('_thread')
+    except ImportError:
+        # Python was built without threads
+        thread_module = None
+    weakref_module = BuiltinImporter.load_module('_weakref')
+
     setattr(self_module, '_os', os_module)
+    setattr(self_module, '_thread', thread_module)
+    setattr(self_module, '_weakref', weakref_module)
     setattr(self_module, 'path_sep', path_sep)
     setattr(self_module, 'path_separators', set(path_separators))
     # Constants
diff --git a/Lib/importlib/test/test_locks.py b/Lib/importlib/test/test_locks.py
new file mode 100644
index 0000000..35a72d4
--- /dev/null
+++ b/Lib/importlib/test/test_locks.py
@@ -0,0 +1,115 @@
+from importlib import _bootstrap
+import time
+import unittest
+import weakref
+
+from test import support
+
+try:
+    import threading
+except ImportError:
+    threading = None
+else:
+    from test import lock_tests
+
+
+LockType = _bootstrap._ModuleLock
+DeadlockError = _bootstrap._DeadlockError
+
+
+if threading is not None:
+    class ModuleLockAsRLockTests(lock_tests.RLockTests):
+        locktype = staticmethod(lambda: LockType("some_lock"))
+
+        # _is_owned() unsupported
+        test__is_owned = None
+        # acquire(blocking=False) unsupported
+        test_try_acquire = None
+        test_try_acquire_contended = None
+        # `with` unsupported
+        test_with = None
+        # acquire(timeout=...) unsupported
+        test_timeout = None
+        # _release_save() unsupported
+        test_release_save_unacquired = None
+
+else:
+    class ModuleLockAsRLockTests(unittest.TestCase):
+        pass
+
+
+@unittest.skipUnless(threading, "threads needed for this test")
+class DeadlockAvoidanceTests(unittest.TestCase):
+
+    def run_deadlock_avoidance_test(self, create_deadlock):
+        NLOCKS = 10
+        locks = [LockType(str(i)) for i in range(NLOCKS)]
+        pairs = [(locks[i], locks[(i+1)%NLOCKS]) for i in range(NLOCKS)]
+        if create_deadlock:
+            NTHREADS = NLOCKS
+        else:
+            NTHREADS = NLOCKS - 1
+        barrier = threading.Barrier(NTHREADS)
+        results = []
+        def _acquire(lock):
+            """Try to acquire the lock. Return True on success, False on deadlock."""
+            try:
+                lock.acquire()
+            except DeadlockError:
+                return False
+            else:
+                return True
+        def f():
+            a, b = pairs.pop()
+            ra = _acquire(a)
+            barrier.wait()
+            rb = _acquire(b)
+            results.append((ra, rb))
+            if rb:
+                b.release()
+            if ra:
+                a.release()
+        lock_tests.Bunch(f, NTHREADS).wait_for_finished()
+        self.assertEqual(len(results), NTHREADS)
+        return results
+
+    def test_deadlock(self):
+        results = self.run_deadlock_avoidance_test(True)
+        # One of the threads detected a potential deadlock on its second
+        # acquire() call.
+        self.assertEqual(results.count((True, False)), 1)
+        self.assertEqual(results.count((True, True)), len(results) - 1)
+
+    def test_no_deadlock(self):
+        results = self.run_deadlock_avoidance_test(False)
+        self.assertEqual(results.count((True, False)), 0)
+        self.assertEqual(results.count((True, True)), len(results))
+
+
+class LifetimeTests(unittest.TestCase):
+
+    def test_lock_lifetime(self):
+        name = "xyzzy"
+        self.assertNotIn(name, _bootstrap._module_locks)
+        lock = _bootstrap._get_module_lock(name)
+        self.assertIn(name, _bootstrap._module_locks)
+        wr = weakref.ref(lock)
+        del lock
+        support.gc_collect()
+        self.assertNotIn(name, _bootstrap._module_locks)
+        self.assertIs(wr(), None)
+
+    def test_all_locks(self):
+        support.gc_collect()
+        self.assertEqual(0, len(_bootstrap._module_locks))
+
+
+@support.reap_threads
+def test_main():
+    support.run_unittest(ModuleLockAsRLockTests,
+                         DeadlockAvoidanceTests,
+                         LifetimeTests)
+
+
+if __name__ == '__main__':
+    test_main()
diff --git a/Lib/pydoc.py b/Lib/pydoc.py
index 9c9658c..942c98d 100755
--- a/Lib/pydoc.py
+++ b/Lib/pydoc.py
@@ -167,7 +167,7 @@
     if name in {'__builtins__', '__doc__', '__file__', '__path__',
                      '__module__', '__name__', '__slots__', '__package__',
                      '__cached__', '__author__', '__credits__', '__date__',
-                     '__version__', '__qualname__'}:
+                     '__version__', '__qualname__', '__initializing__'}:
         return 0
     # Private names are hidden, but special names are displayed.
     if name.startswith('__') and name.endswith('__'): return 1
diff --git a/Lib/test/lock_tests.py b/Lib/test/lock_tests.py
index d88f364..bfbf44e 100644
--- a/Lib/test/lock_tests.py
+++ b/Lib/test/lock_tests.py
@@ -247,7 +247,6 @@
         # Cannot release an unacquired lock
         lock = self.locktype()
         self.assertRaises(RuntimeError, lock.release)
-        self.assertRaises(RuntimeError, lock._release_save)
         lock.acquire()
         lock.acquire()
         lock.release()
@@ -255,6 +254,17 @@
         lock.release()
         lock.release()
         self.assertRaises(RuntimeError, lock.release)
+
+    def test_release_save_unacquired(self):
+        # Cannot _release_save an unacquired lock
+        lock = self.locktype()
+        self.assertRaises(RuntimeError, lock._release_save)
+        lock.acquire()
+        lock.acquire()
+        lock.release()
+        lock.acquire()
+        lock.release()
+        lock.release()
         self.assertRaises(RuntimeError, lock._release_save)
 
     def test_different_thread(self):
diff --git a/Lib/test/test_pkg.py b/Lib/test/test_pkg.py
index 4d0eee8..355efe7 100644
--- a/Lib/test/test_pkg.py
+++ b/Lib/test/test_pkg.py
@@ -23,6 +23,8 @@
 def fixdir(lst):
     if "__builtins__" in lst:
         lst.remove("__builtins__")
+    if "__initializing__" in lst:
+        lst.remove("__initializing__")
     return lst
 
 
diff --git a/Lib/test/test_threaded_import.py b/Lib/test/test_threaded_import.py
index bb72ad4..d67c904 100644
--- a/Lib/test/test_threaded_import.py
+++ b/Lib/test/test_threaded_import.py
@@ -12,7 +12,7 @@
 import shutil
 import unittest
 from test.support import (
-    verbose, import_module, run_unittest, TESTFN, reap_threads)
+    verbose, import_module, run_unittest, TESTFN, reap_threads, forget)
 threading = import_module('threading')
 
 def task(N, done, done_tasks, errors):
@@ -187,7 +187,7 @@
             contents = contents % {'delay': delay}
             with open(os.path.join(TESTFN, name + ".py"), "wb") as f:
                 f.write(contents.encode('utf-8'))
-            self.addCleanup(sys.modules.pop, name, None)
+            self.addCleanup(forget, name)
 
         results = []
         def import_ab():
@@ -204,6 +204,21 @@
         t2.join()
         self.assertEqual(set(results), {'a', 'b'})
 
+    def test_side_effect_import(self):
+        code = """if 1:
+            import threading
+            def target():
+                import random
+            t = threading.Thread(target=target)
+            t.start()
+            t.join()"""
+        sys.path.insert(0, os.curdir)
+        self.addCleanup(sys.path.remove, os.curdir)
+        with open(TESTFN + ".py", "wb") as f:
+            f.write(code.encode('utf-8'))
+        self.addCleanup(forget, TESTFN)
+        __import__(TESTFN)
+
 
 @reap_threads
 def test_main():
diff --git a/Lib/token.py b/Lib/token.py
index 6b5320d..31fae0a 100755
--- a/Lib/token.py
+++ b/Lib/token.py
@@ -70,7 +70,7 @@
 
 tok_name = {value: name
             for name, value in globals().items()
-            if isinstance(value, int)}
+            if isinstance(value, int) and not name.startswith('_')}
 __all__.extend(tok_name.values())
 
 def ISTERMINAL(x):
diff --git a/Misc/NEWS b/Misc/NEWS
index 40426b1..456f256 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -10,6 +10,10 @@
 Core and Builtins
 -----------------
 
+- Issue #9260: A finer-grained import lock.  Most of the import sequence
+  now uses per-module locks rather than the global import lock, eliminating
+  well-known issues with threads and imports.
+
 - Issue #14624: UTF-16 decoding is now 3x to 4x faster on various inputs.
   Patch by Serhiy Storchaka.
 
diff --git a/Python/import.c b/Python/import.c
index a8b1aa3..ab6ff86 100644
--- a/Python/import.c
+++ b/Python/import.c
@@ -1370,47 +1370,7 @@
 PyObject *
 PyImport_ImportModuleNoBlock(const char *name)
 {
-    PyObject *nameobj, *modules, *result;
-#ifdef WITH_THREAD
-    long me;
-#endif
-
-    /* Try to get the module from sys.modules[name] */
-    modules = PyImport_GetModuleDict();
-    if (modules == NULL)
-        return NULL;
-
-    nameobj = PyUnicode_FromString(name);
-    if (nameobj == NULL)
-        return NULL;
-    result = PyDict_GetItem(modules, nameobj);
-    if (result != NULL) {
-        Py_DECREF(nameobj);
-        Py_INCREF(result);
-        return result;
-    }
-    PyErr_Clear();
-#ifdef WITH_THREAD
-    /* check the import lock
-     * me might be -1 but I ignore the error here, the lock function
-     * takes care of the problem */
-    me = PyThread_get_thread_ident();
-    if (import_lock_thread == -1 || import_lock_thread == me) {
-        /* no thread or me is holding the lock */
-        result = PyImport_Import(nameobj);
-    }
-    else {
-        PyErr_Format(PyExc_ImportError,
-                     "Failed to import %R because the import lock"
-                     "is held by another thread.",
-                     nameobj);
-        result = NULL;
-    }
-#else
-    result = PyImport_Import(nameobj);
-#endif
-    Py_DECREF(nameobj);
-    return result;
+    return PyImport_ImportModule(name);
 }
 
 
@@ -1420,11 +1380,13 @@
                                  int level)
 {
     _Py_IDENTIFIER(__import__);
+    _Py_IDENTIFIER(__initializing__);
     _Py_IDENTIFIER(__package__);
     _Py_IDENTIFIER(__path__);
     _Py_IDENTIFIER(__name__);
     _Py_IDENTIFIER(_find_and_load);
     _Py_IDENTIFIER(_handle_fromlist);
+    _Py_IDENTIFIER(_lock_unlock_module);
     _Py_static_string(single_dot, ".");
     PyObject *abs_name = NULL;
     PyObject *builtins_import = NULL;
@@ -1607,16 +1569,48 @@
         goto error_with_unlock;
     }
     else if (mod != NULL) {
+        PyObject *value;
+        int initializing = 0;
+
         Py_INCREF(mod);
+        /* Only call _bootstrap._lock_unlock_module() if __initializing__ is true. */
+        value = _PyObject_GetAttrId(mod, &PyId___initializing__);
+        if (value == NULL)
+            PyErr_Clear();
+        else {
+            initializing = PyObject_IsTrue(value);
+            Py_DECREF(value);
+            if (initializing == -1)
+                PyErr_Clear();
+        }
+        if (initializing > 0) {
+            /* _bootstrap._lock_unlock_module() releases the import lock */
+            value = _PyObject_CallMethodObjIdArgs(interp->importlib,
+                                            &PyId__lock_unlock_module, abs_name,
+                                            NULL);
+            if (value == NULL)
+                goto error;
+            Py_DECREF(value);
+        }
+        else {
+#ifdef WITH_THREAD
+            if (_PyImport_ReleaseLock() < 0) {
+                PyErr_SetString(PyExc_RuntimeError, "not holding the import lock");
+                goto error;
+            }
+#endif
+        }
     }
     else {
+        /* _bootstrap._find_and_load() releases the import lock */
         mod = _PyObject_CallMethodObjIdArgs(interp->importlib,
                                             &PyId__find_and_load, abs_name,
                                             builtins_import, NULL);
         if (mod == NULL) {
-            goto error_with_unlock;
+            goto error;
         }
     }
+    /* From now on we don't hold the import lock anymore. */
 
     if (PyObject_Not(fromlist)) {
         if (level == 0 || PyUnicode_GET_LENGTH(name) > 0) {
@@ -1625,12 +1619,12 @@
             PyObject *borrowed_dot = _PyUnicode_FromId(&single_dot);
 
             if (borrowed_dot == NULL) {
-                goto error_with_unlock;
+                goto error;
             }
 
             partition = PyUnicode_Partition(name, borrowed_dot);
             if (partition == NULL) {
-                goto error_with_unlock;
+                goto error;
             }
 
             if (PyUnicode_GET_LENGTH(PyTuple_GET_ITEM(partition, 1)) == 0) {
@@ -1638,7 +1632,7 @@
                 Py_DECREF(partition);
                 final_mod = mod;
                 Py_INCREF(mod);
-                goto exit_with_unlock;
+                goto error;
             }
 
             front = PyTuple_GET_ITEM(partition, 0);
@@ -1657,7 +1651,7 @@
                                                         abs_name_len - cut_off);
                 Py_DECREF(front);
                 if (to_return == NULL) {
-                    goto error_with_unlock;
+                    goto error;
                 }
 
                 final_mod = PyDict_GetItem(interp->modules, to_return);
@@ -1683,8 +1677,8 @@
                                                   fromlist, builtins_import,
                                                   NULL);
     }
+    goto error;
 
-  exit_with_unlock:
   error_with_unlock:
 #ifdef WITH_THREAD
     if (_PyImport_ReleaseLock() < 0) {
diff --git a/Python/importlib.h b/Python/importlib.h
index cf5619a..493cd1a 100644
--- a/Python/importlib.h
+++ b/Python/importlib.h
Binary files differ