diff --git a/benchmark/diagnostics_channel/http.js b/benchmark/diagnostics_channel/http.js
new file mode 100644
index 00000000000000..55fac8a706df15
--- /dev/null
+++ b/benchmark/diagnostics_channel/http.js
@@ -0,0 +1,96 @@
+'use strict';
+const common = require('../common.js');
+const dc = require('diagnostics_channel');
+const { AsyncLocalStorage } = require('async_hooks');
+const http = require('http');
+
+const bench = common.createBenchmark(main, {
+  apm: ['none', 'diagnostics_channel', 'patch'],
+  type: 'buffer',
+  len: 1024,
+  chunks: 4,
+  connections: [50, 500],
+  chunkedEnc: 1,
+  duration: 5
+});
+
+function main({ apm, connections, duration, type, len, chunks, chunkedEnc }) {
+  const done = { none, patch, diagnostics_channel }[apm]();
+
+  const server = require('../fixtures/simple-http-server.js')
+    .listen(common.PORT)
+    .on('listening', () => {
+      const path = `/${type}/${len}/${chunks}/normal/${chunkedEnc}`;
+      bench.http({
+        path,
+        connections,
+        duration
+      }, () => {
+        server.close();
+        if (done) done();
+      });
+    });
+}
+
+function none() {}
+
+function patch() {
+  const als = new AsyncLocalStorage();
+  const times = [];
+
+  const { emit } = http.Server.prototype;
+  function wrappedEmit(...args) {
+    const [name, req, res] = args;
+    if (name === 'request') {
+      als.enterWith({
+        url: req.url,
+        start: process.hrtime.bigint()
+      });
+
+      res.on('finish', () => {
+        times.push({
+          ...als.getStore(),
+          statusCode: res.statusCode,
+          end: process.hrtime.bigint()
+        });
+      });
+    }
+    return emit.apply(this, args);
+  }
+  http.Server.prototype.emit = wrappedEmit;
+
+  return () => {
+    http.Server.prototype.emit = emit;
+  };
+}
+
+function diagnostics_channel() {
+  const als = new AsyncLocalStorage();
+  const times = [];
+
+  const start = dc.channel('http.server.request.start');
+  const finish = dc.channel('http.server.response.finish');
+
+  function onStart(req) {
+    als.enterWith({
+      url: req.url,
+      start: process.hrtime.bigint()
+    });
+  }
+
+  function onFinish(res) {
+    times.push({
+      ...als.getStore(),
+      statusCode: res.statusCode,
+      end: process.hrtime.bigint()
+    });
+  }
+
+  start.subscribe(onStart);
+  finish.subscribe(onFinish);
+
+  return () => {
+    start.unsubscribe(onStart);
+    finish.unsubscribe(onFinish);
+  };
+}
diff --git a/benchmark/diagnostics_channel/publish.js b/benchmark/diagnostics_channel/publish.js
new file mode 100644
index 00000000000000..31a770c8627919
--- /dev/null
+++ b/benchmark/diagnostics_channel/publish.js
@@ -0,0 +1,29 @@
+'use strict';
+const common = require('../common.js');
+const dc = require('diagnostics_channel');
+
+const bench = common.createBenchmark(main, {
+  n: [1e8],
+  subscribers: [0, 1, 10],
+});
+
+function noop() {}
+
+function main({ n, subscribers }) {
+  const channel = dc.channel('test');
+  for (let i = 0; i < subscribers; i++) {
+    channel.subscribe(noop);
+  }
+
+  const data = {
+    foo: 'bar'
+  };
+
+  bench.start();
+  for (let i = 0; i < n; i++) {
+    if (channel.hasSubscribers) {
+      channel.publish(data);
+    }
+  }
+  bench.end(n);
+}
diff --git a/benchmark/diagnostics_channel/subscribe.js b/benchmark/diagnostics_channel/subscribe.js
new file mode 100644
index 00000000000000..1415054588c4b1
--- /dev/null
+++ b/benchmark/diagnostics_channel/subscribe.js
@@ -0,0 +1,19 @@
+'use strict';
+const common = require('../common.js');
+const dc = require('diagnostics_channel');
+
+const bench = common.createBenchmark(main, {
+  n: [1e8],
+});
+
+function noop() {}
+
+function main({ n }) {
+  const channel = dc.channel('channel.0');
+
+  bench.start();
+  for (let i = 0; i < n; i++) {
+    channel.subscribe(noop);
+  }
+  bench.end(n);
+}
diff --git a/doc/api/diagnostics_channel.md b/doc/api/diagnostics_channel.md
new file mode 100644
index 00000000000000..2f78ea80f6775e
--- /dev/null
+++ b/doc/api/diagnostics_channel.md
@@ -0,0 +1,180 @@
+# Diagnostics Channel
+
+<!--introduced_in=REPLACEME-->
+
+> Stability: 1 - Experimental
+
+<!-- source_link=lib/diagnostics_channel.js -->
+
+The `diagnostics_channel` module provides an API to create named channels
+to report arbitrary message data for diagnostics purposes.
+
+It can be accessed using:
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+```
+
+It is intended that a module writer wanting to report diagnostics messages
+will create one or many top-level channels to report messages through.
+Channels may also be acquired at runtime but it is not encouraged
+due to the additional overhead of doing so. Channels may be exported for
+convenience, but as long as the name is known it can be acquired anywhere.
+
+If you intend for your module to produce diagnostics data for others to
+consume it is recommended that you include documentation of what named
+channels are used along with the shape of the message data. Channel names
+should generally include the module name to avoid collisions with data from
+other modules.
+
+## Public API
+
+### Overview
+
+Following is a simple overview of the public API.
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+// Get a reusable channel object
+const channel = diagnostics_channel.channel('my-channel');
+
+// Subscribe to the channel
+channel.subscribe((message, name) => {
+  // Received data
+});
+
+// Check if the channel has an active subscriber
+if (channel.hasSubscribers) {
+  // Publish data to the channel
+  channel.publish({
+    some: 'data'
+  });
+}
+```
+
+#### `diagnostics_channel.hasSubscribers(name)`
+
+* `name` {string|symbol} The channel name
+* Returns: {boolean} If there are active subscribers
+
+Check if there are active subscribers to the named channel. This is helpful if
+the message you want to send might be expensive to prepare.
+
+This API is optional but helpful when trying to publish messages from very
+performance-senstive code.
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+if (diagnostics_channel.hasSubscribers('my-channel')) {
+  // There are subscribers, prepare and publish message
+}
+```
+
+#### `diagnostics_channel.channel(name)`
+
+* `name` {string|symbol} The channel name
+* Returns: {Channel} The named channel object
+
+This is the primary entry-point for anyone wanting to interact with a named
+channel. It produces a channel object which is optimized to reduce overhead at
+publish time as much as possible.
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+const channel = diagnostics_channel.channel('my-channel');
+```
+
+### Class: `Channel`
+
+The class `Channel` represents an individual named channel within the data
+pipeline. It is use to track subscribers and to publish messages when there
+are subscribers present. It exists as a separate object to avoid channel
+lookups at publish time, enabling very fast publish speeds and allowing
+for heavy use while incurring very minimal cost. Channels are created with
+[`diagnostics_channel.channel(name)`][], constructing a channel directly
+with `new Channel(name)` is not supported.
+
+#### `channel.hasSubscribers`
+
+* Returns: {boolean} If there are active subscribers
+
+Check if there are active subscribers to this channel. This is helpful if
+the message you want to send might be expensive to prepare.
+
+This API is optional but helpful when trying to publish messages from very
+performance-senstive code.
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+const channel = diagnostics_channel.channel('my-channel');
+
+if (channel.hasSubscribers) {
+  // There are subscribers, prepare and publish message
+}
+```
+
+#### `channel.publish(message)`
+
+* `message` {any} The message to send to the channel subscribers
+
+Publish a message to any subscribers to the channel. This will trigger
+message handlers synchronously so they will execute within the same context.
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+const channel = diagnostics_channel.channel('my-channel');
+
+channel.publish({
+  some: 'message'
+});
+```
+
+#### `channel.subscribe(onMessage)`
+
+* `onMessage` {Function} The handler to receive channel messages
+  * `message` {any} The message data
+  * `name` {string|symbol} The name of the channel
+
+Register a message handler to subscribe to this channel. This message handler
+will be run synchronously whenever a message is published to the channel. Any
+errors thrown in the message handler will trigger an [`'uncaughtException'`][].
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+const channel = diagnostics_channel.channel('my-channel');
+
+channel.subscribe((message, name) => {
+  // Received data
+});
+```
+
+#### `channel.unsubscribe(onMessage)`
+
+* `onMessage` {Function} The previous subscribed handler to remove
+
+Remove a message handler previously registered to this channel with
+[`channel.subscribe(onMessage)`][].
+
+```js
+const diagnostics_channel = require('diagnostics_channel');
+
+const channel = diagnostics_channel.channel('my-channel');
+
+function onMessage(message, name) {
+  // Received data
+}
+
+channel.subscribe(onMessage);
+
+channel.unsubscribe(onMessage);
+```
+
+[`diagnostics_channel.channel(name)`]: #diagnostics_channel_diagnostics_channel_channel_name
+[`channel.subscribe(onMessage)`]: #diagnostics_channel_channel_subscribe_onmessage
+[`'uncaughtException'`]: process.md#process_event_uncaughtexception
diff --git a/doc/api/index.md b/doc/api/index.md
index d10bd5988a9056..391873c16122c6 100644
--- a/doc/api/index.md
+++ b/doc/api/index.md
@@ -23,6 +23,7 @@
 * [Crypto](crypto.md)
 * [Debugger](debugger.md)
 * [Deprecated APIs](deprecations.md)
+* [Diagnostics Channel](diagnostics_channel.md)
 * [DNS](dns.md)
 * [Domain](domain.md)
 * [Errors](errors.md)
diff --git a/lib/_http_server.js b/lib/_http_server.js
index ac6dd1c50f94fe..7343d5f52791b9 100644
--- a/lib/_http_server.js
+++ b/lib/_http_server.js
@@ -84,6 +84,10 @@ const { observerCounts, constants } = internalBinding('performance');
 const { setTimeout, clearTimeout } = require('timers');
 const { NODE_PERFORMANCE_ENTRY_TYPE_HTTP } = constants;
 
+const dc = require('diagnostics_channel');
+const onRequestStartChannel = dc.channel('http.server.request.start');
+const onResponseFinishChannel = dc.channel('http.server.response.finish');
+
 const kServerResponse = Symbol('ServerResponse');
 const kServerResponseStatistics = Symbol('ServerResponseStatistics');
 
@@ -775,6 +779,15 @@ function clearRequestTimeout(req) {
 }
 
 function resOnFinish(req, res, socket, state, server) {
+  if (onResponseFinishChannel.hasSubscribers) {
+    onResponseFinishChannel.publish({
+      request: req,
+      response: res,
+      socket,
+      server
+    });
+  }
+
   // Usually the first incoming element should be our request.  it may
   // be that in the case abortIncoming() was called that the incoming
   // array will be empty.
@@ -862,6 +875,15 @@ function parserOnIncoming(server, socket, state, req, keepAlive) {
   res.shouldKeepAlive = keepAlive;
   DTRACE_HTTP_SERVER_REQUEST(req, socket);
 
+  if (onRequestStartChannel.hasSubscribers) {
+    onRequestStartChannel.publish({
+      request: req,
+      response: res,
+      socket,
+      server
+    });
+  }
+
   if (socket._httpMessage) {
     // There are already pending outgoing res, append.
     state.outgoing.push(res);
diff --git a/lib/diagnostics_channel.js b/lib/diagnostics_channel.js
new file mode 100644
index 00000000000000..0a3552dc975040
--- /dev/null
+++ b/lib/diagnostics_channel.js
@@ -0,0 +1,122 @@
+'use strict';
+
+const {
+  ArrayPrototypeIndexOf,
+  ArrayPrototypePush,
+  ArrayPrototypeSplice,
+  ObjectCreate,
+  ObjectGetPrototypeOf,
+  ObjectSetPrototypeOf,
+  SymbolHasInstance,
+  WeakRefPrototypeGet
+} = primordials;
+
+const {
+  codes: {
+    ERR_INVALID_ARG_TYPE,
+  }
+} = require('internal/errors');
+
+const { triggerUncaughtException } = internalBinding('errors');
+
+const { WeakReference } = internalBinding('util');
+
+// TODO(qard): should there be a C++ channel interface?
+class ActiveChannel {
+  subscribe(subscription) {
+    if (typeof subscription !== 'function') {
+      throw new ERR_INVALID_ARG_TYPE('subscription', ['function'],
+                                     subscription);
+    }
+    ArrayPrototypePush(this._subscribers, subscription);
+  }
+
+  unsubscribe(subscription) {
+    const index = ArrayPrototypeIndexOf(this._subscribers, subscription);
+    if (index >= 0) {
+      ArrayPrototypeSplice(this._subscribers, index, 1);
+
+      // When there are no more active subscribers, restore to fast prototype.
+      if (!this._subscribers.length) {
+        // eslint-disable-next-line no-use-before-define
+        ObjectSetPrototypeOf(this, Channel.prototype);
+      }
+    }
+  }
+
+  get hasSubscribers() {
+    return true;
+  }
+
+  publish(data) {
+    for (let i = 0; i < this._subscribers.length; i++) {
+      try {
+        const onMessage = this._subscribers[i];
+        onMessage(data, this.name);
+      } catch (err) {
+        process.nextTick(() => {
+          triggerUncaughtException(err, false);
+        });
+      }
+    }
+  }
+}
+
+class Channel {
+  constructor(name) {
+    this._subscribers = undefined;
+    this.name = name;
+  }
+
+  static [SymbolHasInstance](instance) {
+    const prototype = ObjectGetPrototypeOf(instance);
+    return prototype === Channel.prototype ||
+           prototype === ActiveChannel.prototype;
+  }
+
+  subscribe(subscription) {
+    ObjectSetPrototypeOf(this, ActiveChannel.prototype);
+    this._subscribers = [];
+    this.subscribe(subscription);
+  }
+
+  get hasSubscribers() {
+    return false;
+  }
+
+  publish() {}
+}
+
+const channels = ObjectCreate(null);
+
+function channel(name) {
+  let channel;
+  const ref = channels[name];
+  if (ref) channel = ref.get();
+  if (channel) return channel;
+
+  if (typeof name !== 'string' && typeof name !== 'symbol') {
+    throw new ERR_INVALID_ARG_TYPE('channel', ['string', 'symbol'], name);
+  }
+
+  channel = new Channel(name);
+  channels[name] = new WeakReference(channel);
+  return channel;
+}
+
+function hasSubscribers(name) {
+  let channel;
+  const ref = channels[name];
+  if (ref) channel = WeakRefPrototypeGet(ref);
+  if (!channel) {
+    return false;
+  }
+
+  return channel.hasSubscribers;
+}
+
+module.exports = {
+  channel,
+  hasSubscribers,
+  Channel
+};
diff --git a/node.gyp b/node.gyp
index 29b59d04d31f98..d2f0be54e933e3 100644
--- a/node.gyp
+++ b/node.gyp
@@ -51,6 +51,7 @@
       'lib/constants.js',
       'lib/crypto.js',
       'lib/cluster.js',
+      'lib/diagnostics_channel.js',
       'lib/dgram.js',
       'lib/dns.js',
       'lib/dns/promises.js',
diff --git a/test/parallel/test-diagnostics-channel-http-server-start.js b/test/parallel/test-diagnostics-channel-http-server-start.js
new file mode 100644
index 00000000000000..9a8136d4cc5839
--- /dev/null
+++ b/test/parallel/test-diagnostics-channel-http-server-start.js
@@ -0,0 +1,65 @@
+'use strict';
+
+const common = require('../common');
+const { AsyncLocalStorage } = require('async_hooks');
+const dc = require('diagnostics_channel');
+const assert = require('assert');
+const http = require('http');
+
+const incomingStartChannel = dc.channel('http.server.request.start');
+const outgoingFinishChannel = dc.channel('http.server.response.finish');
+
+const als = new AsyncLocalStorage();
+let context;
+
+// Bind requests to an AsyncLocalStorage context
+incomingStartChannel.subscribe(common.mustCall((message) => {
+  als.enterWith(message);
+  context = message;
+}));
+
+// When the request ends, verify the context has been maintained
+// and that the messages contain the expected data
+outgoingFinishChannel.subscribe(common.mustCall((message) => {
+  const data = {
+    request,
+    response,
+    server,
+    socket: request.socket
+  };
+
+  // Context is maintained
+  compare(als.getStore(), context);
+
+  compare(context, data);
+  compare(message, data);
+}));
+
+let request;
+let response;
+
+const server = http.createServer(common.mustCall((req, res) => {
+  request = req;
+  response = res;
+
+  setTimeout(() => {
+    res.end('done');
+  }, 1);
+}));
+
+server.listen(() => {
+  const { port } = server.address();
+  http.get(`http://localhost:${port}`, (res) => {
+    res.resume();
+    res.on('end', () => {
+      server.close();
+    });
+  });
+});
+
+function compare(a, b) {
+  assert.strictEqual(a.request, b.request);
+  assert.strictEqual(a.response, b.response);
+  assert.strictEqual(a.socket, b.socket);
+  assert.strictEqual(a.server, b.server);
+}
diff --git a/test/parallel/test-diagnostics-channel-object-channel-pub-sub.js b/test/parallel/test-diagnostics-channel-object-channel-pub-sub.js
new file mode 100644
index 00000000000000..bae69b02415785
--- /dev/null
+++ b/test/parallel/test-diagnostics-channel-object-channel-pub-sub.js
@@ -0,0 +1,39 @@
+'use strict';
+
+const common = require('../common');
+const dc = require('diagnostics_channel');
+const assert = require('assert');
+const { Channel } = dc;
+
+const input = {
+  foo: 'bar'
+};
+
+// Should not have named channel
+assert.ok(!dc.hasSubscribers('test'));
+
+// Individual channel objects can be created to avoid future lookups
+const channel = dc.channel('test');
+assert.ok(channel instanceof Channel);
+
+// No subscribers yet, should not publish
+assert.ok(!channel.hasSubscribers);
+
+const subscriber = common.mustCall((message, name) => {
+  assert.strictEqual(name, channel.name);
+  assert.deepStrictEqual(message, input);
+});
+
+// Now there's a subscriber, should publish
+channel.subscribe(subscriber);
+assert.ok(channel.hasSubscribers);
+
+// The ActiveChannel prototype swap should not fail instanceof
+assert.ok(channel instanceof Channel);
+
+// Should trigger the subscriber once
+channel.publish(input);
+
+// Should not publish after subscriber is unsubscribed
+channel.unsubscribe(subscriber);
+assert.ok(!channel.hasSubscribers);
diff --git a/test/parallel/test-diagnostics-channel-safe-subscriber-errors.js b/test/parallel/test-diagnostics-channel-safe-subscriber-errors.js
new file mode 100644
index 00000000000000..b0c5ab2480e374
--- /dev/null
+++ b/test/parallel/test-diagnostics-channel-safe-subscriber-errors.js
@@ -0,0 +1,29 @@
+'use strict';
+
+const common = require('../common');
+const dc = require('diagnostics_channel');
+const assert = require('assert');
+
+const input = {
+  foo: 'bar'
+};
+
+const channel = dc.channel('fail');
+
+const error = new Error('nope');
+
+process.on('uncaughtException', common.mustCall((err) => {
+  assert.strictEqual(err, error);
+}));
+
+channel.subscribe(common.mustCall((message, name) => {
+  throw error;
+}));
+
+// The failing subscriber should not stop subsequent subscribers from running
+channel.subscribe(common.mustCall());
+
+// Publish should continue without throwing
+const fn = common.mustCall();
+channel.publish(input);
+fn();
diff --git a/test/parallel/test-diagnostics-channel-symbol-named.js b/test/parallel/test-diagnostics-channel-symbol-named.js
new file mode 100644
index 00000000000000..b98c2a1ef3ec6c
--- /dev/null
+++ b/test/parallel/test-diagnostics-channel-symbol-named.js
@@ -0,0 +1,22 @@
+'use strict';
+
+const common = require('../common');
+const dc = require('diagnostics_channel');
+const assert = require('assert');
+
+const input = {
+  foo: 'bar'
+};
+
+const symbol = Symbol('test');
+
+// Individual channel objects can be created to avoid future lookups
+const channel = dc.channel(symbol);
+
+// Expect two successful publishes later
+channel.subscribe(common.mustCall((message, name) => {
+  assert.strictEqual(name, symbol);
+  assert.deepStrictEqual(message, input);
+}));
+
+channel.publish(input);
diff --git a/tools/doc/type-parser.js b/tools/doc/type-parser.js
index 9a96d857a25177..e3d032319de135 100644
--- a/tools/doc/type-parser.js
+++ b/tools/doc/type-parser.js
@@ -111,6 +111,8 @@ const customTypesMap = {
 
   'dgram.Socket': 'dgram.html#dgram_class_dgram_socket',
 
+  'Channel': 'diagnostics_channel.html#diagnostics_channel_class_channel',
+
   'Domain': 'domain.html#domain_class_domain',
 
   'errors.Error': 'errors.html#errors_class_error',