diff --git a/src/build.ts b/src/build.ts
index a76d1b580..9ec019a1f 100644
--- a/src/build.ts
+++ b/src/build.ts
@@ -9,6 +9,7 @@ import {createImportResolver, rewriteModule} from "./javascript/imports.js";
 import type {Logger, Writer} from "./logger.js";
 import {renderServerless} from "./render.js";
 import {bundleStyles, getClientPath, rollupClient} from "./rollup.js";
+import {styleHash} from "./theme.js";
 import {faint} from "./tty.js";
 import {resolvePath} from "./url.js";
 
@@ -71,6 +72,7 @@ export async function build(
   // Render .md files, building a list of file attachments as we go.
   const files: string[] = [];
   const imports: string[] = [];
+  const styles = new Set<string | null>([null]);
   for await (const sourceFile of visitMarkdownFiles(root)) {
     const sourcePath = join(root, sourceFile);
     const outputPath = join(dirname(sourceFile), basename(sourceFile, ".md") + ".html");
@@ -80,6 +82,7 @@ export async function build(
     const resolveFile = ({name}) => resolvePath(sourceFile, name);
     files.push(...render.files.map(resolveFile));
     imports.push(...render.imports.filter((i) => i.type === "local").map(resolveFile));
+    if (render.theme) styles.add(render.theme);
     await effects.writeFile(outputPath, render.html);
   }
 
@@ -92,11 +95,13 @@ export async function build(
       const code = await rollupClient(clientPath, {minify: true});
       await effects.writeFile(outputPath, code);
     }
-    // Generate the style bundle.
-    const outputPath = join("_observablehq", "style.css");
-    effects.output.write(`${faint("bundle")} config.style ${faint("→")} `);
-    const code = await bundleStyles(config);
-    await effects.writeFile(outputPath, code);
+    // Generate the page style bundles.
+    for (const theme of styles) {
+      const outputPath = join("_observablehq", `${theme === null ? "style" : `style-${styleHash(theme)}`}.css`);
+      effects.output.write(`${faint("bundle")} config.style ${faint("→")} `);
+      const code = await bundleStyles(theme === null ? config : {...config, theme: theme.split(",")});
+      await effects.writeFile(outputPath, code);
+    }
   }
 
   // Copy over the referenced files.
diff --git a/src/markdown.ts b/src/markdown.ts
index 2c60c7850..667045b36 100644
--- a/src/markdown.ts
+++ b/src/markdown.ts
@@ -18,6 +18,7 @@ import {parseInfo} from "./info.js";
 import type {FileReference, ImportReference, PendingTranspile, Transpile} from "./javascript.js";
 import {transpileJavaScript} from "./javascript.js";
 import {transpileTag} from "./tag.js";
+import {normalizeTheme} from "./theme.js";
 import {resolvePath} from "./url.js";
 
 export interface ReadMarkdownResult {
@@ -47,6 +48,7 @@ export interface ParseResult {
   pieces: HtmlPiece[];
   cells: CellPiece[];
   hash: string;
+  theme?: string;
 }
 
 interface RenderPiece {
@@ -439,7 +441,8 @@ export async function parseMarkdown(source: string, root: string, sourcePath: st
     imports: context.imports,
     pieces: toParsePieces(context.pieces),
     cells: await toParseCells(context.pieces),
-    hash: await computeMarkdownHash(source, root, sourcePath, context.imports)
+    hash: await computeMarkdownHash(source, root, sourcePath, context.imports),
+    theme: normalizeTheme(parts.data.theme)
   };
 }
 
diff --git a/src/preview.ts b/src/preview.ts
index a4045f4fd..17a854ba0 100644
--- a/src/preview.ts
+++ b/src/preview.ts
@@ -20,6 +20,7 @@ import {diffMarkdown, readMarkdown} from "./markdown.js";
 import type {ParseResult, ReadMarkdownResult} from "./markdown.js";
 import {renderPreview} from "./render.js";
 import {bundleStyles, getClientPath, rollupClient} from "./rollup.js";
+import {styleHash} from "./theme.js";
 import {bold, faint, green, underline} from "./tty.js";
 
 const publicRoot = join(dirname(fileURLToPath(import.meta.url)), "..", "public");
@@ -93,7 +94,12 @@ export class PreviewServer {
       } else if (pathname === "/_observablehq/style.css") {
         end(req, res, await bundleStyles(config), "text/css");
       } else if (pathname.startsWith("/_observablehq/")) {
-        send(req, pathname.slice("/_observablehq".length), {root: publicRoot}).pipe(res);
+        const style = pathname.slice("/_observablehq/".length).match(/^style-([0-9a-f]+)\.css$/);
+        if (style) {
+          const theme = decodeURIComponent(url.search.slice(1));
+          if (styleHash(theme) !== style[1]) throw new Error(`unexpected style signature ${style[1]}`);
+          end(req, res, await bundleStyles({...config, theme: theme.split(",")}), "text/css");
+        } else send(req, pathname.slice("/_observablehq".length), {root: publicRoot}).pipe(res);
       } else if (pathname.startsWith("/_import/")) {
         const file = pathname.slice("/_import".length);
         let js: string;
diff --git a/src/render.ts b/src/render.ts
index 14d1d86dd..32592414d 100644
--- a/src/render.ts
+++ b/src/render.ts
@@ -8,12 +8,14 @@ import {addImplicitSpecifiers, addImplicitStylesheets} from "./libraries.js";
 import {type ParseResult, parseMarkdown} from "./markdown.js";
 import {type PageLink, findLink, normalizePath} from "./pager.js";
 import {getClientPath, rollupClient} from "./rollup.js";
+import {styleUrl} from "./theme.js";
 import {relativeUrl} from "./url.js";
 
 export interface Render {
   html: string;
   files: FileReference[];
   imports: ImportReference[];
+  theme?: string;
 }
 
 export interface RenderOptions extends Config {
@@ -23,20 +25,16 @@ export interface RenderOptions extends Config {
 
 export async function renderPreview(source: string, options: RenderOptions): Promise<Render> {
   const parseResult = await parseMarkdown(source, options.root, options.path);
-  return {
-    html: await render(parseResult, {...options, preview: true}),
-    files: parseResult.files,
-    imports: parseResult.imports
-  };
+  const {files, imports} = parseResult;
+  const html = await render(parseResult, {...options, preview: true});
+  return {html, files, imports};
 }
 
 export async function renderServerless(source: string, options: RenderOptions): Promise<Render> {
   const parseResult = await parseMarkdown(source, options.root, options.path);
-  return {
-    html: await render(parseResult, options),
-    files: parseResult.files,
-    imports: parseResult.imports
-  };
+  const {files, imports, theme} = parseResult;
+  const html = await render(parseResult, options);
+  return {html, files, imports, theme};
 }
 
 export function renderDefineCell(cell: Transpile): string {
@@ -63,7 +61,7 @@ ${
         .filter((title): title is string => !!title)
         .join(" | ")}</title>\n`
     : ""
-}${await renderLinks(parseResult, path, createImportResolver(root, "_import"))}${
+}${await renderLinks(parseResult, path, createImportResolver(root, "_import"), options.preview)}${
     path === "/404"
       ? html.unsafe(`\n<script type="module">
 
@@ -169,8 +167,16 @@ function prettyPath(path: string): string {
   return path.replace(/\/index$/, "/") || "/";
 }
 
-async function renderLinks(parseResult: ParseResult, path: string, resolver: ImportResolver): Promise<Html> {
-  const stylesheets = new Set<string>([relativeUrl(path, "/_observablehq/style.css"), "https://fonts.googleapis.com/css2?family=Source+Serif+Pro:ital,wght@0,400;0,600;0,700;1,400;1,600;1,700&display=swap"]); // prettier-ignore
+async function renderLinks(
+  parseResult: ParseResult,
+  path: string,
+  resolver: ImportResolver,
+  preview?: boolean
+): Promise<Html> {
+  const stylesheets = new Set<string>([
+    styleUrl(path, parseResult.theme, preview),
+    "https://fonts.googleapis.com/css2?family=Source+Serif+Pro:ital,wght@0,400;0,600;0,700;1,400;1,600;1,700&display=swap"
+  ]); // prettier-ignore
   const specifiers = new Set<string>(["npm:@observablehq/runtime", "npm:@observablehq/stdlib"]);
   for (const {name} of parseResult.imports) specifiers.add(name);
   const inputs = new Set(parseResult.cells.flatMap((cell) => cell.inputs ?? []));
diff --git a/src/theme.ts b/src/theme.ts
new file mode 100644
index 000000000..319efe93b
--- /dev/null
+++ b/src/theme.ts
@@ -0,0 +1,23 @@
+import {createHash} from "node:crypto";
+import type {ParseResult} from "./markdown.js";
+import {relativeUrl} from "./url.js";
+
+export function styleUrl(path: string, theme?: string, preview?: boolean): string {
+  const [name, query] =
+    theme !== undefined ? ["style-" + styleHash(theme), preview ? `?${encodeURIComponent(theme)}` : ""] : ["style", ""];
+  return relativeUrl(path, `/_observablehq/${name}.css${query}`);
+}
+
+export function styleHash(str: string): string {
+  return createHash("sha256").update(str).digest("hex").slice(0, 16);
+}
+
+export function normalizeTheme(theme: any): ParseResult["theme"] {
+  return theme ? (typeof theme === "string" ? validate(theme) : Array.from(theme, validate).join(",")) : undefined;
+}
+
+function validate(theme: any): string {
+  theme = String(theme);
+  if (theme.match(/[^\w-]/)) throw new Error(`unsupported theme name ${theme}`);
+  return theme;
+}