diff --git a/hydra/_internal/instantiate/_instantiate2.py b/hydra/_internal/instantiate/_instantiate2.py
index fe7da9f5c8..cf61989248 100644
--- a/hydra/_internal/instantiate/_instantiate2.py
+++ b/hydra/_internal/instantiate/_instantiate2.py
@@ -2,9 +2,11 @@
 
 import copy
 import functools
+import hashlib
 from enum import Enum
 from textwrap import dedent
 from typing import Any, Callable, Dict, List, Sequence, Tuple, Union
+from functools import wraps
 
 from omegaconf import OmegaConf, SCMode
 from omegaconf._utils import is_structured_config
@@ -22,6 +24,8 @@ class _Keys(str, Enum):
     RECURSIVE = "_recursive_"
     ARGS = "_args_"
     PARTIAL = "_partial_"
+    ONCE = "_once_"
+    KEY = "_key_"
 
 
 def _is_target(x: Any) -> bool:
@@ -171,10 +175,41 @@ def _deep_copy_full_config(subconfig: Any) -> Any:
     return OmegaConf.select(full_config_copy, full_key)
 
 
+_ONCE_STORAGE: Dict[str, Any] = {}
+
+
+# could be exposed in public API if useful
+def clear_instantiate_cache():
+    _ONCE_STORAGE.clear()
+
+
+def _once_storage_swap(func):
+    @wraps(func)
+    def wrapper(*args, cache=None, **kwargs):
+        global _ONCE_STORAGE
+
+        if cache is None:
+            cache = _ONCE_STORAGE
+
+        OLD = _ONCE_STORAGE
+        _ONCE_STORAGE = cache
+        try:
+            # Call the original function
+            result = func(*args, **kwargs)
+        finally:
+            # Restore the original _ONCE_STORAGE
+            _ONCE_STORAGE = OLD
+        # Return the result of the original function
+        return result
+
+    return wrapper
+
+@_once_storage_swap
 def instantiate(
     config: Any,
     *args: Any,
     _skip_instantiate_full_deepcopy_: bool = False,
+    cache: Union[Dict[str, Any], None] = None, #implemented in decorator
     **kwargs: Any,
 ) -> Any:
     """
@@ -199,10 +234,16 @@ def instantiate(
                                   are converted to dicts / lists too.
                    _partial_: If True, return functools.partial wrapped method or object
                               False by default. Configure per target.
+                   _once_: If True, instantiate the target only once and return the same
+                           instance on subsequent calls.
+                   _key_: If set, this used to identify the target in the 'once' cache.
+                          Note required in most cases.
     :param _skip_instantiate_full_deepcopy_: If True, deep copy just the input config instead
                     of full config before resolving omegaconf interpolations, which may
                     potentially modify the config's parent/sibling configs in place.
                     False by default.
+    :param cache: Optional cache to use for once storage. Pass '{}' to discard the cache
+                  between different calls to instantiate.
     :param args: Optional positional parameters pass-through
     :param kwargs: Optional named parameters to override
                    parameters in the config object. Parameters not present
@@ -317,13 +358,14 @@ def _convert_node(node: Any, convert: Union[ConvertMode, str]) -> Any:
             )
     return node
 
-
+@_once_storage_swap
 def instantiate_node(
     node: Any,
     *args: Any,
     convert: Union[str, ConvertMode] = ConvertMode.NONE,
     recursive: bool = True,
     partial: bool = False,
+    cache: Union[Dict[str, Any], None] = None,  # implemented in decorator
 ) -> Any:
     # Return None if config is None
     if node is None or (OmegaConf.is_config(node) and node._is_none()):
@@ -349,7 +391,7 @@ def instantiate_node(
         raise TypeError(msg)
 
     if not isinstance(partial, bool):
-        msg = f"Instantiation: _partial_ flag must be a bool, got {type( partial )}"
+        msg = f"Instantiation: _partial_ flag must be a bool, got {type(partial)}"
         if node and full_key:
             msg += f"\nfull_key: {full_key}"
         raise TypeError(msg)
@@ -371,7 +413,34 @@ def instantiate_node(
             return lst
 
     elif OmegaConf.is_dict(node):
-        exclude_keys = set({"_target_", "_convert_", "_recursive_", "_partial_"})
+        # Use cached return if once is True and it exists in the cache.
+        if "_once_" in node:
+            once = node.pop(_Keys.ONCE)
+            if _Keys.KEY in node:
+                once_key = node.pop(_Keys.KEY)
+            elif once is not True:
+                once_key = once
+            else:
+                once_key = OmegaConf.to_yaml(node)
+                if recursive != True:
+                    once_key = f"recursive: ${recursive}\n\n{once_key}"
+                if convert != ConvertMode.NONE:
+                    once_key = f"convert: ${convert}\n\n{once_key}"
+                if partial != True:
+                    once_key = f"partial: ${partial}\n\n{once_key}"
+                once_key = hashlib.md5(once_key.encode()).hexdigest()
+
+            if once_key in _ONCE_STORAGE:
+                return _ONCE_STORAGE[once_key]
+            else:
+                _ONCE_STORAGE[once_key] = instantiate_node(
+                    node, *args, convert=convert, recursive=recursive, partial=partial
+                )
+            return _ONCE_STORAGE[once_key]
+
+        exclude_keys = set(
+            {"_target_", "_convert_", "_recursive_", "_partial_", "_once_", "_key_"}
+        )
         if _is_target(node):
             _target_ = _resolve_target(node.get(_Keys.TARGET), full_key)
             kwargs = {}
diff --git a/tests/instantiate/__init__.py b/tests/instantiate/__init__.py
index e4afaec733..6a2a4b3951 100644
--- a/tests/instantiate/__init__.py
+++ b/tests/instantiate/__init__.py
@@ -451,3 +451,14 @@ def recisinstance(got: Any, expected: Any) -> bool:
 
 
 an_object = object()
+
+_counts = {}
+
+def counter_function(key = None):
+    _counts[key] = _counts.get(key, 0) + 1
+    return _counts[key], key
+
+
+def counter_function2(key=None):
+    _counts[key] = _counts.get(key, 0) + 1
+    return _counts[key], key, "counter_function2"
diff --git a/tests/instantiate/test_instantiate.py b/tests/instantiate/test_instantiate.py
index f311271fba..051c6d4eeb 100644
--- a/tests/instantiate/test_instantiate.py
+++ b/tests/instantiate/test_instantiate.py
@@ -2195,3 +2195,231 @@ class DictValuesConf:
     cfg = OmegaConf.structured(DictValuesConf)
     obj = instantiate_func(config=cfg)
     assert obj.d is None
+
+
+def test_instantiated_once_standard(
+    instantiate_func: Any,
+) -> None:
+    # standard behiavior calls target every time
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "key": "test1",  # key is pass through as second return by counter_function
+    }
+    assert instantiate_func(cfg) == (1, "test1")
+    assert instantiate_func(cfg) == (2, "test1")
+
+
+def test_instantiated_once_keyword(
+    instantiate_func: Any,
+) -> None:
+    # once behavior calls target only once
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test2",
+    }
+
+    assert instantiate_func(cfg) == (1, "test2")
+    assert instantiate_func(cfg) == (1, "test2")
+
+
+def test_instantiated_once_manual_key1(
+    instantiate_func: Any,
+) -> None:
+    # With manual key, gives same value, even if config changes.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "_key_": "key1",
+        "key": "test3",  # reusing key does not
+    }
+    assert instantiate_func(cfg) == (1, "test3")
+    assert instantiate_func(cfg) == (1, "test3")
+
+    cfg["key"] = "test3-changed"
+    cfg["disallowed_arg"] = "broken"
+    assert instantiate_func(cfg) == (1, "test3")
+    assert instantiate_func(cfg) == (1, "test3")
+
+
+def test_instantiated_once_manual_key2(
+    instantiate_func: Any,
+) -> None:
+    # With manual key, gives same value, even if config changes.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": "key_in_once_variable",
+        "key": "test3.1",  # reusing key does not
+    }
+    assert instantiate_func(cfg) == (1, "test3.1")
+    assert instantiate_func(cfg) == (1, "test3.1")
+
+    cfg["key"] = "test3-changed"
+    cfg["disallowed_arg"] = "broken"
+    assert instantiate_func(cfg) == (1, "test3.1")
+    assert instantiate_func(cfg) == (1, "test3.1")
+
+
+def test_instantiated_once_auto_key(
+    instantiate_func: Any,
+) -> None:
+    # With auto key, change to the config makes new call.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test4",  # reusing key does not
+    }
+    assert instantiate_func(cfg) == (1, "test4")
+    assert instantiate_func(cfg) == (1, "test4")
+
+    cfg["key"] = "test4-changed"
+    assert instantiate_func(cfg) == (1, "test4-changed")
+    assert instantiate_func(cfg) == (1, "test4-changed")
+
+
+def test_instantiated_once_partial_change(
+    instantiate_func: Any,
+) -> None:
+    # Changing _partial_ makes new signature for auto key.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test5",
+    }
+    instance = instantiate_func(cfg)
+    assert instantiate_func(cfg) == (1, "test5")
+
+    # setting as default does nothing
+    # this behaivior can be removed in the future if code base changes.
+    cfg["_partial_"] = False
+    assert instantiate_func(cfg) is instance
+
+    # changing busts the key
+    cfg["_partial_"] = True
+    assert instantiate_func(cfg) is not instance
+
+    instance = instantiate_func(cfg)
+    assert instance() == (2, "test5")  # return is being called now!
+    assert instance() == (3, "test5")
+
+
+def test_instantiated_once_recursive_change(
+    instantiate_func: Any,
+) -> None:
+    # Changing _recursive_ makes new signature for auto key.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test6",
+    }
+    instance = instantiate_func(cfg)
+    assert instance is instantiate_func(cfg)
+
+    # setting as default does nothing
+    # this behaivior can be removed in the future if code base changes.
+    cfg["_recursive_"] = True
+    assert instance is instantiate_func(cfg)
+
+    # changing busts the key
+    cfg["_recursive_"] = False
+    assert instance is not instantiate_func(cfg)
+
+
+def test_instantiated_once_convert_change(
+    instantiate_func: Any,
+) -> None:
+    # Changing _convert_ makes new signature for auto key.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test7",
+    }
+    instance = instantiate_func(cfg)
+    assert instance is instantiate_func(cfg)
+
+    # setting as default does nothing
+    # this behaivior can be removed in the future if code base changes.
+    cfg["_convert_"] = "none"
+    assert instance is instantiate_func(cfg)
+
+    # changing busts the key
+    cfg["_convert_"] = "partial"
+    assert instance is not instantiate_func(cfg)
+
+
+def test_instantiated_once_target_change(
+    instantiate_func: Any,
+) -> None:
+    # Changing _recursive_ makes new signature for auto key.
+    cfg = {
+        "_target_": "tests.instantiate.counter_function",
+        "_once_": True,
+        "key": "test8",
+    }
+    assert instantiate_func(cfg) == (1, "test8")
+
+    cfg["_target_"] = "tests.instantiate.counter_function2"
+    assert instantiate_func(cfg) == (2, "test8", "counter_function2")
+    assert instantiate_func(cfg) == (2, "test8", "counter_function2")
+
+
+def test_instantiated_once_nested(
+    instantiate_func: Any,
+) -> None:
+    # Changing _recursive_ makes new signature for auto key.
+    cfg = {
+        "base": {
+            "_target_": "tests.instantiate.counter_function",
+            "_once_": True,
+            "key": "test9",
+        },
+        "ref1": "${base}",
+        "ref2": "${base}",
+    }
+    x = instantiate_func(cfg)
+    assert x.base == (1, "test9")
+    assert x.ref1 == (1, "test9")
+    assert x.ref2 == (1, "test9")
+
+    x = instantiate_func(cfg)
+    assert x.base == (1, "test9")
+    assert x.ref1 == (1, "test9")
+    assert x.ref2 == (1, "test9")
+
+
+def test_instantiated_once_custom_cache(
+    instantiate_func: Any,
+) -> None:
+    # Changing _recursive_ makes new signature for auto key.
+    cfg = {
+        "base": {
+            "_target_": "tests.instantiate.counter_function",
+            "_once_": True,
+            "key": "test10",
+        },
+        "ref1": "${base}",
+        "ref2": "${base}",
+    }
+
+    # you can specify a custom cache too.
+    cache = {}
+    x = instantiate_func(cfg, cache=cache)
+    assert x.base == (1, "test10")
+    assert x.ref1 == (1, "test10")
+    assert x.ref2 == (1, "test10")
+
+    x = instantiate_func(cfg, cache=cache)
+    assert x.base == (1, "test10")
+    assert x.ref1 == (1, "test10")
+    assert x.ref2 == (1, "test10")
+
+    # this way, the is cache is ephermeral.
+    x = instantiate_func(cfg, cache={})
+    assert x.base == (2, "test10")
+    assert x.ref1 == (2, "test10")
+    assert x.ref2 == (2, "test10")
+
+    x = instantiate_func(cfg, cache={})
+    assert x.base == (3, "test10")
+    assert x.ref1 == (3, "test10")
+    assert x.ref2 == (3, "test10")
diff --git a/website/docs/advanced/instantiate_objects/overview.md b/website/docs/advanced/instantiate_objects/overview.md
index 5030d3d27f..4cdb2ec6e6 100644
--- a/website/docs/advanced/instantiate_objects/overview.md
+++ b/website/docs/advanced/instantiate_objects/overview.md
@@ -380,6 +380,42 @@ assert bar1.foo is bar2.foo  # the `Foo` instance is re-used here
 This does not apply if `_partial_=False`,
 in which case a new `Foo` instance would be created with each call to `instantiate`.
 
+### Once-only instantiation
+
+If you want to ensure that a given object is instantiated only once and reused, 
+set the `_once_` key to `True` in the config. Hydra will cache the object based
+on an md5 hash of the config yaml. 
+```yaml
+# config.yaml 
+foo:
+  _target_: my_app.Foo
+  _once_: true
+
+bar:
+  foo1: ${foo}
+  foo2: ${foo}
+```
+Now, instantiate will render `foo`, `bar.foo1` and `bar.foo2` as the same object,
+even when calling instantiate multiple times or in nested invocations.
+
+To use a manaully specified key, set the `_key_` to a unique string value.
+This usually should not be necessary.
+
+```yaml
+# config.yaml 
+foo:
+  _target_: my_app.Foo
+  _once_: true
+  _key_: my_unique_key
+bar:
+  foo1: ${foo}
+  foo2: ${foo}
+```
+
+Here also, 
+All the other instantiation parameters are still valid, including `_recursive_`,
+ `_partial_`, and `_convert_`.
+
 
 ### Instantiation of builtins