diff --git a/mypy/checkexpr.py b/mypy/checkexpr.py
index 6df02870d1042..3a5ea8a321519 100644
--- a/mypy/checkexpr.py
+++ b/mypy/checkexpr.py
@@ -30,6 +30,7 @@
 from mypy.exprtotype import TypeTranslationError, expr_to_unanalyzed_type
 from mypy.infer import ArgumentInferContext, infer_function_type_arguments, infer_type_arguments
 from mypy.literals import literal
+from mypy.lookup import lookup_fully_qualified
 from mypy.maptype import map_instance_to_supertype
 from mypy.meet import is_overlapping_types, narrow_declared_type
 from mypy.message_registry import ErrorMessage
@@ -92,6 +93,7 @@
     SuperExpr,
     SymbolNode,
     SymbolTableNode,
+    TemplateStrExpr,
     TempNode,
     TupleExpr,
     TypeAlias,
@@ -5487,6 +5489,23 @@ def find_typeddict_context(
         # No TypedDict type in context.
         return [], False
 
+    def visit_template_str_expr(self, e: TemplateStrExpr) -> Type:
+        """Type check a template string expression (t-string).
+
+        Type-checks all interpolated expressions but the result is always
+        string.templatelib.Template.
+        """
+        for item in e.items:
+            if isinstance(item, tuple):
+                value_expr, _source, _conversion, format_spec = item
+                self.accept(value_expr)
+                if format_spec is not None:
+                    self.accept(format_spec)
+        sym = lookup_fully_qualified("string.templatelib.Template", self.chk.modules)
+        if sym is not None and isinstance(sym.node, TypeInfo):
+            return Instance(sym.node, [])
+        return AnyType(TypeOfAny.from_error)
+
     def visit_lambda_expr(self, e: LambdaExpr) -> Type:
         """Type check lambda expression."""
         old_in_lambda = self.in_lambda_expr
diff --git a/mypy/evalexpr.py b/mypy/evalexpr.py
index 218d50e37ec36..f46e5c23c3e43 100644
--- a/mypy/evalexpr.py
+++ b/mypy/evalexpr.py
@@ -192,6 +192,9 @@ def visit__promote_expr(self, o: mypy.nodes.PromoteExpr) -> object:
     def visit_await_expr(self, o: mypy.nodes.AwaitExpr) -> object:
         return UNKNOWN
 
+    def visit_template_str_expr(self, o: mypy.nodes.TemplateStrExpr) -> object:
+        return UNKNOWN
+
     def visit_temp_node(self, o: mypy.nodes.TempNode) -> object:
         return UNKNOWN
 
diff --git a/mypy/fastparse.py b/mypy/fastparse.py
index 701e449f8f338..68826ecadb7b7 100644
--- a/mypy/fastparse.py
+++ b/mypy/fastparse.py
@@ -78,6 +78,7 @@
     Statement,
     StrExpr,
     SuperExpr,
+    TemplateStrExpr,
     TempNode,
     TryStmt,
     TupleExpr,
@@ -1685,20 +1686,22 @@ def visit_FormattedValue(self, n: ast3.FormattedValue) -> Expression:
         return self.set_line(result_expression, n)
 
     # TemplateStr(expr* values)
-    def visit_TemplateStr(self, n: ast_TemplateStr) -> Expression:
-        self.fail(
-            ErrorMessage("PEP 750 template strings are not yet supported"),
-            n.lineno,
-            n.col_offset,
-            blocker=False,
-        )
-        e = TempNode(AnyType(TypeOfAny.from_error))
+    def visit_TemplateStr(self, n: ast_TemplateStr) -> TemplateStrExpr:
+        items: list[Expression | tuple[Expression, str, str | None, Expression | None]] = []
+        for value in n.values:
+            if isinstance(value, ast_Interpolation):  # type: ignore[misc]
+                val_expr = self.visit(value.value)
+                val_expr.set_line(value.lineno, value.col_offset)
+                conversion = None if value.conversion < 0 else chr(value.conversion)
+                format_spec = (
+                    self.visit(value.format_spec) if value.format_spec is not None else None
+                )
+                items.append((val_expr, value.str, conversion, format_spec))
+            else:
+                items.append(self.visit(value))
+        e = TemplateStrExpr(items)
         return self.set_line(e, n)
 
-    # Interpolation(expr value, constant str, int conversion, expr? format_spec)
-    def visit_Interpolation(self, n: ast_Interpolation) -> Expression:
-        assert False, "Unreachable"
-
     # Attribute(expr value, identifier attr, expr_context ctx)
     def visit_Attribute(self, n: Attribute) -> MemberExpr | SuperExpr:
         value = n.value
diff --git a/mypy/literals.py b/mypy/literals.py
index 50720da35548c..f572a6f9c624f 100644
--- a/mypy/literals.py
+++ b/mypy/literals.py
@@ -42,6 +42,7 @@
     StarExpr,
     StrExpr,
     SuperExpr,
+    TemplateStrExpr,
     TempNode,
     TupleExpr,
     TypeAliasExpr,
@@ -316,6 +317,9 @@ def visit__promote_expr(self, e: PromoteExpr) -> None:
     def visit_await_expr(self, e: AwaitExpr) -> None:
         return None
 
+    def visit_template_str_expr(self, e: TemplateStrExpr) -> None:
+        return None
+
     def visit_temp_node(self, e: TempNode) -> None:
         return None
 
diff --git a/mypy/nodes.py b/mypy/nodes.py
index 4c238592f9927..4dbed8beb8e33 100644
--- a/mypy/nodes.py
+++ b/mypy/nodes.py
@@ -2765,6 +2765,29 @@ def accept(self, visitor: ExpressionVisitor[T]) -> T:
         return visitor.visit_dict_expr(self)
 
 
+class TemplateStrExpr(Expression):
+    """Template string expression t'...'."""
+
+    __slots__ = ("items",)
+    __match_args__ = ("items",)
+
+    # Each item is either:
+    #   - a StrExpr (literal string segment), or
+    #   - a tuple (value_expr, source_text, conversion, format_spec_expr)
+    #     where conversion is str | None ("r", "s", "a", or None)
+    #     and format_spec_expr is Expression | None
+    items: list[Expression | tuple[Expression, str, str | None, Expression | None]]
+
+    def __init__(
+        self, items: list[Expression | tuple[Expression, str, str | None, Expression | None]]
+    ) -> None:
+        super().__init__()
+        self.items = items
+
+    def accept(self, visitor: ExpressionVisitor[T]) -> T:
+        return visitor.visit_template_str_expr(self)
+
+
 class TupleExpr(Expression):
     """Tuple literal expression (..., ...)
 
diff --git a/mypy/semanal.py b/mypy/semanal.py
index 219459c92e3ce..e2c073fd4dea8 100644
--- a/mypy/semanal.py
+++ b/mypy/semanal.py
@@ -166,6 +166,7 @@
     SymbolNode,
     SymbolTable,
     SymbolTableNode,
+    TemplateStrExpr,
     TempNode,
     TryStmt,
     TupleExpr,
@@ -5850,6 +5851,15 @@ def visit_dict_expr(self, expr: DictExpr) -> None:
                 key.accept(self)
             value.accept(self)
 
+    def visit_template_str_expr(self, expr: TemplateStrExpr) -> None:
+        for item in expr.items:
+            if isinstance(item, tuple):
+                item[0].accept(self)
+                if item[3] is not None:
+                    item[3].accept(self)
+            else:
+                item.accept(self)
+
     def visit_star_expr(self, expr: StarExpr) -> None:
         if not expr.valid:
             self.fail("can't use starred expression here", expr, blocker=True)
diff --git a/mypy/server/subexpr.py b/mypy/server/subexpr.py
index 013b936e8b7c9..12aae33eaaf59 100644
--- a/mypy/server/subexpr.py
+++ b/mypy/server/subexpr.py
@@ -26,6 +26,7 @@
     SetExpr,
     SliceExpr,
     StarExpr,
+    TemplateStrExpr,
     TupleExpr,
     TypeApplication,
     TypeFormExpr,
@@ -155,6 +156,10 @@ def visit_dict_expr(self, e: DictExpr) -> None:
         self.add(e)
         super().visit_dict_expr(e)
 
+    def visit_template_str_expr(self, e: TemplateStrExpr) -> None:
+        self.add(e)
+        super().visit_template_str_expr(e)
+
     def visit_set_expr(self, e: SetExpr) -> None:
         self.add(e)
         super().visit_set_expr(e)
diff --git a/mypy/strconv.py b/mypy/strconv.py
index 168a8bcffdc7e..e16060f3f5817 100644
--- a/mypy/strconv.py
+++ b/mypy/strconv.py
@@ -497,6 +497,15 @@ def visit_list_expr(self, o: mypy.nodes.ListExpr) -> str:
     def visit_dict_expr(self, o: mypy.nodes.DictExpr) -> str:
         return self.dump([[k, v] for k, v in o.items], o)
 
+    def visit_template_str_expr(self, o: mypy.nodes.TemplateStrExpr) -> str:
+        items_repr: list[object] = []
+        for item in o.items:
+            if isinstance(item, tuple):
+                items_repr.append(item[0])  # value expression
+            else:
+                items_repr.append(item)
+        return self.dump(items_repr, o)
+
     def visit_set_expr(self, o: mypy.nodes.SetExpr) -> str:
         return self.dump(o.items, o)
 
diff --git a/mypy/stubgen.py b/mypy/stubgen.py
index 5d6149b97507a..ce6335e9e34f9 100755
--- a/mypy/stubgen.py
+++ b/mypy/stubgen.py
@@ -113,6 +113,7 @@
     StarExpr,
     Statement,
     StrExpr,
+    TemplateStrExpr,
     TempNode,
     TupleExpr,
     TypeAliasStmt,
@@ -373,6 +374,9 @@ def visit_dict_expr(self, o: DictExpr) -> str:
             dict_items.append(f"{key.accept(self)}: {value.accept(self)}")
         return f"{{{', '.join(dict_items)}}}"
 
+    def visit_template_str_expr(self, o: TemplateStrExpr) -> str:
+        return self.stubgen.add_name("_typeshed.Incomplete")
+
     def visit_ellipsis(self, node: EllipsisExpr) -> str:
         return "..."
 
diff --git a/mypy/traverser.py b/mypy/traverser.py
index ad5e805d31ab5..6fdb54298f85c 100644
--- a/mypy/traverser.py
+++ b/mypy/traverser.py
@@ -68,6 +68,7 @@
     StarExpr,
     StrExpr,
     SuperExpr,
+    TemplateStrExpr,
     TempNode,
     TryStmt,
     TupleExpr,
@@ -329,6 +330,15 @@ def visit_dict_expr(self, o: DictExpr, /) -> None:
                 k.accept(self)
             v.accept(self)
 
+    def visit_template_str_expr(self, o: TemplateStrExpr, /) -> None:
+        for item in o.items:
+            if isinstance(item, tuple):
+                item[0].accept(self)
+                if item[3] is not None:
+                    item[3].accept(self)
+            else:
+                item.accept(self)
+
     def visit_set_expr(self, o: SetExpr, /) -> None:
         for item in o.items:
             item.accept(self)
@@ -785,6 +795,11 @@ def visit_dict_expr(self, o: DictExpr, /) -> None:
             return
         super().visit_dict_expr(o)
 
+    def visit_template_str_expr(self, o: TemplateStrExpr, /) -> None:
+        if not self.visit(o):
+            return
+        super().visit_template_str_expr(o)
+
     def visit_tuple_expr(self, o: TupleExpr, /) -> None:
         if not self.visit(o):
             return
diff --git a/mypy/treetransform.py b/mypy/treetransform.py
index 1a76a50a2d94e..2c66d4b5f3659 100644
--- a/mypy/treetransform.py
+++ b/mypy/treetransform.py
@@ -77,6 +77,7 @@
     StrExpr,
     SuperExpr,
     SymbolTable,
+    TemplateStrExpr,
     TempNode,
     TryStmt,
     TupleExpr,
@@ -578,6 +579,18 @@ def visit_dict_expr(self, node: DictExpr) -> DictExpr:
             [(self.expr(key) if key else None, self.expr(value)) for key, value in node.items]
         )
 
+    def visit_template_str_expr(self, node: TemplateStrExpr) -> TemplateStrExpr:
+        items: list[Expression | tuple[Expression, str, str | None, Expression | None]] = []
+        for item in node.items:
+            if isinstance(item, tuple):
+                value, source, conversion, format_spec = item
+                items.append(
+                    (self.expr(value), source, conversion, self.optional_expr(format_spec))
+                )
+            else:
+                items.append(self.expr(item))
+        return TemplateStrExpr(items)
+
     def visit_tuple_expr(self, node: TupleExpr) -> TupleExpr:
         return TupleExpr(self.expressions(node.items))
 
diff --git a/mypy/visitor.py b/mypy/visitor.py
index e150788ec3c16..de754c408f97d 100644
--- a/mypy/visitor.py
+++ b/mypy/visitor.py
@@ -111,6 +111,10 @@ def visit_list_expr(self, o: mypy.nodes.ListExpr, /) -> T:
     def visit_dict_expr(self, o: mypy.nodes.DictExpr, /) -> T:
         pass
 
+    @abstractmethod
+    def visit_template_str_expr(self, o: mypy.nodes.TemplateStrExpr, /) -> T:
+        pass
+
     @abstractmethod
     def visit_tuple_expr(self, o: mypy.nodes.TupleExpr, /) -> T:
         pass
@@ -539,6 +543,9 @@ def visit_list_expr(self, o: mypy.nodes.ListExpr, /) -> T:
     def visit_dict_expr(self, o: mypy.nodes.DictExpr, /) -> T:
         raise NotImplementedError()
 
+    def visit_template_str_expr(self, o: mypy.nodes.TemplateStrExpr, /) -> T:
+        raise NotImplementedError()
+
     def visit_tuple_expr(self, o: mypy.nodes.TupleExpr, /) -> T:
         raise NotImplementedError()
 
diff --git a/mypyc/irbuild/visitor.py b/mypyc/irbuild/visitor.py
index dc81e95a2980e..705513171e3d1 100644
--- a/mypyc/irbuild/visitor.py
+++ b/mypyc/irbuild/visitor.py
@@ -66,6 +66,7 @@
     StarExpr,
     StrExpr,
     SuperExpr,
+    TemplateStrExpr,
     TempNode,
     TryStmt,
     TupleExpr,
@@ -311,6 +312,9 @@ def visit_tuple_expr(self, expr: TupleExpr) -> Value:
     def visit_dict_expr(self, expr: DictExpr) -> Value:
         return transform_dict_expr(self.builder, expr)
 
+    def visit_template_str_expr(self, expr: TemplateStrExpr) -> Value:
+        assert False, "TemplateStrExpr should have been handled already"
+
     def visit_set_expr(self, expr: SetExpr) -> Value:
         return transform_set_expr(self.builder, expr)
 
diff --git a/test-data/unit/check-python314.test b/test-data/unit/check-python314.test
index f1043aab860ae..b7440bcc406b2 100644
--- a/test-data/unit/check-python314.test
+++ b/test-data/unit/check-python314.test
@@ -1,3 +1,32 @@
-[case testTemplateString]
-reveal_type(t"mypy")  # E: PEP 750 template strings are not yet supported \
-                      # N: Revealed type is "Any"
+[case testTemplateStringBasics]
+reveal_type(t"foobar")  # N: Revealed type is "string.templatelib.Template"
+t"{'foobar'}"
+t"foo{'bar'}"
+t".{1}."
+t"{type(1)}"
+t"{1!r}"
+t"{1:03d}"
+t"{1!r:03d}"
+
+from string.templatelib import Template
+a: Template
+a = t"foobar"
+a = t"{'foobar'}"
+[builtins fixtures/f_string.pyi]
+
+[case testTemplateStringExpressionsOk]
+t".{1 + 1}."
+t".{1 + 1}.{'foo' + 'bar'}"
+[builtins fixtures/f_string.pyi]
+
+[case testTemplateStringExpressionsErrors]
+t"{1 + ''}"   # E: Unsupported operand types for + ("int" and "str")
+t".{1 + ''}"  # E: Unsupported operand types for + ("int" and "str")
+[builtins fixtures/f_string.pyi]
+
+[case testTemplateStringParseFormatOptions]
+value = 10.5142
+width = 10
+precision = 4
+t"result: {value:{width}.{precision}}"
+[builtins fixtures/f_string.pyi]
diff --git a/test-data/unit/parse-python314.test b/test-data/unit/parse-python314.test
index 34fe753084f67..c319d5d8eebb1 100644
--- a/test-data/unit/parse-python314.test
+++ b/test-data/unit/parse-python314.test
@@ -1,5 +1,68 @@
-[case testTemplateString]
+[case testTemplateStringSimple]
 x = 'mypy'
 t'Hello {x}'
 [out]
-main:2: error: PEP 750 template strings are not yet supported
+MypyFile:1(
+  AssignmentStmt:1(
+    NameExpr(x)
+    StrExpr(mypy))
+  ExpressionStmt:2(
+    TemplateStrExpr:2(
+      StrExpr(Hello )
+      NameExpr(x))))
+
+[case testTemplateStringWithConversion]
+x = 'mypy'
+T'Hello {x!r}'
+[out]
+MypyFile:1(
+  AssignmentStmt:1(
+    NameExpr(x)
+    StrExpr(mypy))
+  ExpressionStmt:2(
+    TemplateStrExpr:2(
+      StrExpr(Hello )
+      NameExpr(x))))
+
+[case testTemplateStringWithOnlyFormatSpecifier]
+x = 'mypy'
+t'Hello {x:<30}'
+[out]
+MypyFile:1(
+  AssignmentStmt:1(
+    NameExpr(x)
+    StrExpr(mypy))
+  ExpressionStmt:2(
+    TemplateStrExpr:2(
+      StrExpr(Hello )
+      NameExpr(x))))
+
+[case testTemplateStringWithFormatSpecifierAndConversion]
+x = 'mypy'
+t'Hello {x!s:<30}'
+[out]
+MypyFile:1(
+  AssignmentStmt:1(
+    NameExpr(x)
+    StrExpr(mypy))
+  ExpressionStmt:2(
+    TemplateStrExpr:2(
+      StrExpr(Hello )
+      NameExpr(x))))
+
+[case testTemplateStringWithFormatSpecifierExpression]
+x = 'mypy'
+y = 30
+t'Hello {x!s:<{y+y}}'
+[out]
+MypyFile:1(
+  AssignmentStmt:1(
+    NameExpr(x)
+    StrExpr(mypy))
+  AssignmentStmt:2(
+    NameExpr(y)
+    IntExpr(30))
+  ExpressionStmt:3(
+    TemplateStrExpr:3(
+      StrExpr(Hello )
+      NameExpr(x))))