diff --git a/packages/react-reconciler/src/ReactChildFiber.new.js b/packages/react-reconciler/src/ReactChildFiber.new.js
index 5b0e858d6af96..0406a362db5b2 100644
--- a/packages/react-reconciler/src/ReactChildFiber.new.js
+++ b/packages/react-reconciler/src/ReactChildFiber.new.js
@@ -33,7 +33,11 @@ import {
   Block,
 } from './ReactWorkTags';
 import invariant from 'shared/invariant';
-import {warnAboutStringRefs, enableBlocksAPI} from 'shared/ReactFeatureFlags';
+import {
+  warnAboutStringRefs,
+  enableBlocksAPI,
+  enableLazyElements,
+} from 'shared/ReactFeatureFlags';
 
 import {
   createWorkInProgress,
@@ -532,6 +536,13 @@ function ChildReconciler(shouldTrackSideEffects) {
           created.return = returnFiber;
           return created;
         }
+        case REACT_LAZY_TYPE: {
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return createChild(returnFiber, init(payload), lanes);
+          }
+        }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -602,6 +613,13 @@ function ChildReconciler(shouldTrackSideEffects) {
             return null;
           }
         }
+        case REACT_LAZY_TYPE: {
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return updateSlot(returnFiber, oldFiber, init(payload), lanes);
+          }
+        }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -663,6 +681,18 @@ function ChildReconciler(shouldTrackSideEffects) {
             ) || null;
           return updatePortal(returnFiber, matchedFiber, newChild, lanes);
         }
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return updateFromMap(
+              existingChildren,
+              returnFiber,
+              newIdx,
+              init(payload),
+              lanes,
+            );
+          }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -720,6 +750,15 @@ function ChildReconciler(shouldTrackSideEffects) {
             key,
           );
           break;
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = child._payload;
+            const init = (child._init: any);
+            warnOnInvalidKey(init(payload), knownKeys, returnFiber);
+            break;
+          }
+        // We intentionally fallthrough here if enableLazyElements is not on.
+        // eslint-disable-next-lined no-fallthrough
         default:
           break;
       }
@@ -1276,6 +1315,18 @@ function ChildReconciler(shouldTrackSideEffects) {
               lanes,
             ),
           );
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            // TODO: This function is supposed to be non-recursive.
+            return reconcileChildFibers(
+              returnFiber,
+              currentFirstChild,
+              init(payload),
+              lanes,
+            );
+          }
       }
     }
 
diff --git a/packages/react-reconciler/src/ReactChildFiber.old.js b/packages/react-reconciler/src/ReactChildFiber.old.js
index 3f5da1699a93d..1eeaa2d022ee7 100644
--- a/packages/react-reconciler/src/ReactChildFiber.old.js
+++ b/packages/react-reconciler/src/ReactChildFiber.old.js
@@ -33,7 +33,11 @@ import {
   Block,
 } from './ReactWorkTags';
 import invariant from 'shared/invariant';
-import {warnAboutStringRefs, enableBlocksAPI} from 'shared/ReactFeatureFlags';
+import {
+  warnAboutStringRefs,
+  enableBlocksAPI,
+  enableLazyElements,
+} from 'shared/ReactFeatureFlags';
 
 import {
   createWorkInProgress,
@@ -542,6 +546,13 @@ function ChildReconciler(shouldTrackSideEffects) {
           created.return = returnFiber;
           return created;
         }
+        case REACT_LAZY_TYPE: {
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return createChild(returnFiber, init(payload), expirationTime);
+          }
+        }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -627,6 +638,18 @@ function ChildReconciler(shouldTrackSideEffects) {
             return null;
           }
         }
+        case REACT_LAZY_TYPE: {
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return updateSlot(
+              returnFiber,
+              oldFiber,
+              init(payload),
+              expirationTime,
+            );
+          }
+        }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -709,6 +732,18 @@ function ChildReconciler(shouldTrackSideEffects) {
             expirationTime,
           );
         }
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            return updateFromMap(
+              existingChildren,
+              returnFiber,
+              newIdx,
+              init(payload),
+              expirationTime,
+            );
+          }
       }
 
       if (isArray(newChild) || getIteratorFn(newChild)) {
@@ -772,6 +807,15 @@ function ChildReconciler(shouldTrackSideEffects) {
             key,
           );
           break;
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = child._payload;
+            const init = (child._init: any);
+            warnOnInvalidKey(init(payload), knownKeys, returnFiber);
+            break;
+          }
+        // We intentionally fallthrough here if enableLazyElements is not on.
+        // eslint-disable-next-lined no-fallthrough
         default:
           break;
       }
@@ -1349,6 +1393,18 @@ function ChildReconciler(shouldTrackSideEffects) {
               expirationTime,
             ),
           );
+        case REACT_LAZY_TYPE:
+          if (enableLazyElements) {
+            const payload = newChild._payload;
+            const init = newChild._init;
+            // TODO: This function is supposed to be non-recursive.
+            return reconcileChildFibers(
+              returnFiber,
+              currentFirstChild,
+              init(payload),
+              expirationTime,
+            );
+          }
       }
     }
 
diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index 2f79cdf653ef5..202396660b3fd 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -1273,4 +1273,80 @@ describe('ReactLazy', () => {
 
     expect(componentStackMessage).toContain('in Lazy');
   });
+
+  // @gate enableLazyElements && enableNewReconciler
+  it('mount and reorder lazy elements', async () => {
+    class Child extends React.Component {
+      componentDidMount() {
+        Scheduler.unstable_yieldValue('Did mount: ' + this.props.label);
+      }
+      componentDidUpdate() {
+        Scheduler.unstable_yieldValue('Did update: ' + this.props.label);
+      }
+      render() {
+        return <Text text={this.props.label} />;
+      }
+    }
+
+    const lazyChildA = lazy(() => {
+      Scheduler.unstable_yieldValue('Init A');
+      return fakeImport(<Child key="A" label="A" />);
+    });
+    const lazyChildB = lazy(() => {
+      Scheduler.unstable_yieldValue('Init B');
+      return fakeImport(<Child key="B" label="B" />);
+    });
+    const lazyChildA2 = lazy(() => {
+      Scheduler.unstable_yieldValue('Init A2');
+      return fakeImport(<Child key="A" label="a" />);
+    });
+    const lazyChildB2 = lazy(() => {
+      Scheduler.unstable_yieldValue('Init B2');
+      return fakeImport(<Child key="B" label="b" />);
+    });
+
+    function Parent({swap}) {
+      return (
+        <Suspense fallback={<Text text="Loading..." />}>
+          {swap ? [lazyChildB2, lazyChildA2] : [lazyChildA, lazyChildB]}
+        </Suspense>
+      );
+    }
+
+    const root = ReactTestRenderer.create(<Parent swap={false} />, {
+      unstable_isConcurrent: true,
+    });
+
+    expect(Scheduler).toFlushAndYield(['Init A', 'Loading...']);
+    expect(root).not.toMatchRenderedOutput('AB');
+
+    await lazyChildA;
+    // We need to flush to trigger the B to load.
+    expect(Scheduler).toFlushAndYield(['Init B']);
+    await lazyChildB;
+
+    expect(Scheduler).toFlushAndYield([
+      'A',
+      'B',
+      'Did mount: A',
+      'Did mount: B',
+    ]);
+    expect(root).toMatchRenderedOutput('AB');
+
+    // Swap the position of A and B
+    root.update(<Parent swap={true} />);
+    expect(Scheduler).toFlushAndYield(['Init B2', 'Loading...']);
+    await lazyChildB2;
+    // We need to flush to trigger the second one to load.
+    expect(Scheduler).toFlushAndYield(['Init A2', 'Loading...']);
+    await lazyChildA2;
+
+    expect(Scheduler).toFlushAndYield([
+      'b',
+      'a',
+      'Did update: b',
+      'Did update: a',
+    ]);
+    expect(root).toMatchRenderedOutput('ba');
+  });
 });
diff --git a/packages/shared/ReactFeatureFlags.js b/packages/shared/ReactFeatureFlags.js
index 300bb5c859e0c..31042e493c2bb 100644
--- a/packages/shared/ReactFeatureFlags.js
+++ b/packages/shared/ReactFeatureFlags.js
@@ -41,6 +41,7 @@ export const enableSelectiveHydration = __EXPERIMENTAL__;
 
 // Flight experiments
 export const enableBlocksAPI = __EXPERIMENTAL__;
+export const enableLazyElements = __EXPERIMENTAL__;
 
 // Only used in www builds.
 export const enableSchedulerDebugging = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.native-fb.js b/packages/shared/forks/ReactFeatureFlags.native-fb.js
index 375e5797627e2..7e72f53dc7e0b 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-fb.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-fb.js
@@ -18,6 +18,7 @@ export const enableSchedulerTracing = __PROFILE__;
 export const enableSuspenseServerRenderer = false;
 export const enableSelectiveHydration = false;
 export const enableBlocksAPI = false;
+export const enableLazyElements = false;
 export const enableSchedulerDebugging = false;
 export const debugRenderPhaseSideEffectsForStrictMode = true;
 export const disableJavaScriptURLs = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.native-oss.js b/packages/shared/forks/ReactFeatureFlags.native-oss.js
index c0e300fa17707..2c598645be664 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-oss.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-oss.js
@@ -20,6 +20,7 @@ export const enableSchedulerTracing = __PROFILE__;
 export const enableSuspenseServerRenderer = false;
 export const enableSelectiveHydration = false;
 export const enableBlocksAPI = false;
+export const enableLazyElements = false;
 export const disableJavaScriptURLs = false;
 export const disableInputAttributeSyncing = false;
 export const enableSchedulerDebugging = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
index 5dfa2ebf3e043..c4f35fe9e9f97 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
@@ -20,6 +20,7 @@ export const enableSchedulerTracing = __PROFILE__;
 export const enableSuspenseServerRenderer = false;
 export const enableSelectiveHydration = false;
 export const enableBlocksAPI = false;
+export const enableLazyElements = false;
 export const disableJavaScriptURLs = false;
 export const disableInputAttributeSyncing = false;
 export const enableSchedulerDebugging = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
index 16a1e8fabedb5..8e299769894ae 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
@@ -20,6 +20,7 @@ export const enableSchedulerTracing = __PROFILE__;
 export const enableSuspenseServerRenderer = false;
 export const enableSelectiveHydration = false;
 export const enableBlocksAPI = false;
+export const enableLazyElements = false;
 export const enableSchedulerDebugging = false;
 export const disableJavaScriptURLs = false;
 export const disableInputAttributeSyncing = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.testing.js b/packages/shared/forks/ReactFeatureFlags.testing.js
index b034a559fc5e5..5080f0e2647a0 100644
--- a/packages/shared/forks/ReactFeatureFlags.testing.js
+++ b/packages/shared/forks/ReactFeatureFlags.testing.js
@@ -20,6 +20,7 @@ export const enableSchedulerTracing = __PROFILE__;
 export const enableSuspenseServerRenderer = false;
 export const enableSelectiveHydration = false;
 export const enableBlocksAPI = false;
+export const enableLazyElements = false;
 export const disableJavaScriptURLs = false;
 export const disableInputAttributeSyncing = false;
 export const enableSchedulerDebugging = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.testing.www.js b/packages/shared/forks/ReactFeatureFlags.testing.www.js
index ae2ad698c3865..bd5442df091db 100644
--- a/packages/shared/forks/ReactFeatureFlags.testing.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.testing.www.js
@@ -20,6 +20,7 @@ export const enableSchedulerTracing = false;
 export const enableSuspenseServerRenderer = true;
 export const enableSelectiveHydration = true;
 export const enableBlocksAPI = true;
+export const enableLazyElements = false;
 export const disableJavaScriptURLs = true;
 export const disableInputAttributeSyncing = false;
 export const enableSchedulerDebugging = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.www.js b/packages/shared/forks/ReactFeatureFlags.www.js
index b9ee3f04086a8..21b9d663da653 100644
--- a/packages/shared/forks/ReactFeatureFlags.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.www.js
@@ -50,6 +50,7 @@ export const enableSuspenseServerRenderer = true;
 export const enableSelectiveHydration = true;
 
 export const enableBlocksAPI = true;
+export const enableLazyElements = true;
 
 export const disableJavaScriptURLs = true;