diff --git a/NEWS.md b/NEWS.md
index 7ccab87d92019..9e0f2dd1f18ec 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -135,6 +135,9 @@ Standard library changes
   Further, percent utilization is now reported as a total or per-thread, based on whether the thread is idle or not at
   each sample. `Profile.fetch()` by default strips out the new metadata to ensure backwards compatibility with external
   profiling data consumers, but can be included with the `include_meta` kwarg. ([#41742])
+* The new `Profile.Allocs` module allows memory allocations to be profiled. The stack trace, type, and size of each
+  allocation is recorded, and a `sample_rate` argument allows a tunable amount of allocations to be skipped,
+  reducing performance overhead. ([#42768])
 
 #### Random
 
diff --git a/doc/src/manual/profile.md b/doc/src/manual/profile.md
index 5596ebae512aa..64b6b8b0e1209 100644
--- a/doc/src/manual/profile.md
+++ b/doc/src/manual/profile.md
@@ -336,6 +336,23 @@ and how much garbage it collects each time. This can be enabled with
 [`GC.enable_logging(true)`](@ref), which causes Julia to log to stderr every time
 a garbage collection happens.
 
+### Allocation Profiler
+
+The allocation profiler records the stack trace, type, and size of each
+allocation while it is running. It can be invoked with
+[`Profile.Allocs.@profile`](@ref).
+
+This information about the allocations is returned as an array of `Alloc`
+objects, wrapped in an `AllocResults` object. The best way to visualize
+these is currently with the [PProf.jl](https://github.com/JuliaPerf/PProf.jl)
+library, which can visualize the call stacks which are making the most
+allocations.
+
+The allocation profiler does have significant overhead, so a `sample_rate`
+argument can be passed to speed it up by making it skip some allocations.
+Passing `sample_rate=1.0` will make it record everything (which is slow);
+`sample_rate=0.1` will record only 10% of the allocations (faster), etc.
+
 ## External Profiling
 
 Currently Julia supports `Intel VTune`, `OProfile` and `perf` as external profiling tools.
diff --git a/stdlib/Profile/docs/src/index.md b/stdlib/Profile/docs/src/index.md
index ac60bb92cb5ed..89894723b1116 100644
--- a/stdlib/Profile/docs/src/index.md
+++ b/stdlib/Profile/docs/src/index.md
@@ -1,5 +1,7 @@
 # [Profiling](@id lib-profiling)
 
+## CPU Profiling
+
 ```@docs
 Profile.@profile
 ```
@@ -15,3 +17,18 @@ Profile.retrieve
 Profile.callers
 Profile.clear_malloc_data
 ```
+
+## Memory profiling
+
+```@docs
+Profile.Allocs.@profile
+```
+
+The methods in `Profile.Allocs` are not exported and need to be called e.g. as `Profile.Allocs.fetch()`.
+
+```@docs
+Profile.Allocs.clear
+Profile.Allocs.fetch
+Profile.Allocs.start
+Profile.Allocs.stop
+```
diff --git a/stdlib/Profile/src/Allocs.jl b/stdlib/Profile/src/Allocs.jl
index 8336c27d0ac34..b8e3e7e7b09a0 100644
--- a/stdlib/Profile/src/Allocs.jl
+++ b/stdlib/Profile/src/Allocs.jl
@@ -33,6 +33,8 @@ end
 Profile allocations that happen during `expr`, returning
 both the result and and AllocResults struct.
 
+A sample rate of 1.0 will record everything; 0.0 will record nothing.
+
 ```julia
 julia> Profile.Allocs.@profile sample_rate=0.01 peakflops()
 1.03733270279065e11
@@ -59,18 +61,40 @@ function _prof_expr(expr, opts)
     end
 end
 
-function start(; sample_rate::Number)
+"""
+    Profile.Allocs.start(sample_rate::Real)
+
+Begin recording allocations with the given sample rate
+A sample rate of 1.0 will record everything; 0.0 will record nothing.
+"""
+function start(; sample_rate::Real)
     ccall(:jl_start_alloc_profile, Cvoid, (Cdouble,), Float64(sample_rate))
 end
 
+"""
+    Profile.Allocs.stop()
+
+Stop recording allocations.
+"""
 function stop()
     ccall(:jl_stop_alloc_profile, Cvoid, ())
 end
 
+"""
+    Profile.Allocs.clear()
+
+Clear all previously profiled allocation information from memory.
+"""
 function clear()
     ccall(:jl_free_alloc_profile, Cvoid, ())
 end
 
+"""
+    Profile.Allocs.fetch()
+
+Retrieve the recorded allocations, and decode them into Julia
+objects which can be analyzed.
+"""
 function fetch()
     raw_results = ccall(:jl_fetch_alloc_profile, RawAllocResults, ())
     decoded_results = decode(raw_results)