diff --git a/Kbuild b/Kbuild
index 1eac091594..bf52e54051 100644
--- a/Kbuild
+++ b/Kbuild
@@ -10,6 +10,8 @@ generic-offsets-file := include/generated/generic-asm-offsets.h
 always  := $(generic-offsets-file)
 targets := lib/asm-offsets.s
 
+CFLAGS_REMOVE_asm-offsets.o := $(LTO_CFLAGS)
+
 $(obj)/$(generic-offsets-file): $(obj)/lib/asm-offsets.s FORCE
 	$(call filechk,offsets,__GENERIC_ASM_OFFSETS_H__)
 
diff --git a/Kconfig b/Kconfig
index 86f0a39bb0..f8c1a77bed 100644
--- a/Kconfig
+++ b/Kconfig
@@ -85,6 +85,30 @@ config SPL_OPTIMIZE_INLINING
 	  do what it thinks is best, which is desirable in some cases for size
 	  reasons.
 
+config ARCH_SUPPORTS_LTO
+	bool
+
+config LTO
+	bool "Enable Link Time Optimizations"
+	depends on ARCH_SUPPORTS_LTO
+	default n
+	help
+	  This option enables Link Time Optimization (LTO), a mechanism which
+	  allows the compiler to optimize between different compilation units.
+
+	  This can optimize away dead code paths, resulting in smaller binary
+	  size (if CC_OPTIMIZE_FOR_SIZE is enabled).
+
+	  This option is not available for every architecture and may
+	  introduce bugs.
+
+	  Currently, when compiling with GCC, due to a weird bug regarding
+	  jobserver, the final linking will not respect make's --jobs argument.
+	  Instead all available processors will be used (as reported by the
+	  nproc command).
+
+	  If unsure, say n.
+
 config TPL_OPTIMIZE_INLINING
 	bool "Allow compiler to uninline functions marked 'inline' in TPL"
 	depends on TPL
diff --git a/Makefile b/Makefile
index 03f74abe43..d2fdac7d31 100644
--- a/Makefile
+++ b/Makefile
@@ -676,6 +676,31 @@ else
 KBUILD_CFLAGS	+= -O2
 endif
 
+LTO_CFLAGS :=
+LTO_FINAL_LDFLAGS :=
+export LTO_CFLAGS LTO_FINAL_LDFLAGS
+ifdef CONFIG_LTO
+	ifeq ($(cc-name),clang)
+		LTO_CFLAGS		+= -flto
+		LTO_FINAL_LDFLAGS	+= -flto
+
+		AR			= $(shell $(CC) -print-prog-name=llvm-ar)
+		NM			= $(shell $(CC) -print-prog-name=llvm-nm)
+	else
+		NPROC			:= $(shell nproc 2>/dev/null || echo 1)
+		LTO_CFLAGS		+= -flto=$(NPROC)
+		LTO_FINAL_LDFLAGS	+= -fuse-linker-plugin -flto=$(NPROC)
+
+		# use plugin aware tools
+		AR			= $(CROSS_COMPILE)gcc-ar
+		NM			= $(CROSS_COMPILE)gcc-nm
+	endif
+
+	CFLAGS_NON_EFI			+= $(LTO_CFLAGS)
+
+	KBUILD_CFLAGS			+= $(LTO_CFLAGS)
+endif
+
 ifeq ($(CONFIG_STACKPROTECTOR),y)
 KBUILD_CFLAGS += $(call cc-option,-fstack-protector-strong)
 CFLAGS_EFI += $(call cc-option,-fno-stack-protector)
@@ -1708,8 +1733,45 @@ u-boot-swap.bin: u-boot.bin FORCE
 
 ARCH_POSTLINK := $(wildcard $(srctree)/arch/$(ARCH)/Makefile.postlink)
 
+# Generate linker list symbols references to force compiler to not optimize
+# them away when compiling with LTO
+ifdef CONFIG_LTO
+u-boot-keep-syms-lto := keep-syms-lto.o
+u-boot-keep-syms-lto_c := $(patsubst %.o,%.c,$(u-boot-keep-syms-lto))
+
+quiet_cmd_keep_syms_lto = KSL     $@
+      cmd_keep_syms_lto = \
+	NM=$(NM) $(srctree)/scripts/gen_ll_addressable_symbols.sh $^ >$@
+
+quiet_cmd_keep_syms_lto_cc = KSLCC   $@
+      cmd_keep_syms_lto_cc = \
+	$(CC) $(filter-out $(LTO_CFLAGS),$(c_flags)) -c -o $@ $<
+
+$(u-boot-keep-syms-lto_c): $(u-boot-main)
+	$(call if_changed,keep_syms_lto)
+$(u-boot-keep-syms-lto): $(u-boot-keep-syms-lto_c)
+	$(call if_changed,keep_syms_lto_cc)
+else
+u-boot-keep-syms-lto :=
+endif
+
 # Rule to link u-boot
 # May be overridden by arch/$(ARCH)/config.mk
+ifdef CONFIG_LTO
+quiet_cmd_u-boot__ ?= LTO     $@
+      cmd_u-boot__ ?= 								\
+		$(CC) -nostdlib -nostartfiles					\
+		$(LTO_FINAL_LDFLAGS) $(c_flags)					\
+		$(KBUILD_LDFLAGS:%=-Wl,%) $(LDFLAGS_u-boot:%=-Wl,%) -o $@	\
+		-T u-boot.lds $(u-boot-init)					\
+		-Wl,--whole-archive						\
+			$(u-boot-main)						\
+			$(u-boot-keep-syms-lto)					\
+			$(PLATFORM_LIBS)					\
+		-Wl,--no-whole-archive						\
+		-Wl,-Map,u-boot.map;						\
+		$(if $(ARCH_POSTLINK), $(MAKE) -f $(ARCH_POSTLINK) $@, true)
+else
 quiet_cmd_u-boot__ ?= LD      $@
       cmd_u-boot__ ?= $(LD) $(KBUILD_LDFLAGS) $(LDFLAGS_u-boot) -o $@		\
 		-T u-boot.lds $(u-boot-init)					\
@@ -1718,6 +1780,7 @@ quiet_cmd_u-boot__ ?= LD      $@
 		--no-whole-archive						\
 		$(PLATFORM_LIBS) -Map u-boot.map;				\
 		$(if $(ARCH_POSTLINK), $(MAKE) -f $(ARCH_POSTLINK) $@, true)
+endif
 
 quiet_cmd_smap = GEN     common/system_map.o
 cmd_smap = \
@@ -1726,7 +1789,7 @@ cmd_smap = \
 	$(CC) $(c_flags) -DSYSTEM_MAP="\"$${smap}\"" \
 		-c $(srctree)/common/system_map.c -o common/system_map.o
 
-u-boot:	$(u-boot-init) $(u-boot-main) u-boot.lds FORCE
+u-boot:	$(u-boot-init) $(u-boot-main) $(u-boot-keep-syms-lto) u-boot.lds FORCE
 	+$(call if_changed,u-boot__)
 ifeq ($(CONFIG_KALLSYMS),y)
 	$(call cmd,smap)
@@ -2009,7 +2072,7 @@ CLEAN_FILES += include/bmp_logo.h include/bmp_logo_data.h tools/version.h \
 	       boot* u-boot* MLO* SPL System.map fit-dtb.blob* \
 	       u-boot-ivt.img.log u-boot-dtb.imx.log SPL.log u-boot.imx.log \
 	       lpc32xx-* bl31.c bl31.elf bl31_*.bin image.map tispl.bin* \
-	       idbloader.img flash.bin flash.log defconfig
+	       idbloader.img flash.bin flash.log defconfig keep-syms-lto.c
 
 # Directories & files removed with 'make mrproper'
 MRPROPER_DIRS  += include/config include/generated spl tpl \
diff --git a/scripts/Makefile.lib b/scripts/Makefile.lib
index 78543c6dd1..78bbebe7e9 100644
--- a/scripts/Makefile.lib
+++ b/scripts/Makefile.lib
@@ -419,6 +419,9 @@ $(obj)/%_efi.so: $(obj)/%.o $(obj)/efi_crt0.o $(obj)/efi_reloc.o $(obj)/efi_free
 
 targets += $(obj)/efi_crt0.o $(obj)/efi_reloc.o $(obj)/efi_freestanding.o
 
+CFLAGS_REMOVE_efi_reloc.o := $(LTO_CFLAGS)
+CFLAGS_REMOVE_efi_freestanding.o := $(LTO_CFLAGS)
+
 # ACPI
 # ---------------------------------------------------------------------------
 #
diff --git a/scripts/Makefile.spl b/scripts/Makefile.spl
index ac2d2033ba..7872cbaabe 100644
--- a/scripts/Makefile.spl
+++ b/scripts/Makefile.spl
@@ -448,8 +448,48 @@ quiet_cmd_sym ?= SYM     $@
 $(obj)/$(SPL_BIN).sym: $(obj)/$(SPL_BIN) FORCE
 	$(call if_changed,sym)
 
+# Generate linker list symbols references to force compiler to not optimize
+# them away when compiling with LTO
+ifdef CONFIG_LTO
+u-boot-spl-keep-syms-lto := $(obj)/keep-syms-lto.o
+u-boot-spl-keep-syms-lto_c := \
+	$(patsubst $(obj)/%.o,$(obj)/%.c,$(u-boot-spl-keep-syms-lto))
+
+quiet_cmd_keep_syms_lto = KSL     $@
+      cmd_keep_syms_lto = \
+	NM=$(NM) $(srctree)/scripts/gen_ll_addressable_symbols.sh $^ >$@
+
+quiet_cmd_keep_syms_lto_cc = KSLCC   $@
+      cmd_keep_syms_lto_cc = \
+	$(CC) $(filter-out $(LTO_CFLAGS),$(c_flags)) -c -o $@ $<
+
+$(u-boot-spl-keep-syms-lto_c): $(u-boot-spl-main) $(u-boot-spl-platdata)
+	$(call if_changed,keep_syms_lto)
+$(u-boot-spl-keep-syms-lto): $(u-boot-spl-keep-syms-lto_c)
+	$(call if_changed,keep_syms_lto_cc)
+else
+u-boot-spl-keep-syms-lto :=
+endif
+
 # Rule to link u-boot-spl
 # May be overridden by arch/$(ARCH)/config.mk
+ifdef CONFIG_LTO
+quiet_cmd_u-boot-spl ?= LTO     $@
+      cmd_u-boot-spl ?= \
+	(									\
+		cd $(obj) &&							\
+		$(CC) -nostdlib -nostartfiles $(LTO_FINAL_LDFLAGS) $(c_flags)	\
+		$(KBUILD_LDFLAGS:%=-Wl,%) $(LDFLAGS_$(@F):%=-Wl,%)		\
+		$(patsubst $(obj)/%,%,$(u-boot-spl-init))			\
+		-Wl,--whole-archive						\
+			$(patsubst $(obj)/%,%,$(u-boot-spl-main))		\
+			$(patsubst $(obj)/%,%,$(u-boot-spl-platdata))		\
+			$(patsubst $(obj)/%,%,$(u-boot-spl-keep-syms-lto))	\
+			$(PLATFORM_LIBS)					\
+		-Wl,--no-whole-archive						\
+		-Wl,-Map,$(SPL_BIN).map -o $(SPL_BIN)				\
+	)
+else
 quiet_cmd_u-boot-spl ?= LD      $@
       cmd_u-boot-spl ?= \
 	(								\
@@ -462,9 +502,11 @@ quiet_cmd_u-boot-spl ?= LD      $@
 		--no-whole-archive					\
 		$(PLATFORM_LIBS) -Map $(SPL_BIN).map -o $(SPL_BIN)	\
 	)
+endif
 
 $(obj)/$(SPL_BIN): $(u-boot-spl-platdata) $(u-boot-spl-init) \
-		$(u-boot-spl-main) $(obj)/u-boot-spl.lds FORCE
+		$(u-boot-spl-main) $(u-boot-spl-keep-syms-lto) \
+		$(obj)/u-boot-spl.lds FORCE
 	$(call if_changed,u-boot-spl)
 
 $(sort $(u-boot-spl-init) $(u-boot-spl-main)): $(u-boot-spl-dirs) ;
diff --git a/scripts/gen_ll_addressable_symbols.sh b/scripts/gen_ll_addressable_symbols.sh
new file mode 100755
index 0000000000..3978a39d97
--- /dev/null
+++ b/scripts/gen_ll_addressable_symbols.sh
@@ -0,0 +1,12 @@
+#!/bin/bash
+# SPDX-License-Identifier: GPL-2.0+
+# Copyright (C) 2020 Marek Behún <marek.behun@nic.cz>
+
+# Generate __ADDRESSABLE(symbol) for every linker list entry symbol, so that LTO
+# does not optimize these symbols away
+
+set -e
+
+echo '#include <common.h>'
+$NM "$@" 2>/dev/null | grep -oe '_u_boot_list_2_[a-zA-Z0-9_]*_2_[a-zA-Z0-9_]*' | \
+	sort -u | sed -e 's/^\(.*\)/extern char \1[];\n__ADDRESSABLE(\1);/'