diff --git a/doc/api/timers.md b/doc/api/timers.md
index cb26e4b16a3bae..de983b83ba9568 100644
--- a/doc/api/timers.md
+++ b/doc/api/timers.md
@@ -302,6 +302,40 @@ added: v0.0.1
 
 Cancels a `Timeout` object created by [`setTimeout()`][].
 
+## Timers Promises API
+
+> Stability: 1 - Experimental
+
+The `timers/promises` API provides an alternative set of timer functions
+that return `Promise` objects. The API is accessible via
+`require('timers/promises')`.
+
+```js
+const timersPromises = require('timers/promises');
+```
+
+### `timersPromises.setTimeout(delay\[, value\[, options\]\])
+
+* `delay` {number} The number of milliseconds to wait before resolving the
+  `Promise`.
+* `value` {any} A value with which the `Promise` is resolved.
+* `options` {Object}
+  * `ref` {boolean} Set to `false` to indicate that the scheduled `Timeout`
+    should not require the Node.js event loop to remain active.
+    **Default**: `true`.
+  * `signal` {AbortSignal} An optional `AbortSignal` that can be used to
+    cancel the scheduled `Timeout`.
+
+### `timersPromises.setImmediate(\[value\[, options\]\])
+
+* `value` {any} A value with which the `Promise` is resolved.
+* `options` {Object}
+  * `ref` {boolean} Set to `false` to indicate that the scheduled `Immediate`
+    should not require the Node.js event loop to remain active.
+    **Default**: `true`.
+  * `signal` {AbortSignal} An optional `AbortSignal` that can be used to
+    cancel the scheduled `Immediate`.
+
 [Event Loop]: https://nodejs.org/en/docs/guides/event-loop-timers-and-nexttick/#setimmediate-vs-settimeout
 [`AbortController`]: globals.html#globals_class_abortcontroller
 [`TypeError`]: errors.html#errors_class_typeerror
diff --git a/lib/internal/timers.js b/lib/internal/timers.js
index ead8bec819fbaa..fc1a23839629ac 100644
--- a/lib/internal/timers.js
+++ b/lib/internal/timers.js
@@ -84,7 +84,8 @@ const {
   scheduleTimer,
   toggleTimerRef,
   getLibuvNow,
-  immediateInfo
+  immediateInfo,
+  toggleImmediateRef
 } = internalBinding('timers');
 
 const {
@@ -590,12 +591,53 @@ function getTimerCallbacks(runNextTicks) {
   };
 }
 
+class Immediate {
+  constructor(callback, args) {
+    this._idleNext = null;
+    this._idlePrev = null;
+    this._onImmediate = callback;
+    this._argv = args;
+    this._destroyed = false;
+    this[kRefed] = false;
+
+    initAsyncResource(this, 'Immediate');
+
+    this.ref();
+    immediateInfo[kCount]++;
+
+    immediateQueue.append(this);
+  }
+
+  ref() {
+    if (this[kRefed] === false) {
+      this[kRefed] = true;
+      if (immediateInfo[kRefCount]++ === 0)
+        toggleImmediateRef(true);
+    }
+    return this;
+  }
+
+  unref() {
+    if (this[kRefed] === true) {
+      this[kRefed] = false;
+      if (--immediateInfo[kRefCount] === 0)
+        toggleImmediateRef(false);
+    }
+    return this;
+  }
+
+  hasRef() {
+    return !!this[kRefed];
+  }
+}
+
 module.exports = {
   TIMEOUT_MAX,
   kTimeout: Symbol('timeout'), // For hiding Timeouts on other internals.
   async_id_symbol,
   trigger_async_id_symbol,
   Timeout,
+  Immediate,
   kRefed,
   initAsyncResource,
   setUnrefTimeout,
diff --git a/lib/timers.js b/lib/timers.js
index 53e934f3c9ac7c..878f360ab0c04e 100644
--- a/lib/timers.js
+++ b/lib/timers.js
@@ -23,15 +23,9 @@
 
 const {
   MathTrunc,
-  Promise,
+  Object,
 } = primordials;
 
-const {
-  codes: { ERR_INVALID_ARG_TYPE }
-} = require('internal/errors');
-
-let DOMException;
-
 const {
   immediateInfo,
   toggleImmediateRef
@@ -40,13 +34,13 @@ const L = require('internal/linkedlist');
 const {
   async_id_symbol,
   Timeout,
+  Immediate,
   decRefCount,
   immediateInfoFields: {
     kCount,
     kRefCount
   },
   kRefed,
-  initAsyncResource,
   getTimerDuration,
   timerListMap,
   timerListQueue,
@@ -64,6 +58,8 @@ let debug = require('internal/util/debuglog').debuglog('timer', (fn) => {
 });
 const { validateCallback } = require('internal/validators');
 
+let timersPromises;
+
 const {
   destroyHooksExist,
   // The needed emit*() functions.
@@ -124,12 +120,6 @@ function enroll(item, msecs) {
  * DOM-style timers
  */
 
-function lazyDOMException(message) {
-  if (DOMException === undefined)
-    DOMException = internalBinding('messaging').DOMException;
-  return new DOMException(message);
-}
-
 function setTimeout(callback, after, arg1, arg2, arg3) {
   validateCallback(callback);
 
@@ -160,44 +150,14 @@ function setTimeout(callback, after, arg1, arg2, arg3) {
   return timeout;
 }
 
-setTimeout[customPromisify] = function(after, value, options = {}) {
-  const args = value !== undefined ? [value] : value;
-  if (options == null || typeof options !== 'object') {
-    return Promise.reject(
-      new ERR_INVALID_ARG_TYPE(
-        'options',
-        'Object',
-        options));
+Object.defineProperty(setTimeout, customPromisify, {
+  enumerable: true,
+  get() {
+    if (!timersPromises)
+      timersPromises = require('timers/promises');
+    return timersPromises.setTimeout;
   }
-  const { signal } = options;
-  if (signal !== undefined &&
-      (signal === null ||
-       typeof signal !== 'object' ||
-       !('aborted' in signal))) {
-    return Promise.reject(
-      new ERR_INVALID_ARG_TYPE(
-        'options.signal',
-        'AbortSignal',
-        signal));
-  }
-  // TODO(@jasnell): If a decision is made that this cannot be backported
-  // to 12.x, then this can be converted to use optional chaining to
-  // simplify the check.
-  if (signal && signal.aborted)
-    return Promise.reject(lazyDOMException('AbortError'));
-  return new Promise((resolve, reject) => {
-    const timeout = new Timeout(resolve, after, args, false, true);
-    insert(timeout, timeout._idleTimeout);
-    if (signal) {
-      signal.addEventListener('abort', () => {
-        if (!timeout._destroyed) {
-          clearTimeout(timeout);
-          reject(lazyDOMException('AbortError'));
-        }
-      }, { once: true });
-    }
-  });
-};
+});
 
 function clearTimeout(timer) {
   if (timer && timer._onTimeout) {
@@ -248,46 +208,6 @@ Timeout.prototype.close = function() {
   return this;
 };
 
-const Immediate = class Immediate {
-  constructor(callback, args) {
-    this._idleNext = null;
-    this._idlePrev = null;
-    this._onImmediate = callback;
-    this._argv = args;
-    this._destroyed = false;
-    this[kRefed] = false;
-
-    initAsyncResource(this, 'Immediate');
-
-    this.ref();
-    immediateInfo[kCount]++;
-
-    immediateQueue.append(this);
-  }
-
-  ref() {
-    if (this[kRefed] === false) {
-      this[kRefed] = true;
-      if (immediateInfo[kRefCount]++ === 0)
-        toggleImmediateRef(true);
-    }
-    return this;
-  }
-
-  unref() {
-    if (this[kRefed] === true) {
-      this[kRefed] = false;
-      if (--immediateInfo[kRefCount] === 0)
-        toggleImmediateRef(false);
-    }
-    return this;
-  }
-
-  hasRef() {
-    return !!this[kRefed];
-  }
-};
-
 function setImmediate(callback, arg1, arg2, arg3) {
   validateCallback(callback);
 
@@ -314,42 +234,15 @@ function setImmediate(callback, arg1, arg2, arg3) {
   return new Immediate(callback, args);
 }
 
-setImmediate[customPromisify] = function(value, options = {}) {
-  if (options == null || typeof options !== 'object') {
-    return Promise.reject(
-      new ERR_INVALID_ARG_TYPE(
-        'options',
-        'Object',
-        options));
+Object.defineProperty(setImmediate, customPromisify, {
+  enumerable: true,
+  get() {
+    if (!timersPromises)
+      timersPromises = require('timers/promises');
+    return timersPromises.setImmediate;
   }
-  const { signal } = options;
-  if (signal !== undefined &&
-    (signal === null ||
-     typeof signal !== 'object' ||
-     !('aborted' in signal))) {
-    return Promise.reject(
-      new ERR_INVALID_ARG_TYPE(
-        'options.signal',
-        'AbortSignal',
-        signal));
-  }
-  // TODO(@jasnell): If a decision is made that this cannot be backported
-  // to 12.x, then this can be converted to use optional chaining to
-  // simplify the check.
-  if (signal && signal.aborted)
-    return Promise.reject(lazyDOMException('AbortError'));
-  return new Promise((resolve, reject) => {
-    const immediate = new Immediate(resolve, [value]);
-    if (signal) {
-      signal.addEventListener('abort', () => {
-        if (!immediate._destroyed) {
-          clearImmediate(immediate);
-          reject(lazyDOMException('AbortError'));
-        }
-      }, { once: true });
-    }
-  });
-};
+});
+
 
 function clearImmediate(immediate) {
   if (!immediate || immediate._destroyed)
diff --git a/lib/timers/promises.js b/lib/timers/promises.js
new file mode 100644
index 00000000000000..78197fe86f6e22
--- /dev/null
+++ b/lib/timers/promises.js
@@ -0,0 +1,124 @@
+'use strict';
+
+const {
+  Promise,
+  PromiseReject,
+} = primordials;
+
+const {
+  Timeout,
+  Immediate,
+  insert
+} = require('internal/timers');
+
+const {
+  hideStackFrames,
+  codes: { ERR_INVALID_ARG_TYPE }
+} = require('internal/errors');
+
+let DOMException;
+
+const lazyDOMException = hideStackFrames((message) => {
+  if (DOMException === undefined)
+    DOMException = internalBinding('messaging').DOMException;
+  return new DOMException(message);
+});
+
+function setTimeout(after, value, options = {}) {
+  const args = value !== undefined ? [value] : value;
+  if (options == null || typeof options !== 'object') {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options',
+        'Object',
+        options));
+  }
+  const { signal, ref = true } = options;
+  if (signal !== undefined &&
+      (signal === null ||
+       typeof signal !== 'object' ||
+       !('aborted' in signal))) {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options.signal',
+        'AbortSignal',
+        signal));
+  }
+  if (typeof ref !== 'boolean') {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options.ref',
+        'boolean',
+        ref));
+  }
+  // TODO(@jasnell): If a decision is made that this cannot be backported
+  // to 12.x, then this can be converted to use optional chaining to
+  // simplify the check.
+  if (signal && signal.aborted)
+    return PromiseReject(lazyDOMException('AbortError'));
+  return new Promise((resolve, reject) => {
+    const timeout = new Timeout(resolve, after, args, false, true);
+    if (!ref) timeout.unref();
+    insert(timeout, timeout._idleTimeout);
+    if (signal) {
+      signal.addEventListener('abort', () => {
+        if (!timeout._destroyed) {
+          // eslint-disable-next-line no-undef
+          clearTimeout(timeout);
+          reject(lazyDOMException('AbortError'));
+        }
+      }, { once: true });
+    }
+  });
+}
+
+function setImmediate(value, options = {}) {
+  if (options == null || typeof options !== 'object') {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options',
+        'Object',
+        options));
+  }
+  const { signal, ref = true } = options;
+  if (signal !== undefined &&
+    (signal === null ||
+     typeof signal !== 'object' ||
+     !('aborted' in signal))) {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options.signal',
+        'AbortSignal',
+        signal));
+  }
+  if (typeof ref !== 'boolean') {
+    return PromiseReject(
+      new ERR_INVALID_ARG_TYPE(
+        'options.ref',
+        'boolean',
+        ref));
+  }
+  // TODO(@jasnell): If a decision is made that this cannot be backported
+  // to 12.x, then this can be converted to use optional chaining to
+  // simplify the check.
+  if (signal && signal.aborted)
+    return PromiseReject(lazyDOMException('AbortError'));
+  return new Promise((resolve, reject) => {
+    const immediate = new Immediate(resolve, [value]);
+    if (!ref) immediate.unref();
+    if (signal) {
+      signal.addEventListener('abort', () => {
+        if (!immediate._destroyed) {
+          // eslint-disable-next-line no-undef
+          clearImmediate(immediate);
+          reject(lazyDOMException('AbortError'));
+        }
+      }, { once: true });
+    }
+  });
+}
+
+module.exports = {
+  setTimeout,
+  setImmediate,
+};
diff --git a/node.gyp b/node.gyp
index 0af72d48c25150..6d9e9cb3fc009e 100644
--- a/node.gyp
+++ b/node.gyp
@@ -85,6 +85,7 @@
       'lib/_stream_wrap.js',
       'lib/string_decoder.js',
       'lib/sys.js',
+      'lib/timers/promises.js',
       'lib/timers.js',
       'lib/tls.js',
       'lib/_tls_common.js',
diff --git a/test/parallel/test-timers-promisified.js b/test/parallel/test-timers-promisified.js
index f46dc3f24d20eb..6cd932a2d169ff 100644
--- a/test/parallel/test-timers-promisified.js
+++ b/test/parallel/test-timers-promisified.js
@@ -4,11 +4,18 @@ const common = require('../common');
 const assert = require('assert');
 const timers = require('timers');
 const { promisify } = require('util');
+const child_process = require('child_process');
+
+const timerPromises = require('timers/promises');
 
 /* eslint-disable no-restricted-syntax */
 
 const setTimeout = promisify(timers.setTimeout);
 const setImmediate = promisify(timers.setImmediate);
+const exec = promisify(child_process.exec);
+
+assert.strictEqual(setTimeout, timerPromises.setTimeout);
+assert.strictEqual(setImmediate, timerPromises.setImmediate);
 
 process.on('multipleResolves', common.mustNotCall());
 
@@ -108,4 +115,26 @@ process.on('multipleResolves', common.mustNotCall());
       (signal) => assert.rejects(setTimeout(10, null, { signal })), {
         code: 'ERR_INVALID_ARG_TYPE'
       })).then(common.mustCall());
+
+  Promise.all(
+    [1, '', Infinity, null, {}].map(
+      (ref) => assert.rejects(setTimeout(10, null, { ref })), {
+        code: 'ERR_INVALID_ARG_TYPE'
+      })).then(common.mustCall());
+}
+
+{
+  exec(`${process.execPath} -pe "const assert = require('assert');` +
+       'require(\'timers/promises\').setTimeout(1000, null, { ref: false }).' +
+       'then(assert.fail)"').then(common.mustCall(({ stderr }) => {
+    assert.strictEqual(stderr, '');
+  }));
+}
+
+{
+  exec(`${process.execPath} -pe "const assert = require('assert');` +
+       'require(\'timers/promises\').setImmediate(null, { ref: false }).' +
+       'then(assert.fail)"').then(common.mustCall(({ stderr }) => {
+    assert.strictEqual(stderr, '');
+  }));
 }