diff --git a/nemo/lightning/pytorch/callbacks/__init__.py b/nemo/lightning/pytorch/callbacks/__init__.py
index 5b3113dea885..ef31e1078298 100644
--- a/nemo/lightning/pytorch/callbacks/__init__.py
+++ b/nemo/lightning/pytorch/callbacks/__init__.py
@@ -1,4 +1,5 @@
 from nemo.lightning.pytorch.callbacks.ddp_parity_checker import DdpParityChecker
+from nemo.lightning.pytorch.callbacks.memory_profiler import MemoryProfileCallback
 from nemo.lightning.pytorch.callbacks.model_checkpoint import ModelCheckpoint
 from nemo.lightning.pytorch.callbacks.model_transform import ModelTransform
 from nemo.lightning.pytorch.callbacks.nsys import NsysCallback
@@ -8,6 +9,7 @@
 from nemo.lightning.pytorch.callbacks.progress_printer import ProgressPrinter
 
 __all__ = [
+    "MemoryProfileCallback",
     "ModelCheckpoint",
     "ModelTransform",
     "PEFT",
diff --git a/nemo/lightning/pytorch/callbacks/memory_profiler.py b/nemo/lightning/pytorch/callbacks/memory_profiler.py
new file mode 100644
index 000000000000..089479637f61
--- /dev/null
+++ b/nemo/lightning/pytorch/callbacks/memory_profiler.py
@@ -0,0 +1,78 @@
+import os
+
+import torch
+from pytorch_lightning.callbacks.callback import Callback
+from torch.utils.viz._cycles import warn_tensor_cycles
+
+from nemo.lightning import io
+from nemo.utils import logging
+from nemo.utils.get_rank import get_rank
+
+
+class MemoryProfileCallback(Callback, io.IOMixin):
+    """
+    This callback enables recording a timeline of memory allocations during training.
+    The generated .pickle profiles can be analyzed at https://pytorch.org/memory_viz
+
+    More info about the profiles can be found [here](https://pytorch.org/blog/understanding-gpu-memory-1/).
+
+    Args:
+        dir (Optional[str]): Directory to store the memory profile dump
+        warn_cycles (Optional[bool]): Whether to enable [reference cycle detection](https://pytorch.org/blog/understanding-gpu-memory-2/)
+        rank (Optional[list[int]]): List of ranks to collect snapshot on, defaults to all if list is empty
+
+    Example:
+        >>> callback = MemoryProfileCallback(dir="/mem_profile", ranks=[0])
+        >>> trainer = Trainer(callbacks=[callback])
+    """
+
+    def __init__(self, dir: str = "/mem_profile", warn_cycles=True, ranks=[]):
+
+        self.dir = dir
+        self.ranks = ranks
+
+        os.makedirs(self.dir, exist_ok=True)
+        logging.info(f"Torch memory profiles will be written to: {self.dir}")
+
+        if warn_cycles:
+            logging.info("Enabling reference cycle detector")
+            warn_tensor_cycles()
+
+    def enable_on_rank(self) -> bool:
+        if not self.ranks:
+            return True
+        return get_rank() in self.ranks
+
+    def setup(self, trainer, pl_module, stage) -> None:
+        """PyTorch Lightning hook:
+        https://pytorch-lightning.readthedocs.io/en/stable/common/lightning_module.html#on-train-end
+        We use it here to start recording the memory profiler.
+        """
+
+        if trainer.max_steps > 1000:
+            logging.warning(
+                f"Memory profiling creates snapshots during the entire training process, \
+            where every iteration increases the size of the snapshot. \
+            Try reducing trainer.max_steps to avoid running into issues"
+            )
+
+        if torch.distributed.is_initialized() and self.enable_on_rank():
+            torch.cuda.memory._record_memory_history(max_entries=100000)
+
+    def on_train_end(self, trainer, pl_module) -> None:
+        """PyTorch Lightning hook:
+        https://pytorch-lightning.readthedocs.io/en/stable/common/lightning_module.html#on-train-end
+        We use it here to finish memory profiling and write the snapshot.
+        """
+
+        logging.info(
+            f"on_train_batch_end rank: {get_rank()} mem: {torch.cuda.memory_allocated()/1024/1024/1024} / {torch.cuda.max_memory_reserved()/1024/1024/1024}"
+        )
+
+        if torch.distributed.is_initialized() and self.enable_on_rank():
+            rank = get_rank()
+            _snapshot_path = f"{self.dir}/memory_snapshot-rank{rank}.pickle"
+            logging.info(f"Writing memory profile snapshot to {_snapshot_path}")
+            torch.cuda.memory._dump_snapshot(f"{_snapshot_path}")
+            torch.cuda.memory._record_memory_history(enabled=None)
+            logging.info(f"Finished writing memory profile snapshot: {_snapshot_path}")