diff --git a/src/dev-app/theme-m3.scss b/src/dev-app/theme-m3.scss
index be4c5c3b9b4c..5894110c28d7 100644
--- a/src/dev-app/theme-m3.scss
+++ b/src/dev-app/theme-m3.scss
@@ -39,6 +39,7 @@ html {
   @include mat.card-theme($light-theme);
   @include mat.checkbox-theme($light-theme);
   @include mat.form-field-theme($light-theme);
+  @include mat.icon-theme($light-theme);
   @include mat.input-theme($light-theme);
   @include mat.list-theme($light-theme);
   @include mat.progress-bar-theme($light-theme);
@@ -66,6 +67,7 @@ html {
   @include mat.card-color($dark-theme);
   @include mat.checkbox-color($dark-theme);
   @include mat.form-field-color($dark-theme);
+  @include mat.icon-color($dark-theme);
   @include mat.input-color($dark-theme);
   @include mat.list-color($dark-theme);
   @include mat.progress-bar-color($dark-theme);
@@ -92,6 +94,7 @@ html {
     @include mat.card-density($scale-theme);
     @include mat.checkbox-density($scale-theme);
     @include mat.form-field-density($scale-theme);
+    @include mat.icon-density($scale-theme);
     @include mat.input-density($scale-theme);
     @include mat.list-density($scale-theme);
     @include mat.progress-bar-density($scale-theme);
diff --git a/src/material-experimental/theming/_custom-tokens.scss b/src/material-experimental/theming/_custom-tokens.scss
index 15566ea32c5c..21c2df88d2ca 100644
--- a/src/material-experimental/theming/_custom-tokens.scss
+++ b/src/material-experimental/theming/_custom-tokens.scss
@@ -62,6 +62,16 @@
   );
 }
 
+/// Generates custom tokens for the mat-icon.
+/// @param {Map} $systems The MDC system tokens
+/// @param {Boolean} $exclude-hardcoded Whether to exclude hardcoded token values
+/// @return {Map} A set of custom tokens for the mat-icon
+@function icon($systems, $exclude-hardcoded) {
+  @return (
+    color: _hardcode(inherit, $exclude-hardcoded),
+  );
+}
+
 /// Generates custom tokens for the mat-toolbar.
 /// @param {Map} $systems The MDC system tokens
 /// @param {Boolean} $exclude-hardcoded Whether to exclude hardcoded token values
diff --git a/src/material-experimental/theming/_m3-density.scss b/src/material-experimental/theming/_m3-density.scss
index 7646858494be..44656f2c5cfc 100644
--- a/src/material-experimental/theming/_m3-density.scss
+++ b/src/material-experimental/theming/_m3-density.scss
@@ -45,6 +45,7 @@ $_density-tokens: (
   // Custom Angular Material tokens
   (mat, card): (),
   (mat, form-fild): (),
+  (mat, icon): (),
   (mat, toolbar): (
     standard-height: (64px, 60px, 56px, 52px),
     mobile-height: (56px, 52px, 48px, 44px),
diff --git a/src/material-experimental/theming/_m3-tokens.scss b/src/material-experimental/theming/_m3-tokens.scss
index 2d51ed1dd2fc..f9f15667e34a 100644
--- a/src/material-experimental/theming/_m3-tokens.scss
+++ b/src/material-experimental/theming/_m3-tokens.scss
@@ -259,6 +259,11 @@
       custom-tokens.form-field($systems, $exclude-hardcoded),
       $token-slots
     ),
+    _namespace-tokens(
+      (mat, icon),
+      custom-tokens.icon($systems, $exclude-hardcoded),
+      $token-slots
+    ),
     _namespace-tokens(
       (mat, toolbar),
       custom-tokens.toolbar($systems, $exclude-hardcoded),
diff --git a/src/material/core/tokens/m2/_index.scss b/src/material/core/tokens/m2/_index.scss
index 0b8a09421c5a..25344c6d71a4 100644
--- a/src/material/core/tokens/m2/_index.scss
+++ b/src/material/core/tokens/m2/_index.scss
@@ -3,6 +3,7 @@
 @use '../../style/sass-utils';
 @use './mat/card' as tokens-mat-card;
 @use './mat/form-field' as tokens-mat-form-field;
+@use './mat/icon' as tokens-mat-icon;
 @use './mat/radio' as tokens-mat-radio;
 @use './mat/ripple' as tokens-mat-ripple;
 @use './mat/slide-toggle' as tokens-mat-slide-toggle;
@@ -78,6 +79,7 @@
   @return sass-utils.deep-merge-all(
       _get-tokens-for-module($theme, tokens-mat-card),
       _get-tokens-for-module($theme, tokens-mat-form-field),
+      _get-tokens-for-module($theme, tokens-mat-icon),
       _get-tokens-for-module($theme, tokens-mat-radio),
       _get-tokens-for-module($theme, tokens-mat-ripple),
       _get-tokens-for-module($theme, tokens-mat-slide-toggle),
diff --git a/src/material/icon/_icon-theme.scss b/src/material/icon/_icon-theme.scss
index a7b9a3750a2b..f239c29ef346 100644
--- a/src/material/icon/_icon-theme.scss
+++ b/src/material/icon/_icon-theme.scss
@@ -1,3 +1,4 @@
+@use 'sass:map';
 @use '../core/theming/theming';
 @use '../core/theming/inspection';
 @use '../core/tokens/m2/mat/icon' as tokens-mat-icon;
@@ -10,45 +11,76 @@
   @include token-utils.create-token-values(tokens-mat-icon.$prefix, $tokens);
 }
 
-@mixin base($theme) {}
+@mixin base($theme) {
+  @if inspection.get-theme-version($theme) == 1 {
+    @include _theme-from-tokens(inspection.get-theme-tokens($theme, base));
+  }
+  @else {}
+}
 
 @mixin color($theme) {
-  @include sass-utils.current-selector-or-root() {
-    @include token-utils.create-token-values(tokens-mat-icon.$prefix,
-      tokens-mat-icon.get-color-tokens($theme));
+  @if inspection.get-theme-version($theme) == 1 {
+    @include _theme-from-tokens(inspection.get-theme-tokens($theme, color));
   }
-
-  .mat-icon {
-    &.mat-primary {
-      @include _palette-colors($theme, primary);
+  @else {
+    @include sass-utils.current-selector-or-root() {
+      @include token-utils.create-token-values(tokens-mat-icon.$prefix,
+        tokens-mat-icon.get-color-tokens($theme));
     }
 
-    &.mat-accent {
-      @include _palette-colors($theme, accent);
-    }
+    .mat-icon {
+      &.mat-primary {
+        @include _palette-colors($theme, primary);
+      }
+
+      &.mat-accent {
+        @include _palette-colors($theme, accent);
+      }
 
-    &.mat-warn {
-      @include _palette-colors($theme, warn);
+      &.mat-warn {
+        @include _palette-colors($theme, warn);
+      }
     }
   }
 }
 
-@mixin typography($theme) {}
+@mixin typography($theme) {
+  @if inspection.get-theme-version($theme) == 1 {
+    @include _theme-from-tokens(inspection.get-theme-tokens($theme, typography));
+  }
+  @else {}
+}
 
-@mixin density($theme) {}
+@mixin density($theme) {
+  @if inspection.get-theme-version($theme) == 1 {
+    @include _theme-from-tokens(inspection.get-theme-tokens($theme, density));
+  }
+  @else {}
+}
 
 @mixin theme($theme) {
   @include theming.private-check-duplicate-theme-styles($theme, 'mat-icon') {
-    @include base($theme);
-    @if inspection.theme-has($theme, color) {
-      @include color($theme);
+    @if inspection.get-theme-version($theme) == 1 {
+      @include _theme-from-tokens(inspection.get-theme-tokens($theme));
     }
-    @if inspection.theme-has($theme, density) {
-      @include density($theme);
-    }
-    @if inspection.theme-has($theme, typography) {
-      @include typography($theme);
+    @else {
+      @include base($theme);
+      @if inspection.theme-has($theme, color) {
+        @include color($theme);
+      }
+      @if inspection.theme-has($theme, density) {
+        @include density($theme);
+      }
+      @if inspection.theme-has($theme, typography) {
+        @include typography($theme);
+      }
     }
   }
 }
 
+@mixin _theme-from-tokens($tokens) {
+  @if ($tokens != ()) {
+    @include token-utils.create-token-values(
+        tokens-mat-icon.$prefix, map.get($tokens, tokens-mat-icon.$prefix));
+  }
+}