diff --git a/Include/internal/pycore_code.h b/Include/internal/pycore_code.h
index 8d832c59e36..bcbaf60f226 100644
--- a/Include/internal/pycore_code.h
+++ b/Include/internal/pycore_code.h
@@ -8,6 +8,8 @@ extern "C" {
 #  error "this header requires Py_BUILD_CORE define"
 #endif
 
+#include "pycore_lock.h"        // PyMutex
+
 
 // We hide some of the newer PyCodeObject fields behind macros.
 // This helps with backporting certain changes to 3.12.
@@ -16,6 +18,14 @@ extern "C" {
 #define _PyCode_HAS_INSTRUMENTATION(CODE) \
     (CODE->_co_instrumentation_version > 0)
 
+struct _py_code_state {
+    PyMutex mutex;
+    // Interned constants from code objects. Used by the free-threaded build.
+    struct _Py_hashtable_t *constants;
+};
+
+extern PyStatus _PyCode_Init(PyInterpreterState *interp);
+extern void _PyCode_Fini(PyInterpreterState *interp);
 
 #define CODE_MAX_WATCHERS 8
 
diff --git a/Include/internal/pycore_interp.h b/Include/internal/pycore_interp.h
index a2aec6dd4b7..86dada5061e 100644
--- a/Include/internal/pycore_interp.h
+++ b/Include/internal/pycore_interp.h
@@ -245,6 +245,7 @@ struct _is {
     struct _Py_long_state long_state;
     struct _dtoa_state dtoa;
     struct _py_func_state func_state;
+    struct _py_code_state code_state;
 
     struct _Py_dict_state dict_state;
     struct _Py_exc_state exc_state;
diff --git a/Include/internal/pycore_setobject.h b/Include/internal/pycore_setobject.h
index 41b351ead25..0494c07fe18 100644
--- a/Include/internal/pycore_setobject.h
+++ b/Include/internal/pycore_setobject.h
@@ -30,6 +30,9 @@ PyAPI_DATA(PyObject *) _PySet_Dummy;
 
 PyAPI_FUNC(int) _PySet_Contains(PySetObject *so, PyObject *key);
 
+// Clears the set without acquiring locks. Used by _PyCode_Fini.
+extern void _PySet_ClearInternal(PySetObject *so);
+
 #ifdef __cplusplus
 }
 #endif
diff --git a/Lib/test/support/__init__.py b/Lib/test/support/__init__.py
index 999fffb03ed..e2a854663dd 100644
--- a/Lib/test/support/__init__.py
+++ b/Lib/test/support/__init__.py
@@ -535,6 +535,15 @@ def suppress_immortalization(suppress=True):
     finally:
         _testinternalcapi.set_immortalize_deferred(*old_values)
 
+def skip_if_suppress_immortalization():
+    try:
+        import _testinternalcapi
+    except ImportError:
+        return
+    return unittest.skipUnless(_testinternalcapi.get_immortalize_deferred(),
+                                "requires immortalization of deferred objects")
+
+
 MS_WINDOWS = (sys.platform == 'win32')
 
 # Is not actually used in tests, but is kept for compatibility.
diff --git a/Lib/test/test_code.py b/Lib/test/test_code.py
index aa793f56225..059fab1e2ec 100644
--- a/Lib/test/test_code.py
+++ b/Lib/test/test_code.py
@@ -142,7 +142,8 @@ except ImportError:
 from test.support import (cpython_only,
                           check_impl_detail, requires_debug_ranges,
                           gc_collect, Py_GIL_DISABLED,
-                          suppress_immortalization)
+                          suppress_immortalization,
+                          skip_if_suppress_immortalization)
 from test.support.script_helper import assert_python_ok
 from test.support import threading_helper, import_helper
 from test.support.bytecode_helper import instructions_with_positions
@@ -570,11 +571,31 @@ class CodeConstsTest(unittest.TestCase):
         self.assertIsInterned(f())
 
     @cpython_only
+    @unittest.skipIf(Py_GIL_DISABLED, "free-threaded build interns all string constants")
     def test_interned_string_with_null(self):
         co = compile(r'res = "str\0value!"', '?', 'exec')
         v = self.find_const(co.co_consts, 'str\0value!')
         self.assertIsNotInterned(v)
 
+    @cpython_only
+    @unittest.skipUnless(Py_GIL_DISABLED, "does not intern all constants")
+    @skip_if_suppress_immortalization()
+    def test_interned_constants(self):
+        # compile separately to avoid compile time de-duping
+
+        globals = {}
+        exec(textwrap.dedent("""
+            def func1():
+                return (0.0, (1, 2, "hello"))
+        """), globals)
+
+        exec(textwrap.dedent("""
+            def func2():
+                return (0.0, (1, 2, "hello"))
+        """), globals)
+
+        self.assertTrue(globals["func1"]() is globals["func2"]())
+
 
 class CodeWeakRefTest(unittest.TestCase):
 
diff --git a/Lib/test/test_ctypes/test_internals.py b/Lib/test/test_ctypes/test_internals.py
index 94c9a86c2d0..778da6573da 100644
--- a/Lib/test/test_ctypes/test_internals.py
+++ b/Lib/test/test_ctypes/test_internals.py
@@ -28,7 +28,7 @@ class ObjectsTestCase(unittest.TestCase):
         self.assertEqual(ci._objects, None)
 
     def test_c_char_p(self):
-        s = b"Hello, World"
+        s = "Hello, World".encode("ascii")
         refcnt = sys.getrefcount(s)
         cs = c_char_p(s)
         self.assertEqual(refcnt + 1, sys.getrefcount(s))
diff --git a/Lib/test/test_ctypes/test_python_api.py b/Lib/test/test_ctypes/test_python_api.py
index 77da3585592..1072a109833 100644
--- a/Lib/test/test_ctypes/test_python_api.py
+++ b/Lib/test/test_ctypes/test_python_api.py
@@ -47,7 +47,7 @@ class PythonAPITestCase(unittest.TestCase):
 
     @support.refcount_test
     def test_PyObj_FromPtr(self):
-        s = "abc def ghi jkl"
+        s = object()
         ref = sys.getrefcount(s)
         # id(python-object) is the address
         pyobj = _ctypes.PyObj_FromPtr(id(s))
diff --git a/Lib/test/test_memoryio.py b/Lib/test/test_memoryio.py
index 8192502a407..95629ed862d 100644
--- a/Lib/test/test_memoryio.py
+++ b/Lib/test/test_memoryio.py
@@ -801,7 +801,7 @@ class CBytesIOTest(PyBytesIOTest):
 
     def _test_cow_mutation(self, mutation):
         # Common code for all BytesIO copy-on-write mutation tests.
-        imm = b' ' * 1024
+        imm = (' ' * 1024).encode("ascii")
         old_rc = sys.getrefcount(imm)
         memio = self.ioclass(imm)
         self.assertEqual(sys.getrefcount(imm), old_rc + 1)
diff --git a/Modules/_testinternalcapi.c b/Modules/_testinternalcapi.c
index de98af32b5d..e209c7e0526 100644
--- a/Modules/_testinternalcapi.c
+++ b/Modules/_testinternalcapi.c
@@ -1985,6 +1985,17 @@ set_immortalize_deferred(PyObject *self, PyObject *value)
 #endif
 }
 
+static PyObject *
+get_immortalize_deferred(PyObject *self, PyObject *Py_UNUSED(ignored))
+{
+#ifdef Py_GIL_DISABLED
+    PyInterpreterState *interp = PyInterpreterState_Get();
+    return PyBool_FromLong(interp->gc.immortalize.enable_on_thread_created);
+#else
+    Py_RETURN_FALSE;
+#endif
+}
+
 static PyObject *
 has_inline_values(PyObject *self, PyObject *obj)
 {
@@ -2081,6 +2092,7 @@ static PyMethodDef module_functions[] = {
     {"py_thread_id", get_py_thread_id, METH_NOARGS},
 #endif
     {"set_immortalize_deferred", set_immortalize_deferred, METH_VARARGS},
+    {"get_immortalize_deferred", get_immortalize_deferred, METH_NOARGS},
 #ifdef _Py_TIER2
     {"uop_symbols_test", _Py_uop_symbols_test, METH_NOARGS},
 #endif
diff --git a/Objects/codeobject.c b/Objects/codeobject.c
index 2ce5f7dca2e..3d804f73a54 100644
--- a/Objects/codeobject.c
+++ b/Objects/codeobject.c
@@ -5,6 +5,8 @@
 
 #include "pycore_code.h"          // _PyCodeConstructor
 #include "pycore_frame.h"         // FRAME_SPECIALS_SIZE
+#include "pycore_hashtable.h"     // _Py_hashtable_t
+#include "pycore_initconfig.h"    // _PyStatus_OK()
 #include "pycore_interp.h"        // PyInterpreterState.co_extra_freefuncs
 #include "pycore_object.h"        // _PyObject_SetDeferredRefcount
 #include "pycore_opcode_metadata.h" // _PyOpcode_Deopt, _PyOpcode_Caches
@@ -100,10 +102,20 @@ PyCode_ClearWatcher(int watcher_id)
  * generic helpers
  ******************/
 
-/* all_name_chars(s): true iff s matches [a-zA-Z0-9_]* */
 static int
-all_name_chars(PyObject *o)
+should_intern_string(PyObject *o)
 {
+#ifdef Py_GIL_DISABLED
+    // The free-threaded build interns (and immortalizes) all string constants
+    // unless we've disabled immortalizing objects that use deferred reference
+    // counting.
+    PyInterpreterState *interp = _PyInterpreterState_GET();
+    if (interp->gc.immortalize.enable_on_thread_created) {
+        return 1;
+    }
+#endif
+
+    // compute if s matches [a-zA-Z0-9_]
     const unsigned char *s, *e;
 
     if (!PyUnicode_IS_ASCII(o))
@@ -118,6 +130,10 @@ all_name_chars(PyObject *o)
     return 1;
 }
 
+#ifdef Py_GIL_DISABLED
+static PyObject *intern_one_constant(PyObject *op);
+#endif
+
 static int
 intern_strings(PyObject *tuple)
 {
@@ -135,14 +151,16 @@ intern_strings(PyObject *tuple)
     return 0;
 }
 
-/* Intern selected string constants */
+/* Intern constants. In the default build, this interns selected string
+   constants. In the free-threaded build, this also interns non-string
+   constants. */
 static int
-intern_string_constants(PyObject *tuple, int *modified)
+intern_constants(PyObject *tuple, int *modified)
 {
     for (Py_ssize_t i = PyTuple_GET_SIZE(tuple); --i >= 0; ) {
         PyObject *v = PyTuple_GET_ITEM(tuple, i);
         if (PyUnicode_CheckExact(v)) {
-            if (all_name_chars(v)) {
+            if (should_intern_string(v)) {
                 PyObject *w = v;
                 PyUnicode_InternInPlace(&v);
                 if (w != v) {
@@ -154,7 +172,7 @@ intern_string_constants(PyObject *tuple, int *modified)
             }
         }
         else if (PyTuple_CheckExact(v)) {
-            if (intern_string_constants(v, NULL) < 0) {
+            if (intern_constants(v, NULL) < 0) {
                 return -1;
             }
         }
@@ -165,7 +183,7 @@ intern_string_constants(PyObject *tuple, int *modified)
                 return -1;
             }
             int tmp_modified = 0;
-            if (intern_string_constants(tmp, &tmp_modified) < 0) {
+            if (intern_constants(tmp, &tmp_modified) < 0) {
                 Py_DECREF(tmp);
                 return -1;
             }
@@ -184,6 +202,59 @@ intern_string_constants(PyObject *tuple, int *modified)
             }
             Py_DECREF(tmp);
         }
+#ifdef Py_GIL_DISABLED
+        else if (PySlice_Check(v)) {
+            PySliceObject *slice = (PySliceObject *)v;
+            PyObject *tmp = PyTuple_New(3);
+            if (tmp == NULL) {
+                return -1;
+            }
+            PyTuple_SET_ITEM(tmp, 0, Py_NewRef(slice->start));
+            PyTuple_SET_ITEM(tmp, 1, Py_NewRef(slice->stop));
+            PyTuple_SET_ITEM(tmp, 2, Py_NewRef(slice->step));
+            int tmp_modified = 0;
+            if (intern_constants(tmp, &tmp_modified) < 0) {
+                Py_DECREF(tmp);
+                return -1;
+            }
+            if (tmp_modified) {
+                v = PySlice_New(PyTuple_GET_ITEM(tmp, 0),
+                                PyTuple_GET_ITEM(tmp, 1),
+                                PyTuple_GET_ITEM(tmp, 2));
+                if (v == NULL) {
+                    Py_DECREF(tmp);
+                    return -1;
+                }
+                PyTuple_SET_ITEM(tuple, i, v);
+                Py_DECREF(slice);
+                if (modified) {
+                    *modified = 1;
+                }
+            }
+            Py_DECREF(tmp);
+        }
+
+        // Intern non-string consants in the free-threaded build, but only if
+        // we are also immortalizing objects that use deferred reference
+        // counting.
+        PyThreadState *tstate = PyThreadState_GET();
+        if (!_Py_IsImmortal(v) && !PyCode_Check(v) &&
+            !PyUnicode_CheckExact(v) &&
+            tstate->interp->gc.immortalize.enable_on_thread_created)
+        {
+            PyObject *interned = intern_one_constant(v);
+            if (interned == NULL) {
+                return -1;
+            }
+            else if (interned != v) {
+                PyTuple_SET_ITEM(tuple, i, interned);
+                Py_SETREF(v, interned);
+                if (modified) {
+                    *modified = 1;
+                }
+            }
+        }
+#endif
     }
     return 0;
 }
@@ -540,18 +611,41 @@ remove_column_info(PyObject *locations)
     return res;
 }
 
+static int
+intern_code_constants(struct _PyCodeConstructor *con)
+{
+#ifdef Py_GIL_DISABLED
+    PyInterpreterState *interp = _PyInterpreterState_GET();
+    struct _py_code_state *state = &interp->code_state;
+    PyMutex_Lock(&state->mutex);
+#endif
+    if (intern_strings(con->names) < 0) {
+        goto error;
+    }
+    if (intern_constants(con->consts, NULL) < 0) {
+        goto error;
+    }
+    if (intern_strings(con->localsplusnames) < 0) {
+        goto error;
+    }
+#ifdef Py_GIL_DISABLED
+    PyMutex_Unlock(&state->mutex);
+#endif
+    return 0;
+
+error:
+#ifdef Py_GIL_DISABLED
+    PyMutex_Unlock(&state->mutex);
+#endif
+    return -1;
+}
+
 /* The caller is responsible for ensuring that the given data is valid. */
 
 PyCodeObject *
 _PyCode_New(struct _PyCodeConstructor *con)
 {
-    if (intern_strings(con->names) < 0) {
-        return NULL;
-    }
-    if (intern_string_constants(con->consts, NULL) < 0) {
-        return NULL;
-    }
-    if (intern_strings(con->localsplusnames) < 0) {
+    if (intern_code_constants(con) < 0) {
         return NULL;
     }
 
@@ -2397,3 +2491,183 @@ _PyCode_ConstantKey(PyObject *op)
     }
     return key;
 }
+
+#ifdef Py_GIL_DISABLED
+static PyObject *
+intern_one_constant(PyObject *op)
+{
+    PyInterpreterState *interp = _PyInterpreterState_GET();
+    _Py_hashtable_t *consts = interp->code_state.constants;
+
+    assert(!PyUnicode_CheckExact(op));  // strings are interned separately
+
+    _Py_hashtable_entry_t *entry = _Py_hashtable_get_entry(consts, op);
+    if (entry == NULL) {
+        if (_Py_hashtable_set(consts, op, op) != 0) {
+            return NULL;
+        }
+
+#ifdef Py_REF_DEBUG
+        Py_ssize_t refcnt = Py_REFCNT(op);
+        if (refcnt != 1) {
+            // Adjust the reftotal to account for the fact that we only
+            // restore a single reference in _PyCode_Fini.
+            _Py_AddRefTotal(_PyThreadState_GET(), -(refcnt - 1));
+        }
+#endif
+
+        _Py_SetImmortal(op);
+        return op;
+    }
+
+    assert(_Py_IsImmortal(entry->value));
+    return (PyObject *)entry->value;
+}
+
+static int
+compare_constants(const void *key1, const void *key2) {
+    PyObject *op1 = (PyObject *)key1;
+    PyObject *op2 = (PyObject *)key2;
+    if (op1 == op2) {
+        return 1;
+    }
+    if (Py_TYPE(op1) != Py_TYPE(op2)) {
+        return 0;
+    }
+    // We compare container contents by identity because we have already
+    // internalized the items.
+    if (PyTuple_CheckExact(op1)) {
+        Py_ssize_t size = PyTuple_GET_SIZE(op1);
+        if (size != PyTuple_GET_SIZE(op2)) {
+            return 0;
+        }
+        for (Py_ssize_t i = 0; i < size; i++) {
+            if (PyTuple_GET_ITEM(op1, i) != PyTuple_GET_ITEM(op2, i)) {
+                return 0;
+            }
+        }
+        return 1;
+    }
+    else if (PyFrozenSet_CheckExact(op1)) {
+        if (PySet_GET_SIZE(op1) != PySet_GET_SIZE(op2)) {
+            return 0;
+        }
+        Py_ssize_t pos1 = 0, pos2 = 0;
+        PyObject *obj1, *obj2;
+        Py_hash_t hash1, hash2;
+        while ((_PySet_NextEntry(op1, &pos1, &obj1, &hash1)) &&
+               (_PySet_NextEntry(op2, &pos2, &obj2, &hash2)))
+        {
+            if (obj1 != obj2) {
+                return 0;
+            }
+        }
+        return 1;
+    }
+    else if (PySlice_Check(op1)) {
+        PySliceObject *s1 = (PySliceObject *)op1;
+        PySliceObject *s2 = (PySliceObject *)op2;
+        return (s1->start == s2->start &&
+                s1->stop  == s2->stop  &&
+                s1->step  == s2->step);
+    }
+    else if (PyBytes_CheckExact(op1) || PyLong_CheckExact(op1)) {
+        return PyObject_RichCompareBool(op1, op2, Py_EQ);
+    }
+    else if (PyFloat_CheckExact(op1)) {
+        // Ensure that, for example, +0.0 and -0.0 are distinct
+        double f1 = PyFloat_AS_DOUBLE(op1);
+        double f2 = PyFloat_AS_DOUBLE(op2);
+        return memcmp(&f1, &f2, sizeof(double)) == 0;
+    }
+    else if (PyComplex_CheckExact(op1)) {
+        Py_complex c1 = ((PyComplexObject *)op1)->cval;
+        Py_complex c2 = ((PyComplexObject *)op2)->cval;
+        return memcmp(&c1, &c2, sizeof(Py_complex)) == 0;
+    }
+    _Py_FatalErrorFormat("unexpected type in compare_constants: %s",
+                         Py_TYPE(op1)->tp_name);
+    return 0;
+}
+
+static Py_uhash_t
+hash_const(const void *key)
+{
+    PyObject *op = (PyObject *)key;
+    if (PySlice_Check(op)) {
+        PySliceObject *s = (PySliceObject *)op;
+        PyObject *data[3] = { s->start, s->stop, s->step };
+        return _Py_HashBytes(&data, sizeof(data));
+    }
+    else if (PyTuple_CheckExact(op)) {
+        Py_ssize_t size = PyTuple_GET_SIZE(op);
+        PyObject **data = _PyTuple_ITEMS(op);
+        return _Py_HashBytes(data, sizeof(PyObject *) * size);
+    }
+    Py_hash_t h = PyObject_Hash(op);
+    if (h == -1) {
+        // This should never happen: all the constants we support have
+        // infallible hash functions.
+        Py_FatalError("code: hash failed");
+    }
+    return (Py_uhash_t)h;
+}
+
+static int
+clear_containers(_Py_hashtable_t *ht, const void *key, const void *value,
+                 void *user_data)
+{
+    // First clear containers to avoid recursive deallocation later on in
+    // destroy_key.
+    PyObject *op = (PyObject *)key;
+    if (PyTuple_CheckExact(op)) {
+        for (Py_ssize_t i = 0; i < PyTuple_GET_SIZE(op); i++) {
+            Py_CLEAR(_PyTuple_ITEMS(op)[i]);
+        }
+    }
+    else if (PySlice_Check(op)) {
+        PySliceObject *slice = (PySliceObject *)op;
+        Py_SETREF(slice->start, Py_None);
+        Py_SETREF(slice->stop, Py_None);
+        Py_SETREF(slice->step, Py_None);
+    }
+    else if (PyFrozenSet_CheckExact(op)) {
+        _PySet_ClearInternal((PySetObject *)op);
+    }
+    return 0;
+}
+
+static void
+destroy_key(void *key)
+{
+    _Py_ClearImmortal(key);
+}
+#endif
+
+PyStatus
+_PyCode_Init(PyInterpreterState *interp)
+{
+#ifdef Py_GIL_DISABLED
+    struct _py_code_state *state = &interp->code_state;
+    state->constants = _Py_hashtable_new_full(&hash_const, &compare_constants,
+                                              &destroy_key, NULL, NULL);
+    if (state->constants == NULL) {
+        return _PyStatus_NO_MEMORY();
+    }
+#endif
+    return _PyStatus_OK();
+}
+
+void
+_PyCode_Fini(PyInterpreterState *interp)
+{
+#ifdef Py_GIL_DISABLED
+    // Free interned constants
+    struct _py_code_state *state = &interp->code_state;
+    if (state->constants) {
+        _Py_hashtable_foreach(state->constants, &clear_containers, NULL);
+        _Py_hashtable_destroy(state->constants);
+        state->constants = NULL;
+    }
+#endif
+}
diff --git a/Objects/setobject.c b/Objects/setobject.c
index 19975e3d4d1..68986bb6a6b 100644
--- a/Objects/setobject.c
+++ b/Objects/setobject.c
@@ -2621,6 +2621,12 @@ PySet_Clear(PyObject *set)
     return 0;
 }
 
+void
+_PySet_ClearInternal(PySetObject *so)
+{
+    (void)set_clear_internal(so);
+}
+
 int
 PySet_Contains(PyObject *anyset, PyObject *key)
 {
diff --git a/Python/bltinmodule.c b/Python/bltinmodule.c
index e7b60ebca5e..d192d5be751 100644
--- a/Python/bltinmodule.c
+++ b/Python/bltinmodule.c
@@ -866,8 +866,21 @@ builtin_compile_impl(PyObject *module, PyObject *source, PyObject *filename,
     if (str == NULL)
         goto error;
 
+#ifdef Py_GIL_DISABLED
+    // gh-118527: Disable immortalization of code constants for explicit
+    // compile() calls to get consistent frozen outputs between the default
+    // and free-threaded builds.
+    PyInterpreterState *interp = _PyInterpreterState_GET();
+    int old_value = interp->gc.immortalize.enable_on_thread_created;
+    interp->gc.immortalize.enable_on_thread_created = 0;
+#endif
+
     result = Py_CompileStringObject(str, filename, start[compile_mode], &cf, optimize);
 
+#ifdef Py_GIL_DISABLED
+    interp->gc.immortalize.enable_on_thread_created = old_value;
+#endif
+
     Py_XDECREF(source_copy);
     goto finally;
 
diff --git a/Python/pylifecycle.c b/Python/pylifecycle.c
index f24b0482c2b..67bbbd01ca0 100644
--- a/Python/pylifecycle.c
+++ b/Python/pylifecycle.c
@@ -854,6 +854,11 @@ pycore_interp_init(PyThreadState *tstate)
         return status;
     }
 
+    status = _PyCode_Init(interp);
+    if (_PyStatus_EXCEPTION(status)) {
+        return status;
+    }
+
     status = _PyDtoa_Init(interp);
     if (_PyStatus_EXCEPTION(status)) {
         return status;
@@ -1827,6 +1832,8 @@ finalize_interp_types(PyInterpreterState *interp)
 
     _PyTypes_Fini(interp);
 
+    _PyCode_Fini(interp);
+
     // Call _PyUnicode_ClearInterned() before _PyDict_Fini() since it uses
     // a dict internally.
     _PyUnicode_ClearInterned(interp);
diff --git a/Python/pystate.c b/Python/pystate.c
index f442d87ba31..7c75263b7e5 100644
--- a/Python/pystate.c
+++ b/Python/pystate.c
@@ -404,6 +404,7 @@ _Py_COMP_DIAG_POP
         &(runtime)->audit_hooks.mutex, \
         &(runtime)->allocators.mutex, \
         &(runtime)->_main_interpreter.types.mutex, \
+        &(runtime)->_main_interpreter.code_state.mutex, \
     }
 
 static void