diff --git a/packages/compiler-cli/src/ngtsc/indexer/src/template.ts b/packages/compiler-cli/src/ngtsc/indexer/src/template.ts
index 2906b32b355..77846bd2e11 100644
--- a/packages/compiler-cli/src/ngtsc/indexer/src/template.ts
+++ b/packages/compiler-cli/src/ngtsc/indexer/src/template.ts
@@ -28,6 +28,7 @@ import {
   TmplAstForLoopBlockEmpty,
   TmplAstIfBlock,
   TmplAstIfBlockBranch,
+  TmplAstLetDeclaration,
   TmplAstNode,
   TmplAstRecursiveVisitor,
   TmplAstReference,
@@ -351,6 +352,10 @@ class TemplateVisitor extends TmplAstRecursiveVisitor {
     this.visitAll(block.children);
   }
 
+  override visitLetDeclaration(decl: TmplAstLetDeclaration): void {
+    this.visitExpression(decl.value);
+  }
+
   /** Creates an identifier for a template element or template node. */
   private elementOrTemplateToIdentifier(
     node: TmplAstElement | TmplAstTemplate,
diff --git a/packages/compiler-cli/src/ngtsc/typecheck/extended/api/api.ts b/packages/compiler-cli/src/ngtsc/typecheck/extended/api/api.ts
index 37bf8131e4b..f33da482c24 100644
--- a/packages/compiler-cli/src/ngtsc/typecheck/extended/api/api.ts
+++ b/packages/compiler-cli/src/ngtsc/typecheck/extended/api/api.ts
@@ -27,6 +27,7 @@ import {
   TmplAstIcu,
   TmplAstIfBlock,
   TmplAstIfBlockBranch,
+  TmplAstLetDeclaration,
   TmplAstNode,
   TmplAstRecursiveVisitor,
   TmplAstReference,
@@ -264,6 +265,10 @@ class TemplateVisitor<Code extends ErrorCode>
     this.visitAllNodes(block.children);
   }
 
+  visitLetDeclaration(decl: TmplAstLetDeclaration): void {
+    this.visitAst(decl.value);
+  }
+
   getDiagnostics(template: TmplAstNode[]): NgTemplateDiagnostic<Code>[] {
     this.diagnostics = [];
     this.visitAllNodes(template);
diff --git a/packages/compiler/src/compiler.ts b/packages/compiler/src/compiler.ts
index 902eac9b8ea..3c287cc4bc4 100644
--- a/packages/compiler/src/compiler.ts
+++ b/packages/compiler/src/compiler.ts
@@ -158,6 +158,7 @@ export {
   IfBlockBranch as TmplAstIfBlockBranch,
   DeferredBlockTriggers as TmplAstDeferredBlockTriggers,
   UnknownBlock as TmplAstUnknownBlock,
+  LetDeclaration as TmplAstLetDeclaration,
 } from './render3/r3_ast';
 export * from './render3/view/t2_api';
 export * from './render3/view/t2_binder';
diff --git a/packages/compiler/src/render3/r3_ast.ts b/packages/compiler/src/render3/r3_ast.ts
index aa63b857181..919f040dfa2 100644
--- a/packages/compiler/src/render3/r3_ast.ts
+++ b/packages/compiler/src/render3/r3_ast.ts
@@ -508,6 +508,20 @@ export class UnknownBlock implements Node {
   }
 }
 
+export class LetDeclaration implements Node {
+  constructor(
+    public name: string,
+    public value: AST,
+    public sourceSpan: ParseSourceSpan,
+    public nameSpan: ParseSourceSpan,
+    public valueSpan: ParseSourceSpan,
+  ) {}
+
+  visit<Result>(visitor: Visitor<Result>): Result {
+    return visitor.visitLetDeclaration(this);
+  }
+}
+
 export class Template implements Node {
   constructor(
     // tagName is the name of the container element, if applicable.
@@ -613,6 +627,7 @@ export interface Visitor<Result = any> {
   visitIfBlock(block: IfBlock): Result;
   visitIfBlockBranch(block: IfBlockBranch): Result;
   visitUnknownBlock(block: UnknownBlock): Result;
+  visitLetDeclaration(decl: LetDeclaration): Result;
 }
 
 export class RecursiveVisitor implements Visitor<void> {
@@ -678,6 +693,7 @@ export class RecursiveVisitor implements Visitor<void> {
   visitIcu(icu: Icu): void {}
   visitDeferredTrigger(trigger: DeferredTrigger): void {}
   visitUnknownBlock(block: UnknownBlock): void {}
+  visitLetDeclaration(decl: LetDeclaration): void {}
 }
 
 export function visitAll<Result>(visitor: Visitor<Result>, nodes: Node[]): Result[] {
diff --git a/packages/compiler/src/render3/r3_template_transform.ts b/packages/compiler/src/render3/r3_template_transform.ts
index 78eaaf49baa..bdaf7a4e81f 100644
--- a/packages/compiler/src/render3/r3_template_transform.ts
+++ b/packages/compiler/src/render3/r3_template_transform.ts
@@ -6,7 +6,7 @@
  * found in the LICENSE file at https://angular.io/license
  */
 
-import {ParsedEvent, ParsedProperty, ParsedVariable} from '../expression_parser/ast';
+import {EmptyExpr, ParsedEvent, ParsedProperty, ParsedVariable} from '../expression_parser/ast';
 import * as i18n from '../i18n/i18n_ast';
 import * as html from '../ml_parser/ast';
 import {replaceNgsp} from '../ml_parser/html_whitespaces';
@@ -390,7 +390,18 @@ class HtmlAstToIvyAst implements html.Visitor {
   }
 
   visitLetDeclaration(decl: html.LetDeclaration, context: any) {
-    throw new Error('TODO: implement R3 LetDeclaration');
+    const value = this.bindingParser.parseBinding(
+      decl.value,
+      false,
+      decl.valueSpan,
+      decl.valueSpan.start.offset,
+    );
+
+    if (value.errors.length === 0 && value.ast instanceof EmptyExpr) {
+      this.reportError('@let declaration value cannot be empty', decl.valueSpan);
+    }
+
+    return new t.LetDeclaration(decl.name, value, decl.sourceSpan, decl.nameSpan, decl.valueSpan);
   }
 
   visitBlockParameter() {
@@ -899,7 +910,7 @@ class NonBindableVisitor implements html.Visitor {
   }
 
   visitLetDeclaration(decl: html.LetDeclaration, context: any) {
-    throw new Error('TODO: implement R3 LetDeclaration');
+    return new t.Text(`@let ${decl.name} = ${decl.value};`, decl.sourceSpan);
   }
 }
 
diff --git a/packages/compiler/src/render3/view/t2_binder.ts b/packages/compiler/src/render3/view/t2_binder.ts
index e398df99d80..c209048e82b 100644
--- a/packages/compiler/src/render3/view/t2_binder.ts
+++ b/packages/compiler/src/render3/view/t2_binder.ts
@@ -35,6 +35,7 @@ import {
   IfBlock,
   IfBlockBranch,
   InteractionDeferredTrigger,
+  LetDeclaration,
   Node,
   Reference,
   SwitchBlock,
@@ -273,6 +274,10 @@ class Scope implements Visitor {
     this.ingestScopedNode(content);
   }
 
+  visitLetDeclaration(decl: LetDeclaration) {
+    // TODO(crisbeto): needs further integration
+  }
+
   // Unused visitors.
   visitBoundAttribute(attr: BoundAttribute) {}
   visitBoundEvent(event: BoundEvent) {}
@@ -536,6 +541,10 @@ class DirectiveBinder<DirectiveT extends DirectiveMeta> implements Visitor {
     content.children.forEach((child) => child.visit(this));
   }
 
+  visitLetDeclaration(decl: LetDeclaration) {
+    // TODO(crisbeto): needs further integration
+  }
+
   // Unused visitors.
   visitVariable(variable: Variable): void {}
   visitReference(reference: Reference): void {}
@@ -792,6 +801,12 @@ class TemplateBinder extends RecursiveAstVisitor implements Visitor {
   visitBoundText(text: BoundText) {
     text.value.visit(this);
   }
+
+  visitLetDeclaration(decl: LetDeclaration) {
+    // TODO(crisbeto): needs further integration
+    decl.value.visit(this);
+  }
+
   override visitPipe(ast: BindingPipe, context: any): any {
     this.usedPipes.add(ast.name);
     if (!this.scope.isDeferred) {
diff --git a/packages/compiler/test/render3/r3_ast_spans_spec.ts b/packages/compiler/test/render3/r3_ast_spans_spec.ts
index d08434b25c5..a72af359246 100644
--- a/packages/compiler/test/render3/r3_ast_spans_spec.ts
+++ b/packages/compiler/test/render3/r3_ast_spans_spec.ts
@@ -247,6 +247,15 @@ class R3AstSourceSpans implements t.Visitor<void> {
     this.result.push(['UnknownBlock', humanizeSpan(block.sourceSpan)]);
   }
 
+  visitLetDeclaration(decl: t.LetDeclaration): void {
+    this.result.push([
+      'LetDeclaration',
+      humanizeSpan(decl.sourceSpan),
+      humanizeSpan(decl.nameSpan),
+      humanizeSpan(decl.valueSpan),
+    ]);
+  }
+
   private visitAll(nodes: t.Node[][]) {
     nodes.forEach((node) => t.visitAll(this, node));
   }
@@ -259,8 +268,8 @@ function humanizeSpan(span: ParseSourceSpan | null | undefined): string {
   return span.toString();
 }
 
-function expectFromHtml(html: string) {
-  return expectFromR3Nodes(parse(html).nodes);
+function expectFromHtml(html: string, options?: {tokenizeLet?: boolean}) {
+  return expectFromR3Nodes(parse(html, options).nodes);
 }
 
 function expectFromR3Nodes(nodes: t.Node[]) {
@@ -817,4 +826,12 @@ describe('R3 AST source spans', () => {
       ]);
     });
   });
+
+  describe('@let declaration', () => {
+    it('is correct for a let declaration', () => {
+      expectFromHtml('@let foo = 123;', {tokenizeLet: true}).toEqual([
+        ['LetDeclaration', '@let foo = 123', 'foo', '123'],
+      ]);
+    });
+  });
 });
diff --git a/packages/compiler/test/render3/r3_template_transform_spec.ts b/packages/compiler/test/render3/r3_template_transform_spec.ts
index 84e2f9b2273..d1be158d977 100644
--- a/packages/compiler/test/render3/r3_template_transform_spec.ts
+++ b/packages/compiler/test/render3/r3_template_transform_spec.ts
@@ -166,6 +166,10 @@ class R3AstHumanizer implements t.Visitor<void> {
     this.result.push(['UnknownBlock', block.name]);
   }
 
+  visitLetDeclaration(decl: t.LetDeclaration) {
+    this.result.push(['LetDeclaration', decl.name, unparse(decl.value)]);
+  }
+
   private visitAll(nodes: t.Node[][]) {
     nodes.forEach((node) => t.visitAll(this, node));
   }
@@ -2223,4 +2227,39 @@ describe('R3 template transform', () => {
       expectFromHtml('@unknown {}', true /* ignoreError */).toEqual([['UnknownBlock', 'unknown']]);
     });
   });
+
+  describe('@let declarations', () => {
+    function parseLet(html: string, ignoreError = false) {
+      return parse(html, {ignoreError, tokenizeLet: true});
+    }
+
+    function expectLet(html: string, ignoreError = false) {
+      const res = parseLet(html, ignoreError);
+      return expectFromR3Nodes(res.nodes);
+    }
+
+    it('should parse a let declaration', () => {
+      expectLet('@let foo = 123 + 456;').toEqual([['LetDeclaration', 'foo', '123 + 456']]);
+    });
+
+    it('should report syntax errors in the let declaration value', () => {
+      expect(() => parseLet('@let foo = {one: 1;')).toThrowError(
+        /Parser Error: Missing expected } at the end of the expression \[\{one: 1]/,
+      );
+    });
+
+    it('should report a let declaration with no value', () => {
+      expect(() => parseLet('@let foo =  ;')).toThrowError(
+        /@let declaration value cannot be empty/,
+      );
+    });
+
+    it('should produce a text node when @let is used inside ngNonBindable', () => {
+      expectLet('<div ngNonBindable>@let foo = 123;</div>').toEqual([
+        ['Element', 'div'],
+        ['TextAttribute', 'ngNonBindable', ''],
+        ['Text', '@let foo = 123;'],
+      ]);
+    });
+  });
 });
diff --git a/packages/compiler/test/render3/util/expression.ts b/packages/compiler/test/render3/util/expression.ts
index 50b57a91174..b5cbaf6a36a 100644
--- a/packages/compiler/test/render3/util/expression.ts
+++ b/packages/compiler/test/render3/util/expression.ts
@@ -203,6 +203,10 @@ class ExpressionSourceHumanizer extends e.RecursiveAstVisitor implements t.Visit
     block.expressionAlias?.visit(this);
     t.visitAll(this, block.children);
   }
+
+  visitLetDeclaration(decl: t.LetDeclaration) {
+    decl.value.visit(this);
+  }
 }
 
 /**
diff --git a/packages/compiler/test/render3/view/util.ts b/packages/compiler/test/render3/view/util.ts
index 02099311669..e9830604cb8 100644
--- a/packages/compiler/test/render3/view/util.ts
+++ b/packages/compiler/test/render3/view/util.ts
@@ -148,12 +148,14 @@ export function parseR3(
     preserveWhitespaces?: boolean;
     leadingTriviaChars?: string[];
     ignoreError?: boolean;
+    tokenizeLet?: boolean;
   } = {},
 ): Render3ParseResult {
   const htmlParser = new HtmlParser();
   const parseResult = htmlParser.parse(input, 'path:://to/template', {
     tokenizeExpansionForms: true,
     leadingTriviaChars: options.leadingTriviaChars ?? LEADING_TRIVIA_CHARS,
+    tokenizeLet: options.tokenizeLet,
   });
 
   if (parseResult.errors.length > 0 && !options.ignoreError) {
diff --git a/packages/core/schematics/utils/template_ast_visitor.ts b/packages/core/schematics/utils/template_ast_visitor.ts
index b136ea5e7c6..e2f38c4fa14 100644
--- a/packages/core/schematics/utils/template_ast_visitor.ts
+++ b/packages/core/schematics/utils/template_ast_visitor.ts
@@ -32,6 +32,7 @@ import type {
   TmplAstTextAttribute,
   TmplAstVariable,
   TmplAstUnknownBlock,
+  TmplAstLetDeclaration,
 } from '@angular/compiler';
 
 /**
@@ -79,6 +80,7 @@ export class TemplateAstVisitor implements TmplAstRecursiveVisitor {
   visitForLoopBlockEmpty(block: TmplAstForLoopBlockEmpty): void {}
   visitIfBlock(block: TmplAstIfBlock): void {}
   visitIfBlockBranch(block: TmplAstIfBlockBranch): void {}
+  visitLetDeclaration(decl: TmplAstLetDeclaration): void {}
 
   /**
    * Visits all the provided nodes in order using this Visitor's visit methods.
diff --git a/packages/language-service/src/template_target.ts b/packages/language-service/src/template_target.ts
index 7a5d57c1219..fda0c8d8c49 100644
--- a/packages/language-service/src/template_target.ts
+++ b/packages/language-service/src/template_target.ts
@@ -33,6 +33,7 @@ import {
   TmplAstIcu,
   TmplAstIfBlock,
   TmplAstIfBlockBranch,
+  TmplAstLetDeclaration,
   TmplAstNode,
   TmplAstReference,
   TmplAstSwitchBlock,
@@ -610,6 +611,10 @@ class TemplateTargetVisitor implements TmplAstVisitor {
 
   visitUnknownBlock(block: TmplAstUnknownBlock) {}
 
+  visitLetDeclaration(decl: TmplAstLetDeclaration) {
+    this.visitBinding(decl.value);
+  }
+
   visitAll(nodes: TmplAstNode[]) {
     for (const node of nodes) {
       this.visit(node);