diff --git a/Documentation/fetch-options.txt b/Documentation/fetch-options.txt
index 2bf77b46fd..07783deee3 100644
--- a/Documentation/fetch-options.txt
+++ b/Documentation/fetch-options.txt
@@ -7,6 +7,10 @@
 	existing contents of `.git/FETCH_HEAD`.  Without this
 	option old data in `.git/FETCH_HEAD` will be overwritten.
 
+--atomic::
+	Use an atomic transaction to update local refs. Either all refs are
+	updated, or on error, no refs are updated.
+
 --depth=<depth>::
 	Limit fetching to the specified number of commits from the tip of
 	each remote branch history. If fetching to a 'shallow' repository
diff --git a/builtin/fetch.c b/builtin/fetch.c
index 654c7a7eed..51c9930d06 100644
--- a/builtin/fetch.c
+++ b/builtin/fetch.c
@@ -63,6 +63,7 @@ static int enable_auto_gc = 1;
 static int tags = TAGS_DEFAULT, unshallow, update_shallow, deepen;
 static int max_jobs = -1, submodule_fetch_jobs_config = -1;
 static int fetch_parallel_config = 1;
+static int atomic_fetch;
 static enum transport_family family;
 static const char *depth;
 static const char *deepen_since;
@@ -144,6 +145,8 @@ static struct option builtin_fetch_options[] = {
 		 N_("set upstream for git pull/fetch")),
 	OPT_BOOL('a', "append", &append,
 		 N_("append to .git/FETCH_HEAD instead of overwriting")),
+	OPT_BOOL(0, "atomic", &atomic_fetch,
+		 N_("use atomic transaction to update references")),
 	OPT_STRING(0, "upload-pack", &upload_pack, N_("path"),
 		   N_("path to upload pack on remote end")),
 	OPT__FORCE(&force, N_("force overwrite of local reference"), 0),
@@ -970,13 +973,23 @@ static void append_fetch_head(struct fetch_head *fetch_head,
 			strbuf_addch(&fetch_head->buf, url[i]);
 	strbuf_addch(&fetch_head->buf, '\n');
 
-	strbuf_write(&fetch_head->buf, fetch_head->fp);
-	strbuf_reset(&fetch_head->buf);
+	/*
+	 * When using an atomic fetch, we do not want to update FETCH_HEAD if
+	 * any of the reference updates fails. We thus have to write all
+	 * updates to a buffer first and only commit it as soon as all
+	 * references have been successfully updated.
+	 */
+	if (!atomic_fetch) {
+		strbuf_write(&fetch_head->buf, fetch_head->fp);
+		strbuf_reset(&fetch_head->buf);
+	}
 }
 
 static void commit_fetch_head(struct fetch_head *fetch_head)
 {
-	/* Nothing to commit yet. */
+	if (!fetch_head->fp || !atomic_fetch)
+		return;
+	strbuf_write(&fetch_head->buf, fetch_head->fp);
 }
 
 static void close_fetch_head(struct fetch_head *fetch_head)
@@ -1003,7 +1016,8 @@ static int store_updated_refs(const char *raw_url, const char *remote_name,
 	struct fetch_head fetch_head;
 	struct commit *commit;
 	int url_len, i, rc = 0;
-	struct strbuf note = STRBUF_INIT;
+	struct strbuf note = STRBUF_INIT, err = STRBUF_INIT;
+	struct ref_transaction *transaction = NULL;
 	const char *what, *kind;
 	struct ref *rm;
 	char *url;
@@ -1029,6 +1043,14 @@ static int store_updated_refs(const char *raw_url, const char *remote_name,
 		}
 	}
 
+	if (atomic_fetch) {
+		transaction = ref_transaction_begin(&err);
+		if (!transaction) {
+			error("%s", err.buf);
+			goto abort;
+		}
+	}
+
 	prepare_format_display(ref_map);
 
 	/*
@@ -1105,7 +1127,7 @@ static int store_updated_refs(const char *raw_url, const char *remote_name,
 
 			strbuf_reset(&note);
 			if (ref) {
-				rc |= update_local_ref(ref, NULL, what,
+				rc |= update_local_ref(ref, transaction, what,
 						       rm, &note, summary_width);
 				free(ref);
 			} else if (write_fetch_head || dry_run) {
@@ -1131,6 +1153,14 @@ static int store_updated_refs(const char *raw_url, const char *remote_name,
 		}
 	}
 
+	if (!rc && transaction) {
+		rc = ref_transaction_commit(transaction, &err);
+		if (rc) {
+			error("%s", err.buf);
+			goto abort;
+		}
+	}
+
 	if (!rc)
 		commit_fetch_head(&fetch_head);
 
@@ -1150,6 +1180,8 @@ static int store_updated_refs(const char *raw_url, const char *remote_name,
 
  abort:
 	strbuf_release(&note);
+	strbuf_release(&err);
+	ref_transaction_free(transaction);
 	free(url);
 	close_fetch_head(&fetch_head);
 	return rc;
@@ -1961,6 +1993,10 @@ int cmd_fetch(int argc, const char **argv, const char *prefix)
 			die(_("--filter can only be used with the remote "
 			      "configured in extensions.partialclone"));
 
+		if (atomic_fetch)
+			die(_("--atomic can only be used when fetching "
+			      "from one remote"));
+
 		if (stdin_refspecs)
 			die(_("--stdin can only be used when fetching "
 			      "from one remote"));
diff --git a/t/t5510-fetch.sh b/t/t5510-fetch.sh
index 2013051a64..109d15be98 100755
--- a/t/t5510-fetch.sh
+++ b/t/t5510-fetch.sh
@@ -176,6 +176,174 @@ test_expect_success 'fetch --prune --tags with refspec prunes based on refspec'
 	git rev-parse sometag
 '
 
+test_expect_success 'fetch --atomic works with a single branch' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	git branch atomic-branch &&
+	oid=$(git rev-parse atomic-branch) &&
+	echo "$oid" >expected &&
+
+	git -C atomic fetch --atomic origin &&
+	git -C atomic rev-parse origin/atomic-branch >actual &&
+	test_cmp expected actual &&
+	test $oid = "$(git -C atomic rev-parse --verify FETCH_HEAD)"
+'
+
+test_expect_success 'fetch --atomic works with multiple branches' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	git branch atomic-branch-1 &&
+	git branch atomic-branch-2 &&
+	git branch atomic-branch-3 &&
+	git rev-parse refs/heads/atomic-branch-1 refs/heads/atomic-branch-2 refs/heads/atomic-branch-3 >actual &&
+
+	git -C atomic fetch --atomic origin &&
+	git -C atomic rev-parse refs/remotes/origin/atomic-branch-1 refs/remotes/origin/atomic-branch-2 refs/remotes/origin/atomic-branch-3 >expected &&
+	test_cmp expected actual
+'
+
+test_expect_success 'fetch --atomic works with mixed branches and tags' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	git branch atomic-mixed-branch &&
+	git tag atomic-mixed-tag &&
+	git rev-parse refs/heads/atomic-mixed-branch refs/tags/atomic-mixed-tag >actual &&
+
+	git -C atomic fetch --tags --atomic origin &&
+	git -C atomic rev-parse refs/remotes/origin/atomic-mixed-branch refs/tags/atomic-mixed-tag >expected &&
+	test_cmp expected actual
+'
+
+test_expect_success 'fetch --atomic prunes references' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git branch atomic-prune-delete &&
+	git clone . atomic &&
+	git branch --delete atomic-prune-delete &&
+	git branch atomic-prune-create &&
+	git rev-parse refs/heads/atomic-prune-create >actual &&
+
+	git -C atomic fetch --prune --atomic origin &&
+	test_must_fail git -C atomic rev-parse refs/remotes/origin/atomic-prune-delete &&
+	git -C atomic rev-parse refs/remotes/origin/atomic-prune-create >expected &&
+	test_cmp expected actual
+'
+
+test_expect_success 'fetch --atomic aborts with non-fast-forward update' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git branch atomic-non-ff &&
+	git clone . atomic &&
+	git rev-parse HEAD >actual &&
+
+	git branch atomic-new-branch &&
+	parent_commit=$(git rev-parse atomic-non-ff~) &&
+	git update-ref refs/heads/atomic-non-ff $parent_commit &&
+
+	test_must_fail git -C atomic fetch --atomic origin refs/heads/*:refs/remotes/origin/* &&
+	test_must_fail git -C atomic rev-parse refs/remotes/origin/atomic-new-branch &&
+	git -C atomic rev-parse refs/remotes/origin/atomic-non-ff >expected &&
+	test_cmp expected actual &&
+	test_must_be_empty atomic/.git/FETCH_HEAD
+'
+
+test_expect_success 'fetch --atomic executes a single reference transaction only' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	git branch atomic-hooks-1 &&
+	git branch atomic-hooks-2 &&
+	head_oid=$(git rev-parse HEAD) &&
+
+	cat >expected <<-EOF &&
+		prepared
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-1
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-2
+		committed
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-1
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-2
+	EOF
+
+	rm -f atomic/actual &&
+	write_script atomic/.git/hooks/reference-transaction <<-\EOF &&
+		( echo "$*" && cat ) >>actual
+	EOF
+
+	git -C atomic fetch --atomic origin &&
+	test_cmp expected atomic/actual
+'
+
+test_expect_success 'fetch --atomic aborts all reference updates if hook aborts' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	git branch atomic-hooks-abort-1 &&
+	git branch atomic-hooks-abort-2 &&
+	git branch atomic-hooks-abort-3 &&
+	git tag atomic-hooks-abort &&
+	head_oid=$(git rev-parse HEAD) &&
+
+	cat >expected <<-EOF &&
+		prepared
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-1
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-2
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-3
+		$ZERO_OID $head_oid refs/tags/atomic-hooks-abort
+		aborted
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-1
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-2
+		$ZERO_OID $head_oid refs/remotes/origin/atomic-hooks-abort-3
+		$ZERO_OID $head_oid refs/tags/atomic-hooks-abort
+	EOF
+
+	rm -f atomic/actual &&
+	write_script atomic/.git/hooks/reference-transaction <<-\EOF &&
+		( echo "$*" && cat ) >>actual
+		exit 1
+	EOF
+
+	git -C atomic for-each-ref >expected-refs &&
+	test_must_fail git -C atomic fetch --tags --atomic origin &&
+	git -C atomic for-each-ref >actual-refs &&
+	test_cmp expected-refs actual-refs &&
+	test_must_be_empty atomic/.git/FETCH_HEAD
+'
+
+test_expect_success 'fetch --atomic --append appends to FETCH_HEAD' '
+	test_when_finished "rm -rf \"$D\"/atomic" &&
+
+	cd "$D" &&
+	git clone . atomic &&
+	oid=$(git rev-parse HEAD) &&
+
+	git branch atomic-fetch-head-1 &&
+	git -C atomic fetch --atomic origin atomic-fetch-head-1 &&
+	test_line_count = 1 atomic/.git/FETCH_HEAD &&
+
+	git branch atomic-fetch-head-2 &&
+	git -C atomic fetch --atomic --append origin atomic-fetch-head-2 &&
+	test_line_count = 2 atomic/.git/FETCH_HEAD &&
+	cp atomic/.git/FETCH_HEAD expected &&
+
+	write_script atomic/.git/hooks/reference-transaction <<-\EOF &&
+		exit 1
+	EOF
+
+	git branch atomic-fetch-head-3 &&
+	test_must_fail git -C atomic fetch --atomic --append origin atomic-fetch-head-3 &&
+	test_cmp expected atomic/.git/FETCH_HEAD
+'
+
 test_expect_success '--refmap="" ignores configured refspec' '
 	cd "$TRASH_DIRECTORY" &&
 	git clone "$D" remote-refs &&
