diff --git a/refs.c b/refs.c
index 31fd391214..1304d3dd87 100644
--- a/refs.c
+++ b/refs.c
@@ -2570,3 +2570,311 @@ int ref_update_check_old_target(const char *referent, struct ref_update *update,
 			    referent, update->old_target);
 	return -1;
 }
+
+struct migration_data {
+	struct ref_store *old_refs;
+	struct ref_transaction *transaction;
+	struct strbuf *errbuf;
+};
+
+static int migrate_one_ref(const char *refname, const struct object_id *oid,
+			   int flags, void *cb_data)
+{
+	struct migration_data *data = cb_data;
+	struct strbuf symref_target = STRBUF_INIT;
+	int ret;
+
+	if (flags & REF_ISSYMREF) {
+		ret = refs_read_symbolic_ref(data->old_refs, refname, &symref_target);
+		if (ret < 0)
+			goto done;
+
+		ret = ref_transaction_update(data->transaction, refname, NULL, null_oid(),
+					     symref_target.buf, NULL,
+					     REF_SKIP_CREATE_REFLOG | REF_NO_DEREF, NULL, data->errbuf);
+		if (ret < 0)
+			goto done;
+	} else {
+		ret = ref_transaction_create(data->transaction, refname, oid,
+					     REF_SKIP_CREATE_REFLOG | REF_SKIP_OID_VERIFICATION,
+					     NULL, data->errbuf);
+		if (ret < 0)
+			goto done;
+	}
+
+done:
+	strbuf_release(&symref_target);
+	return ret;
+}
+
+static int move_files(const char *from_path, const char *to_path, struct strbuf *errbuf)
+{
+	struct strbuf from_buf = STRBUF_INIT, to_buf = STRBUF_INIT;
+	size_t from_len, to_len;
+	DIR *from_dir;
+	int ret;
+
+	from_dir = opendir(from_path);
+	if (!from_dir) {
+		strbuf_addf(errbuf, "could not open source directory '%s': %s",
+			    from_path, strerror(errno));
+		ret = -1;
+		goto done;
+	}
+
+	strbuf_addstr(&from_buf, from_path);
+	strbuf_complete(&from_buf, '/');
+	from_len = from_buf.len;
+
+	strbuf_addstr(&to_buf, to_path);
+	strbuf_complete(&to_buf, '/');
+	to_len = to_buf.len;
+
+	while (1) {
+		struct dirent *ent;
+
+		errno = 0;
+		ent = readdir(from_dir);
+		if (!ent)
+			break;
+
+		if (!strcmp(ent->d_name, ".") ||
+		    !strcmp(ent->d_name, ".."))
+			continue;
+
+		strbuf_setlen(&from_buf, from_len);
+		strbuf_addstr(&from_buf, ent->d_name);
+
+		strbuf_setlen(&to_buf, to_len);
+		strbuf_addstr(&to_buf, ent->d_name);
+
+		ret = rename(from_buf.buf, to_buf.buf);
+		if (ret < 0) {
+			strbuf_addf(errbuf, "could not link file '%s' to '%s': %s",
+				    from_buf.buf, to_buf.buf, strerror(errno));
+			goto done;
+		}
+	}
+
+	if (errno) {
+		strbuf_addf(errbuf, "could not read entry from directory '%s': %s",
+			    from_path, strerror(errno));
+		ret = -1;
+		goto done;
+	}
+
+	ret = 0;
+
+done:
+	strbuf_release(&from_buf);
+	strbuf_release(&to_buf);
+	if (from_dir)
+		closedir(from_dir);
+	return ret;
+}
+
+static int count_reflogs(const char *reflog UNUSED, void *payload)
+{
+	size_t *reflog_count = payload;
+	(*reflog_count)++;
+	return 0;
+}
+
+static int has_worktrees(void)
+{
+	struct worktree **worktrees = get_worktrees();
+	int ret = 0;
+	size_t i;
+
+	for (i = 0; worktrees[i]; i++) {
+		if (is_main_worktree(worktrees[i]))
+			continue;
+		ret = 1;
+	}
+
+	free_worktrees(worktrees);
+	return ret;
+}
+
+int repo_migrate_ref_storage_format(struct repository *repo,
+				    enum ref_storage_format format,
+				    unsigned int flags,
+				    struct strbuf *errbuf)
+{
+	struct ref_store *old_refs = NULL, *new_refs = NULL;
+	struct ref_transaction *transaction = NULL;
+	struct strbuf new_gitdir = STRBUF_INIT;
+	struct migration_data data;
+	size_t reflog_count = 0;
+	int did_migrate_refs = 0;
+	int ret;
+
+	if (repo->ref_storage_format == format) {
+		strbuf_addstr(errbuf, "current and new ref storage format are equal");
+		ret = -1;
+		goto done;
+	}
+
+	old_refs = get_main_ref_store(repo);
+
+	/*
+	 * We do not have any interfaces that would allow us to write many
+	 * reflog entries. Once we have them we can remove this restriction.
+	 */
+	if (refs_for_each_reflog(old_refs, count_reflogs, &reflog_count) < 0) {
+		strbuf_addstr(errbuf, "cannot count reflogs");
+		ret = -1;
+		goto done;
+	}
+	if (reflog_count) {
+		strbuf_addstr(errbuf, "migrating reflogs is not supported yet");
+		ret = -1;
+		goto done;
+	}
+
+	/*
+	 * Worktrees complicate the migration because every worktree has a
+	 * separate ref storage. While it should be feasible to implement, this
+	 * is pushed out to a future iteration.
+	 *
+	 * TODO: we should really be passing the caller-provided repository to
+	 * `has_worktrees()`, but our worktree subsystem doesn't yet support
+	 * that.
+	 */
+	if (has_worktrees()) {
+		strbuf_addstr(errbuf, "migrating repositories with worktrees is not supported yet");
+		ret = -1;
+		goto done;
+	}
+
+	/*
+	 * The overall logic looks like this:
+	 *
+	 *   1. Set up a new temporary directory and initialize it with the new
+	 *      format. This is where all refs will be migrated into.
+	 *
+	 *   2. Enumerate all refs and write them into the new ref storage.
+	 *      This operation is safe as we do not yet modify the main
+	 *      repository.
+	 *
+	 *   3. If we're in dry-run mode then we are done and can hand over the
+	 *      directory to the caller for inspection. If not, we now start
+	 *      with the destructive part.
+	 *
+	 *   4. Delete the old ref storage from disk. As we have a copy of refs
+	 *      in the new ref storage it's okay(ish) if we now get interrupted
+	 *      as there is an equivalent copy of all refs available.
+	 *
+	 *   5. Move the new ref storage files into place.
+	 *
+	 *   6. Change the repository format to the new ref format.
+	 */
+	strbuf_addf(&new_gitdir, "%s/%s", old_refs->gitdir, "ref_migration.XXXXXX");
+	if (!mkdtemp(new_gitdir.buf)) {
+		strbuf_addf(errbuf, "cannot create migration directory: %s",
+			    strerror(errno));
+		ret = -1;
+		goto done;
+	}
+
+	new_refs = ref_store_init(repo, format, new_gitdir.buf,
+				  REF_STORE_ALL_CAPS);
+	ret = ref_store_create_on_disk(new_refs, 0, errbuf);
+	if (ret < 0)
+		goto done;
+
+	transaction = ref_store_transaction_begin(new_refs, errbuf);
+	if (!transaction)
+		goto done;
+
+	data.old_refs = old_refs;
+	data.transaction = transaction;
+	data.errbuf = errbuf;
+
+	/*
+	 * We need to use the internal `do_for_each_ref()` here so that we can
+	 * also include broken refs and symrefs. These would otherwise be
+	 * skipped silently.
+	 *
+	 * Ideally, we would do this call while locking the old ref storage
+	 * such that there cannot be any concurrent modifications. We do not
+	 * have the infra for that though, and the "files" backend does not
+	 * allow for a central lock due to its design. It's thus on the user to
+	 * ensure that there are no concurrent writes.
+	 */
+	ret = do_for_each_ref(old_refs, "", NULL, migrate_one_ref, 0,
+			      DO_FOR_EACH_INCLUDE_ROOT_REFS | DO_FOR_EACH_INCLUDE_BROKEN,
+			      &data);
+	if (ret < 0)
+		goto done;
+
+	/*
+	 * TODO: we might want to migrate to `initial_ref_transaction_commit()`
+	 * here, which is more efficient for the files backend because it would
+	 * write new refs into the packed-refs file directly. At this point,
+	 * the files backend doesn't handle pseudo-refs and symrefs correctly
+	 * though, so this requires some more work.
+	 */
+	ret = ref_transaction_commit(transaction, errbuf);
+	if (ret < 0)
+		goto done;
+	did_migrate_refs = 1;
+
+	if (flags & REPO_MIGRATE_REF_STORAGE_FORMAT_DRYRUN) {
+		printf(_("Finished dry-run migration of refs, "
+			 "the result can be found at '%s'\n"), new_gitdir.buf);
+		ret = 0;
+		goto done;
+	}
+
+	/*
+	 * Until now we were in the non-destructive phase, where we only
+	 * populated the new ref store. From hereon though we are about
+	 * to get hands by deleting the old ref store and then moving
+	 * the new one into place.
+	 *
+	 * Assuming that there were no concurrent writes, the new ref
+	 * store should have all information. So if we fail from hereon
+	 * we may be in an in-between state, but it would still be able
+	 * to recover by manually moving remaining files from the
+	 * temporary migration directory into place.
+	 */
+	ret = ref_store_remove_on_disk(old_refs, errbuf);
+	if (ret < 0)
+		goto done;
+
+	ret = move_files(new_gitdir.buf, old_refs->gitdir, errbuf);
+	if (ret < 0)
+		goto done;
+
+	if (rmdir(new_gitdir.buf) < 0)
+		warning_errno(_("could not remove temporary migration directory '%s'"),
+			      new_gitdir.buf);
+
+	/*
+	 * We have migrated the repository, so we now need to adjust the
+	 * repository format so that clients will use the new ref store.
+	 * We also need to swap out the repository's main ref store.
+	 */
+	initialize_repository_version(hash_algo_by_ptr(repo->hash_algo), format, 1);
+
+	free(new_refs->gitdir);
+	new_refs->gitdir = xstrdup(old_refs->gitdir);
+	repo->refs_private = new_refs;
+	ref_store_release(old_refs);
+
+	ret = 0;
+
+done:
+	if (ret && did_migrate_refs) {
+		strbuf_complete(errbuf, '\n');
+		strbuf_addf(errbuf, _("migrated refs can be found at '%s'"),
+			    new_gitdir.buf);
+	}
+
+	if (ret && new_refs)
+		ref_store_release(new_refs);
+	ref_transaction_free(transaction);
+	strbuf_release(&new_gitdir);
+	return ret;
+}
diff --git a/refs.h b/refs.h
index 61ee7b7a15..76d25df4de 100644
--- a/refs.h
+++ b/refs.h
@@ -1070,6 +1070,24 @@ int is_root_ref(const char *refname);
  */
 int is_pseudo_ref(const char *refname);
 
+/*
+ * The following flags can be passed to `repo_migrate_ref_storage_format()`:
+ *
+ *   - REPO_MIGRATE_REF_STORAGE_FORMAT_DRYRUN: perform a dry-run migration
+ *     without touching the main repository. The result will be written into a
+ *     temporary ref storage directory.
+ */
+#define REPO_MIGRATE_REF_STORAGE_FORMAT_DRYRUN (1 << 0)
+
+/*
+ * Migrate the ref storage format used by the repository to the
+ * specified one.
+ */
+int repo_migrate_ref_storage_format(struct repository *repo,
+				    enum ref_storage_format format,
+				    unsigned int flags,
+				    struct strbuf *err);
+
 /*
  * The following functions have been removed in Git v2.45 in favor of functions
  * that receive a `ref_store` as parameter. The intent of this section is