diff --git a/.github/ISSUE_TEMPLATE/bump_gmt_checklist.md b/.github/ISSUE_TEMPLATE/bump_gmt_checklist.md
index 014c093a886..146d9f42c04 100644
--- a/.github/ISSUE_TEMPLATE/bump_gmt_checklist.md
+++ b/.github/ISSUE_TEMPLATE/bump_gmt_checklist.md
@@ -19,6 +19,7 @@ assignees: ''
 - [ ] Bump the GMT version in CI (1 PR)
   - [ ] Update `environment.yml`
   - [ ] Update `ci/requirements/docs.yml`
+  - [ ] Update `.github/workflows/benchmarks.yml`
   - [ ] Update `.github/workflows/cache_data.yaml`
   - [ ] Update `.github/workflows/ci_doctests.yaml`
   - [ ] Update `.github/workflows/ci_docs.yml`
diff --git a/.github/workflows/benchmarks.yml b/.github/workflows/benchmarks.yml
new file mode 100644
index 00000000000..2b562e9aa46
--- /dev/null
+++ b/.github/workflows/benchmarks.yml
@@ -0,0 +1,79 @@
+# Run performance benchmarks
+#
+# Continuous benchmarking using pytest-codspeed. Measures the execution speed
+# of tests marked with @pytest.mark.benchmark decorator.
+
+name: Benchmarks
+
+on:
+  # Run on pushes to the main branch
+  push:
+    branches: [ main ]
+    paths:
+      - 'pygmt/**/*.py'
+      - '!pygmt/tests/**'
+      - '.github/workflows/benchmarks.yml'
+  pull_request:
+    paths:
+      - 'pygmt/**/*.py'
+      - '!pygmt/tests/**'
+      - '.github/workflows/benchmarks.yml'
+  # `workflow_dispatch` allows CodSpeed to trigger backtest
+  # performance analysis in order to generate initial data.
+  workflow_dispatch:
+  release:
+    types:
+      - published
+
+concurrency:
+  group: ${{ github.workflow }}-${{ github.ref }}
+  cancel-in-progress: ${{ github.ref != 'refs/heads/main' }}
+
+jobs:
+  benchmarks:
+    runs-on: ubuntu-22.04
+    defaults:
+      run:
+        shell: bash -l {0}
+
+    steps:
+      # Checkout current git repository
+      - name: Checkout
+        uses: actions/checkout@v4.1.1
+        with:
+          # fetch all history so that setuptools-scm works
+          fetch-depth: 0
+
+      # Install Miniconda with conda-forge dependencies
+      - name: Setup Miniconda
+        uses: conda-incubator/setup-miniconda@v3.0.1
+        with:
+          auto-activate-base: true
+          activate-environment: ""  # base environment
+          channels: conda-forge,nodefaults
+          channel-priority: strict
+
+      # Install GMT and dependencies from conda-forge
+      - name: Install dependencies
+        run: |
+          # $CONDA is an environment variable pointing to the root of the miniconda directory
+          # Preprend $CONDA/bin to $PATH so that conda's python is used over system python
+          echo $CONDA/bin >> $GITHUB_PATH
+          conda install --solver=libmamba gmt=6.4.0 python=3.12 \
+                        numpy pandas xarray netCDF4 packaging \
+                        pytest pytest-benchmark pytest-mpl
+          python -m pip install -U pytest-codspeed setuptools
+
+      # Install the package that we want to test
+      - name: Install the package
+        run: make install
+
+      # Run the benchmark tests
+      - name: Run benchmarks
+        uses: CodSpeedHQ/action@v2.0.2
+        with:
+          run: |
+            python -c "import pygmt; pygmt.show_versions()"
+            PYGMT_USE_EXTERNAL_DISPLAY="false" python -m pytest -r P --pyargs pygmt --codspeed
+        env:
+          GMT_LIBRARY_PATH: /usr/share/miniconda/lib/
diff --git a/README.rst b/README.rst
index 9c013253999..a56aee69c13 100644
--- a/README.rst
+++ b/README.rst
@@ -22,6 +22,9 @@ PyGMT
 .. image:: https://codecov.io/gh/GenericMappingTools/pygmt/branch/main/graph/badge.svg?token=78Fu4EWstx
     :alt: Test coverage status
     :target: https://app.codecov.io/gh/GenericMappingTools/pygmt
+.. image:: https://img.shields.io/endpoint?url=https://codspeed.io/badge.json
+    :alt: CodSpeed Performance Benchmarks
+    :target: https://codspeed.io/GenericMappingTools/pygmt
 .. image:: https://img.shields.io/pypi/pyversions/pygmt.svg?style=flat-square
     :alt: Compatible Python versions.
     :target: https://pypi.python.org/pypi/pygmt
diff --git a/doc/maintenance.md b/doc/maintenance.md
index cc861eba5b2..f0615c556dd 100644
--- a/doc/maintenance.md
+++ b/doc/maintenance.md
@@ -104,6 +104,8 @@ workflow files for more details.
 12. `format-command.yml`: Format the codes using slash command
 13. `dvc-diff.yml`: Report changes in test images
 14. `slash-command-dispatch.yml`: Support slash commands in pull requests
+15. `benchmarks.yml`: Benchmarks the execution speed of tests to track performance of PyGMT functions
+
 
 ## Continuous Documentation
 
diff --git a/pygmt/tests/test_basemap.py b/pygmt/tests/test_basemap.py
index a78d909cd40..69f6bacf8a5 100644
--- a/pygmt/tests/test_basemap.py
+++ b/pygmt/tests/test_basemap.py
@@ -5,6 +5,7 @@
 from pygmt import Figure
 
 
+@pytest.mark.benchmark
 @pytest.mark.mpl_image_compare
 def test_basemap():
     """