diff --git a/example/server/example_servlet.rb b/example/server/example_servlet.rb
index d2d4fd6a..e9d024d0 100644
--- a/example/server/example_servlet.rb
+++ b/example/server/example_servlet.rb
@@ -27,6 +27,15 @@ class Servlet < LiquidServlet
     { 'products' => products_list, 'more_products' => more_products_list, 'description' => description, 'section' => 'Snowboards', 'cool_products' => true }
   end
 
+  def settings
+    {
+      'settings' => {
+        'text' => 'Liquid',
+        'font' => 'Arial'
+      }
+    }
+  end
+
   private
 
   def products_list
diff --git a/example/server/templates/ico.liquid b/example/server/templates/ico.liquid
new file mode 100644
index 00000000..e69de29b
diff --git a/example/server/templates/settings.liquid b/example/server/templates/settings.liquid
new file mode 100644
index 00000000..e7c0cd62
--- /dev/null
+++ b/example/server/templates/settings.liquid
@@ -0,0 +1,121 @@
+<style>
+  * {
+    zoom: 1.1;
+    font-family: Menlo;
+    color: rgb(13, 13, 13);
+  }
+
+  .preview {
+    display: flex;
+    gap: 2rem;
+    margin: 1rem 0;
+  }
+
+  .preview > div {
+    flex: 1;
+  }
+
+  code, pre {
+    background: #f5f5f5;
+    padding: 0.5rem;
+    border-radius: 4px;
+    display: block;
+  }
+
+  .label {
+    font-weight: bold;
+    margin-bottom: 0.5rem;
+  }
+</style>
+
+<h1>let</h1>
+
+<hr>
+
+<div class="preview">
+  <div>
+    <div class="label">Liquid source</div>
+    <pre>
+{%- raw -%}
+{% assign text = "My text" %}
+{{ settings }}
+{{ text }}
+{%- endraw -%}
+    </pre>
+  </div>
+  <div>
+    <div class="label">HTML output</div>
+    <pre>
+{% assign text = "My text" %}
+{{ settings }}
+{{ text -}}
+    </pre>
+  </div>
+</div>
+
+<div class="preview">
+  <div>
+    <div class="label">Liquid source</div>
+    <pre>
+    {%- raw -%}
+{% let (text, font): settings %}
+  text: {{ text }},
+  font: {{ font }}
+{% endlet %}
+    {%- endraw -%}
+    </pre>
+  </div>
+  <div>
+    <div class="label">HTML output</div>
+    <pre>
+{%- let (text, font): settings %}
+  text: {{ text }},
+  font: {{ font }}
+{% endlet -%}
+    </pre>
+  </div>
+</div>
+
+<div class="preview">
+  <div>
+    <div class="label">Liquid source</div>
+    <pre>
+    {%- raw -%}
+{% let font: settings.font %}
+  text: {{ text }},
+  font: {{ font }}
+{% endlet %}
+    {%- endraw -%}
+    </pre>
+  </div>
+  <div>
+    <div class="label">HTML output</div>
+    <pre>
+{%- let font: settings.font %}
+  text: {{ text }},
+  font: {{ font }}
+{% endlet -%}
+    </pre>
+  </div>
+</div>
+
+<div class="preview">
+  <div>
+    <div class="label">Liquid source</div>
+    <pre>
+    {%- raw -%}
+Global is not impacted:
+  - text: {{ text }},
+  - font: {{ font }}
+    {%- endraw -%}
+    </pre>
+  </div>
+  <div>
+    <div class="label">HTML output</div>
+    <pre>
+Global is not impacted:
+  - text: {{ text }},
+  - font: {{ font }}
+    </pre>
+  </div>
+</div>
diff --git a/lib/liquid/tags.rb b/lib/liquid/tags.rb
index 916a63bd..f8808813 100644
--- a/lib/liquid/tags.rb
+++ b/lib/liquid/tags.rb
@@ -1,24 +1,25 @@
 # frozen_string_literal: true
 
-require_relative "tags/table_row"
-require_relative "tags/echo"
-require_relative "tags/if"
-require_relative "tags/break"
-require_relative "tags/inline_comment"
-require_relative "tags/for"
-require_relative "tags/assign"
-require_relative "tags/ifchanged"
-require_relative "tags/case"
-require_relative "tags/include"
-require_relative "tags/continue"
-require_relative "tags/capture"
-require_relative "tags/decrement"
-require_relative "tags/unless"
-require_relative "tags/increment"
-require_relative "tags/comment"
-require_relative "tags/raw"
-require_relative "tags/render"
-require_relative "tags/cycle"
+require_relative 'tags/table_row'
+require_relative 'tags/echo'
+require_relative 'tags/if'
+require_relative 'tags/break'
+require_relative 'tags/inline_comment'
+require_relative 'tags/for'
+require_relative 'tags/assign'
+require_relative 'tags/ifchanged'
+require_relative 'tags/case'
+require_relative 'tags/include'
+require_relative 'tags/continue'
+require_relative 'tags/capture'
+require_relative 'tags/decrement'
+require_relative 'tags/unless'
+require_relative 'tags/increment'
+require_relative 'tags/comment'
+require_relative 'tags/raw'
+require_relative 'tags/render'
+require_relative 'tags/cycle'
+require_relative 'tags/let'
 
 module Liquid
   module Tags
@@ -42,6 +43,7 @@ module Liquid
       'if' => If,
       'echo' => Echo,
       'tablerow' => TableRow,
+      'let' => Let,
     }.freeze
   end
 end
diff --git a/lib/liquid/tags/let.rb b/lib/liquid/tags/let.rb
new file mode 100644
index 00000000..26059a53
--- /dev/null
+++ b/lib/liquid/tags/let.rb
@@ -0,0 +1,40 @@
+# frozen_string_literal: true
+
+module Liquid
+  class Let < Liquid::Block
+    MULTI_ASSIGNMENT = /\A\(\s*(?<vars>[^)]+)\s*\):\s*(?<source>[^\s]+)\z/
+    VAR_ASSIGNMENTS  = /(?<var>[\w-]+)\s*:\s*(?<expr>[^\s,]+)/
+
+    def initialize(tag_name, markup, options)
+      super(tag_name, markup, options)
+      @assignments = parse_markup(markup.strip)
+    end
+
+    def render(context)
+      subcontext = context.new_isolated_subcontext
+
+      @assignments.each do |var, expression|
+        subcontext[var] = lookup(context, expression)
+      end
+
+      super(subcontext)
+    end
+
+    private
+
+    def parse_markup(markup)
+      if (m = MULTI_ASSIGNMENT.match(markup))
+        variables = m[:vars].split(/\s*,\s*/)
+        source    = m[:source]
+        variables.map { |v| [v, "#{source}.#{v}"] }.to_h
+      else
+        markup.scan(VAR_ASSIGNMENTS).to_h
+      end
+    end
+
+    def lookup(context, expression)
+      variable_lookup = Liquid::VariableLookup.new(expression)
+      variable_lookup.evaluate(context)
+    end
+  end
+end