diff --git a/app/_locales/en/messages.json b/app/_locales/en/messages.json
index 1657db0d3..58c1be582 100644
--- a/app/_locales/en/messages.json
+++ b/app/_locales/en/messages.json
@@ -843,6 +843,9 @@
     "message": "Hide $1",
     "description": "$1 is the symbol for a token (e.g. 'DAI')"
   },
+  "hideZeroBalanceTokens": {
+    "message": "Hide Tokens Without Balance"
+  },
   "history": {
     "message": "History"
   },
diff --git a/app/scripts/controllers/preferences.js b/app/scripts/controllers/preferences.js
index 539978bca..240aaaa18 100644
--- a/app/scripts/controllers/preferences.js
+++ b/app/scripts/controllers/preferences.js
@@ -61,6 +61,7 @@ export default class PreferencesController {
         autoLockTimeLimit: undefined,
         showFiatInTestnets: false,
         useNativeCurrencyAsPrimaryCurrency: true,
+        hideZeroBalanceTokens: false,
       },
       completedOnboarding: false,
       // ENS decentralized website resolution
diff --git a/ui/app/components/app/token-list/token-list.js b/ui/app/components/app/token-list/token-list.js
index 298dda081..3fcc71d38 100644
--- a/ui/app/components/app/token-list/token-list.js
+++ b/ui/app/components/app/token-list/token-list.js
@@ -6,17 +6,31 @@ import { useSelector } from 'react-redux';
 import TokenCell from '../token-cell';
 import { useI18nContext } from '../../../hooks/useI18nContext';
 import { useTokenTracker } from '../../../hooks/useTokenTracker';
-import { getAssetImages } from '../../../selectors';
-import { getTokens } from '../../../ducks/metamask/metamask';
+import {
+  getAssetImages,
+  getShouldHideZeroBalanceTokens,
+} from '../../../selectors';
+import {
+  getTokens,
+  getTokensWithBalance,
+} from '../../../ducks/metamask/metamask';
 
 export default function TokenList({ onTokenClick }) {
   const t = useI18nContext();
   const assetImages = useSelector(getAssetImages);
+  const shouldHideZeroBalanceTokens = useSelector(
+    getShouldHideZeroBalanceTokens,
+  );
   // use `isEqual` comparison function because the token array is serialized
   // from the background so it has a new reference with each background update,
   // even if the tokens haven't changed
   const tokens = useSelector(getTokens, isEqual);
-  const { loading, tokensWithBalances } = useTokenTracker(tokens, true);
+  const tokensWithBalance = useSelector(getTokensWithBalance, isEqual);
+
+  const { loading, tokensWithBalances } = useTokenTracker(
+    shouldHideZeroBalanceTokens ? tokensWithBalance : tokens,
+    true,
+  );
 
   if (loading) {
     return (
diff --git a/ui/app/ducks/metamask/metamask.js b/ui/app/ducks/metamask/metamask.js
index 31c808877..63591e5ce 100644
--- a/ui/app/ducks/metamask/metamask.js
+++ b/ui/app/ducks/metamask/metamask.js
@@ -386,3 +386,6 @@ export const getUnconnectedAccountAlertShown = (state) =>
   state.metamask.unconnectedAccountAlertShownOrigins;
 
 export const getTokens = (state) => state.metamask.tokens;
+
+export const getTokensWithBalance = (state) =>
+  state.metamask.tokens.filter((token) => Number(token.balance) > 0);
diff --git a/ui/app/pages/settings/settings-tab/settings-tab.component.js b/ui/app/pages/settings/settings-tab/settings-tab.component.js
index 74e9c8563..71aae33a6 100644
--- a/ui/app/pages/settings/settings-tab/settings-tab.component.js
+++ b/ui/app/pages/settings/settings-tab/settings-tab.component.js
@@ -41,6 +41,8 @@ export default class SettingsTab extends PureComponent {
     nativeCurrency: PropTypes.string,
     useNativeCurrencyAsPrimaryCurrency: PropTypes.bool,
     setUseNativeCurrencyAsPrimaryCurrencyPreference: PropTypes.func,
+    hideZeroBalanceTokens: PropTypes.bool,
+    setHideZeroBalanceTokens: PropTypes.func,
   };
 
   renderCurrentConversion() {
@@ -101,12 +103,35 @@ export default class SettingsTab extends PureComponent {
     );
   }
 
+  renderHideZeroBalanceTokensOptIn() {
+    const { t } = this.context;
+    const { hideZeroBalanceTokens, setHideZeroBalanceTokens } = this.props;
+
+    return (
+      <div className="settings-page__content-row" id="toggle-zero-balance">
+        <div className="settings-page__content-item">
+          <span>{t('hideZeroBalanceTokens')}</span>
+        </div>
+        <div className="settings-page__content-item">
+          <div className="settings-page__content-item-col">
+            <ToggleButton
+              value={hideZeroBalanceTokens}
+              onToggle={(value) => setHideZeroBalanceTokens(!value)}
+              offLabel={t('off')}
+              onLabel={t('on')}
+            />
+          </div>
+        </div>
+      </div>
+    );
+  }
+
   renderBlockieOptIn() {
     const { t } = this.context;
     const { useBlockie, setUseBlockie } = this.props;
 
     return (
-      <div className="settings-page__content-row">
+      <div className="settings-page__content-row" id="blockie-optin">
         <div className="settings-page__content-item">
           <span>{this.context.t('blockiesIdenticon')}</span>
         </div>
@@ -192,6 +217,7 @@ export default class SettingsTab extends PureComponent {
         {this.renderUsePrimaryCurrencyOptions()}
         {this.renderCurrentLocale()}
         {this.renderBlockieOptIn()}
+        {this.renderHideZeroBalanceTokensOptIn()}
       </div>
     );
   }
diff --git a/ui/app/pages/settings/settings-tab/settings-tab.container.js b/ui/app/pages/settings/settings-tab/settings-tab.container.js
index ce8de1363..2e964e551 100644
--- a/ui/app/pages/settings/settings-tab/settings-tab.container.js
+++ b/ui/app/pages/settings/settings-tab/settings-tab.container.js
@@ -4,6 +4,7 @@ import {
   setUseBlockie,
   updateCurrentLocale,
   setUseNativeCurrencyAsPrimaryCurrencyPreference,
+  setHideZeroBalanceTokens,
   setParticipateInMetaMetrics,
 } from '../../../store/actions';
 import { getPreferences } from '../../../selectors';
@@ -21,7 +22,10 @@ const mapStateToProps = (state) => {
     useBlockie,
     currentLocale,
   } = metamask;
-  const { useNativeCurrencyAsPrimaryCurrency } = getPreferences(state);
+  const {
+    useNativeCurrencyAsPrimaryCurrency,
+    hideZeroBalanceTokens,
+  } = getPreferences(state);
 
   return {
     warning,
@@ -31,6 +35,7 @@ const mapStateToProps = (state) => {
     nativeCurrency,
     useBlockie,
     useNativeCurrencyAsPrimaryCurrency,
+    hideZeroBalanceTokens,
   };
 };
 
@@ -44,6 +49,8 @@ const mapDispatchToProps = (dispatch) => {
     },
     setParticipateInMetaMetrics: (val) =>
       dispatch(setParticipateInMetaMetrics(val)),
+    setHideZeroBalanceTokens: (value) =>
+      dispatch(setHideZeroBalanceTokens(value)),
   };
 };
 
diff --git a/ui/app/pages/settings/settings-tab/tests/settings-tab.test.js b/ui/app/pages/settings/settings-tab/tests/settings-tab.test.js
index da3630a24..969044da7 100644
--- a/ui/app/pages/settings/settings-tab/tests/settings-tab.test.js
+++ b/ui/app/pages/settings/settings-tab/tests/settings-tab.test.js
@@ -13,6 +13,7 @@ describe('Settings Tab', function () {
     setUseBlockie: sinon.spy(),
     updateCurrentLocale: sinon.spy(),
     setUseNativeCurrencyAsPrimaryCurrencyPreference: sinon.spy(),
+    setHideZeroBalanceTokens: sinon.spy(),
     warning: '',
     currentLocale: 'en',
     useBlockie: false,
@@ -51,9 +52,16 @@ describe('Settings Tab', function () {
   });
 
   it('toggles blockies', function () {
-    const toggleBlockies = wrapper.find({ type: 'checkbox' });
+    const toggleBlockies = wrapper.find('#blockie-optin input');
 
     toggleBlockies.simulate('click');
     assert(props.setUseBlockie.calledOnce);
   });
+
+  it('toggles hiding zero balance', function () {
+    const toggleBlockies = wrapper.find('#toggle-zero-balance input');
+
+    toggleBlockies.simulate('click');
+    assert(props.setHideZeroBalanceTokens.calledOnce);
+  });
 });
diff --git a/ui/app/selectors/selectors.js b/ui/app/selectors/selectors.js
index af6e942ff..a2bbbc5a8 100644
--- a/ui/app/selectors/selectors.js
+++ b/ui/app/selectors/selectors.js
@@ -320,6 +320,11 @@ export function getShouldShowFiat(state) {
   return Boolean(isMainNet || showFiatInTestnets);
 }
 
+export function getShouldHideZeroBalanceTokens(state) {
+  const { hideZeroBalanceTokens } = getPreferences(state);
+  return hideZeroBalanceTokens;
+}
+
 export function getAdvancedInlineGasShown(state) {
   return Boolean(state.metamask.featureFlags.advancedInlineGas);
 }
diff --git a/ui/app/store/actions.js b/ui/app/store/actions.js
index d0dae9c76..56fcd3473 100644
--- a/ui/app/store/actions.js
+++ b/ui/app/store/actions.js
@@ -2046,6 +2046,10 @@ export function setUseNativeCurrencyAsPrimaryCurrencyPreference(value) {
   return setPreference('useNativeCurrencyAsPrimaryCurrency', value);
 }
 
+export function setHideZeroBalanceTokens(value) {
+  return setPreference('hideZeroBalanceTokens', value);
+}
+
 export function setShowFiatConversionOnTestnetsPreference(value) {
   return setPreference('showFiatInTestnets', value);
 }