diff --git a/packages/react-client/src/__tests__/ReactFlight-test.js b/packages/react-client/src/__tests__/ReactFlight-test.js
index ef93c2a02587b..6213f0b72e08e 100644
--- a/packages/react-client/src/__tests__/ReactFlight-test.js
+++ b/packages/react-client/src/__tests__/ReactFlight-test.js
@@ -138,6 +138,213 @@ describe('ReactFlight', () => {
     expect(ReactNoop).toMatchRenderedOutput(<span>Hello, Seb Smith</span>);
   });
 
+  it('can render a lazy component as a shared component on the server', async () => {
+    function SharedComponent({text}) {
+      return (
+        <div>
+          shared<span>{text}</span>
+        </div>
+      );
+    }
+
+    let load = null;
+    const loadSharedComponent = () => {
+      return new Promise(res => {
+        load = () => res({default: SharedComponent});
+      });
+    };
+
+    const LazySharedComponent = React.lazy(loadSharedComponent);
+
+    function ServerComponent() {
+      return (
+        <React.Suspense fallback={'Loading...'}>
+          <LazySharedComponent text={'a'} />
+        </React.Suspense>
+      );
+    }
+
+    const transport = ReactNoopFlightServer.render(<ServerComponent />);
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput('Loading...');
+    await load();
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput(
+      <div>
+        shared<span>a</span>
+      </div>,
+    );
+  });
+
+  it('errors on a Lazy element being used in Component position', async () => {
+    function SharedComponent({text}) {
+      return (
+        <div>
+          shared<span>{text}</span>
+        </div>
+      );
+    }
+
+    let load = null;
+
+    const LazyElementDisguisedAsComponent = React.lazy(() => {
+      return new Promise(res => {
+        load = () => res({default: <SharedComponent text={'a'} />});
+      });
+    });
+
+    function ServerComponent() {
+      return (
+        <React.Suspense fallback={'Loading...'}>
+          <LazyElementDisguisedAsComponent text={'b'} />
+        </React.Suspense>
+      );
+    }
+
+    const transport = ReactNoopFlightServer.render(<ServerComponent />);
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput('Loading...');
+    spyOnDevAndProd(console, 'error');
+    await load();
+    expect(console.error).toHaveBeenCalledTimes(1);
+  });
+
+  it('can render a lazy element', async () => {
+    function SharedComponent({text}) {
+      return (
+        <div>
+          shared<span>{text}</span>
+        </div>
+      );
+    }
+
+    let load = null;
+
+    const lazySharedElement = React.lazy(() => {
+      return new Promise(res => {
+        load = () => res({default: <SharedComponent text={'a'} />});
+      });
+    });
+
+    function ServerComponent() {
+      return (
+        <React.Suspense fallback={'Loading...'}>
+          {lazySharedElement}
+        </React.Suspense>
+      );
+    }
+
+    const transport = ReactNoopFlightServer.render(<ServerComponent />);
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput('Loading...');
+    await load();
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput(
+      <div>
+        shared<span>a</span>
+      </div>,
+    );
+  });
+
+  it('errors with lazy value in element position that resolves to Component', async () => {
+    function SharedComponent({text}) {
+      return (
+        <div>
+          shared<span>{text}</span>
+        </div>
+      );
+    }
+
+    let load = null;
+
+    const componentDisguisedAsElement = React.lazy(() => {
+      return new Promise(res => {
+        load = () => res({default: SharedComponent});
+      });
+    });
+
+    function ServerComponent() {
+      return (
+        <React.Suspense fallback={'Loading...'}>
+          {componentDisguisedAsElement}
+        </React.Suspense>
+      );
+    }
+
+    const transport = ReactNoopFlightServer.render(<ServerComponent />);
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput('Loading...');
+    spyOnDevAndProd(console, 'error');
+    await load();
+    expect(console.error).toHaveBeenCalledTimes(1);
+  });
+
+  it('can render a lazy module reference', async () => {
+    function ClientComponent() {
+      return <div>I am client</div>;
+    }
+
+    const ClientComponentReference = moduleReference(ClientComponent);
+
+    let load = null;
+    const loadClientComponentReference = () => {
+      return new Promise(res => {
+        load = () => res({default: ClientComponentReference});
+      });
+    };
+
+    const LazyClientComponentReference = React.lazy(
+      loadClientComponentReference,
+    );
+
+    function ServerComponent() {
+      return (
+        <React.Suspense fallback={'Loading...'}>
+          <LazyClientComponentReference />
+        </React.Suspense>
+      );
+    }
+
+    const transport = ReactNoopFlightServer.render(<ServerComponent />);
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput('Loading...');
+    await load();
+
+    act(() => {
+      const rootModel = ReactNoopFlightClient.read(transport);
+      ReactNoop.render(rootModel);
+    });
+    expect(ReactNoop).toMatchRenderedOutput(<div>I am client</div>);
+  });
+
   it('should error if a non-serializable value is passed to a host component', () => {
     function EventHandlerProp() {
       return (
diff --git a/packages/react-server/src/ReactFlightServer.js b/packages/react-server/src/ReactFlightServer.js
index 32a08b1eff812..e08f308a32fd5 100644
--- a/packages/react-server/src/ReactFlightServer.js
+++ b/packages/react-server/src/ReactFlightServer.js
@@ -200,6 +200,12 @@ function attemptResolveElement(
       return [REACT_ELEMENT_TYPE, type, key, props];
     }
     switch (type.$$typeof) {
+      case REACT_LAZY_TYPE: {
+        const payload = type._payload;
+        const init = type._init;
+        const wrappedType = init(payload);
+        return attemptResolveElement(wrappedType, key, ref, props);
+      }
       case REACT_FORWARD_REF_TYPE: {
         const render = type.render;
         return render(props, undefined);
@@ -452,10 +458,6 @@ export function resolveModelToJSON(
   switch (value) {
     case REACT_ELEMENT_TYPE:
       return '$';
-    case REACT_LAZY_TYPE:
-      throw new Error(
-        'React Lazy Components are not yet supported on the server.',
-      );
   }
 
   if (__DEV__) {
@@ -477,23 +479,36 @@ export function resolveModelToJSON(
   while (
     typeof value === 'object' &&
     value !== null &&
-    (value: any).$$typeof === REACT_ELEMENT_TYPE
+    ((value: any).$$typeof === REACT_ELEMENT_TYPE ||
+      (value: any).$$typeof === REACT_LAZY_TYPE)
   ) {
     if (__DEV__) {
       if (isInsideContextValue) {
         console.error('React elements are not allowed in ServerContext');
       }
     }
-    // TODO: Concatenate keys of parents onto children.
-    const element: React$Element<any> = (value: any);
+
     try {
-      // Attempt to render the server component.
-      value = attemptResolveElement(
-        element.type,
-        element.key,
-        element.ref,
-        element.props,
-      );
+      switch ((value: any).$$typeof) {
+        case REACT_ELEMENT_TYPE: {
+          // TODO: Concatenate keys of parents onto children.
+          const element: React$Element<any> = (value: any);
+          // Attempt to render the server component.
+          value = attemptResolveElement(
+            element.type,
+            element.key,
+            element.ref,
+            element.props,
+          );
+          break;
+        }
+        case REACT_LAZY_TYPE: {
+          const payload = (value: any)._payload;
+          const init = (value: any)._init;
+          value = init(payload);
+          break;
+        }
+      }
     } catch (x) {
       if (typeof x === 'object' && x !== null && typeof x.then === 'function') {
         // Something suspended, we'll need to create a new segment and resolve it later.