diff --git a/Lib/string.py b/Lib/string.py
index c4f05c7223ce8a..e8cb280b3959c8 100644
--- a/Lib/string.py
+++ b/Lib/string.py
@@ -54,6 +54,14 @@ def capwords(s, sep=None):
 
 _sentinel_dict = {}
 
+
+def _safe_getitem(mapping, key, default):
+    try:
+        return mapping[key]
+    except KeyError:
+        return default
+
+
 class Template:
     """A string class for supporting $-substitutions."""
 
@@ -86,9 +94,62 @@ def __init_subclass__(cls):
 
     def __init__(self, template):
         self.template = template
+        self._substitute = self._compile_substitute(template)
+        self._safe_substitute = self._compile_safe_substitute(template)
 
     # Search for $$, $identifier, ${identifier}, and any bare $'s
 
+    def _compile_substitute(self, template):
+        parts = []
+        prev = 0
+        for mo in self.pattern.finditer(template):
+            literal = template[prev: mo.start()]
+            if literal:
+                parts.append(repr(literal))
+            prev = mo.end()
+            # Check the most common path first.
+            named = mo.group('named') or mo.group('braced')
+            if named is not None:
+                sub = "mapping[%r]" % named
+                if '\\' in sub or "'''" in sub:
+                    return None
+                parts.append("f'''{%s!s}'''" % sub)
+            elif mo.group('escaped') is not None:
+                parts.append(repr(self.delimiter))
+            else:
+                return None
+        literal = template[prev:]
+        if literal:
+            parts.append(repr(literal))
+        return eval('lambda mapping: ' + ''.join(parts))
+
+    def _compile_safe_substitute(self, template):
+        parts = []
+        prev = 0
+        for mo in self.pattern.finditer(template):
+            literal = template[prev: mo.start()]
+            if literal:
+                parts.append(repr(literal))
+            prev = mo.end()
+            # Check the most common path first.
+            named = mo.group('named') or mo.group('braced')
+            if named is not None:
+                sub = "_safe_getitem(mapping, %r, %r)" % (named, mo.group())
+                if '\\' in sub or "'''" in sub:
+                    return None
+                parts.append("f'''{%s!s}'''" % sub)
+            elif mo.group('escaped') is not None:
+                parts.append(repr(self.delimiter))
+            elif mo.group('invalid') is not None:
+                parts.append(repr(mo.group()))
+            else:
+                return None
+        literal = template[prev:]
+        if literal:
+            parts.append(repr(literal))
+        return eval('lambda mapping, _safe_getitem=_safe_getitem: ' +
+                    ''.join(parts))
+
     def _invalid(self, mo):
         i = mo.start('invalid')
         lines = self.template[:i].splitlines(keepends=True)
@@ -106,6 +167,10 @@ def substitute(self, mapping=_sentinel_dict, /, **kws):
             mapping = kws
         elif kws:
             mapping = _ChainMap(kws, mapping)
+
+        if self._substitute is not None:
+            return self._substitute(mapping)
+
         # Helper function for .sub()
         def convert(mo):
             # Check the most common path first.
@@ -125,6 +190,10 @@ def safe_substitute(self, mapping=_sentinel_dict, /, **kws):
             mapping = kws
         elif kws:
             mapping = _ChainMap(kws, mapping)
+
+        if self._safe_substitute is not None:
+            return self._safe_substitute(mapping)
+
         # Helper function for .sub()
         def convert(mo):
             named = mo.group('named') or mo.group('braced')
diff --git a/Lib/test/test_string.py b/Lib/test/test_string.py
index f6d112d8a93ec4..962ab7689d87d3 100644
--- a/Lib/test/test_string.py
+++ b/Lib/test/test_string.py
@@ -316,6 +316,9 @@ class PathPattern(Template):
         m.bag.what = 'ham'
         s = PathPattern('$bag.foo.who likes to eat a bag of $bag.what')
         self.assertEqual(s.substitute(m), 'tim likes to eat a bag of ham')
+        self.assertEqual(s.safe_substitute(m), 'tim likes to eat a bag of ham')
+        del m.bag.foo.who
+        self.assertEqual(s.safe_substitute(m), '$bag.foo.who likes to eat a bag of ham')
 
     def test_flags_override(self):
         class MyPattern(Template):
@@ -364,6 +367,9 @@ class MyPattern(Template):
         m.bag.what = 'ham'
         s = MyPattern('@bag.foo.who likes to eat a bag of @bag.what')
         self.assertEqual(s.substitute(m), 'tim likes to eat a bag of ham')
+        self.assertEqual(s.safe_substitute(m), 'tim likes to eat a bag of ham')
+        del m.bag.foo.who
+        self.assertEqual(s.safe_substitute(m), '@bag.foo.who likes to eat a bag of ham')
 
         class BadPattern(Template):
             pattern = r"""
@@ -411,6 +417,31 @@ class MyTemplate(Template):
         val = t.safe_substitute({'location': 'Cleveland'})
         self.assertEqual(val, 'PyCon in Cleveland')
 
+    def test_special_characters_in_name(self):
+        class MyTemplate(Template):
+            pattern = r"""
+            @[[](?P<braced>[^]]*)[]]    |
+            @(?P<named>[a-z]+)          |
+            (?P<escaped>@@)             |
+            (?P<invalid>@)
+            """
+        m = {
+            '\\': 'backslash',
+            "\t": 'tab',
+            '"': 'quotation mark',
+            "'": 'apostrophe',
+            '"""': 'triple quotation mark',
+            "'''": 'triple apostrophe',
+            "%": 'percent sign',
+            "$": 'dollar sign',
+            "{": 'left brace',
+            "}": 'right brace',
+        }
+        for k in m:
+            s = MyTemplate('<@[%s]>' % k)
+            self.assertEqual(s.substitute(m), '<%s>' % m[k])
+            self.assertEqual(s.safe_substitute(m), '<%s>' % m[k])
+
     def test_invalid_with_no_lines(self):
         # The error formatting for invalid templates
         # has a special case for no data that the default
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2022-11-07-12-51-54.gh-issue-72496.Nj65M_.rst b/Misc/NEWS.d/next/Core_and_Builtins/2022-11-07-12-51-54.gh-issue-72496.Nj65M_.rst
new file mode 100644
index 00000000000000..0325d39022438c
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2022-11-07-12-51-54.gh-issue-72496.Nj65M_.rst
@@ -0,0 +1 @@
+Improved the performance of string.Template