diff --git a/mypy/stubtest.py b/mypy/stubtest.py
index 96f6aa5af96a..6d6b2cd76fba 100644
--- a/mypy/stubtest.py
+++ b/mypy/stubtest.py
@@ -21,7 +21,7 @@
 from contextlib import redirect_stderr, redirect_stdout
 from functools import singledispatch
 from pathlib import Path
-from typing import Any, Dict, Generic, Iterator, List, Optional, Tuple, TypeVar, Union, cast
+from typing import Any, Dict, Generic, Iterator, List, Optional, Set, Tuple, TypeVar, Union, cast
 
 import typing_extensions
 from typing_extensions import Type, get_origin
@@ -243,6 +243,38 @@ def verify(
     yield Error(object_path, "is an unknown mypy node", stub, runtime)
 
 
+def _verify_exported_names(
+    object_path: List[str], stub: nodes.MypyFile, runtime_all_as_set: Set[str]
+) -> Iterator[Error]:
+    public_names_in_stub = {m for m, o in stub.names.items() if o.module_public}
+    names_in_stub_not_runtime = sorted(public_names_in_stub - runtime_all_as_set)
+    names_in_runtime_not_stub = sorted(runtime_all_as_set - public_names_in_stub)
+    if not (names_in_runtime_not_stub or names_in_stub_not_runtime):
+        return
+    yield Error(
+        object_path,
+        (
+            "module: names exported from the stub "
+            "do not correspond to the names exported at runtime.\n"
+            "(Note: This is probably either due to an inaccurate "
+            "`__all__` in the stub, "
+            "or due to a name being declared in `__all__` "
+            "but not actually defined in the stub.)"
+        ),
+        # pass in MISSING instead of the stub and runtime objects,
+        # as the line numbers aren't very relevant here,
+        # and it makes for a prettier error message.
+        stub_object=MISSING,
+        runtime_object=MISSING,
+        stub_desc=(
+            f"Names exported in the stub but not at runtime: " f"{names_in_stub_not_runtime}"
+        ),
+        runtime_desc=(
+            f"Names exported at runtime but not in the stub: " f"{names_in_runtime_not_stub}"
+        ),
+    )
+
+
 @verify.register(nodes.MypyFile)
 def verify_mypyfile(
     stub: nodes.MypyFile, runtime: MaybeMissing[types.ModuleType], object_path: List[str]
@@ -254,6 +286,17 @@ def verify_mypyfile(
         yield Error(object_path, "is not a module", stub, runtime)
         return
 
+    runtime_all_as_set: Optional[Set[str]]
+
+    if hasattr(runtime, "__all__"):
+        runtime_all_as_set = set(runtime.__all__)
+        if "__all__" in stub.names:
+            # Only verify the contents of the stub's __all__
+            # if the stub actually defines __all__
+            yield from _verify_exported_names(object_path, stub, runtime_all_as_set)
+    else:
+        runtime_all_as_set = None
+
     # Check things in the stub
     to_check = {
         m
@@ -272,16 +315,16 @@ def _belongs_to_runtime(r: types.ModuleType, attr: str) -> bool:
         return not isinstance(obj, types.ModuleType)
 
     runtime_public_contents = (
-        runtime.__all__
-        if hasattr(runtime, "__all__")
-        else [
+        runtime_all_as_set
+        if runtime_all_as_set is not None
+        else {
             m
             for m in dir(runtime)
             if not is_probably_private(m)
             # Ensure that the object's module is `runtime`, since in the absence of __all__ we
             # don't have a good way to detect re-exports at runtime.
             and _belongs_to_runtime(runtime, m)
-        ]
+        }
     )
     # Check all things declared in module's __all__, falling back to our best guess
     to_check.update(runtime_public_contents)
diff --git a/mypy/test/teststubtest.py b/mypy/test/teststubtest.py
index 61c46ea01b91..36579f17c579 100644
--- a/mypy/test/teststubtest.py
+++ b/mypy/test/teststubtest.py
@@ -927,6 +927,37 @@ def f(): return 3
             error=None,
         )
 
+    @collect_cases
+    def test_all_at_runtime_not_stub(self) -> Iterator[Case]:
+        yield Case(
+            stub="Z: int",
+            runtime="""
+            __all__ = []
+            Z = 5""",
+            error=None,
+        )
+
+    @collect_cases
+    def test_all_in_stub_not_at_runtime(self) -> Iterator[Case]:
+        yield Case(stub="__all__ = ()", runtime="", error="__all__")
+
+    @collect_cases
+    def test_all_in_stub_different_to_all_at_runtime(self) -> Iterator[Case]:
+        # We *should* emit an error with the module name itself,
+        # if the stub *does* define __all__,
+        # but the stub's __all__ is inconsistent with the runtime's __all__
+        yield Case(
+            stub="""
+            __all__ = ['foo']
+            foo: str
+            """,
+            runtime="""
+            __all__ = []
+            foo = 'foo'
+            """,
+            error="",
+        )
+
     @collect_cases
     def test_missing(self) -> Iterator[Case]:
         yield Case(stub="x = 5", runtime="", error="x")