diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3ba3bf091a8..9f4f8d87c7a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -15,6 +15,7 @@ This project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.htm
 ### Fixed
 
 - Fix `ContainerID` resource detection on systemd when cgroup path has a colon. (#4449)
+- Fix `go.opentelemetry.io/otel/sdk/metric` to cache instruments to avoid leaking memory when the same instrument is created multiple times. (#4820)
 
 ## [1.23.0-rc.1] 2024-01-18
 
diff --git a/sdk/metric/cache.go b/sdk/metric/cache.go
index de9d6f0019d..e9c0b38d0bc 100644
--- a/sdk/metric/cache.go
+++ b/sdk/metric/cache.go
@@ -52,3 +52,43 @@ func (c *cache[K, V]) Lookup(key K, f func() V) V {
 	c.data[key] = val
 	return val
 }
+
+// HasKey returns true if Lookup has previously been called with that key
+//
+// HasKey is safe to call concurrently.
+func (c *cache[K, V]) HasKey(key K) bool {
+	c.Lock()
+	defer c.Unlock()
+	_, ok := c.data[key]
+	return ok
+}
+
+// cacheWithErr is a locking storage used to quickly return already computed values and an error.
+//
+// The zero value of a cacheWithErr is empty and ready to use.
+//
+// A cacheWithErr must not be copied after first use.
+//
+// All methods of a cacheWithErr are safe to call concurrently.
+type cacheWithErr[K comparable, V any] struct {
+	cache[K, valAndErr[V]]
+}
+
+type valAndErr[V any] struct {
+	val V
+	err error
+}
+
+// Lookup returns the value stored in the cacheWithErr with the associated key
+// if it exists. Otherwise, f is called and its returned value is set in the
+// cacheWithErr for key and returned.
+//
+// Lookup is safe to call concurrently. It will hold the cacheWithErr lock, so f
+// should not block excessively.
+func (c *cacheWithErr[K, V]) Lookup(key K, f func() (V, error)) (V, error) {
+	combined := c.cache.Lookup(key, func() valAndErr[V] {
+		val, err := f()
+		return valAndErr[V]{val: val, err: err}
+	})
+	return combined.val, combined.err
+}
diff --git a/sdk/metric/meter.go b/sdk/metric/meter.go
index 76f1e70a3d1..88710563517 100644
--- a/sdk/metric/meter.go
+++ b/sdk/metric/meter.go
@@ -41,6 +41,11 @@ type meter struct {
 	scope instrumentation.Scope
 	pipes pipelines
 
+	int64Insts             *cacheWithErr[instID, *int64Inst]
+	float64Insts           *cacheWithErr[instID, *float64Inst]
+	int64ObservableInsts   *cacheWithErr[instID, int64Observable]
+	float64ObservableInsts *cacheWithErr[instID, float64Observable]
+
 	int64Resolver   resolver[int64]
 	float64Resolver resolver[float64]
 }
@@ -50,11 +55,20 @@ func newMeter(s instrumentation.Scope, p pipelines) *meter {
 	// meter is asked to create are logged to the user.
 	var viewCache cache[string, instID]
 
+	var int64Insts cacheWithErr[instID, *int64Inst]
+	var float64Insts cacheWithErr[instID, *float64Inst]
+	var int64ObservableInsts cacheWithErr[instID, int64Observable]
+	var float64ObservableInsts cacheWithErr[instID, float64Observable]
+
 	return &meter{
-		scope:           s,
-		pipes:           p,
-		int64Resolver:   newResolver[int64](p, &viewCache),
-		float64Resolver: newResolver[float64](p, &viewCache),
+		scope:                  s,
+		pipes:                  p,
+		int64Insts:             &int64Insts,
+		float64Insts:           &float64Insts,
+		int64ObservableInsts:   &int64ObservableInsts,
+		float64ObservableInsts: &float64ObservableInsts,
+		int64Resolver:          newResolver[int64](p, &viewCache),
+		float64Resolver:        newResolver[float64](p, &viewCache),
 	}
 }
 
@@ -108,32 +122,48 @@ func (m *meter) Int64Histogram(name string, options ...metric.Int64HistogramOpti
 // int64ObservableInstrument returns a new observable identified by the Instrument.
 // It registers callbacks for each reader's pipeline.
 func (m *meter) int64ObservableInstrument(id Instrument, callbacks []metric.Int64Callback) (int64Observable, error) {
-	inst := newInt64Observable(m, id.Kind, id.Name, id.Description, id.Unit)
-	for _, insert := range m.int64Resolver.inserters {
-		// Connect the measure functions for instruments in this pipeline with the
-		// callbacks for this pipeline.
-		in, err := insert.Instrument(id, insert.readerDefaultAggregation(id.Kind))
-		if err != nil {
-			return inst, err
-		}
-		// Drop aggregation
-		if len(in) == 0 {
-			inst.dropAggregation = true
-			continue
-		}
-		inst.appendMeasures(in)
-		for _, cback := range callbacks {
-			inst := int64Observer{measures: in}
-			insert.addCallback(func(ctx context.Context) error { return cback(ctx, inst) })
+	key := instID{
+		Name:        id.Name,
+		Description: id.Description,
+		Unit:        id.Unit,
+		Kind:        id.Kind,
+	}
+	if m.int64ObservableInsts.HasKey(key) && len(callbacks) > 0 {
+		warnRepeatedObservableCallbacks(id)
+	}
+	return m.int64ObservableInsts.Lookup(key, func() (int64Observable, error) {
+		inst := newInt64Observable(m, id.Kind, id.Name, id.Description, id.Unit)
+		for _, insert := range m.int64Resolver.inserters {
+			// Connect the measure functions for instruments in this pipeline with the
+			// callbacks for this pipeline.
+			in, err := insert.Instrument(id, insert.readerDefaultAggregation(id.Kind))
+			if err != nil {
+				return inst, err
+			}
+			// Drop aggregation
+			if len(in) == 0 {
+				inst.dropAggregation = true
+				continue
+			}
+			inst.appendMeasures(in)
+			for _, cback := range callbacks {
+				inst := int64Observer{measures: in}
+				insert.addCallback(func(ctx context.Context) error { return cback(ctx, inst) })
+			}
 		}
-	}
-	return inst, validateInstrumentName(id.Name)
+		return inst, validateInstrumentName(id.Name)
+	})
 }
 
 // Int64ObservableCounter returns a new instrument identified by name and
 // configured with options. The instrument is used to asynchronously record
 // increasing int64 measurements once per a measurement collection cycle.
 // Only the measurements recorded during the collection cycle are exported.
+//
+// If Int64ObservableCounter is invoked repeatedly with the same Name,
+// Description, and Unit, only the first set of callbacks provided are used.
+// Use meter.RegisterCallback and Registration.Unregister to manage callbacks
+// if instrumentation can be created multiple times with different callbacks.
 func (m *meter) Int64ObservableCounter(name string, options ...metric.Int64ObservableCounterOption) (metric.Int64ObservableCounter, error) {
 	cfg := metric.NewInt64ObservableCounterConfig(options...)
 	id := Instrument{
@@ -225,32 +255,48 @@ func (m *meter) Float64Histogram(name string, options ...metric.Float64Histogram
 // float64ObservableInstrument returns a new observable identified by the Instrument.
 // It registers callbacks for each reader's pipeline.
 func (m *meter) float64ObservableInstrument(id Instrument, callbacks []metric.Float64Callback) (float64Observable, error) {
-	inst := newFloat64Observable(m, id.Kind, id.Name, id.Description, id.Unit)
-	for _, insert := range m.float64Resolver.inserters {
-		// Connect the measure functions for instruments in this pipeline with the
-		// callbacks for this pipeline.
-		in, err := insert.Instrument(id, insert.readerDefaultAggregation(id.Kind))
-		if err != nil {
-			return inst, err
-		}
-		// Drop aggregation
-		if len(in) == 0 {
-			inst.dropAggregation = true
-			continue
-		}
-		inst.appendMeasures(in)
-		for _, cback := range callbacks {
-			inst := float64Observer{measures: in}
-			insert.addCallback(func(ctx context.Context) error { return cback(ctx, inst) })
+	key := instID{
+		Name:        id.Name,
+		Description: id.Description,
+		Unit:        id.Unit,
+		Kind:        id.Kind,
+	}
+	if m.int64ObservableInsts.HasKey(key) && len(callbacks) > 0 {
+		warnRepeatedObservableCallbacks(id)
+	}
+	return m.float64ObservableInsts.Lookup(key, func() (float64Observable, error) {
+		inst := newFloat64Observable(m, id.Kind, id.Name, id.Description, id.Unit)
+		for _, insert := range m.float64Resolver.inserters {
+			// Connect the measure functions for instruments in this pipeline with the
+			// callbacks for this pipeline.
+			in, err := insert.Instrument(id, insert.readerDefaultAggregation(id.Kind))
+			if err != nil {
+				return inst, err
+			}
+			// Drop aggregation
+			if len(in) == 0 {
+				inst.dropAggregation = true
+				continue
+			}
+			inst.appendMeasures(in)
+			for _, cback := range callbacks {
+				inst := float64Observer{measures: in}
+				insert.addCallback(func(ctx context.Context) error { return cback(ctx, inst) })
+			}
 		}
-	}
-	return inst, validateInstrumentName(id.Name)
+		return inst, validateInstrumentName(id.Name)
+	})
 }
 
 // Float64ObservableCounter returns a new instrument identified by name and
 // configured with options. The instrument is used to asynchronously record
 // increasing float64 measurements once per a measurement collection cycle.
 // Only the measurements recorded during the collection cycle are exported.
+//
+// If Float64ObservableCounter is invoked repeatedly with the same Name,
+// Description, and Unit, only the first set of callbacks provided are used.
+// Use meter.RegisterCallback and Registration.Unregister to manage callbacks
+// if instrumentation can be created multiple times with different callbacks.
 func (m *meter) Float64ObservableCounter(name string, options ...metric.Float64ObservableCounterOption) (metric.Float64ObservableCounter, error) {
 	cfg := metric.NewFloat64ObservableCounterConfig(options...)
 	id := Instrument{
@@ -324,6 +370,16 @@ func isAlphanumeric(c rune) bool {
 	return isAlpha(c) || ('0' <= c && c <= '9')
 }
 
+func warnRepeatedObservableCallbacks(id Instrument) {
+	inst := fmt.Sprintf(
+		"Instrument{Name: %q, Description: %q, Kind: %q, Unit: %q}",
+		id.Name, id.Description, "InstrumentKind"+id.Kind.String(), id.Unit,
+	)
+	global.Warn("Repeated observable instrument creation with callbacks. Ignoring new callbacks. Use meter.RegisterCallback and Registration.Unregister to manage callbacks.",
+		"instrument", inst,
+	)
+}
+
 // RegisterCallback registers f to be called each collection cycle so it will
 // make observations for insts during those cycles.
 //
@@ -529,14 +585,28 @@ func (p int64InstProvider) histogramAggs(name string, cfg metric.Int64HistogramC
 
 // lookup returns the resolved instrumentImpl.
 func (p int64InstProvider) lookup(kind InstrumentKind, name, desc, u string) (*int64Inst, error) {
-	aggs, err := p.aggs(kind, name, desc, u)
-	return &int64Inst{measures: aggs}, err
+	return p.meter.int64Insts.Lookup(instID{
+		Name:        name,
+		Description: desc,
+		Unit:        u,
+		Kind:        kind,
+	}, func() (*int64Inst, error) {
+		aggs, err := p.aggs(kind, name, desc, u)
+		return &int64Inst{measures: aggs}, err
+	})
 }
 
 // lookupHistogram returns the resolved instrumentImpl.
 func (p int64InstProvider) lookupHistogram(name string, cfg metric.Int64HistogramConfig) (*int64Inst, error) {
-	aggs, err := p.histogramAggs(name, cfg)
-	return &int64Inst{measures: aggs}, err
+	return p.meter.int64Insts.Lookup(instID{
+		Name:        name,
+		Description: cfg.Description(),
+		Unit:        cfg.Unit(),
+		Kind:        InstrumentKindHistogram,
+	}, func() (*int64Inst, error) {
+		aggs, err := p.histogramAggs(name, cfg)
+		return &int64Inst{measures: aggs}, err
+	})
 }
 
 // float64InstProvider provides float64 OpenTelemetry instruments.
@@ -573,14 +643,28 @@ func (p float64InstProvider) histogramAggs(name string, cfg metric.Float64Histog
 
 // lookup returns the resolved instrumentImpl.
 func (p float64InstProvider) lookup(kind InstrumentKind, name, desc, u string) (*float64Inst, error) {
-	aggs, err := p.aggs(kind, name, desc, u)
-	return &float64Inst{measures: aggs}, err
+	return p.meter.float64Insts.Lookup(instID{
+		Name:        name,
+		Description: desc,
+		Unit:        u,
+		Kind:        kind,
+	}, func() (*float64Inst, error) {
+		aggs, err := p.aggs(kind, name, desc, u)
+		return &float64Inst{measures: aggs}, err
+	})
 }
 
 // lookupHistogram returns the resolved instrumentImpl.
 func (p float64InstProvider) lookupHistogram(name string, cfg metric.Float64HistogramConfig) (*float64Inst, error) {
-	aggs, err := p.histogramAggs(name, cfg)
-	return &float64Inst{measures: aggs}, err
+	return p.meter.float64Insts.Lookup(instID{
+		Name:        name,
+		Description: cfg.Description(),
+		Unit:        cfg.Unit(),
+		Kind:        InstrumentKindHistogram,
+	}, func() (*float64Inst, error) {
+		aggs, err := p.histogramAggs(name, cfg)
+		return &float64Inst{measures: aggs}, err
+	})
 }
 
 type int64Observer struct {
diff --git a/sdk/metric/meter_test.go b/sdk/metric/meter_test.go
index d068ecd4bad..037f0cad555 100644
--- a/sdk/metric/meter_test.go
+++ b/sdk/metric/meter_test.go
@@ -2272,3 +2272,112 @@ func TestObservableDropAggregation(t *testing.T) {
 		})
 	}
 }
+
+func TestDuplicateInstrumentCreation(t *testing.T) {
+	for _, tt := range []struct {
+		desc             string
+		createInstrument func(metric.Meter) error
+	}{
+		{
+			desc: "Int64ObservableCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64ObservableCounter("observable.int64.counter")
+				return err
+			},
+		},
+		{
+			desc: "Int64ObservableUpDownCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64ObservableUpDownCounter("observable.int64.up.down.counter")
+				return err
+			},
+		},
+		{
+			desc: "Int64ObservableGauge",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64ObservableGauge("observable.int64.gauge")
+				return err
+			},
+		},
+		{
+			desc: "Float64ObservableCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64ObservableCounter("observable.float64.counter")
+				return err
+			},
+		},
+		{
+			desc: "Float64ObservableUpDownCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64ObservableUpDownCounter("observable.float64.up.down.counter")
+				return err
+			},
+		},
+		{
+			desc: "Float64ObservableGauge",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64ObservableGauge("observable.float64.gauge")
+				return err
+			},
+		},
+		{
+			desc: "Int64Counter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64Counter("sync.int64.counter")
+				return err
+			},
+		},
+		{
+			desc: "Int64UpDownCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64UpDownCounter("sync.int64.up.down.counter")
+				return err
+			},
+		},
+		{
+			desc: "Int64Histogram",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Int64Histogram("sync.int64.histogram")
+				return err
+			},
+		},
+		{
+			desc: "Float64Counter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64Counter("sync.float64.counter")
+				return err
+			},
+		},
+		{
+			desc: "Float64UpDownCounter",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64UpDownCounter("sync.float64.up.down.counter")
+				return err
+			},
+		},
+		{
+			desc: "Float64Histogram",
+			createInstrument: func(meter metric.Meter) error {
+				_, err := meter.Float64Histogram("sync.float64.histogram")
+				return err
+			},
+		},
+	} {
+		t.Run(tt.desc, func(t *testing.T) {
+			reader := NewManualReader()
+			defer func() {
+				require.NoError(t, reader.Shutdown(context.Background()))
+			}()
+
+			m := NewMeterProvider(WithReader(reader)).Meter("TestDuplicateInstrumentCreation")
+			for i := 0; i < 3; i++ {
+				require.NoError(t, tt.createInstrument(m))
+			}
+			internalMeter, ok := m.(*meter)
+			require.True(t, ok)
+			// check that multiple calls to create the same instrument only create 1 instrument
+			numInstruments := len(internalMeter.int64Insts.data) + len(internalMeter.float64Insts.data) + len(internalMeter.int64ObservableInsts.data) + len(internalMeter.float64ObservableInsts.data)
+			require.Equal(t, 1, numInstruments)
+		})
+	}
+}