diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index 5993e681ed..3b7ec6b27a 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -16,6 +16,7 @@ The following tip changes can be tested by building VictoriaMetrics components f
 ## tip
 
 * FEATURE: [vmagent](https://docs.victoriametrics.com/vmagent.html): reduce memory usage when sending stale markers for targets, which expose big number of metrics. See [this](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3668) and [this](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3675) issues.
+* FEATURE: add `-internStringMaxLen` command-line flag, which can be used for fine-tuning RAM vs CPU usage in certain workloads. For example, if the stored time series contain long labels, then it may be useful reducing the `-internStringMaxLen` in order to reduce memory usage at the cost of increased CPU usage. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3692).
 
 * BUGFIX: [VictoriaMetrics cluster](https://docs.victoriametrics.com/Cluster-VictoriaMetrics.html): propagate all the timeout-related errors from `vmstorage` to `vmselect` when `vmstorage`. Previously some timeout errors weren't returned from `vmselect` to `vmstorage`. Instead, `vmstorage` could log the error and close the connection to `vmselect`, so `vmselect` was logging cryptic errors such as `cannot execute funcName="..." on vmstorage "...": EOF`.
 * BUGFIX: [vmui](https://docs.victoriametrics.com/#vmui): add support for time zone selection for older versions of browsers. See [this pull request](https://github.com/VictoriaMetrics/VictoriaMetrics/pull/3680).
diff --git a/lib/bytesutil/internstring.go b/lib/bytesutil/internstring.go
index f14a8527f1..cfb652e5ee 100644
--- a/lib/bytesutil/internstring.go
+++ b/lib/bytesutil/internstring.go
@@ -1,6 +1,7 @@
 package bytesutil
 
 import (
+	"flag"
 	"strings"
 	"sync"
 	"sync/atomic"
@@ -8,6 +9,9 @@ import (
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/fasttime"
 )
 
+var internStringMaxLen = flag.Int("internStringMaxLen", 300, "The maximum length for strings to intern. Lower limit may save memory at the cost of higher CPU usage. "+
+	"See https://en.wikipedia.org/wiki/String_interning")
+
 // InternBytes interns b as a string
 func InternBytes(b []byte) string {
 	s := ToUnsafeString(b)
@@ -30,6 +34,12 @@ func InternString(s string) string {
 	}
 	// Make a new copy for s in order to remove references from possible bigger string s refers to.
 	sCopy := strings.Clone(s)
+	if len(sCopy) > *internStringMaxLen {
+		// Do not intern long strings, since this may result in high memory usage
+		// like in https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3692
+		return sCopy
+	}
+
 	e := &ismEntry{
 		lastAccessTime: ct,
 		s:              sCopy,