diff --git a/mlua-sys/src/lua55/lua.rs b/mlua-sys/src/lua55/lua.rs
index 60bd4ec..dd6067d 100644
--- a/mlua-sys/src/lua55/lua.rs
+++ b/mlua-sys/src/lua55/lua.rs
@@ -204,7 +204,7 @@ unsafe extern "C-unwind" {
         L: *mut lua_State,
         s: *const c_char,
         len: usize,
-        falloc: lua_Alloc,
+        falloc: Option<lua_Alloc>,
         ud: *mut c_void,
     ) -> *const c_char;
     pub fn lua_pushstring(L: *mut lua_State, s: *const c_char) -> *const c_char;
diff --git a/src/conversion.rs b/src/conversion.rs
index f1f6ddc..b02e861 100644
--- a/src/conversion.rs
+++ b/src/conversion.rs
@@ -500,11 +500,21 @@ impl FromLua for crate::Buffer {
 impl IntoLua for StdString {
     #[inline]
     fn into_lua(self, lua: &Lua) -> Result<Value> {
+        #[cfg(feature = "lua55")]
+        if true {
+            return Ok(Value::String(lua.create_external_string(self)?));
+        }
+
         Ok(Value::String(lua.create_string(self)?))
     }
 
     #[inline]
     unsafe fn push_into_stack(self, lua: &RawLua) -> Result<()> {
+        #[cfg(feature = "lua55")]
+        if lua.unlikely_memory_error() {
+            return crate::util::push_external_string(lua.state(), self.into(), false);
+        }
+
         push_bytes_into_stack(self, lua)
     }
 }
@@ -591,6 +601,11 @@ impl FromLua for Box<str> {
 impl IntoLua for CString {
     #[inline]
     fn into_lua(self, lua: &Lua) -> Result<Value> {
+        #[cfg(feature = "lua55")]
+        if true {
+            return Ok(Value::String(lua.create_external_string(self)?));
+        }
+
         Ok(Value::String(lua.create_string(self.as_bytes())?))
     }
 }
@@ -635,6 +650,11 @@ impl IntoLua for Cow<'_, CStr> {
 impl IntoLua for BString {
     #[inline]
     fn into_lua(self, lua: &Lua) -> Result<Value> {
+        #[cfg(feature = "lua55")]
+        if true {
+            return Ok(Value::String(lua.create_external_string(self)?));
+        }
+
         Ok(Value::String(lua.create_string(self)?))
     }
 }
diff --git a/src/state.rs b/src/state.rs
index 5698c30..0808ad2 100644
--- a/src/state.rs
+++ b/src/state.rs
@@ -1219,6 +1219,17 @@ impl Lua {
         unsafe { self.lock().create_string(s.as_ref()) }
     }
 
+    /// Creates and returns an external Lua string.
+    ///
+    /// External string is a string where the memory is managed by Rust code, and Lua only holds a
+    /// reference to it. This can be used to avoid copying large strings into Lua memory.
+    #[cfg(feature = "lua55")]
+    #[cfg_attr(docsrs, doc(cfg(feature = "lua55")))]
+    #[inline]
+    pub fn create_external_string(&self, s: impl Into<Vec<u8>>) -> Result<String> {
+        unsafe { self.lock().create_external_string(s.into()) }
+    }
+
     /// Creates and returns a Luau [buffer] object from a byte slice of data.
     ///
     /// [buffer]: https://luau.org/library#buffer-library
diff --git a/src/state/raw.rs b/src/state/raw.rs
index 416adea..a24fec3 100644
--- a/src/state/raw.rs
+++ b/src/state/raw.rs
@@ -529,6 +529,23 @@ impl RawLua {
         Ok(String(self.pop_ref()))
     }
 
+    /// Creates an external string, that is, a string that uses memory not managed by Lua.
+    ///
+    /// Modifies the input data to add `\0` terminator.
+    #[cfg(feature = "lua55")]
+    pub(crate) unsafe fn create_external_string(&self, bytes: Vec<u8>) -> Result<String> {
+        let state = self.state();
+        if self.unlikely_memory_error() {
+            crate::util::push_external_string(state, bytes, false)?;
+            return Ok(String(self.pop_ref()));
+        }
+
+        let _sg = StackGuard::new(state);
+        check_stack(state, 3)?;
+        crate::util::push_external_string(state, bytes, true)?;
+        Ok(String(self.pop_ref()))
+    }
+
     #[cfg(feature = "luau")]
     pub(crate) unsafe fn create_buffer_with_capacity(&self, size: usize) -> Result<(*mut u8, crate::Buffer)> {
         let state = self.state();
diff --git a/src/util/mod.rs b/src/util/mod.rs
index 9f93f55..8905708 100644
--- a/src/util/mod.rs
+++ b/src/util/mod.rs
@@ -99,6 +99,38 @@ pub(crate) unsafe fn push_string(state: *mut ffi::lua_State, s: &[u8], protect:
     }
 }
 
+// Uses 3 (or 1 if unprotected) stack spaces, does not call checkstack.
+#[cfg(feature = "lua55")]
+pub(crate) unsafe fn push_external_string(
+    state: *mut ffi::lua_State,
+    mut bytes: Vec<u8>,
+    protect: bool,
+) -> Result<()> {
+    bytes.push(0);
+    let s_len = bytes.len() - 1; // exclude null terminator
+    let s_ptr = bytes.as_ptr() as *const c_char;
+    let bytes_ud = Box::into_raw(Box::new(bytes));
+
+    unsafe extern "C" fn dealloc(ud: *mut c_void, _: *mut c_void, _: usize, _: usize) -> *mut c_void {
+        drop(Box::from_raw(ud as *mut Vec<u8>));
+        ptr::null_mut()
+    }
+
+    if protect {
+        let res = protect_lua!(state, 0, 1, move |state| {
+            ffi::lua_pushexternalstring(state, s_ptr, s_len, Some(dealloc), bytes_ud as *mut _);
+        });
+        if res.is_err() {
+            // Deallocate on error
+            drop(Box::from_raw(bytes_ud));
+            return res;
+        }
+    } else {
+        ffi::lua_pushexternalstring(state, s_ptr, s_len, Some(dealloc), bytes_ud as *mut _);
+    }
+    Ok(())
+}
+
 // Uses 3 stack spaces (when protect), does not call checkstack.
 #[cfg(feature = "luau")]
 #[inline(always)]