diff --git a/packages/base-styles/_animations.scss b/packages/base-styles/_animations.scss
index 8706d185aa221..b17478ed24f04 100644
--- a/packages/base-styles/_animations.scss
+++ b/packages/base-styles/_animations.scss
@@ -4,7 +4,7 @@
 	}
 }
 
-@mixin animation__fade-in($speed: 0.08s, $delay: 0s) {
+@mixin animation__fade-in($speed: 0.08s, $delay: 0s, $easing: linear) {
 	@include keyframes(__wp-base-styles-fade-in) {
 		from {
 			opacity: 0;
@@ -15,12 +15,12 @@
 	}
 
 
-	animation: __wp-base-styles-fade-in $speed linear $delay;
+	animation: __wp-base-styles-fade-in $speed $easing $delay;
 	animation-fill-mode: forwards;
 	@include reduce-motion("animation");
 }
 
-@mixin animation__fade-out($speed: 0.08s, $delay: 0s) {
+@mixin animation__fade-out($speed: 0.08s, $delay: 0s, $easing: linear) {
 	@include keyframes(__wp-base-styles-fade-out) {
 		from {
 			opacity: 1;
@@ -31,7 +31,7 @@
 	}
 
 
-	animation: __wp-base-styles-fade-out $speed linear $delay;
+	animation: __wp-base-styles-fade-out $speed $easing $delay;
 	animation-fill-mode: forwards;
 	@include reduce-motion("animation");
 }
diff --git a/packages/components/CHANGELOG.md b/packages/components/CHANGELOG.md
index c705257a827c5..dc89bf6543f40 100644
--- a/packages/components/CHANGELOG.md
+++ b/packages/components/CHANGELOG.md
@@ -29,6 +29,7 @@
 -   `ResizeableBox`: Adopt elevation scale ([#65159](https://github.com/WordPress/gutenberg/pull/65159)).
 -   `Snackbar`: Adopt elevation scale ([#65159](https://github.com/WordPress/gutenberg/pull/65159)).
 -   `Tooltip`: Adopt elevation scale ([#65159](https://github.com/WordPress/gutenberg/pull/65159)).
+-   `Modal`: add exit animation for internally triggered events ([#65203](https://github.com/WordPress/gutenberg/pull/65203)).
 -   `Card`: Adopt radius scale ([#65053](https://github.com/WordPress/gutenberg/pull/65053)).
 
 ### Bug Fixes
diff --git a/packages/components/src/modal/index.tsx b/packages/components/src/modal/index.tsx
index 7d988a0e7240b..7d55c9a4d5d1e 100644
--- a/packages/components/src/modal/index.tsx
+++ b/packages/components/src/modal/index.tsx
@@ -2,7 +2,6 @@
  * External dependencies
  */
 import clsx from 'clsx';
-import type { ForwardedRef, KeyboardEvent, RefObject, UIEvent } from 'react';
 
 /**
  * WordPress dependencies
@@ -38,10 +37,11 @@ import StyleProvider from '../style-provider';
 import type { ModalProps } from './types';
 import { withIgnoreIMEEvents } from '../utils/with-ignore-ime-events';
 import { Spacer } from '../spacer';
+import { useModalExitAnimation } from './use-modal-exit-animation';
 
 // Used to track and dismiss the prior modal when another opens unless nested.
 type Dismissers = Set<
-	RefObject< ModalProps[ 'onRequestClose' ] | undefined >
+	React.RefObject< ModalProps[ 'onRequestClose' ] | undefined >
 >;
 const ModalContext = createContext< Dismissers >( new Set() );
 
@@ -50,7 +50,7 @@ const bodyOpenClasses = new Map< string, number >();
 
 function UnforwardedModal(
 	props: ModalProps,
-	forwardedRef: ForwardedRef< HTMLDivElement >
+	forwardedRef: React.ForwardedRef< HTMLDivElement >
 ) {
 	const {
 		bodyOpenClassName = 'modal-open',
@@ -70,7 +70,7 @@ function UnforwardedModal(
 		closeButtonLabel,
 		children,
 		style,
-		overlayClassName,
+		overlayClassName: overlayClassnameProp,
 		className,
 		contentLabel,
 		onKeyDown,
@@ -184,6 +184,9 @@ function UnforwardedModal(
 		};
 	}, [ bodyOpenClassName ] );
 
+	const { closeModal, frameRef, frameStyle, overlayClassname } =
+		useModalExitAnimation();
+
 	// Calls the isContentScrollable callback when the Modal children container resizes.
 	useLayoutEffect( () => {
 		if ( ! window.ResizeObserver || ! childrenContainerRef.current ) {
@@ -200,21 +203,21 @@ function UnforwardedModal(
 		};
 	}, [ isContentScrollable, childrenContainerRef ] );
 
-	function handleEscapeKeyDown( event: KeyboardEvent< HTMLDivElement > ) {
+	function handleEscapeKeyDown(
+		event: React.KeyboardEvent< HTMLDivElement >
+	) {
 		if (
 			shouldCloseOnEsc &&
 			( event.code === 'Escape' || event.key === 'Escape' ) &&
 			! event.defaultPrevented
 		) {
 			event.preventDefault();
-			if ( onRequestClose ) {
-				onRequestClose( event );
-			}
+			closeModal().then( () => onRequestClose( event ) );
 		}
 	}
 
 	const onContentContainerScroll = useCallback(
-		( e: UIEvent< HTMLDivElement > ) => {
+		( e: React.UIEvent< HTMLDivElement > ) => {
 			const scrollY = e?.currentTarget?.scrollTop ?? -1;
 
 			if ( ! hasScrolledContent && scrollY > 0 ) {
@@ -248,7 +251,7 @@ function UnforwardedModal(
 			const isSameTarget = target === pressTarget;
 			pressTarget = null;
 			if ( button === 0 && isSameTarget ) {
-				onRequestClose();
+				closeModal().then( () => onRequestClose() );
 			}
 		},
 	};
@@ -259,7 +262,8 @@ function UnforwardedModal(
 			ref={ useMergeRefs( [ ref, forwardedRef ] ) }
 			className={ clsx(
 				'components-modal__screen-overlay',
-				overlayClassName
+				overlayClassname,
+				overlayClassnameProp
 			) }
 			onKeyDown={ withIgnoreIMEEvents( handleEscapeKeyDown ) }
 			{ ...( shouldCloseOnClickOutside ? overlayPressHandlers : {} ) }
@@ -271,8 +275,12 @@ function UnforwardedModal(
 						sizeClass,
 						className
 					) }
-					style={ style }
+					style={ {
+						...frameStyle,
+						...style,
+					} }
 					ref={ useMergeRefs( [
+						frameRef,
 						constrainedTabbingRef,
 						focusReturnRef,
 						focusOnMount !== 'firstContentElement'
@@ -331,7 +339,13 @@ function UnforwardedModal(
 										/>
 										<Button
 											size="small"
-											onClick={ onRequestClose }
+											onClick={ (
+												event: React.MouseEvent< HTMLButtonElement >
+											) =>
+												closeModal().then( () =>
+													onRequestClose( event )
+												)
+											}
 											icon={ close }
 											label={
 												closeButtonLabel ||
diff --git a/packages/components/src/modal/style.scss b/packages/components/src/modal/style.scss
index 3790e0b7368a6..70959f69392d1 100644
--- a/packages/components/src/modal/style.scss
+++ b/packages/components/src/modal/style.scss
@@ -10,6 +10,13 @@
 	display: flex;
 	// This animates the appearance of the backdrop.
 	@include animation__fade-in();
+
+	&.is-animating-out {
+		// Note: it's important that the fade-out animation doesn't end after the
+		// modal frame's disappear animation, because the component will be removed
+		// from the DOM when that animation ends.
+		@include animation__fade-out($delay: 80ms);
+	}
 }
 
 // The modal window element.
@@ -25,10 +32,17 @@
 	// Have the content element fill the vertical space yet not overflow.
 	display: flex;
 	// Animate the modal frame/contents appearing on the page.
-	animation: components-modal__appear-animation 0.26s cubic-bezier(0.29, 0, 0, 1);
+	animation-name: components-modal__appear-animation;
+	animation-duration: var(--modal-frame-animation-duration);
 	animation-fill-mode: forwards;
+	animation-timing-function: cubic-bezier(0.29, 0, 0, 1);
 	@include reduce-motion("animation");
 
+	.components-modal__screen-overlay.is-animating-out & {
+		animation-name: components-modal__disappear-animation;
+		animation-timing-function: cubic-bezier(1, 0, 0.2, 1);
+	}
+
 	// Show a centered modal on bigger screens.
 	@include break-small() {
 		border-radius: $radius-large;
@@ -88,6 +102,19 @@
 	}
 }
 
+// Note: this animation is also used in the animationend JS event listener.
+// Make sure that the animation name is kept in sync across the two files.
+@keyframes components-modal__disappear-animation {
+	from {
+		opacity: 1;
+		transform: scale(1);
+	}
+	to {
+		opacity: 0;
+		transform: scale(0.9);
+	}
+}
+
 // Fix header to the top so it is always there to provide context to the modal
 // if the content needs to be scrolled (for example, on the keyboard shortcuts
 // modal screen).
diff --git a/packages/components/src/modal/types.ts b/packages/components/src/modal/types.ts
index 0a422718b1be1..f6f35eec85fc7 100644
--- a/packages/components/src/modal/types.ts
+++ b/packages/components/src/modal/types.ts
@@ -1,15 +1,3 @@
-/**
- * External dependencies
- */
-import type {
-	AriaRole,
-	CSSProperties,
-	ReactNode,
-	KeyboardEventHandler,
-	KeyboardEvent,
-	SyntheticEvent,
-} from 'react';
-
 /**
  * WordPress dependencies
  */
@@ -42,7 +30,7 @@ export type ModalProps = {
 	/**
 	 * The children elements.
 	 */
-	children: ReactNode;
+	children: React.ReactNode;
 	/**
 	 * If this property is added, it will an additional class name to the modal
 	 * content `div`.
@@ -77,7 +65,7 @@ export type ModalProps = {
 	 *
 	 * @default null
 	 */
-	headerActions?: ReactNode;
+	headerActions?: React.ReactNode;
 
 	/**
 	 * If this property is added, an icon will be added before the title.
@@ -108,12 +96,12 @@ export type ModalProps = {
 	/**
 	 *  Handle the key down on the modal frame `div`.
 	 */
-	onKeyDown?: KeyboardEventHandler< HTMLDivElement >;
+	onKeyDown?: React.KeyboardEventHandler< HTMLDivElement >;
 	/**
 	 * This function is called to indicate that the modal should be closed.
 	 */
 	onRequestClose: (
-		event?: KeyboardEvent< HTMLDivElement > | SyntheticEvent
+		event?: React.KeyboardEvent< HTMLDivElement > | React.SyntheticEvent
 	) => void;
 	/**
 	 * If this property is added, it will an additional class name to the modal
@@ -126,7 +114,7 @@ export type ModalProps = {
 	 *
 	 * @default 'dialog'
 	 */
-	role?: AriaRole;
+	role?: React.AriaRole;
 	/**
 	 * If this property is added, it will determine whether the modal requests
 	 * to close when a mouse click occurs outside of the modal content.
@@ -144,7 +132,7 @@ export type ModalProps = {
 	/**
 	 * If this property is added, it will be added to the modal frame `div`.
 	 */
-	style?: CSSProperties;
+	style?: React.CSSProperties;
 	/**
 	 * This property is used as the modal header's title.
 	 *
diff --git a/packages/components/src/modal/use-modal-exit-animation.ts b/packages/components/src/modal/use-modal-exit-animation.ts
new file mode 100644
index 0000000000000..729b4f9ea6f86
--- /dev/null
+++ b/packages/components/src/modal/use-modal-exit-animation.ts
@@ -0,0 +1,99 @@
+/**
+ * WordPress dependencies
+ */
+import { useReducedMotion } from '@wordpress/compose';
+import { useCallback, useRef, useState } from '@wordpress/element';
+
+/**
+ * Internal dependencies
+ */
+import { CONFIG } from '../utils';
+import warning from '@wordpress/warning';
+
+// Animation duration (ms) extracted to JS in order to be used on a setTimeout.
+const FRAME_ANIMATION_DURATION = CONFIG.transitionDuration;
+const FRAME_ANIMATION_DURATION_NUMBER = Number.parseInt(
+	CONFIG.transitionDuration
+);
+
+const EXIT_ANIMATION_NAME = 'components-modal__disappear-animation';
+
+export function useModalExitAnimation() {
+	const frameRef = useRef< HTMLDivElement >();
+	const [ isAnimatingOut, setIsAnimatingOut ] = useState( false );
+	const isReducedMotion = useReducedMotion();
+
+	const closeModal = useCallback(
+		() =>
+			new Promise< void >( ( closeModalResolve ) => {
+				// Grab a "stable" reference of the frame element, since
+				// the value held by the react ref might change at runtime.
+				const frameEl = frameRef.current;
+
+				if ( isReducedMotion ) {
+					closeModalResolve();
+					return;
+				}
+
+				if ( ! frameEl ) {
+					warning(
+						"wp.components.Modal: the Modal component can't be closed with an exit animation because of a missing reference to the modal frame element."
+					);
+					closeModalResolve();
+					return;
+				}
+
+				let handleAnimationEnd:
+					| undefined
+					| ( ( e: AnimationEvent ) => void );
+
+				const startAnimation = () =>
+					new Promise< void >( ( animationResolve ) => {
+						handleAnimationEnd = ( e: AnimationEvent ) => {
+							if ( e.animationName === EXIT_ANIMATION_NAME ) {
+								animationResolve();
+							}
+						};
+
+						frameEl.addEventListener(
+							'animationend',
+							handleAnimationEnd
+						);
+						setIsAnimatingOut( true );
+					} );
+				const animationTimeout = () =>
+					new Promise< void >( ( timeoutResolve ) => {
+						setTimeout(
+							() => timeoutResolve(),
+							// Allow an extra 20% of the animation duration for the
+							// animationend event to fire, in case the animation frame is
+							// slightly delayes by some other events in the event loop.
+							FRAME_ANIMATION_DURATION_NUMBER * 1.2
+						);
+					} );
+
+				Promise.race( [ startAnimation(), animationTimeout() ] ).then(
+					() => {
+						if ( handleAnimationEnd ) {
+							frameEl.removeEventListener(
+								'animationend',
+								handleAnimationEnd
+							);
+						}
+						setIsAnimatingOut( false );
+						closeModalResolve();
+					}
+				);
+			} ),
+		[ isReducedMotion ]
+	);
+
+	return {
+		overlayClassname: isAnimatingOut ? 'is-animating-out' : undefined,
+		frameRef,
+		frameStyle: {
+			'--modal-frame-animation-duration': `${ FRAME_ANIMATION_DURATION }`,
+		},
+		closeModal,
+	};
+}