diff --git a/.changes/unreleased/Features-20240715-142132.yaml b/.changes/unreleased/Features-20240715-142132.yaml
new file mode 100644
index 000000000..6779e92b1
--- /dev/null
+++ b/.changes/unreleased/Features-20240715-142132.yaml
@@ -0,0 +1,6 @@
+kind: Features
+body: Implement materialized views
+time: 2024-07-15T14:21:32.859737-04:00
+custom:
+    Author: jeremy-thomas-roc
+    Issue: "870"
diff --git a/dbt/adapters/snowflake/relation.py b/dbt/adapters/snowflake/relation.py
index ace85695b..bd5046eb4 100644
--- a/dbt/adapters/snowflake/relation.py
+++ b/dbt/adapters/snowflake/relation.py
@@ -3,11 +3,11 @@
 
 from dbt.adapters.base.relation import BaseRelation
 from dbt.adapters.contracts.relation import ComponentName, RelationConfig
-from dbt.adapters.relation_configs import (
+from dbt.adapters.relation_configs.config_base import (
     RelationConfigBase,
-    RelationConfigChangeAction,
     RelationResults,
 )
+from dbt.adapters.relation_configs.config_change import RelationConfigChangeAction
 from dbt.adapters.utils import classproperty
 from dbt_common.exceptions import DbtRuntimeError
 
@@ -53,6 +53,10 @@ class SnowflakeRelation(BaseRelation):
     def is_dynamic_table(self) -> bool:
         return self.type == SnowflakeRelationType.DynamicTable
 
+    @property
+    def is_materialized_view(self) -> bool:
+        return self.type == SnowflakeRelationType.MaterializedView
+
     @classproperty
     def DynamicTable(cls) -> str:
         return str(SnowflakeRelationType.DynamicTable)
diff --git a/dbt/adapters/snowflake/relation_configs/policies.py b/dbt/adapters/snowflake/relation_configs/policies.py
index 75195f9a3..940ad42cb 100644
--- a/dbt/adapters/snowflake/relation_configs/policies.py
+++ b/dbt/adapters/snowflake/relation_configs/policies.py
@@ -1,6 +1,6 @@
 from dataclasses import dataclass
 
-from dbt.adapters.base.relation import Policy
+from dbt.adapters.contracts.relation import Policy
 from dbt_common.dataclass_schema import StrEnum
 
 
@@ -10,6 +10,7 @@ class SnowflakeRelationType(StrEnum):
     CTE = "cte"
     External = "external"
     DynamicTable = "dynamic_table"
+    MaterializedView = "materialized_view"
 
 
 class SnowflakeIncludePolicy(Policy):
diff --git a/dbt/include/snowflake/macros/materializations/materialized_view.sql b/dbt/include/snowflake/macros/materializations/materialized_view.sql
new file mode 100644
index 000000000..b3b8ca225
--- /dev/null
+++ b/dbt/include/snowflake/macros/materializations/materialized_view.sql
@@ -0,0 +1,14 @@
+{% materialization materialized_view, adapter='snowflake' -%}
+
+    {% set original_query_tag = set_query_tag() %}
+    {% set to_return = snowflake__create_or_replace_materialized_view() %}
+
+    {% set target_relation = this.incorporate(type='materialized_view') %}
+
+    {% do persist_docs(target_relation, model, for_columns=false) %}
+
+    {% do unset_query_tag(original_query_tag) %}
+
+    {% do return(to_return) %}
+
+{%- endmaterialization %}
diff --git a/dbt/include/snowflake/macros/relations/materialized_view/create.sql b/dbt/include/snowflake/macros/relations/materialized_view/create.sql
new file mode 100644
index 000000000..f5951461d
--- /dev/null
+++ b/dbt/include/snowflake/macros/relations/materialized_view/create.sql
@@ -0,0 +1,83 @@
+{% macro snowflake__create_materialized_view_as(relation, sql) -%}
+  {%- set secure = config.get('secure', default=false) -%}
+  {%- set copy_grants = config.get('copy_grants', default=false) -%}
+  {%- set sql_header = config.get('sql_header', none) -%}
+
+  {{ sql_header if sql_header is not none }}
+  create or replace {% if secure -%}
+    secure
+  {%- endif %} materialized view {{ relation }}
+  {% if config.persist_column_docs() -%}
+    {% set model_columns = model.columns %}
+    {% set query_columns = get_columns_in_query(sql) %}
+    {{ get_persist_docs_column_list(model_columns, query_columns) }}
+
+  {%- endif %}
+  {%- set contract_config = config.get('contract') -%}
+  {%- if contract_config.enforced -%}
+    {{ get_assert_columns_equivalent(sql) }}
+  {%- endif %}
+  {% if copy_grants -%} copy grants {%- endif %} as (
+    {{ sql }}
+  );
+{% endmacro %}
+
+{% macro get_create_materialized_view_as_sql(relation, sql) -%}
+  {{ adapter.dispatch('get_create_materialized_view_as_sql', 'dbt')(relation, sql) }}
+{%- endmacro %}
+
+{% macro snowflake__get_create_materialized_view_as_sql(relation, sql) -%}
+  {%- set sql_header = config.get('sql_header', none) -%}
+
+  {{ sql_header if sql_header is not none }}
+  create materialized view {{ relation }}
+    {% set contract_config = config.get('contract') %}
+    {% if contract_config.enforced %}
+      {{ get_assert_columns_equivalent(sql) }}
+    {%- endif %}
+  as (
+    {{ sql }}
+  );
+{% endmacro %}
+
+/* {#
+Vendored from dbt-core for the purpose of overwriting small pieces to support dynamics tables. This should
+eventually be retired in favor of a standardized approach. Changed line:
+
+{%- if old_relation is not none and old_relation.is_table -%}  ->
+{%- if old_relation is not none and not old_relation.is_materialized_view -%}
+#} */
+
+{% macro snowflake__create_or_replace_materialized_view() %}
+  {%- set identifier = model['alias'] -%}
+
+  {%- set old_relation = adapter.get_relation(database=database, schema=schema, identifier=identifier) -%}
+  {%- set exists_as_view = (old_relation is not none and old_relation.is_materialized_view) -%}
+
+  {%- set target_relation = api.Relation.create(
+      identifier=identifier, schema=schema, database=database,
+      type='materialized_view') -%}
+  {% set grant_config = config.get('grants') %}
+
+  {{ run_hooks(pre_hooks) }}
+
+  -- If there's a table with the same name and we weren't told to full refresh,
+  -- that's an error. If we were told to full refresh, drop it. This behavior differs
+  -- for Snowflake and BigQuery, so multiple dispatch is used.
+  {%- if old_relation is not none and not old_relation.is_materialized_view -%}
+    {{ handle_existing_table(should_full_refresh(), old_relation) }}
+  {%- endif -%}
+
+  -- build model
+  {% call statement('main') -%}
+    {{ get_create_materialized_view_as_sql(target_relation, sql) }}
+  {%- endcall %}
+
+  {% set should_revoke = should_revoke(exists_as_view, full_refresh_mode=True) %}
+  {% do apply_grants(target_relation, grant_config, should_revoke=should_revoke) %}
+
+  {{ run_hooks(post_hooks) }}
+
+  {{ return({'relations': [target_relation]}) }}
+
+{% endmacro %}
diff --git a/dbt/include/snowflake/macros/relations/materialized_view/drop.sql b/dbt/include/snowflake/macros/relations/materialized_view/drop.sql
new file mode 100644
index 000000000..06d3df2c3
--- /dev/null
+++ b/dbt/include/snowflake/macros/relations/materialized_view/drop.sql
@@ -0,0 +1,3 @@
+{% macro snowflake__get_drop_materialized__view_sql(relation) %}
+    drop materialized view if exists {{ relation }}
+{% endmacro %}
diff --git a/dbt/include/snowflake/macros/relations/materialized_view/rename.sql b/dbt/include/snowflake/macros/relations/materialized_view/rename.sql
new file mode 100644
index 000000000..f144d6db0
--- /dev/null
+++ b/dbt/include/snowflake/macros/relations/materialized_view/rename.sql
@@ -0,0 +1,3 @@
+{%- macro snowflake__get_rename_materialized_view_sql(relation, new_name) -%}
+    alter materialized view {{ relation }} rename to {{ new_name }}
+{%- endmacro -%}
diff --git a/dbt/include/snowflake/macros/relations/materialized_view/replace.sql b/dbt/include/snowflake/macros/relations/materialized_view/replace.sql
new file mode 100644
index 000000000..241813749
--- /dev/null
+++ b/dbt/include/snowflake/macros/relations/materialized_view/replace.sql
@@ -0,0 +1,3 @@
+{% macro snowflake__get_replace_materialized_view_sql(relation, sql) %}
+    {{ snowflake__create_materialized_view_as(relation, sql) }}
+{% endmacro %}
diff --git a/tests/functional/adapter/materialized_view_tests/files.py b/tests/functional/adapter/materialized_view_tests/files.py
new file mode 100644
index 000000000..37532b2fb
--- /dev/null
+++ b/tests/functional/adapter/materialized_view_tests/files.py
@@ -0,0 +1,22 @@
+MY_SEED = """
+id,value
+1,100
+2,200
+3,300
+""".strip()
+
+
+MY_TABLE = """
+{{ config(
+    materialized='table',
+) }}
+select * from {{ ref('my_seed') }}
+"""
+
+
+MY_MATERIALIZED_VIEW = """
+{{ config(
+    materialized='materialized_view',
+) }}
+select * from {{ ref('my_table') }}
+"""
diff --git a/tests/functional/adapter/materialized_view_tests/test_materialized_views.py b/tests/functional/adapter/materialized_view_tests/test_materialized_views.py
new file mode 100644
index 000000000..f50ac6c09
--- /dev/null
+++ b/tests/functional/adapter/materialized_view_tests/test_materialized_views.py
@@ -0,0 +1,142 @@
+from typing import Optional, Tuple
+import pytest
+
+from dbt.tests.util import (
+    get_model_file,
+    run_dbt,
+    set_model_file,
+)
+from dbt.tests.fixtures.project import TestProjInfo
+
+from dbt.adapters.snowflake.relation import SnowflakeRelation
+from dbt.adapters.snowflake.relation_configs.policies import SnowflakeRelationType
+from tests.functional.adapter.materialized_view_tests.files import (
+    MY_MATERIALIZED_VIEW,
+    MY_SEED,
+    MY_TABLE,
+)
+
+
+class TestSnowflakeMaterializedViews:
+    @staticmethod
+    def insert_record(project: TestProjInfo, table: SnowflakeRelation, record: Tuple[int, int]):
+        my_id, value = record
+        project.run_sql(f"insert into {table} (id, value) values ({my_id}, {value})")
+
+    @staticmethod
+    def query_relation_type(project: TestProjInfo, relation: SnowflakeRelation) -> Optional[str]:
+        sql = f"""
+            select
+                case
+                    when table_type = 'MATERIALIZED VIEW' then 'materialized_view'
+                end as relation_type
+            from information_schema.tables
+            where table_name like '{relation.identifier.upper()}'
+            and table_schema like '{relation.schema.upper()}'
+            and table_catalog like '{relation.database.upper()}'
+        """
+        results = project.run_sql(sql, fetch="one")
+        if results is None or len(results) == 0:
+            return None
+        elif len(results) > 1:
+            raise ValueError(f"More than one instance of {relation.name} found!")
+        else:
+            return results[0].lower()
+
+    @staticmethod
+    def query_row_count(project: TestProjInfo, relation: SnowflakeRelation) -> int:
+        sql = f"select count(*) from {relation}"
+        return project.run_sql(sql, fetch="one")[0]
+
+    @pytest.fixture(scope="class", autouse=True)
+    def seeds(self):
+        return {"my_seed.csv": MY_SEED}
+
+    @pytest.fixture(scope="class", autouse=True)
+    def models(self):
+        yield {
+            "my_table.sql": MY_TABLE,
+            "my_materialized_view.sql": MY_MATERIALIZED_VIEW,
+        }
+
+    @pytest.fixture(scope="class")
+    def my_table(self, project: TestProjInfo) -> SnowflakeRelation:
+        return project.adapter.Relation.create(
+            identifier="my_table",
+            schema=project.test_schema,
+            database=project.database,
+            type=SnowflakeRelationType.Table,
+        )
+
+    @pytest.fixture(scope="class")
+    def my_seed(self, project: TestProjInfo) -> SnowflakeRelation:
+        return project.adapter.Relation.create(
+            identifier="my_seed",
+            schema=project.test_schema,
+            database=project.database,
+            type=SnowflakeRelationType.Table,
+        )
+
+    @pytest.fixture(scope="class")
+    def my_materialized_view(self, project: TestProjInfo) -> SnowflakeRelation:
+        return project.adapter.Relation.create(
+            identifier="my_materialized_view",
+            schema=project.test_schema,
+            database=project.database,
+            type=SnowflakeRelationType.MaterializedView,
+        )
+
+    @staticmethod
+    def load_model(
+        project: TestProjInfo,
+        current_model: SnowflakeRelation,
+        new_model: SnowflakeRelation,
+    ):
+        model_to_load = get_model_file(project, new_model)
+        set_model_file(project, current_model, model_to_load)
+
+    @pytest.fixture(scope="function", autouse=True)
+    def setup(
+        self,
+        project: TestProjInfo,
+        my_materialized_view: SnowflakeRelation,
+        my_table: SnowflakeRelation,
+    ):
+        run_dbt(["seed"])
+        run_dbt(["run", "--models", my_materialized_view.identifier, "--full-refresh"])
+
+        # the tests touch these files, store their contents in memory
+        my_materialized_view_config = get_model_file(project, my_materialized_view)
+        my_table_config = get_model_file(project, my_table)
+
+        yield
+
+        # and then reset them after the test runs
+        set_model_file(project, my_materialized_view, my_materialized_view_config)
+        set_model_file(project, my_table, my_table_config)
+        project.run_sql(f"drop schema if exists {project.test_schema} cascade")
+
+    def test_materialized_view_create(
+        self, project: TestProjInfo, my_materialized_view: SnowflakeRelation
+    ):
+        # setup creates it; verify it's there
+        assert self.query_relation_type(project, my_materialized_view) == "materialized_view"
+
+    def test_materialized_view_update_on_insert(
+        self,
+        project: TestProjInfo,
+        my_table: SnowflakeRelation,
+        my_materialized_view: SnowflakeRelation,
+    ):
+        table_count_start = self.query_row_count(project, my_table)
+        view_count_start = self.query_row_count(project, my_materialized_view)
+
+        assert table_count_start == view_count_start
+
+        self.insert_record(project, my_table, (4, 400))
+
+        table_count_end = self.query_row_count(project, my_table)
+        view_count_end = self.query_row_count(project, my_materialized_view)
+
+        assert table_count_end == view_count_end
+        assert view_count_start != view_count_end