diff --git a/cmd/otel-allocator/allocation/allocator.go b/cmd/otel-allocator/allocation/allocator.go
index 4b155632ea..93c41b0a48 100644
--- a/cmd/otel-allocator/allocation/allocator.go
+++ b/cmd/otel-allocator/allocation/allocator.go
@@ -6,9 +6,26 @@ import (
 	"sync"
 
 	"github.com/go-logr/logr"
+	"github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/client_golang/prometheus/promauto"
 	"github.com/prometheus/common/model"
 )
 
+var (
+	collectorsAllocatable = promauto.NewGauge(prometheus.GaugeOpts{
+		Name: "opentelemetry_allocator_collectors_allocatable",
+		Help: "Number of collectors the allocator is able to allocate to.",
+	})
+	targetsPerCollector = promauto.NewGaugeVec(prometheus.GaugeOpts{
+		Name: "opentelemetry_allocator_targets_per_collector",
+		Help: "The number of targets for each collector.",
+	}, []string{"collector_name"})
+	timeToAssign = promauto.NewHistogramVec(prometheus.HistogramOpts{
+		Name: "opentelemetry_allocator_time_to_allocate",
+		Help: "The time it takes to allocate",
+	}, []string{"method"})
+)
+
 /*
 	Load balancer will serve on an HTTP server exposing /jobs/<job_id>/targets <- these are configured using least connection
 	Load balancer will need information about the collectors in order to set the URLs
@@ -96,12 +113,15 @@ func (allocator *Allocator) SetCollectors(collectors []string) {
 	for _, i := range collectors {
 		allocator.collectors[i] = &collector{Name: i, NumTargets: 0}
 	}
+	collectorsAllocatable.Set(float64(len(collectors)))
 }
 
 // Reallocate needs to be called to process the new target updates.
 // Until Reallocate is called, old targets will be served.
 func (allocator *Allocator) AllocateTargets() {
 	allocator.m.Lock()
+	timer := prometheus.NewTimer(timeToAssign.WithLabelValues("AllocateTargets"))
+	defer timer.ObserveDuration()
 	defer allocator.m.Unlock()
 	allocator.removeOutdatedTargets()
 	allocator.processWaitingTargets()
@@ -110,6 +130,8 @@ func (allocator *Allocator) AllocateTargets() {
 // ReallocateCollectors reallocates the targets among the new collector instances
 func (allocator *Allocator) ReallocateCollectors() {
 	allocator.m.Lock()
+	timer := prometheus.NewTimer(timeToAssign.WithLabelValues("ReallocateCollectors"))
+	defer timer.ObserveDuration()
 	defer allocator.m.Unlock()
 	allocator.TargetItems = make(map[string]*TargetItem)
 	allocator.processWaitingTargets()
@@ -139,6 +161,7 @@ func (allocator *Allocator) processWaitingTargets() {
 				Collector: col,
 			}
 			col.NumTargets++
+			targetsPerCollector.WithLabelValues(col.Name).Set(float64(col.NumTargets))
 			allocator.TargetItems[v.JobName+v.TargetURL] = &targetItem
 		}
 	}
diff --git a/cmd/otel-allocator/collector/collector.go b/cmd/otel-allocator/collector/collector.go
index 0528ee427f..933b61bbee 100644
--- a/cmd/otel-allocator/collector/collector.go
+++ b/cmd/otel-allocator/collector/collector.go
@@ -7,6 +7,8 @@ import (
 	"time"
 
 	"github.com/go-logr/logr"
+	"github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/client_golang/prometheus/promauto"
 	v1 "k8s.io/api/core/v1"
 	metav1 "k8s.io/apimachinery/pkg/apis/meta/v1"
 	"k8s.io/apimachinery/pkg/labels"
@@ -20,7 +22,11 @@ const (
 )
 
 var (
-	ns = os.Getenv("OTELCOL_NAMESPACE")
+	ns         = os.Getenv("OTELCOL_NAMESPACE")
+	collectors = promauto.NewGauge(prometheus.GaugeOpts{
+		Name: "opentelemetry_allocator_collectors_discovered",
+		Help: "Number of collectors discovered.",
+	})
 )
 
 type Client struct {
@@ -89,6 +95,7 @@ func (k *Client) Watch(ctx context.Context, labelMap map[string]string, fn func(
 func runWatch(ctx context.Context, k *Client, c <-chan watch.Event, collectorMap map[string]bool, fn func(collectors []string)) string {
 	log := k.log.WithValues("component", "opentelemetry-targetallocator")
 	for {
+		collectors.Set(float64(len(collectorMap)))
 		select {
 		case <-k.close:
 			return "kubernetes client closed"
diff --git a/cmd/otel-allocator/discovery/discovery.go b/cmd/otel-allocator/discovery/discovery.go
index 050aa4a454..1714f92657 100644
--- a/cmd/otel-allocator/discovery/discovery.go
+++ b/cmd/otel-allocator/discovery/discovery.go
@@ -7,11 +7,20 @@ import (
 	"github.com/go-logr/logr"
 	"github.com/open-telemetry/opentelemetry-operator/cmd/otel-allocator/allocation"
 	allocatorWatcher "github.com/open-telemetry/opentelemetry-operator/cmd/otel-allocator/watcher"
+	"github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/client_golang/prometheus/promauto"
 	"github.com/prometheus/common/model"
 	"github.com/prometheus/prometheus/config"
 	"github.com/prometheus/prometheus/discovery"
 )
 
+var (
+	targetsDiscovered = promauto.NewGaugeVec(prometheus.GaugeOpts{
+		Name: "opentelemetry_allocator_targets",
+		Help: "Number of targets discovered.",
+	}, []string{"job_name"})
+)
+
 type Manager struct {
 	log        logr.Logger
 	manager    *discovery.Manager
@@ -63,8 +72,10 @@ func (m *Manager) Watch(fn func(targets []allocation.TargetItem)) {
 				targets := []allocation.TargetItem{}
 
 				for jobName, tgs := range tsets {
+					var count float64 = 0
 					for _, tg := range tgs {
 						for _, t := range tg.Targets {
+							count++
 							targets = append(targets, allocation.TargetItem{
 								JobName:   jobName,
 								TargetURL: string(t[model.AddressLabel]),
@@ -72,6 +83,7 @@ func (m *Manager) Watch(fn func(targets []allocation.TargetItem)) {
 							})
 						}
 					}
+					targetsDiscovered.WithLabelValues(jobName).Set(count)
 				}
 				fn(targets)
 			}
diff --git a/cmd/otel-allocator/main.go b/cmd/otel-allocator/main.go
index 7978034afd..c1806c2e67 100644
--- a/cmd/otel-allocator/main.go
+++ b/cmd/otel-allocator/main.go
@@ -17,11 +17,22 @@ import (
 	"github.com/open-telemetry/opentelemetry-operator/cmd/otel-allocator/config"
 	lbdiscovery "github.com/open-telemetry/opentelemetry-operator/cmd/otel-allocator/discovery"
 	allocatorWatcher "github.com/open-telemetry/opentelemetry-operator/cmd/otel-allocator/watcher"
+	"github.com/prometheus/client_golang/prometheus"
+	"github.com/prometheus/client_golang/prometheus/promauto"
+	"github.com/prometheus/client_golang/prometheus/promhttp"
 	ctrl "sigs.k8s.io/controller-runtime"
 )
 
 var (
-	setupLog = ctrl.Log.WithName("setup")
+	setupLog     = ctrl.Log.WithName("setup")
+	httpDuration = promauto.NewHistogramVec(prometheus.HistogramOpts{
+		Name: "opentelemetry_allocator_http_duration_seconds",
+		Help: "Duration of received HTTP requests.",
+	}, []string{"path"})
+	eventsMetric = promauto.NewCounterVec(prometheus.CounterOpts{
+		Name: "opentelemetry_allocator_events",
+		Help: "Number of events in the channel.",
+	}, []string{"source"})
 )
 
 func main() {
@@ -75,6 +86,7 @@ func main() {
 			}
 			os.Exit(0)
 		case event := <-watcher.Events:
+			eventsMetric.WithLabelValues(event.Source.String()).Inc()
 			switch event.Source {
 			case allocatorWatcher.EventSourceConfigMap:
 				setupLog.Info("ConfigMap updated!")
@@ -129,8 +141,10 @@ func newServer(log logr.Logger, allocator *allocation.Allocator, discoveryManage
 		k8sClient:        k8sclient,
 	}
 	router := mux.NewRouter().UseEncodedPath()
+	router.Use(s.PrometheusMiddleware)
 	router.HandleFunc("/jobs", s.JobHandler).Methods("GET")
 	router.HandleFunc("/jobs/{job_id}/targets", s.TargetsHandler).Methods("GET")
+	router.Path("/metrics").Handler(promhttp.Handler())
 	s.server = &http.Server{Addr: *cliConf.ListenAddr, Handler: router}
 	return s, nil
 }
@@ -177,6 +191,17 @@ func (s *server) JobHandler(w http.ResponseWriter, r *http.Request) {
 	jsonHandler(w, r, displayData)
 }
 
+// PrometheusMiddleware implements mux.MiddlewareFunc.
+func (s *server) PrometheusMiddleware(next http.Handler) http.Handler {
+	return http.HandlerFunc(func(w http.ResponseWriter, r *http.Request) {
+		route := mux.CurrentRoute(r)
+		path, _ := route.GetPathTemplate()
+		timer := prometheus.NewTimer(httpDuration.WithLabelValues(path))
+		next.ServeHTTP(w, r)
+		timer.ObserveDuration()
+	})
+}
+
 func (s *server) TargetsHandler(w http.ResponseWriter, r *http.Request) {
 	q := r.URL.Query()["collector_id"]
 
diff --git a/cmd/otel-allocator/watcher/main.go b/cmd/otel-allocator/watcher/main.go
index 534d8fc7e0..dd09ca1b09 100644
--- a/cmd/otel-allocator/watcher/main.go
+++ b/cmd/otel-allocator/watcher/main.go
@@ -33,6 +33,17 @@ const (
 	EventSourcePrometheusCR
 )
 
+var (
+	eventSourceToString = map[EventSource]string{
+		EventSourceConfigMap:    "EventSourceConfigMap",
+		EventSourcePrometheusCR: "EventSourcePrometheusCR",
+	}
+)
+
+func (e EventSource) String() string {
+	return eventSourceToString[e]
+}
+
 func NewWatcher(logger logr.Logger, config config.CLIConfig, allocator *allocation.Allocator) (*Manager, error) {
 	watcher := Manager{
 		allocator: allocator,