diff --git a/tsdb/chunks/chunk_write_queue.go b/tsdb/chunks/chunk_write_queue.go
index b635da5bc..ab34eb06c 100644
--- a/tsdb/chunks/chunk_write_queue.go
+++ b/tsdb/chunks/chunk_write_queue.go
@@ -24,11 +24,15 @@ import (
 )
 
 const (
-	// Minimum recorded peak since since the last shrinking of chunkWriteQueue.chunkrefMap to shrink it again.
+	// Minimum recorded peak since the last shrinking of chunkWriteQueue.chunkrefMap to shrink it again.
 	chunkRefMapShrinkThreshold = 1000
 
 	// Minimum interval between shrinking of chunkWriteQueue.chunkRefMap.
 	chunkRefMapMinShrinkInterval = 10 * time.Minute
+
+	// Maximum size of segment used by job queue (number of elements). With chunkWriteJob being 64 bytes,
+	// this will use ~512 KiB for empty queue.
+	maxChunkQueueSegmentSize = 8192
 )
 
 type chunkWriteJob struct {
@@ -45,7 +49,7 @@ type chunkWriteJob struct {
 // Chunks that shall be written get added to the queue, which is consumed asynchronously.
 // Adding jobs to the queue is non-blocking as long as the queue isn't full.
 type chunkWriteQueue struct {
-	jobs chan chunkWriteJob
+	jobs *writeJobQueue
 
 	chunkRefMapMtx        sync.RWMutex
 	chunkRefMap           map[ChunkDiskMapperRef]chunkenc.Chunk
@@ -83,8 +87,13 @@ func newChunkWriteQueue(reg prometheus.Registerer, size int, writeChunk writeChu
 		[]string{"operation"},
 	)
 
+	segmentSize := size
+	if segmentSize > maxChunkQueueSegmentSize {
+		segmentSize = maxChunkQueueSegmentSize
+	}
+
 	q := &chunkWriteQueue{
-		jobs:                  make(chan chunkWriteJob, size),
+		jobs:                  newWriteJobQueue(size, segmentSize),
 		chunkRefMap:           make(map[ChunkDiskMapperRef]chunkenc.Chunk),
 		chunkRefMapLastShrink: time.Now(),
 		writeChunk:            writeChunk,
@@ -108,7 +117,12 @@ func (c *chunkWriteQueue) start() {
 	go func() {
 		defer c.workerWg.Done()
 
-		for job := range c.jobs {
+		for {
+			job, ok := c.jobs.pop()
+			if !ok {
+				return
+			}
+
 			c.processJob(job)
 		}
 	}()
@@ -191,7 +205,13 @@ func (c *chunkWriteQueue) addJob(job chunkWriteJob) (err error) {
 	}
 	c.chunkRefMapMtx.Unlock()
 
-	c.jobs <- job
+	if ok := c.jobs.push(job); !ok {
+		c.chunkRefMapMtx.Lock()
+		delete(c.chunkRefMap, job.ref)
+		c.chunkRefMapMtx.Unlock()
+
+		return errors.New("queue is closed")
+	}
 
 	return nil
 }
@@ -218,7 +238,7 @@ func (c *chunkWriteQueue) stop() {
 
 	c.isRunning = false
 
-	close(c.jobs)
+	c.jobs.close()
 
 	c.workerWg.Wait()
 }
@@ -230,7 +250,7 @@ func (c *chunkWriteQueue) queueIsEmpty() bool {
 func (c *chunkWriteQueue) queueIsFull() bool {
 	// When the queue is full and blocked on the writer the chunkRefMap has one more job than the cap of the jobCh
 	// because one job is currently being processed and blocked in the writer.
-	return c.queueSize() == cap(c.jobs)+1
+	return c.queueSize() == c.jobs.maxSize+1
 }
 
 func (c *chunkWriteQueue) queueSize() int {
diff --git a/tsdb/chunks/queue.go b/tsdb/chunks/queue.go
new file mode 100644
index 000000000..860381a5f
--- /dev/null
+++ b/tsdb/chunks/queue.go
@@ -0,0 +1,141 @@
+// Copyright 2022 The Prometheus Authors
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+package chunks
+
+import "sync"
+
+// writeJobQueue is similar to buffered channel of chunkWriteJob, but manages its own buffers
+// to avoid using a lot of memory when it's empty. It does that by storing elements into segments
+// of equal size (segmentSize). When segment is not used anymore, reference to it are removed,
+// so it can be treated as a garbage.
+type writeJobQueue struct {
+	maxSize     int
+	segmentSize int
+
+	mtx            sync.Mutex            // protects all following variables
+	pushed, popped *sync.Cond            // signalled when something is pushed into the queue or popped from it
+	first, last    *writeJobQueueSegment // pointer to first and last segment, if any
+	size           int                   // total size of the queue
+	closed         bool                  // after closing the queue, nothing can be pushed to it
+}
+
+type writeJobQueueSegment struct {
+	segment             []chunkWriteJob
+	nextRead, nextWrite int                   // index of next read and next write in this segment.
+	nextSegment         *writeJobQueueSegment // next segment, if any
+}
+
+func newWriteJobQueue(maxSize, segmentSize int) *writeJobQueue {
+	if maxSize <= 0 || segmentSize <= 0 {
+		panic("invalid queue")
+	}
+
+	q := &writeJobQueue{
+		maxSize:     maxSize,
+		segmentSize: segmentSize,
+	}
+
+	q.pushed = sync.NewCond(&q.mtx)
+	q.popped = sync.NewCond(&q.mtx)
+	return q
+}
+
+func (q *writeJobQueue) close() {
+	q.mtx.Lock()
+	defer q.mtx.Unlock()
+
+	q.closed = true
+
+	// Unblock all blocked goroutines.
+	q.pushed.Broadcast()
+	q.popped.Broadcast()
+}
+
+// push blocks until there is space available in the queue, and then adds job to the queue.
+// If queue is closed or gets closed while waiting for space, push returns false.
+func (q *writeJobQueue) push(job chunkWriteJob) bool {
+	q.mtx.Lock()
+	defer q.mtx.Unlock()
+
+	// Wait until queue has more space or is closed.
+	for !q.closed && q.size >= q.maxSize {
+		q.popped.Wait()
+	}
+
+	if q.closed {
+		return false
+	}
+
+	// Check if this segment has more space for writing, and create new one if not.
+	if q.last == nil || q.last.nextWrite >= q.segmentSize {
+		prevLast := q.last
+		q.last = &writeJobQueueSegment{
+			segment: make([]chunkWriteJob, q.segmentSize),
+		}
+
+		if prevLast != nil {
+			prevLast.nextSegment = q.last
+		}
+		if q.first == nil {
+			q.first = q.last
+		}
+	}
+
+	q.last.segment[q.last.nextWrite] = job
+	q.last.nextWrite++
+	q.size++
+	q.pushed.Signal()
+	return true
+}
+
+// pop returns first job from the queue, and true.
+// If queue is empty, pop blocks until there is a job (returns true), or until queue is closed (returns false).
+// If queue was already closed, pop first returns all remaining elements from the queue (with true value), and only then returns false.
+func (q *writeJobQueue) pop() (chunkWriteJob, bool) {
+	q.mtx.Lock()
+	defer q.mtx.Unlock()
+
+	// wait until something is pushed to the queue, or queue is closed.
+	for q.size == 0 {
+		if q.closed {
+			return chunkWriteJob{}, false
+		}
+
+		q.pushed.Wait()
+	}
+
+	res := q.first.segment[q.first.nextRead]
+	q.first.segment[q.first.nextRead] = chunkWriteJob{} // clear just-read element
+	q.first.nextRead++
+	q.size--
+
+	// If we have read all possible elements from first segment, we can drop it.
+	if q.first.nextRead >= q.segmentSize {
+		q.first = q.first.nextSegment
+		if q.first == nil {
+			q.last = nil
+		}
+	}
+
+	q.popped.Signal()
+	return res, true
+}
+
+// length returns number of all jobs in the queue.
+func (q *writeJobQueue) length() int {
+	q.mtx.Lock()
+	defer q.mtx.Unlock()
+
+	return q.size
+}
diff --git a/tsdb/chunks/queue_test.go b/tsdb/chunks/queue_test.go
new file mode 100644
index 000000000..e678a040b
--- /dev/null
+++ b/tsdb/chunks/queue_test.go
@@ -0,0 +1,323 @@
+// Copyright 2022 The Prometheus Authors
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+package chunks
+
+import (
+	"math/rand"
+	"sync"
+	"testing"
+	"time"
+
+	"github.com/stretchr/testify/require"
+	"go.uber.org/atomic"
+)
+
+func (q *writeJobQueue) assertInvariants(t *testing.T) {
+	q.mtx.Lock()
+	defer q.mtx.Unlock()
+
+	totalSize := 0
+	for s := q.first; s != nil; s = s.nextSegment {
+		require.True(t, s.segment != nil)
+
+		// Next read index is lower or equal than next write index (we cannot past written jobs)
+		require.True(t, s.nextRead <= s.nextWrite)
+
+		// Number of unread elements in this segment.
+		totalSize += s.nextWrite - s.nextRead
+
+		// First segment can be partially read, other segments were not read yet.
+		if s == q.first {
+			require.True(t, s.nextRead >= 0)
+		} else {
+			require.True(t, s.nextRead == 0)
+		}
+
+		// If first shard is empty (everything was read from it already), it must have extra capacity for
+		// additional elements, otherwise it would have been removed.
+		if s == q.first && s.nextRead == s.nextWrite {
+			require.True(t, s.nextWrite < len(s.segment))
+		}
+
+		// Segments in the middle are full.
+		if s != q.first && s != q.last {
+			require.True(t, s.nextWrite == len(s.segment))
+		}
+		// Last segment must have at least one element, or we wouldn't have created it.
+		require.True(t, s.nextWrite > 0)
+	}
+
+	require.Equal(t, q.size, totalSize)
+}
+
+func TestQueuePushPopSingleGoroutine(t *testing.T) {
+	seed := time.Now().UnixNano()
+	t.Log("seed:", seed)
+	r := rand.New(rand.NewSource(seed))
+
+	const maxSize = 500
+	const maxIters = 50
+
+	for max := 1; max < maxSize; max++ {
+		queue := newWriteJobQueue(max, 1+(r.Int()%max))
+
+		elements := 0 // total elements in the queue
+		lastWriteID := 0
+		lastReadID := 0
+
+		for iter := 0; iter < maxIters; iter++ {
+			if elements < max {
+				toWrite := r.Int() % (max - elements)
+				if toWrite == 0 {
+					toWrite = 1
+				}
+
+				for i := 0; i < toWrite; i++ {
+					lastWriteID++
+					require.True(t, queue.push(chunkWriteJob{seriesRef: HeadSeriesRef(lastWriteID)}))
+
+					elements++
+				}
+			}
+
+			if elements > 0 {
+				toRead := r.Int() % elements
+				if toRead == 0 {
+					toRead = 1
+				}
+
+				for i := 0; i < toRead; i++ {
+					lastReadID++
+
+					j, b := queue.pop()
+					require.True(t, b)
+					require.Equal(t, HeadSeriesRef(lastReadID), j.seriesRef)
+
+					elements--
+				}
+			}
+
+			require.Equal(t, elements, queue.length())
+			queue.assertInvariants(t)
+		}
+	}
+}
+
+func TestQueuePushBlocksOnFullQueue(t *testing.T) {
+	queue := newWriteJobQueue(5, 5)
+
+	pushTime := make(chan time.Time)
+	go func() {
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 1}))
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 2}))
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 3}))
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 4}))
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 5}))
+		pushTime <- time.Now()
+		// This will block
+		require.True(t, queue.push(chunkWriteJob{seriesRef: 6}))
+		pushTime <- time.Now()
+	}()
+
+	timeBeforePush := <-pushTime
+
+	delay := 100 * time.Millisecond
+	select {
+	case <-time.After(delay):
+		// ok
+	case <-pushTime:
+		require.Fail(t, "didn't expect another push to proceed")
+	}
+
+	popTime := time.Now()
+	j, b := queue.pop()
+	require.True(t, b)
+	require.Equal(t, HeadSeriesRef(1), j.seriesRef)
+
+	timeAfterPush := <-pushTime
+
+	require.GreaterOrEqual(t, timeAfterPush.Sub(popTime), time.Duration(0))
+	require.GreaterOrEqual(t, timeAfterPush.Sub(timeBeforePush), delay)
+}
+
+func TestQueuePopBlocksOnEmptyQueue(t *testing.T) {
+	queue := newWriteJobQueue(5, 5)
+
+	popTime := make(chan time.Time)
+	go func() {
+		j, b := queue.pop()
+		require.True(t, b)
+		require.Equal(t, HeadSeriesRef(1), j.seriesRef)
+
+		popTime <- time.Now()
+
+		// This will block
+		j, b = queue.pop()
+		require.True(t, b)
+		require.Equal(t, HeadSeriesRef(2), j.seriesRef)
+
+		popTime <- time.Now()
+	}()
+
+	queue.push(chunkWriteJob{seriesRef: 1})
+
+	timeBeforePop := <-popTime
+
+	delay := 100 * time.Millisecond
+	select {
+	case <-time.After(delay):
+		// ok
+	case <-popTime:
+		require.Fail(t, "didn't expect another pop to proceed")
+	}
+
+	pushTime := time.Now()
+	require.True(t, queue.push(chunkWriteJob{seriesRef: 2}))
+
+	timeAfterPop := <-popTime
+
+	require.GreaterOrEqual(t, timeAfterPop.Sub(pushTime), time.Duration(0))
+	require.Greater(t, timeAfterPop.Sub(timeBeforePop), delay)
+}
+
+func TestQueuePopUnblocksOnClose(t *testing.T) {
+	queue := newWriteJobQueue(5, 5)
+
+	popTime := make(chan time.Time)
+	go func() {
+		j, b := queue.pop()
+		require.True(t, b)
+		require.Equal(t, HeadSeriesRef(1), j.seriesRef)
+
+		popTime <- time.Now()
+
+		// This will block until queue is closed.
+		j, b = queue.pop()
+		require.False(t, b)
+
+		popTime <- time.Now()
+	}()
+
+	queue.push(chunkWriteJob{seriesRef: 1})
+
+	timeBeforePop := <-popTime
+
+	delay := 100 * time.Millisecond
+	select {
+	case <-time.After(delay):
+		// ok
+	case <-popTime:
+		require.Fail(t, "didn't expect another pop to proceed")
+	}
+
+	closeTime := time.Now()
+	queue.close()
+
+	timeAfterPop := <-popTime
+
+	require.GreaterOrEqual(t, timeAfterPop.Sub(closeTime), time.Duration(0))
+	require.GreaterOrEqual(t, timeAfterPop.Sub(timeBeforePop), delay)
+}
+
+func TestQueuePopAfterCloseReturnsAllElements(t *testing.T) {
+	const count = 10
+
+	queue := newWriteJobQueue(count, count)
+
+	for i := 0; i < count; i++ {
+		require.True(t, queue.push(chunkWriteJob{seriesRef: HeadSeriesRef(i)}))
+	}
+
+	// close the queue before popping all elements.
+	queue.close()
+
+	// No more pushing allowed after close.
+	require.False(t, queue.push(chunkWriteJob{seriesRef: HeadSeriesRef(11111)}))
+
+	// Verify that we can still read all pushed elements.
+	for i := 0; i < count; i++ {
+		j, b := queue.pop()
+		require.True(t, b)
+		require.Equal(t, HeadSeriesRef(i), j.seriesRef)
+	}
+
+	_, b := queue.pop()
+	require.False(t, b)
+}
+
+func TestQueuePushPopManyGoroutines(t *testing.T) {
+	const readGoroutines = 5
+	const writeGoroutines = 10
+	const writes = 500
+
+	queue := newWriteJobQueue(1024, 64)
+
+	// Reading goroutine
+	refsMx := sync.Mutex{}
+	refs := map[HeadSeriesRef]bool{}
+
+	readersWG := sync.WaitGroup{}
+	for i := 0; i < readGoroutines; i++ {
+		readersWG.Add(1)
+
+		go func() {
+			defer readersWG.Done()
+
+			for j, ok := queue.pop(); ok; j, ok = queue.pop() {
+				refsMx.Lock()
+				refs[j.seriesRef] = true
+				refsMx.Unlock()
+			}
+		}()
+	}
+
+	id := atomic.Uint64{}
+
+	writersWG := sync.WaitGroup{}
+	for i := 0; i < writeGoroutines; i++ {
+		writersWG.Add(1)
+
+		go func() {
+			defer writersWG.Done()
+
+			for i := 0; i < writes; i++ {
+				ref := id.Inc()
+
+				require.True(t, queue.push(chunkWriteJob{seriesRef: HeadSeriesRef(ref)}))
+			}
+		}()
+	}
+
+	// Wait until all writes are done.
+	writersWG.Wait()
+
+	// Close the queue and wait for reading to be done.
+	queue.close()
+	readersWG.Wait()
+
+	// Check if we have all expected values
+	require.Equal(t, writeGoroutines*writes, len(refs))
+}
+
+func TestQueueSegmentIsKeptEvenIfEmpty(t *testing.T) {
+	queue := newWriteJobQueue(1024, 64)
+
+	require.True(t, queue.push(chunkWriteJob{seriesRef: 1}))
+	_, b := queue.pop()
+	require.True(t, b)
+
+	require.NotNil(t, queue.first)
+	require.Equal(t, 1, queue.first.nextRead)
+	require.Equal(t, 1, queue.first.nextWrite)
+}