diff --git a/pkg/front_end/lib/src/fasta/builder_graph.dart b/pkg/front_end/lib/src/fasta/builder_graph.dart
index 9e2b434..fdae514 100644
--- a/pkg/front_end/lib/src/fasta/builder_graph.dart
+++ b/pkg/front_end/lib/src/fasta/builder_graph.dart
@@ -23,13 +23,15 @@
 class BuilderGraph implements Graph<Uri> {
   final Map<Uri, LibraryBuilder> builders;
 
+  final Map<Uri, List<Uri>> _neighborsCache = {};
+
   BuilderGraph(this.builders);
 
   @override
   Iterable<Uri> get vertices => builders.keys;
 
-  @override
-  Iterable<Uri> neighborsOf(Uri vertex) sync* {
+  List<Uri> _computeNeighborsOf(Uri vertex) {
+    List<Uri> neighbors = [];
     LibraryBuilder? library = builders[vertex];
     if (library == null) {
       throw "Library not found: $vertex";
@@ -40,20 +42,20 @@
         if (import.imported != null) {
           Uri uri = import.imported!.importUri;
           if (builders.containsKey(uri)) {
-            yield uri;
+            neighbors.add(uri);
           }
         }
       }
       for (Export export in library.exports) {
         Uri uri = export.exported.importUri;
         if (builders.containsKey(uri)) {
-          yield uri;
+          neighbors.add(uri);
         }
       }
       for (LibraryBuilder part in library.parts) {
         Uri uri = part.importUri;
         if (builders.containsKey(uri)) {
-          yield uri;
+          neighbors.add(uri);
         }
       }
     } else if (library is DillLibraryBuilder) {
@@ -61,7 +63,7 @@
       for (LibraryDependency dependency in library.library.dependencies) {
         Uri uri = dependency.targetLibrary.importUri;
         if (builders.containsKey(uri)) {
-          yield uri;
+          neighbors.add(uri);
         }
       }
 
@@ -69,9 +71,14 @@
       for (LibraryPart part in library.library.parts) {
         Uri uri = getPartUri(library.importUri, part);
         if (builders.containsKey(uri)) {
-          yield uri;
+          neighbors.add(uri);
         }
       }
     }
+    return neighbors;
   }
+
+  @override
+  Iterable<Uri> neighborsOf(Uri vertex) =>
+      _neighborsCache[vertex] ??= _computeNeighborsOf(vertex);
 }
diff --git a/pkg/front_end/lib/src/fasta/source/source_loader.dart b/pkg/front_end/lib/src/fasta/source/source_loader.dart
index e8b0af8..f481250 100644
--- a/pkg/front_end/lib/src/fasta/source/source_loader.dart
+++ b/pkg/front_end/lib/src/fasta/source/source_loader.dart
@@ -1364,26 +1364,42 @@
       dataForTesting!.macroDeclarationData.macrosAreAvailable = true;
     }
 
-    Set<ClassBuilder> macroClasses = {macroClassBuilder};
-    Set<Uri> macroLibraries = {macroLibraryBuilder.importUri};
+    Set<ClassBuilder> macroClasses = {};
 
-    for (SourceLibraryBuilder sourceLibraryBuilder in sourceLibraryBuilders) {
-      Iterator<Builder> iterator = sourceLibraryBuilder.iterator;
+    /// Libraries containing macros that need compilation.
+    Set<Uri> macroLibraries = {};
+
+    /// Libraries containing precompiled macro classes.
+    Set<Uri> precompiledMacroLibraries = {};
+
+    Map<MacroClass, Uri> precompiledMacroUris =
+        target.context.options.precompiledMacroUris;
+
+    for (LibraryBuilder libraryBuilder in libraryBuilders) {
+      Iterator<Builder> iterator = libraryBuilder.iterator;
       while (iterator.moveNext()) {
         Builder builder = iterator.current;
-        if (builder is SourceClassBuilder && builder.isMacro) {
-          macroClasses.add(builder);
-          macroLibraries.add(builder.library.importUri);
-          if (retainDataForTesting) {
-            (dataForTesting!.macroDeclarationData
-                    .macroDeclarations[builder.library.importUri] ??= [])
-                .add(builder.name);
+        if (builder is ClassBuilder && builder.isMacro) {
+          Uri libraryUri = builder.library.importUri;
+          MacroClass macroClass = new MacroClass(libraryUri, builder.name);
+          if (!precompiledMacroUris.containsKey(macroClass)) {
+            macroClasses.add(builder);
+            macroLibraries.add(libraryUri);
+            if (retainDataForTesting) {
+              (dataForTesting!.macroDeclarationData
+                      .macroDeclarations[libraryUri] ??= [])
+                  .add(builder.name);
+            }
+          } else {
+            precompiledMacroLibraries.add(libraryUri);
           }
         }
       }
     }
 
-    bool isDillLibrary(Uri uri) => _builders[uri]?.loader != this;
+    if (macroClasses.isEmpty) {
+      return;
+    }
 
     List<List<Uri>> computeCompilationSequence(Graph<Uri> libraryGraph,
         {required bool Function(Uri) filter}) {
@@ -1418,9 +1434,39 @@
       return layeredComponents;
     }
 
-    List<List<Uri>> compilationSteps = computeCompilationSequence(
-        new BuilderGraph(_builders),
-        filter: isDillLibrary);
+    Graph<Uri> graph = new BuilderGraph(_builders);
+
+    /// Libraries that are considered precompiled. These are libraries that are
+    /// either given as precompiled macro libraries, or libraries that these
+    /// depend upon.
+    // TODO(johnniwinther): Can we assume that the precompiled dills are
+    // self-contained?
+    Set<Uri> precompiledLibraries = {};
+
+    void addPrecompiledLibrary(Uri uri) {
+      if (precompiledLibraries.add(uri)) {
+        for (Uri neighbor in graph.neighborsOf(uri)) {
+          addPrecompiledLibrary(neighbor);
+        }
+      }
+    }
+
+    for (LibraryBuilder builder in _builders.values) {
+      if (builder.loader != this) {
+        addPrecompiledLibrary(builder.importUri);
+      } else if (precompiledMacroLibraries.contains(builder.importUri)) {
+        assert(
+            !macroLibraries.contains(builder.importUri),
+            "Macro library ${builder.importUri} is only partially "
+            "precompiled.");
+        addPrecompiledLibrary(builder.importUri);
+      }
+    }
+
+    bool isPrecompiledLibrary(Uri uri) => precompiledLibraries.contains(uri);
+
+    List<List<Uri>> compilationSteps =
+        computeCompilationSequence(graph, filter: isPrecompiledLibrary);
     if (retainDataForTesting) {
       dataForTesting!.macroDeclarationData.compilationSequence =
           compilationSteps;
diff --git a/pkg/front_end/test/macros/data/package_config.json b/pkg/front_end/test/macros/data/package_config.json
index 9de8189..f176d49 100644
--- a/pkg/front_end/test/macros/data/package_config.json
+++ b/pkg/front_end/test/macros/data/package_config.json
@@ -6,6 +6,10 @@
       "rootUri": "pkgs/macro/lib/"
     },
     {
+      "name": "precompiled_macro",
+      "rootUri": "pkgs/precompiled_macro/lib/"
+    },
+    {
       "name": "_fe_analyzer_shared",
       "rootUri": "../../../../_fe_analyzer_shared/lib/"
     }
diff --git a/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/precompiled_macro.dart b/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/precompiled_macro.dart
new file mode 100644
index 0000000..8d112ca
--- /dev/null
+++ b/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/precompiled_macro.dart
@@ -0,0 +1,11 @@
+// Copyright (c) 2022, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+import 'package:_fe_analyzer_shared/src/macros/api.dart';
+
+import 'src/macro_base.dart';
+
+macro class PrecompiledMacro extends MacroBase implements Macro {
+  const PrecompiledMacro();
+}
diff --git a/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/src/macro_base.dart b/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/src/macro_base.dart
new file mode 100644
index 0000000..e503d1b
--- /dev/null
+++ b/pkg/front_end/test/macros/data/pkgs/precompiled_macro/lib/src/macro_base.dart
@@ -0,0 +1,7 @@
+// Copyright (c) 2022, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+class MacroBase {
+  const MacroBase();
+}
diff --git a/pkg/front_end/test/macros/data/tests/all_precompiled.dart b/pkg/front_end/test/macros/data/tests/all_precompiled.dart
new file mode 100644
index 0000000..9310930
--- /dev/null
+++ b/pkg/front_end/test/macros/data/tests/all_precompiled.dart
@@ -0,0 +1,16 @@
+// Copyright (c) 2022, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+/*library: 
+ macroClassIds=[package:precompiled_macro/precompiled_macro.dart/PrecompiledMacro],
+ macroInstanceIds=[package:precompiled_macro/precompiled_macro.dart/PrecompiledMacro/()],
+ macrosAreApplied,
+ macrosAreAvailable
+*/
+
+import 'package:precompiled_macro/precompiled_macro.dart';
+
+/*member: main:appliedMacros=[PrecompiledMacro.new]*/
+@PrecompiledMacro()
+void main() {}
diff --git a/pkg/front_end/test/macros/data/tests/applications.dart b/pkg/front_end/test/macros/data/tests/applications.dart
index 4201d8c..06bf716 100644
--- a/pkg/front_end/test/macros/data/tests/applications.dart
+++ b/pkg/front_end/test/macros/data/tests/applications.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  package:macro/macro.dart,
+  package:_fe_analyzer_shared/src/macros/api.dart|package:macro/macro.dart,
   main.dart],
  macroClassIds=[
   package:macro/macro.dart/Macro1,
diff --git a/pkg/front_end/test/macros/data/tests/declare_macro.dart b/pkg/front_end/test/macros/data/tests/declare_macro.dart
index 056edbd..65611e1 100644
--- a/pkg/front_end/test/macros/data/tests/declare_macro.dart
+++ b/pkg/front_end/test/macros/data/tests/declare_macro.dart
@@ -3,9 +3,7 @@
 // BSD-style license that can be found in the LICENSE file.
 
 /*library: 
- compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  main.dart],
+ compilationSequence=[main.dart|package:_fe_analyzer_shared/src/macros/api.dart],
  declaredMacros=[MyMacro],
  macrosAreAvailable
 */
diff --git a/pkg/front_end/test/macros/data/tests/declare_vs_apply/main.dart b/pkg/front_end/test/macros/data/tests/declare_vs_apply/main.dart
index 1a6c048..69ea910 100644
--- a/pkg/front_end/test/macros/data/tests/declare_vs_apply/main.dart
+++ b/pkg/front_end/test/macros/data/tests/declare_vs_apply/main.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  apply_lib_dep.dart|macro_lib_dep.dart|main_lib_dep.dart|package:_fe_analyzer_shared/src/macros/api.dart,
-  macro_lib.dart,
+  apply_lib_dep.dart|macro_lib.dart|macro_lib_dep.dart|main_lib_dep.dart|package:_fe_analyzer_shared/src/macros/api.dart,
   apply_lib.dart|main.dart],
  macroClassIds=[macro_lib.dart/Macro1],
  macroInstanceIds=[macro_lib.dart/Macro1/()],
diff --git a/pkg/front_end/test/macros/data/tests/direct_import.dart b/pkg/front_end/test/macros/data/tests/direct_import.dart
index a07f128..793a5f4 100644
--- a/pkg/front_end/test/macros/data/tests/direct_import.dart
+++ b/pkg/front_end/test/macros/data/tests/direct_import.dart
@@ -2,12 +2,7 @@
 // for details. All rights reserved. Use of this source code is governed by a
 // BSD-style license that can be found in the LICENSE file.
 
-/*library: 
- compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  main.dart],
- macrosAreAvailable
-*/
+/*library: macrosAreAvailable*/
 
 // ignore: unused_import
 import 'package:_fe_analyzer_shared/src/macros/api.dart';
diff --git a/pkg/front_end/test/macros/data/tests/import_macro_builder.dart b/pkg/front_end/test/macros/data/tests/import_macro_builder.dart
index a07f128..793a5f4 100644
--- a/pkg/front_end/test/macros/data/tests/import_macro_builder.dart
+++ b/pkg/front_end/test/macros/data/tests/import_macro_builder.dart
@@ -2,12 +2,7 @@
 // for details. All rights reserved. Use of this source code is governed by a
 // BSD-style license that can be found in the LICENSE file.
 
-/*library: 
- compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  main.dart],
- macrosAreAvailable
-*/
+/*library: macrosAreAvailable*/
 
 // ignore: unused_import
 import 'package:_fe_analyzer_shared/src/macros/api.dart';
diff --git a/pkg/front_end/test/macros/data/tests/import_macro_package.dart b/pkg/front_end/test/macros/data/tests/import_macro_package.dart
index 0c25eea..9619bb1 100644
--- a/pkg/front_end/test/macros/data/tests/import_macro_package.dart
+++ b/pkg/front_end/test/macros/data/tests/import_macro_package.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  package:macro/macro.dart,
+  package:_fe_analyzer_shared/src/macros/api.dart|package:macro/macro.dart,
   main.dart],
  macrosAreAvailable
 */
diff --git a/pkg/front_end/test/macros/data/tests/import_macro_source/main.dart b/pkg/front_end/test/macros/data/tests/import_macro_source/main.dart
index dce865b..15c660c 100644
--- a/pkg/front_end/test/macros/data/tests/import_macro_source/main.dart
+++ b/pkg/front_end/test/macros/data/tests/import_macro_source/main.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  macro_lib.dart,
+  macro_lib.dart|package:_fe_analyzer_shared/src/macros/api.dart,
   main.dart],
  macrosAreAvailable
 */
diff --git a/pkg/front_end/test/macros/data/tests/macro_declarations.dart b/pkg/front_end/test/macros/data/tests/macro_declarations.dart
index b6cb47f..c780d61 100644
--- a/pkg/front_end/test/macros/data/tests/macro_declarations.dart
+++ b/pkg/front_end/test/macros/data/tests/macro_declarations.dart
@@ -3,9 +3,7 @@
 // BSD-style license that can be found in the LICENSE file.
 
 /*library: 
- compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  main.dart],
+ compilationSequence=[main.dart|package:_fe_analyzer_shared/src/macros/api.dart],
  declaredMacros=[
   Extends,
   ExtendsAlias,
diff --git a/pkg/front_end/test/macros/data/tests/multiple_macros/main.dart b/pkg/front_end/test/macros/data/tests/multiple_macros/main.dart
index 4aeb2a7..873d202 100644
--- a/pkg/front_end/test/macros/data/tests/multiple_macros/main.dart
+++ b/pkg/front_end/test/macros/data/tests/multiple_macros/main.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  macro_lib1.dart|macro_lib2a.dart,
+  macro_lib1.dart|macro_lib2a.dart|package:_fe_analyzer_shared/src/macros/api.dart,
   macro_lib2b.dart,
   main.dart],
  macroClassIds=[
diff --git a/pkg/front_end/test/macros/data/tests/precompiled.dart b/pkg/front_end/test/macros/data/tests/precompiled.dart
new file mode 100644
index 0000000..5b29de2
--- /dev/null
+++ b/pkg/front_end/test/macros/data/tests/precompiled.dart
@@ -0,0 +1,27 @@
+// Copyright (c) 2022, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+/*library: 
+ compilationSequence=[
+  package:macro/macro.dart,
+  main.dart],
+ macroClassIds=[
+  package:macro/macro.dart/Macro1,
+  package:precompiled_macro/precompiled_macro.dart/PrecompiledMacro],
+ macroInstanceIds=[
+  package:macro/macro.dart/Macro1/(),
+  package:precompiled_macro/precompiled_macro.dart/PrecompiledMacro/()],
+ macrosAreApplied,
+ macrosAreAvailable
+*/
+
+import 'package:precompiled_macro/precompiled_macro.dart';
+import 'package:macro/macro.dart';
+
+/*member: main:appliedMacros=[
+  Macro1.new,
+  PrecompiledMacro.new]*/
+@PrecompiledMacro()
+@Macro1()
+void main() {}
diff --git a/pkg/front_end/test/macros/data/tests/use_macro_package.dart b/pkg/front_end/test/macros/data/tests/use_macro_package.dart
index 691f58a..c3b123e 100644
--- a/pkg/front_end/test/macros/data/tests/use_macro_package.dart
+++ b/pkg/front_end/test/macros/data/tests/use_macro_package.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  package:macro/macro.dart,
+  package:_fe_analyzer_shared/src/macros/api.dart|package:macro/macro.dart,
   main.dart],
  macroClassIds=[
   package:macro/macro.dart/Macro1,
diff --git a/pkg/front_end/test/macros/data/tests/use_macro_source/main.dart b/pkg/front_end/test/macros/data/tests/use_macro_source/main.dart
index 5bc5073..eff50a1 100644
--- a/pkg/front_end/test/macros/data/tests/use_macro_source/main.dart
+++ b/pkg/front_end/test/macros/data/tests/use_macro_source/main.dart
@@ -4,8 +4,7 @@
 
 /*library: 
  compilationSequence=[
-  package:_fe_analyzer_shared/src/macros/api.dart,
-  macro_lib.dart,
+  macro_lib.dart|package:_fe_analyzer_shared/src/macros/api.dart,
   main.dart],
  macroClassIds=[
   macro_lib.dart/Macro1,
diff --git a/pkg/front_end/test/macros/macro_test.dart b/pkg/front_end/test/macros/macro_test.dart
index 756e587..25ee5db 100644
--- a/pkg/front_end/test/macros/macro_test.dart
+++ b/pkg/front_end/test/macros/macro_test.dart
@@ -43,6 +43,11 @@
       CompilerOptions options, TestData testData) {
     TestMacroExecutor macroExecutor = new TestMacroExecutor();
     options.macroExecutorProvider = () async => macroExecutor;
+    Uri precompiledPackage =
+        Uri.parse('package:precompiled_macro/precompiled_macro.dart');
+    options.precompiledMacroUris = {
+      new MacroClass(precompiledPackage, 'PrecompiledMacro'): dummyUri,
+    };
     return macroExecutor;
   }
 }
@@ -295,10 +300,6 @@
   @override
   Future<MacroClassIdentifier> loadMacro(Uri library, String name,
       {Uri? precompiledKernelUri}) async {
-    if (precompiledKernelUri != null) {
-      throw new UnsupportedError(
-          'Precompiled kernel not supported for this implementation.');
-    }
     _MacroClassIdentifier id = new _MacroClassIdentifier(library, name);
     macroClasses.add(id);
     return id;