diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6f13d7210..0991de2e4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,7 +7,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
-- Nothing yet!
+### Added
+
+- Add support for `inline` option when defining `@theme` values ([#14095](https://github.com/tailwindlabs/tailwindcss/pull/14095))
 
 ## [4.0.0-alpha.18] - 2024-07-25
 
diff --git a/packages/@tailwindcss-postcss/src/index.test.ts b/packages/@tailwindcss-postcss/src/index.test.ts
index 4d376db9a..7aeae5c6c 100644
--- a/packages/@tailwindcss-postcss/src/index.test.ts
+++ b/packages/@tailwindcss-postcss/src/index.test.ts
@@ -94,7 +94,7 @@ test('@apply can be used without emitting the theme in the CSS file', async () =
   // `@apply` is used.
   let result = await processor.process(
     css`
-      @import 'tailwindcss/theme.css' reference;
+      @import 'tailwindcss/theme.css' theme(reference);
       .foo {
         @apply text-red-500;
       }
diff --git a/packages/tailwindcss/src/index.test.ts b/packages/tailwindcss/src/index.test.ts
index bb0f355a6..9e1a5a8dd 100644
--- a/packages/tailwindcss/src/index.test.ts
+++ b/packages/tailwindcss/src/index.test.ts
@@ -1075,7 +1075,7 @@ describe('Parsing themes values from CSS', () => {
           @theme {
             --color-tomato: #e10c04;
           }
-          @media reference {
+          @media theme(reference) {
             @theme {
               --color-potato: #ac855b;
             }
@@ -1106,11 +1106,11 @@ describe('Parsing themes values from CSS', () => {
     `)
   })
 
-  test('`@media reference` can only contain `@theme` rules', () => {
+  test('`@media theme(…)` can only contain `@theme` rules', () => {
     expect(() =>
       compileCss(
         css`
-          @media reference {
+          @media theme(reference) {
             .not-a-theme-rule {
               color: cursed;
             }
@@ -1120,9 +1120,141 @@ describe('Parsing themes values from CSS', () => {
         ['bg-tomato', 'bg-potato', 'bg-avocado'],
       ),
     ).toThrowErrorMatchingInlineSnapshot(
-      `[Error: Files imported with \`@import "…" reference\` must only contain \`@theme\` blocks.]`,
+      `[Error: Files imported with \`@import "…" theme(…)\` must only contain \`@theme\` blocks.]`,
     )
   })
+
+  test('theme values added as `inline` are not wrapped in `var(…)` when used as utility values', () => {
+    expect(
+      compileCss(
+        css`
+          @theme inline {
+            --color-tomato: #e10c04;
+            --color-potato: #ac855b;
+            --color-primary: var(--primary);
+          }
+
+          @tailwind utilities;
+        `,
+        ['bg-tomato', 'bg-potato', 'bg-primary'],
+      ),
+    ).toMatchInlineSnapshot(`
+      ":root {
+        --color-tomato: #e10c04;
+        --color-potato: #ac855b;
+        --color-primary: var(--primary);
+      }
+
+      .bg-potato {
+        background-color: #ac855b;
+      }
+
+      .bg-primary {
+        background-color: var(--primary);
+      }
+
+      .bg-tomato {
+        background-color: #e10c04;
+      }"
+    `)
+  })
+
+  test('wrapping `@theme` with `@media theme(inline)` behaves like `@theme inline` to support `@import` statements', () => {
+    expect(
+      compileCss(
+        css`
+          @media theme(inline) {
+            @theme {
+              --color-tomato: #e10c04;
+              --color-potato: #ac855b;
+              --color-primary: var(--primary);
+            }
+          }
+
+          @tailwind utilities;
+        `,
+        ['bg-tomato', 'bg-potato', 'bg-primary'],
+      ),
+    ).toMatchInlineSnapshot(`
+      ":root {
+        --color-tomato: #e10c04;
+        --color-potato: #ac855b;
+        --color-primary: var(--primary);
+      }
+
+      .bg-potato {
+        background-color: #ac855b;
+      }
+
+      .bg-primary {
+        background-color: var(--primary);
+      }
+
+      .bg-tomato {
+        background-color: #e10c04;
+      }"
+    `)
+  })
+
+  test('`inline` and `reference` can be used together', () => {
+    expect(
+      compileCss(
+        css`
+          @theme reference inline {
+            --color-tomato: #e10c04;
+            --color-potato: #ac855b;
+            --color-primary: var(--primary);
+          }
+
+          @tailwind utilities;
+        `,
+        ['bg-tomato', 'bg-potato', 'bg-primary'],
+      ),
+    ).toMatchInlineSnapshot(`
+      ".bg-potato {
+        background-color: #ac855b;
+      }
+
+      .bg-primary {
+        background-color: var(--primary);
+      }
+
+      .bg-tomato {
+        background-color: #e10c04;
+      }"
+    `)
+  })
+
+  test('`inline` and `reference` can be used together in `media(…)`', () => {
+    expect(
+      compileCss(
+        css`
+          @media theme(reference inline) {
+            @theme {
+              --color-tomato: #e10c04;
+              --color-potato: #ac855b;
+              --color-primary: var(--primary);
+            }
+          }
+
+          @tailwind utilities;
+        `,
+        ['bg-tomato', 'bg-potato', 'bg-primary'],
+      ),
+    ).toMatchInlineSnapshot(`
+      ".bg-potato {
+        background-color: #ac855b;
+      }
+
+      .bg-primary {
+        background-color: var(--primary);
+      }
+
+      .bg-tomato {
+        background-color: #e10c04;
+      }"
+    `)
+  })
 })
 
 describe('plugins', () => {
diff --git a/packages/tailwindcss/src/index.ts b/packages/tailwindcss/src/index.ts
index f324dfad8..73b040d4e 100644
--- a/packages/tailwindcss/src/index.ts
+++ b/packages/tailwindcss/src/index.ts
@@ -33,6 +33,21 @@ function throwOnPlugin(): never {
   throw new Error('No `loadPlugin` function provided to `compile`')
 }
 
+function parseThemeOptions(selector: string) {
+  let isReference = false
+  let isInline = false
+
+  for (let option of segment(selector.slice(6) /* '@theme'.length */, ' ')) {
+    if (option === 'reference') {
+      isReference = true
+    } else if (option === 'inline') {
+      isInline = true
+    }
+  }
+
+  return { isReference, isInline }
+}
+
 export function compile(
   css: string,
   { loadPlugin = throwOnPlugin }: CompileOptions = {},
@@ -152,28 +167,32 @@ export function compile(
       }
     }
 
-    // Drop instances of `@media reference`
+    // Drop instances of `@media theme(…)`
     //
-    // We support `@import "tailwindcss/theme" reference` as a way to import an external theme file
-    // as a reference, which becomes `@media reference { … }` when the `@import` is processed.
-    if (node.selector === '@media reference') {
+    // We support `@import "tailwindcss/theme" theme(reference)` as a way to
+    // import an external theme file as a reference, which becomes `@media
+    // theme(reference) { … }` when the `@import` is processed.
+    if (node.selector.startsWith('@media theme(')) {
+      let themeParams = node.selector.slice(13, -1)
+
       walk(node.nodes, (child) => {
         if (child.kind !== 'rule') {
           throw new Error(
-            'Files imported with `@import "…" reference` must only contain `@theme` blocks.',
+            'Files imported with `@import "…" theme(…)` must only contain `@theme` blocks.',
           )
         }
         if (child.selector === '@theme') {
-          child.selector = '@theme reference'
+          child.selector = '@theme ' + themeParams
           return WalkAction.Skip
         }
       })
       replaceWith(node.nodes)
+      return WalkAction.Skip
     }
 
-    if (node.selector !== '@theme' && node.selector !== '@theme reference') return
+    if (node.selector !== '@theme' && !node.selector.startsWith('@theme ')) return
 
-    let isReference = node.selector === '@theme reference'
+    let { isReference, isInline } = parseThemeOptions(node.selector)
 
     // Record all custom properties in the `@theme` declaration
     walk(node.nodes, (child, { replaceWith }) => {
@@ -187,7 +206,7 @@ export function compile(
 
       if (child.kind === 'comment') return
       if (child.kind === 'declaration' && child.property.startsWith('--')) {
-        theme.add(child.property, child.value, isReference)
+        theme.add(child.property, child.value, { isReference, isInline })
         return
       }
 
@@ -395,15 +414,15 @@ export function __unstable__loadDesignSystem(css: string) {
 
   walk(ast, (node) => {
     if (node.kind !== 'rule') return
-    if (node.selector !== '@theme' && node.selector !== '@theme reference') return
-    let isReference = node.selector === '@theme reference'
+    if (node.selector !== '@theme' && !node.selector.startsWith('@theme ')) return
+    let { isReference, isInline } = parseThemeOptions(node.selector)
 
     // Record all custom properties in the `@theme` declaration
     walk([node], (node) => {
       if (node.kind !== 'declaration') return
       if (!node.property.startsWith('--')) return
 
-      theme.add(node.property, node.value, isReference)
+      theme.add(node.property, node.value, { isReference, isInline })
     })
   })
 
diff --git a/packages/tailwindcss/src/theme.ts b/packages/tailwindcss/src/theme.ts
index 8ac6a90cc..7d150c350 100644
--- a/packages/tailwindcss/src/theme.ts
+++ b/packages/tailwindcss/src/theme.ts
@@ -1,9 +1,11 @@
 import { escape } from './utils/escape'
 
 export class Theme {
-  constructor(private values = new Map<string, { value: string; isReference: boolean }>()) {}
+  constructor(
+    private values = new Map<string, { value: string; isReference: boolean; isInline: boolean }>(),
+  ) {}
 
-  add(key: string, value: string, isReference = false): void {
+  add(key: string, value: string, { isReference = false, isInline = false } = {}): void {
     if (key.endsWith('-*')) {
       if (value !== 'initial') {
         throw new Error(`Invalid theme value \`${value}\` for namespace \`${key}\``)
@@ -18,7 +20,7 @@ export class Theme {
     if (value === 'initial') {
       this.values.delete(key)
     } else {
-      this.values.set(key, { value, isReference })
+      this.values.set(key, { value, isReference, isInline })
     }
   }
 
@@ -91,6 +93,12 @@ export class Theme {
 
     if (!themeKey) return null
 
+    let value = this.values.get(themeKey)!
+
+    if (value.isInline) {
+      return value.value
+    }
+
     return this.#var(themeKey)
   }