diff --git a/UNRELEASED.md b/UNRELEASED.md
index 0bf87a94a50..e765dcb3bc3 100644
--- a/UNRELEASED.md
+++ b/UNRELEASED.md
@@ -11,6 +11,7 @@ Use [the changelog guidelines](https://git.io/polaris-changelog-guidelines) to f
 
 ### Bug fixes
 
+- Fixed a bug in `Banner` where loading state wasn't getting passed to `primaryAction` ([#4338](https://github.com/Shopify/polaris-react/pull/4338))
 - Fixed a bug `TextField` where Safari would render the incorrect text color ([#4344](https://github.com/Shopify/polaris-react/pull/4344))
 
 ### Documentation
diff --git a/src/components/Banner/Banner.scss b/src/components/Banner/Banner.scss
index e71372395b1..eb7b6ffb38b 100644
--- a/src/components/Banner/Banner.scss
+++ b/src/components/Banner/Banner.scss
@@ -4,6 +4,7 @@ $accent-height: 3px;
 $ribbon-flex-basis: rem(32px);
 $secondary-action-vertical-padding: 0.5 * (control-height() - line-height(body));
 $secondary-action-horizontal-padding: 1.5 * spacing(tight);
+$spinner-size: rem(20px);
 
 @mixin banner-variants($in-page) {
   --p-banner-background: var(--p-background);
@@ -278,3 +279,17 @@ $secondary-action-horizontal-padding: 1.5 * spacing(tight);
     @include focus-ring($style: 'focused');
   }
 }
+
+.loading {
+  position: relative;
+  color: transparent;
+  pointer-events: none;
+}
+
+.Spinner {
+  position: absolute;
+  top: 50%;
+  left: 50%;
+  margin-top: -($spinner-size / 2);
+  margin-left: -($spinner-size / 2);
+}
diff --git a/src/components/Banner/Banner.tsx b/src/components/Banner/Banner.tsx
index 502a0794a97..7d85b875878 100644
--- a/src/components/Banner/Banner.tsx
+++ b/src/components/Banner/Banner.tsx
@@ -16,12 +16,14 @@ import {
 import {classNames, variationName} from '../../utilities/css';
 import {BannerContext} from '../../utilities/banner-context';
 import {useUniqueId} from '../../utilities/unique-id';
+import {useI18n} from '../../utilities/i18n';
 import type {Action, DisableableAction, LoadableAction} from '../../types';
 import {Button} from '../Button';
 import {Heading} from '../Heading';
 import {ButtonGroup} from '../ButtonGroup';
 import {UnstyledButton, unstyledButtonFrom} from '../UnstyledButton';
 import {UnstyledLink} from '../UnstyledLink';
+import {Spinner} from '../Spinner';
 import {Icon, IconProps} from '../Icon';
 import {WithinContentContext} from '../../utilities/within-content-context';
 
@@ -63,6 +65,7 @@ export const Banner = forwardRef<BannerHandles, BannerProps>(function Banner(
 ) {
   const withinContentContainer = useContext(WithinContentContext);
   const id = useUniqueId('Banner');
+  const i18n = useI18n();
   const {
     wrapperRef,
     handleKeyUp,
@@ -92,11 +95,31 @@ export const Banner = forwardRef<BannerHandles, BannerProps>(function Banner(
     );
   }
 
+  const spinnerMarkup = action?.loading ? (
+    <button
+      disabled
+      aria-busy
+      className={classNames(styles.Button, styles.loading)}
+    >
+      <span className={styles.Spinner}>
+        <Spinner
+          size="small"
+          accessibilityLabel={i18n.translate(
+            'Polaris.Button.spinnerAccessibilityLabel',
+          )}
+        />
+      </span>
+      {action.content}
+    </button>
+  ) : null;
+
   const primaryActionMarkup = action ? (
     <div className={styles.PrimaryAction}>
-      {unstyledButtonFrom(action, {
-        className: styles.Button,
-      })}
+      {action.loading
+        ? spinnerMarkup
+        : unstyledButtonFrom(action, {
+            className: styles.Button,
+          })}
     </div>
   ) : null;
 
diff --git a/src/components/Banner/tests/Banner.test.tsx b/src/components/Banner/tests/Banner.test.tsx
index 596fc66e446..18246e175aa 100644
--- a/src/components/Banner/tests/Banner.test.tsx
+++ b/src/components/Banner/tests/Banner.test.tsx
@@ -8,7 +8,14 @@ import {
 } from '@shopify/polaris-icons';
 import {mountWithApp} from 'test-utilities';
 import {BannerContext} from 'utilities/banner-context';
-import {Button, Icon, UnstyledButton, UnstyledLink, Heading} from 'components';
+import {
+  Button,
+  Heading,
+  Icon,
+  Spinner,
+  UnstyledButton,
+  UnstyledLink,
+} from 'components';
 
 import {WithinContentContext} from '../../../utilities/within-content-context';
 import {Banner, BannerHandles} from '../Banner';
@@ -101,6 +108,41 @@ describe('<Banner />', () => {
         'Primary action',
       );
     });
+
+    it('renders a Spinner when loading', () => {
+      const bannerWithAction = mountWithApp(
+        <Banner
+          title="Test"
+          action={{
+            content: 'Primary action',
+            loading: true,
+          }}
+        >
+          Hello World
+        </Banner>,
+      );
+
+      expect(bannerWithAction).toContainReactComponent(Spinner);
+    });
+
+    it('renders a disabled button when loading', () => {
+      const bannerWithAction = mountWithApp(
+        <Banner
+          title="Test"
+          action={{
+            content: 'Primary action',
+            loading: true,
+          }}
+        >
+          Hello World
+        </Banner>,
+      );
+
+      expect(bannerWithAction).toContainReactComponent('button', {
+        disabled: true,
+        'aria-busy': true,
+      });
+    });
   });
 
   describe('secondaryAction', () => {