diff --git a/src/material/core/tokens/m2/mat/_icon.scss b/src/material/core/tokens/m2/mat/_icon.scss
new file mode 100644
index 000000000000..e7d4e1489e39
--- /dev/null
+++ b/src/material/core/tokens/m2/mat/_icon.scss
@@ -0,0 +1,45 @@
+@use '../../token-utils';
+@use '../../../style/sass-utils';
+
+// The prefix used to generate the fully qualified name for tokens in this file.
+$prefix: (mat, icon);
+
+// Tokens that can't be configured through Angular Material's current theming API,
+// but may be in a future version of the theming API.
+@function get-unthemable-tokens() {
+  @return ();
+}
+
+// Tokens that can be configured through Angular Material's color theming API.
+@function get-color-tokens($config) {
+  // Default the icon to `inherit` so it matches the text around it.
+  @return private-get-icon-color-tokens(inherit);
+}
+
+// Tokens that can be configured through Angular Material's typography theming API.
+@function get-typography-tokens($config) {
+  @return ();
+}
+
+// Tokens that can be configured through Angular Material's density theming API.
+@function get-density-tokens($config) {
+  @return ();
+}
+
+// Mixin used to set a specific color on an icon.
+@function private-get-icon-color-tokens($color) {
+  @return (
+    color: $color,
+  );
+}
+
+// Combines the tokens generated by the above functions into a single map with placeholder values.
+// This is used to create token slots.
+@function get-token-slots() {
+  @return sass-utils.deep-merge-all(
+      get-unthemable-tokens(),
+      get-color-tokens(token-utils.$placeholder-color-config),
+      get-typography-tokens(token-utils.$placeholder-typography-config),
+      get-density-tokens(token-utils.$placeholder-density-config)
+  );
+}
diff --git a/src/material/icon/_icon-theme.scss b/src/material/icon/_icon-theme.scss
index a938200d4995..1daac623b3fc 100644
--- a/src/material/icon/_icon-theme.scss
+++ b/src/material/icon/_icon-theme.scss
@@ -1,25 +1,35 @@
 @use 'sass:map';
 @use '../core/theming/theming';
+@use '../core/tokens/m2/mat/icon' as tokens-mat-icon;
+@use '../core/tokens/token-utils';
+@use '../core/style/sass-utils';
+
+@mixin _palette-colors($config, $palette-name) {
+  $palette: map.get($config, $palette-name);
+  $color: theming.get-color-from-palette($palette, text);
+  $tokens: tokens-mat-icon.private-get-icon-color-tokens($color);
+  @include token-utils.create-token-values(tokens-mat-icon.$prefix, $tokens);
+}
 
 @mixin color($config-or-theme) {
   $config: theming.get-color-config($config-or-theme);
-  $primary: map.get($config, primary);
-  $accent: map.get($config, accent);
-  $warn: map.get($config, warn);
-  $background: map.get($config, background);
-  $foreground: map.get($config, foreground);
+
+  @include sass-utils.current-selector-or-root() {
+    @include token-utils.create-token-values(tokens-mat-icon.$prefix,
+      tokens-mat-icon.get-color-tokens($config));
+  }
 
   .mat-icon {
     &.mat-primary {
-      color: theming.get-color-from-palette($primary, text);
+      @include _palette-colors($config, primary);
     }
 
     &.mat-accent {
-      color: theming.get-color-from-palette($accent, text);
+      @include _palette-colors($config, accent);
     }
 
     &.mat-warn {
-      color: theming.get-color-from-palette($warn, text);
+      @include _palette-colors($config, warn);
     }
   }
 }
diff --git a/src/material/icon/icon.scss b/src/material/icon/icon.scss
index 09f2889207ad..bddac57f92e0 100644
--- a/src/material/icon/icon.scss
+++ b/src/material/icon/icon.scss
@@ -1,8 +1,26 @@
 @use '../core/style/vendor-prefixes';
+@use '../core/tokens/m2/mat/icon' as tokens-mat-icon;
+@use '../core/tokens/token-utils';
 
 // The width/height of the icon element.
 $size: 24px !default;
 
+// Note that here we target the `mat-icon` tag name with the `color`, instead of `.mat-icon` to
+// avoid breaking any existing overrides. It's common to customize the color of icons by setting a
+// `color` on the root node. This was easy before the tokens API, because `.mat-icon` doesn't have
+// any `color` and users could easily specify it. By adding support for tokens, we have to set a
+// `color` so the CSS variable declaration works, but by doing so we can break existing overrides.
+// We mitigate against it by targeting the tag name which has the lowest possible specificity.
+// Note that this means that we also have to re-declare the property for `primary`, `accent` and
+// `warn` because there we want the additional specificity.
+mat-icon {
+  &, &.mat-primary, &.mat-accent, &.mat-warn {
+    @include token-utils.use-tokens(tokens-mat-icon.$prefix, tokens-mat-icon.get-token-slots()) {
+      @include token-utils.create-token-slot(color, color);
+    }
+  }
+}
+
 .mat-icon {
   @include vendor-prefixes.user-select(none);
   background-repeat: no-repeat;