diff --git a/doc/api/deprecations.md b/doc/api/deprecations.md
index aeb4a6a4475d42..40b48e8bef2dbc 100644
--- a/doc/api/deprecations.md
+++ b/doc/api/deprecations.md
@@ -993,6 +993,14 @@ because it also made sense to interpret the value as the number of bytes
 read by the engine, but is inconsistent with other streams in Node.js that
 expose values under these names.
 
+<a id="DEP00XX"></a>
+### DEP00XX: vm.Script cached data
+
+Type: Documentation-only
+
+The option `produceCachedData` has been deprecated. Use
+[`script.createCachedData()`][] instead.
+
 [`--pending-deprecation`]: cli.html#cli_pending_deprecation
 [`Buffer.allocUnsafeSlow(size)`]: buffer.html#buffer_class_method_buffer_allocunsafeslow_size
 [`Buffer.from(array)`]: buffer.html#buffer_class_method_buffer_from_array
@@ -1039,6 +1047,7 @@ expose values under these names.
 [`process.env`]: process.html#process_process_env
 [`punycode`]: punycode.html
 [`require.extensions`]: modules.html#modules_require_extensions
+[`script.createCachedData()`]: vm.html#vm_script_create_cached_data
 [`setInterval()`]: timers.html#timers_setinterval_callback_delay_args
 [`setTimeout()`]: timers.html#timers_settimeout_callback_delay_args
 [`tls.CryptoStream`]: tls.html#tls_class_cryptostream
diff --git a/doc/api/vm.md b/doc/api/vm.md
index f3b79199c1a1e9..e2ddd25e1cdeac 100644
--- a/doc/api/vm.md
+++ b/doc/api/vm.md
@@ -411,6 +411,10 @@ changes:
     pr-url: https://github.com/nodejs/node/pull/4777
     description: The `cachedData` and `produceCachedData` options are
                  supported now.
+  - version: REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/20300
+    description: The `produceCachedData` is deprecated in favour of
+                 `script.createCachedData()`
 -->
 
 * `code` {string} The JavaScript code to compile.
@@ -431,11 +435,39 @@ changes:
     `cachedData` property of the returned `vm.Script` instance.
     The `cachedDataProduced` value will be set to either `true` or `false`
     depending on whether code cache data is produced successfully.
+    This option is deprecated in favor of `script.createCachedData`.
 
 Creating a new `vm.Script` object compiles `code` but does not run it. The
 compiled `vm.Script` can be run later multiple times. The `code` is not bound to
 any global object; rather, it is bound before each run, just for that run.
 
+### script.createCachedData()
+<!-- YAML
+added: REPLACEME
+-->
+
+* Returns: {Buffer}
+
+Creates a code cache that can be used with the Script constructor's
+`cachedData` option. Returns a Buffer. This method may be called at any
+time and any number of times.
+
+```js
+const script = new vm.Script(`
+function add(a, b) {
+  return a + b;
+}
+
+const x = add(1, 2);
+`);
+
+const cacheWithoutX = script.createCachedData();
+
+script.runInThisContext();
+
+const cacheWithX = script.createCachedData();
+```
+
 ### script.runInContext(contextifiedSandbox[, options])
 <!-- YAML
 added: v0.3.1
diff --git a/src/node_contextify.cc b/src/node_contextify.cc
index d401d1422d23c3..c8155c33ee3d48 100644
--- a/src/node_contextify.cc
+++ b/src/node_contextify.cc
@@ -24,6 +24,7 @@
 #include "base_object-inl.h"
 #include "node_contextify.h"
 #include "node_context_data.h"
+#include "node_errors.h"
 
 namespace node {
 namespace contextify {
@@ -595,6 +596,7 @@ class ContextifyScript : public BaseObject {
     Local<FunctionTemplate> script_tmpl = env->NewFunctionTemplate(New);
     script_tmpl->InstanceTemplate()->SetInternalFieldCount(1);
     script_tmpl->SetClassName(class_name);
+    env->SetProtoMethod(script_tmpl, "createCachedData", CreateCachedData);
     env->SetProtoMethod(script_tmpl, "runInContext", RunInContext);
     env->SetProtoMethod(script_tmpl, "runInThisContext", RunInThisContext);
 
@@ -636,7 +638,7 @@ class ContextifyScript : public BaseObject {
     Local<Context> parsing_context = context;
 
     if (argc > 2) {
-      // new ContextifyScript(code, filename, lineOffset, columnOffset
+      // new ContextifyScript(code, filename, lineOffset, columnOffset,
       //                      cachedData, produceCachedData, parsingContext)
       CHECK_EQ(argc, 7);
       CHECK(args[2]->IsNumber());
@@ -718,7 +720,7 @@ class ContextifyScript : public BaseObject {
           Boolean::New(isolate, source.GetCachedData()->rejected));
     } else if (produce_cached_data) {
       const ScriptCompiler::CachedData* cached_data =
-        ScriptCompiler::CreateCodeCache(v8_script.ToLocalChecked(), code);
+        ScriptCompiler::CreateCodeCache(v8_script.ToLocalChecked());
       bool cached_data_produced = cached_data != nullptr;
       if (cached_data_produced) {
         MaybeLocal<Object> buf = Buffer::Copy(
@@ -744,6 +746,26 @@ class ContextifyScript : public BaseObject {
   }
 
 
+  static void CreateCachedData(const FunctionCallbackInfo<Value>& args) {
+    Environment* env = Environment::GetCurrent(args);
+    ContextifyScript* wrapped_script;
+    ASSIGN_OR_RETURN_UNWRAP(&wrapped_script, args.Holder());
+    Local<UnboundScript> unbound_script =
+        PersistentToLocal(env->isolate(), wrapped_script->script_);
+    std::unique_ptr<ScriptCompiler::CachedData> cached_data(
+        ScriptCompiler::CreateCodeCache(unbound_script));
+    if (!cached_data) {
+      args.GetReturnValue().Set(Buffer::New(env, 0).ToLocalChecked());
+    } else {
+      MaybeLocal<Object> buf = Buffer::Copy(
+          env,
+          reinterpret_cast<const char*>(cached_data->data),
+          cached_data->length);
+      args.GetReturnValue().Set(buf.ToLocalChecked());
+    }
+  }
+
+
   static void RunInThisContext(const FunctionCallbackInfo<Value>& args) {
     Environment* env = Environment::GetCurrent(args);
 
diff --git a/test/parallel/test-vm-createcacheddata.js b/test/parallel/test-vm-createcacheddata.js
new file mode 100644
index 00000000000000..ba4d299b9c6355
--- /dev/null
+++ b/test/parallel/test-vm-createcacheddata.js
@@ -0,0 +1,22 @@
+'use strict';
+
+require('../common');
+
+const { Script } = require('vm');
+const assert = require('assert');
+
+const source = 'function x() {} const y = x();';
+
+const script = new Script(source);
+let cachedData = script.createCachedData();
+assert(cachedData instanceof Buffer);
+
+assert(!new Script(source, { cachedData }).cachedDataRejected);
+
+script.runInNewContext();
+
+for (let i = 0; i < 10; i += 1) {
+  cachedData = script.createCachedData();
+
+  assert(!new Script(source, { cachedData }).cachedDataRejected);
+}