diff --git a/CHANGES.rst b/CHANGES.rst
index 6739a004c1..e8af02de89 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -24,6 +24,10 @@ Unreleased
 * Parameters ``mod_note`` and ``reason_id`` to
   :meth:`.ThingModerationMixin.remove` to optionally apply a removal reason on
   removal
+* Parameters ``allowable_content`` and ``max_emojis`` to
+  :meth:`~.SubredditRedditorFlairTemplates.add`,
+  :meth:`~.SubredditLinkFlairTemplates.add`, and
+  :meth:`~.SubredditFlairTemplates.update`, as well as its child classes.
 
 **Deprecated**
 
diff --git a/praw/models/reddit/subreddit.py b/praw/models/reddit/subreddit.py
index 47c819f7e7..c9fd050697 100644
--- a/praw/models/reddit/subreddit.py
+++ b/praw/models/reddit/subreddit.py
@@ -1264,16 +1264,20 @@ def _add(
         background_color=None,
         text_color=None,
         mod_only=None,
+        allowable_content=None,
+        max_emojis=None,
     ):
         url = API_PATH["flairtemplate_v2"].format(subreddit=self.subreddit)
         data = {
-            "css_class": css_class,
+            "allowable_content": allowable_content,
             "background_color": background_color,
-            "text_color": text_color,
+            "css_class": css_class,
             "flair_type": self.flair_type(is_link),
+            "max_emojis": max_emojis,
+            "mod_only": bool(mod_only),
             "text": text,
+            "text_color": text_color,
             "text_editable": bool(text_editable),
-            "mod_only": bool(mod_only),
         }
         self.subreddit._reddit.post(url, data=data)
 
@@ -1308,6 +1312,8 @@ def update(
         background_color=None,
         text_color=None,
         mod_only=None,
+        allowable_content=None,
+        max_emojis=None,
     ):
         """Update the flair template provided by ``template_id``.
 
@@ -1323,6 +1329,12 @@ def update(
             ``'light'`` or ``'dark'``.
         :param mod_only: (boolean) Indicate if the flair can only be used by
             moderators.
+        :param allowable_content: If specified, most be one of ``'all'``,
+            ``'emoji'``, or ``'text'`` to restrict content to that type.
+            If set to ``'emoji'`` then the ``'text'`` param must be a
+            valid emoji string, for example ``':snoo:'``.
+        :param max_emojis: (int) Maximum emojis in the flair
+            (Reddit defaults this value to 10).
 
         For example to make a user flair template text_editable, try:
 
@@ -1342,13 +1354,15 @@ def update(
         """
         url = API_PATH["flairtemplate_v2"].format(subreddit=self.subreddit)
         data = {
+            "allowable_content": allowable_content,
+            "background_color": background_color,
+            "css_class": css_class,
             "flair_template_id": template_id,
+            "max_emojis": max_emojis,
+            "mod_only": mod_only,
             "text": text,
-            "css_class": css_class,
-            "background_color": background_color,
             "text_color": text_color,
             "text_editable": text_editable,
-            "mod_only": mod_only,
         }
         self.subreddit._reddit.post(url, data=data)
 
@@ -1381,6 +1395,8 @@ def add(
         background_color=None,
         text_color=None,
         mod_only=None,
+        allowable_content=None,
+        max_emojis=None,
     ):
         """Add a Redditor flair template to the associated subreddit.
 
@@ -1394,6 +1410,12 @@ def add(
             ``'light'`` or ``'dark'``.
         :param mod_only: (boolean) Indicate if the flair can only be used by
             moderators.
+        :param allowable_content: If specified, most be one of ``'all'``,
+            ``'emoji'``, or ``'text'`` to restrict content to that type.
+            If set to ``'emoji'`` then the ``'text'`` param must be a
+            valid emoji string, for example ``':snoo:'``.
+        :param max_emojis: (int) Maximum emojis in the flair
+            (Reddit defaults this value to 10).
 
         For example, to add an editable Redditor flair try:
 
@@ -1411,6 +1433,8 @@ def add(
             background_color=background_color,
             text_color=text_color,
             mod_only=mod_only,
+            allowable_content=allowable_content,
+            max_emojis=max_emojis,
         )
 
     def clear(self):
@@ -1453,6 +1477,8 @@ def add(
         background_color=None,
         text_color=None,
         mod_only=None,
+        allowable_content=None,
+        max_emojis=None,
     ):
         """Add a link flair template to the associated subreddit.
 
@@ -1466,6 +1492,12 @@ def add(
             ``'light'`` or ``'dark'``.
         :param mod_only: (boolean) Indicate if the flair can only be used by
             moderators.
+        :param allowable_content: If specified, most be one of ``'all'``,
+            ``'emoji'``, or ``'text'`` to restrict content to that type.
+            If set to ``'emoji'`` then the ``'text'`` param must be a
+            valid emoji string, for example ``':snoo:'``.
+        :param max_emojis: (int) Maximum emojis in the flair
+            (Reddit defaults this value to 10).
 
         For example, to add an editable link flair try:
 
@@ -1483,6 +1515,8 @@ def add(
             background_color=background_color,
             text_color=text_color,
             mod_only=mod_only,
+            allowable_content=allowable_content,
+            max_emojis=max_emojis,
         )
 
     def clear(self):