diff --git a/mypy/semanal.py b/mypy/semanal.py
index 4128369ace5d..285a68c246f4 100644
--- a/mypy/semanal.py
+++ b/mypy/semanal.py
@@ -52,7 +52,7 @@
 
 from contextlib import contextmanager
 from typing import Any, Callable, Collection, Final, Iterable, Iterator, List, TypeVar, cast
-from typing_extensions import TypeAlias as _TypeAlias
+from typing_extensions import TypeAlias as _TypeAlias, TypeGuard
 
 from mypy import errorcodes as codes, message_registry
 from mypy.constant_fold import constant_fold_expr
@@ -3554,7 +3554,14 @@ def check_and_set_up_type_alias(self, s: AssignmentStmt) -> bool:
             # unless using PEP 613 `cls: TypeAlias = A`
             return False
 
-        if isinstance(s.rvalue, CallExpr) and s.rvalue.analyzed:
+        # It can be `A = TypeAliasType('A', ...)` call, in this case,
+        # we just take the second argument and analyze it:
+        if self.check_type_alias_type_call(lvalue.name, s.rvalue):
+            rvalue = s.rvalue.args[1]
+        else:
+            rvalue = s.rvalue
+
+        if isinstance(rvalue, CallExpr) and rvalue.analyzed:
             return False
 
         existing = self.current_symbol_table().get(lvalue.name)
@@ -3580,7 +3587,7 @@ def check_and_set_up_type_alias(self, s: AssignmentStmt) -> bool:
             return False
 
         non_global_scope = self.type or self.is_func_scope()
-        if not pep_613 and isinstance(s.rvalue, RefExpr) and non_global_scope:
+        if not pep_613 and isinstance(rvalue, RefExpr) and non_global_scope:
             # Fourth rule (special case): Non-subscripted right hand side creates a variable
             # at class and function scopes. For example:
             #
@@ -3592,7 +3599,6 @@ def check_and_set_up_type_alias(self, s: AssignmentStmt) -> bool:
             # without this rule, this typical use case will require a lot of explicit
             # annotations (see the second rule).
             return False
-        rvalue = s.rvalue
         if not pep_613 and not self.can_be_type_alias(rvalue):
             return False
 
@@ -3713,6 +3719,19 @@ def check_and_set_up_type_alias(self, s: AssignmentStmt) -> bool:
                     self.note("Use variable annotation syntax to define protocol members", s)
         return True
 
+    def check_type_alias_type_call(self, name: str, rvalue: Expression) -> TypeGuard[CallExpr]:
+        if not isinstance(rvalue, CallExpr):
+            return False
+
+        names = ["typing_extensions.TypeAliasType"]
+        if self.options.python_version >= (3, 12):
+            names.append("typing.TypeAliasType")
+        if not refers_to_fullname(rvalue.callee, tuple(names)):
+            return False
+
+        # TODO: we probably need to also analyze `type_params=` usage here.
+        return self.check_typevarlike_name(rvalue, name, rvalue)
+
     def disable_invalid_recursive_aliases(
         self, s: AssignmentStmt, current_node: TypeAlias
     ) -> None:
@@ -5131,6 +5150,12 @@ def visit_call_expr(self, expr: CallExpr) -> None:
             expr.analyzed = OpExpr("divmod", expr.args[0], expr.args[1])
             expr.analyzed.line = expr.line
             expr.analyzed.accept(self)
+        elif refers_to_fullname(
+            expr.callee, ("typing.TypeAliasType", "typing_extensions.TypeAliasType")
+        ):
+            with self.allow_unbound_tvars_set():
+                for a in expr.args:
+                    a.accept(self)
         else:
             # Normal call expression.
             for a in expr.args:
diff --git a/test-data/unit/check-type-aliases.test b/test-data/unit/check-type-aliases.test
index 4364a9bfa9dc..0085e8444a07 100644
--- a/test-data/unit/check-type-aliases.test
+++ b/test-data/unit/check-type-aliases.test
@@ -1066,3 +1066,51 @@ def eval(e: Expr) -> int:
     elif e[0] == 456:
         return -eval(e[1])
 [builtins fixtures/dict-full.pyi]
+
+[case testTypeAliasType]
+from typing import Union
+from typing_extensions import TypeAliasType
+
+TestType = TypeAliasType("TestType", Union[int, str])
+x: TestType = 42
+y: TestType = 'a'
+z: TestType = object()  # E: Incompatible types in assignment (expression has type "object", variable has type "Union[int, str]")
+[builtins fixtures/tuple.pyi]
+
+[case testTypeAliasTypeInvalid]
+from typing_extensions import TypeAliasType
+
+TestType = TypeAliasType("T", int)  # E: String argument 1 "T" to TypeAliasType(...) does not match variable name "TestType"
+
+T1 = T2 = TypeAliasType("T", int)
+t1: T1  # E: Variable "__main__.T1" is not valid as a type \
+        # N: See https://mypy.readthedocs.io/en/stable/common_issues.html#variables-vs-type-aliases
+
+T3 = TypeAliasType("T3", -1)
+t3: T3  # E: Variable "__main__.T3" is not valid as a type \
+        # N: See https://mypy.readthedocs.io/en/stable/common_issues.html#variables-vs-type-aliases
+[builtins fixtures/tuple.pyi]
+
+[case testTypeAliasTypeGeneric]
+from typing_extensions import TypeAliasType
+from typing import Dict, TypeVar
+
+K = TypeVar('K')
+V = TypeVar('V')
+
+TestType = TypeAliasType("TestType", Dict[K, V], type_params=(K, V))
+x: TestType[int, str] = {1: 'a'}
+y: TestType[str, int] = {'a': 1}
+z: TestType[str, int] = {1: 'a'}  # E: Dict entry 0 has incompatible type "int": "str"; expected "str": "int"
+[builtins fixtures/dict.pyi]
+
+[case testTypeAliasType312]
+# flags: --python-version 3.12
+from typing import Union, TypeAliasType
+
+TestType = TypeAliasType("TestType", int | str)
+x: TestType = 42
+y: TestType = 'a'
+z: TestType = object()  # E: Incompatible types in assignment (expression has type "object", variable has type "Union[int, str]")
+[builtins fixtures/tuple.pyi]
+[typing fixtures/typing-full.pyi]
diff --git a/test-data/unit/fixtures/typing-full.pyi b/test-data/unit/fixtures/typing-full.pyi
index ca8a2413f05f..f7da75fa4cd0 100644
--- a/test-data/unit/fixtures/typing-full.pyi
+++ b/test-data/unit/fixtures/typing-full.pyi
@@ -10,13 +10,17 @@ from abc import abstractmethod, ABCMeta
 
 class GenericMeta(type): pass
 
+class _SpecialForm: ...
+class TypeVar: ...
+class ParamSpec: ...
+class TypeVarTuple: ...
+
 def cast(t, o): ...
 def assert_type(o, t): ...
 overload = 0
 Any = 0
 Union = 0
 Optional = 0
-TypeVar = 0
 Generic = 0
 Protocol = 0
 Tuple = 0
@@ -39,6 +43,8 @@ U = TypeVar('U')
 V = TypeVar('V')
 S = TypeVar('S')
 
+def final(x: T) -> T: ...
+
 class NamedTuple(tuple[Any, ...]): ...
 
 # Note: definitions below are different from typeshed, variances are declared
@@ -182,8 +188,6 @@ class _TypedDict(Mapping[str, object]):
     def update(self: T, __m: T) -> None: ...
     def __delitem__(self, k: NoReturn) -> None: ...
 
-class _SpecialForm: pass
-
 def dataclass_transform(
     *,
     eq_default: bool = ...,
@@ -199,3 +203,10 @@ def reveal_type(__obj: T) -> T: ...
 
 # Only exists in type checking time:
 def type_check_only(__func_or_class: T) -> T: ...
+
+# Was added in 3.12
+@final
+class TypeAliasType:
+    def __init__(
+        self, name: str, value: Any, *, type_params: Tuple[Union[TypeVar, ParamSpec, TypeVarTuple], ...] = ()
+    ) -> None: ...
diff --git a/test-data/unit/lib-stub/typing_extensions.pyi b/test-data/unit/lib-stub/typing_extensions.pyi
index 7aca6fad1b42..631351f0e15b 100644
--- a/test-data/unit/lib-stub/typing_extensions.pyi
+++ b/test-data/unit/lib-stub/typing_extensions.pyi
@@ -1,5 +1,5 @@
 import typing
-from typing import Any, Callable, Mapping, Iterable, Iterator, NoReturn as NoReturn, Dict, Tuple, Type
+from typing import Any, Callable, Mapping, Iterable, Iterator, NoReturn as NoReturn, Dict, Tuple, Type, Union
 from typing import TYPE_CHECKING as TYPE_CHECKING
 from typing import NewType as NewType, overload as overload
 
@@ -39,6 +39,12 @@ Never: _SpecialForm
 TypeVarTuple: _SpecialForm
 Unpack: _SpecialForm
 
+@final
+class TypeAliasType:
+    def __init__(
+        self, name: str, value: Any, *, type_params: Tuple[Union[TypeVar, ParamSpec, TypeVarTuple], ...] = ()
+    ) -> None: ...
+
 # Fallback type for all typed dicts (does not exist at runtime).
 class _TypedDict(Mapping[str, object]):
     # Needed to make this class non-abstract. It is explicitly declared abstract in