diff --git a/doc/release-notes-16185.md b/doc/release-notes-16185.md
new file mode 100644
index 0000000000..eeeb951e5b
--- /dev/null
+++ b/doc/release-notes-16185.md
@@ -0,0 +1,3 @@
+RPC changes
+-----------
+The `gettransaction` RPC now accepts a third (boolean) argument `decode`. If set to `true`, a new `decoded` field will be added to the response containing the decoded transaction.
diff --git a/src/rpc/client.cpp b/src/rpc/client.cpp
index 4fb93be805..424d75f462 100644
--- a/src/rpc/client.cpp
+++ b/src/rpc/client.cpp
@@ -105,6 +105,7 @@ static const CRPCConvertParam vRPCConvertParams[] =
     { "getchaintxstats", 0, "nblocks" },
     { "getmerkleblocks", 2, "count" },
     { "gettransaction", 1, "include_watchonly" },
+    { "gettransaction", 2, "decode" },
     { "getrawtransaction", 1, "verbose" },
     { "createrawtransaction", 0, "inputs" },
     { "createrawtransaction", 1, "outputs" },
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
index b9171d10f0..ca3e76a25c 100644
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -1655,6 +1655,7 @@ static UniValue gettransaction(const JSONRPCRequest& request)
         {
             {"txid", RPCArg::Type::STR, RPCArg::Optional::NO, "The transaction id"},
             {"include_watchonly", RPCArg::Type::BOOL, /* default */ "true for watch-only wallets, otherwise false", "Whether to include watch-only addresses in balance calculation and details[]"},
+            {"decode", RPCArg::Type::BOOL, /* default */ "false", "Whether to add a field with the decoded transaction"},
         },
         RPCResult{
             RPCResult::Type::OBJ, "", "", Cat(Cat<std::vector<RPCResult>>(
@@ -1688,6 +1689,10 @@ static UniValue gettransaction(const JSONRPCRequest& request)
                             }},
                     }},
                   {RPCResult::Type::STR_HEX, "hex", "Raw data for transaction"},
+                  {RPCResult::Type::OBJ, "decoded", /*optional=*/true, "The decoded transaction",
+                  {
+                        {RPCResult::Type::ELISION, "", "Equivalent to the RPC decoderawtransaction method, or the RPC getrawtransaction method when `verbose` is passed."},
+                  }},
                 }),
         },
         RPCExamples{
@@ -1715,6 +1720,8 @@ static UniValue gettransaction(const JSONRPCRequest& request)
         filter |= ISMINE_WATCH_ONLY;
     }
 
+    bool decode_tx = request.params[2].isNull() ? false : request.params[2].get_bool();
+
     UniValue entry(UniValue::VOBJ);
     auto it = pwallet->mapWallet.find(hash);
     if (it == pwallet->mapWallet.end()) {
@@ -1740,6 +1747,12 @@ static UniValue gettransaction(const JSONRPCRequest& request)
     std::string strHex = EncodeHexTx(*wtx.tx);
     entry.pushKV("hex", strHex);
 
+    if (decode_tx) {
+        UniValue decoded(UniValue::VOBJ);
+        TxToUniv(*wtx.tx, uint256(), decoded, false);
+        entry.pushKV("decoded", decoded);
+    }
+
     return entry;
 }
 
@@ -4093,7 +4106,7 @@ static const CRPCCommand commands[] =
     { "wallet",             "getrawchangeaddress",              &getrawchangeaddress,           {} },
     { "wallet",             "getreceivedbyaddress",             &getreceivedbyaddress,          {"address","minconf","addlocked"} },
     { "wallet",             "getreceivedbylabel",               &getreceivedbylabel,            {"label","minconf","addlocked"} },
-    { "wallet",             "gettransaction",                   &gettransaction,                {"txid","include_watchonly"} },
+    { "wallet",             "gettransaction",                   &gettransaction,                {"txid","include_watchonly","decode"} },
     { "wallet",             "getunconfirmedbalance",            &getunconfirmedbalance,         {} },
     { "wallet",             "getbalances",                      &getbalances,                   {} },
     { "wallet",             "getwalletinfo",                    &getwalletinfo,                 {} },
diff --git a/test/functional/wallet_basic.py b/test/functional/wallet_basic.py
index d419bfb946..7e9f0ab531 100755
--- a/test/functional/wallet_basic.py
+++ b/test/functional/wallet_basic.py
@@ -496,6 +496,11 @@ class WalletTest(BitcoinTestFramework):
         self.nodes[0].setlabel(change, 'foobar')
         assert_equal(self.nodes[0].getaddressinfo(change)['ischange'], False)
 
+        # Test "decoded" field value in gettransaction response
+        self.log.info("Testing gettransaction decoding...")
+        tx = self.nodes[0].gettransaction(txid=txid, decode=True)
+        assert_equal(tx["decoded"], self.nodes[0].decoderawtransaction(tx["hex"]))
+
 
 if __name__ == '__main__':
     WalletTest().main()