diff --git a/python/ray/includes/unique_ids.pxi b/python/ray/includes/unique_ids.pxi
index a695add8a..284cbfd81 100644
--- a/python/ray/includes/unique_ids.pxi
+++ b/python/ray/includes/unique_ids.pxi
@@ -130,6 +130,7 @@ cdef class UniqueID(BaseID):
 
 cdef class ObjectID(BaseID):
     cdef CObjectID data
+    cdef object buffer_ref
 
     def __init__(self, id):
         check_id(id)
@@ -153,6 +154,12 @@ cdef class ObjectID(BaseID):
     def task_id(self):
         return TaskID(self.data.TaskId().Binary())
 
+    def set_buffer_ref(self, ref):
+        self.buffer_ref = ref
+
+    def get_buffer_ref(self):
+        return self.buffer_ref
+
     cdef size_t hash(self):
         return self.data.Hash()
 
diff --git a/python/ray/tests/test_basic.py b/python/ray/tests/test_basic.py
index 28f3cea75..28cf90256 100644
--- a/python/ray/tests/test_basic.py
+++ b/python/ray/tests/test_basic.py
@@ -3028,11 +3028,47 @@ def test_shutdown_disconnect_global_state():
     assert str(e.value).endswith("ray.init has been called.")
 
 
+@pytest.mark.parametrize(
+    "ray_start_object_store_memory", [150 * 1024 * 1024], indirect=True)
+def test_put_pins_object(ray_start_object_store_memory):
+    x_id = ray.put("HI")
+    x_copy = ray.ObjectID(x_id.binary())
+    assert ray.get(x_copy) == "HI"
+
+    # x cannot be evicted since x_id pins it
+    for _ in range(10):
+        ray.put(np.zeros(10 * 1024 * 1024))
+    assert ray.get(x_id) == "HI"
+    assert ray.get(x_copy) == "HI"
+
+    # now it can be evicted since x_id pins it but x_copy does not
+    del x_id
+    for _ in range(10):
+        ray.put(np.zeros(10 * 1024 * 1024))
+    with pytest.raises(ray.exceptions.UnreconstructableError):
+        ray.get(x_copy)
+
+    # weakref put
+    y_id = ray.put("HI", weakref=True)
+    for _ in range(10):
+        ray.put(np.zeros(10 * 1024 * 1024))
+    with pytest.raises(ray.exceptions.UnreconstructableError):
+        ray.get(y_id)
+
+    @ray.remote
+    def check_no_buffer_ref(x):
+        assert x[0].get_buffer_ref() is None
+
+    z_id = ray.put("HI")
+    assert z_id.get_buffer_ref() is not None
+    ray.get(check_no_buffer_ref.remote([z_id]))
+
+
 @pytest.mark.parametrize(
     "ray_start_object_store_memory", [150 * 1024 * 1024], indirect=True)
 def test_redis_lru_with_set(ray_start_object_store_memory):
     x = np.zeros(8 * 10**7, dtype=np.uint8)
-    x_id = ray.put(x)
+    x_id = ray.put(x, weakref=True)
 
     # Remove the object from the object table to simulate Redis LRU eviction.
     removed = False
diff --git a/python/ray/tests/test_memory_limits.py b/python/ray/tests/test_memory_limits.py
index 59a8dba9b..bff1f7e2f 100644
--- a/python/ray/tests/test_memory_limits.py
+++ b/python/ray/tests/test_memory_limits.py
@@ -50,7 +50,7 @@ class TestMemoryLimits(unittest.TestCase):
     def testTooLargeAllocation(self):
         try:
             ray.init(num_cpus=1, driver_object_store_memory=100 * MB)
-            ray.put(np.zeros(50 * MB, dtype=np.uint8))
+            ray.put(np.zeros(50 * MB, dtype=np.uint8), weakref=True)
             self.assertRaises(
                 OBJECT_TOO_LARGE,
                 lambda: ray.put(np.zeros(200 * MB, dtype=np.uint8)))
@@ -64,7 +64,7 @@ class TestMemoryLimits(unittest.TestCase):
                 num_cpus=1,
                 object_store_memory=300 * MB,
                 driver_object_store_memory=driver_quota)
-            z = ray.put("hi")
+            z = ray.put("hi", weakref=True)
             a = LightActor._remote(object_store_memory=a_quota)
             b = GreedyActor._remote(object_store_memory=b_quota)
             for _ in range(5):
diff --git a/python/ray/tests/test_unreconstructable_errors.py b/python/ray/tests/test_unreconstructable_errors.py
index 86fd3fdfd..88d2b429d 100644
--- a/python/ray/tests/test_unreconstructable_errors.py
+++ b/python/ray/tests/test_unreconstructable_errors.py
@@ -19,7 +19,7 @@ class TestUnreconstructableErrors(unittest.TestCase):
         ray.shutdown()
 
     def testDriverPutEvictedCannotReconstruct(self):
-        x_id = ray.put(np.zeros(1 * 1024 * 1024))
+        x_id = ray.put(np.zeros(1 * 1024 * 1024), weakref=True)
         ray.get(x_id)
         for _ in range(20):
             ray.put(np.zeros(10 * 1024 * 1024))
diff --git a/python/ray/tune/util.py b/python/ray/tune/util.py
index d33a74d58..256411ace 100644
--- a/python/ray/tune/util.py
+++ b/python/ray/tune/util.py
@@ -2,7 +2,6 @@ from __future__ import absolute_import
 from __future__ import division
 from __future__ import print_function
 
-import base64
 import copy
 import logging
 import threading
@@ -99,27 +98,17 @@ class UtilMonitor(Thread):
 
 
 def pin_in_object_store(obj):
-    """Pin an object in the object store.
+    """Deprecated, use ray.put(value, weakref=False) instead."""
 
-    It will be available as long as the pinning process is alive. The pinned
-    object can be retrieved by calling get_pinned_object on the identifier
-    returned by this call.
-    """
-
-    obj_id = ray.put(_to_pinnable(obj))
-    _pinned_objects.append(ray.get(obj_id))
-    return "{}{}".format(PINNED_OBJECT_PREFIX,
-                         base64.b64encode(obj_id.binary()).decode("utf-8"))
+    obj_id = ray.put(obj, weakref=False)
+    _pinned_objects.append(obj_id)
+    return obj_id
 
 
 def get_pinned_object(pinned_id):
-    """Retrieve a pinned object from the object store."""
+    """Deprecated."""
 
-    from ray import ObjectID
-
-    return _from_pinnable(
-        ray.get(
-            ObjectID(base64.b64decode(pinned_id[len(PINNED_OBJECT_PREFIX):]))))
+    return ray.get(pinned_id)
 
 
 class warn_if_slow(object):
diff --git a/python/ray/worker.py b/python/ray/worker.py
index 54d71305b..31a8930f7 100644
--- a/python/ray/worker.py
+++ b/python/ray/worker.py
@@ -2340,11 +2340,18 @@ def get(object_ids):
         return values
 
 
-def put(value):
+def put(value, weakref=False):
     """Store an object in the object store.
 
+    The object may not be evicted while a reference to the returned ID exists.
+    Note that this pinning only applies to the particular object ID returned
+    by put, not object IDs in general.
+
     Args:
         value: The Python object to be stored.
+        weakref: If set, allows the object to be evicted while a reference
+            to the returned ID exists. You might want to set this if putting
+            a lot of objects that you might not need in the future.
 
     Returns:
         The object ID assigned to this value.
@@ -2359,8 +2366,23 @@ def put(value):
                 worker.current_task_id,
                 worker.task_context.put_index,
             )
-            worker.put_object(object_id, value)
+            try:
+                worker.put_object(object_id, value)
+            except pyarrow.plasma.PlasmaStoreFull:
+                logger.info(
+                    "Put failed since the value was either too large or the "
+                    "store was full of pinned objects. If you are putting "
+                    "and holding references to a lot of object ids, consider "
+                    "ray.put(value, weakref=True) to allow object data to "
+                    "be evicted early.")
+                raise
         worker.task_context.put_index += 1
+        # Pin the object buffer with the returned id. This avoids put returns
+        # from getting evicted out from under the id.
+        if not weakref and not worker.mode == LOCAL_MODE:
+            object_id.set_buffer_ref(
+                worker.plasma_client.get_buffers(
+                    [pyarrow.plasma.ObjectID(object_id.binary())]))
         return object_id