diff --git a/python/ray/tune/checkpoint_manager.py b/python/ray/tune/checkpoint_manager.py
index df50eb185..9b0aa619a 100644
--- a/python/ray/tune/checkpoint_manager.py
+++ b/python/ray/tune/checkpoint_manager.py
@@ -44,6 +44,9 @@ class Checkpoint:
             return isinstance(self.value, str)
         return self.storage == Checkpoint.MEMORY
 
+    def __repr__(self):
+        return f"Checkpoint({self.storage}, {self.value})"
+
 
 class QueueItem:
     def __init__(self, priority, value):
@@ -53,6 +56,9 @@ class QueueItem:
     def __lt__(self, other):
         return self.priority < other.priority
 
+    def __repr__(self):
+        return f"QueueItem({repr(self.value)})"
+
 
 class CheckpointManager:
     """Manages checkpoints on the driver for a trial."""
@@ -82,7 +88,7 @@ class CheckpointManager:
         self.delete = delete_fn
         self.newest_persistent_checkpoint = Checkpoint(Checkpoint.PERSISTENT,
                                                        None)
-        self.newest_memory_checkpoint = Checkpoint(Checkpoint.MEMORY, None)
+        self._newest_memory_checkpoint = Checkpoint(Checkpoint.MEMORY, None)
         self._best_checkpoints = []
         self._membership = set()
 
@@ -94,6 +100,10 @@ class CheckpointManager:
             key=lambda c: c.result.get(TRAINING_ITERATION, -1))
         return newest_checkpoint
 
+    @property
+    def newest_memory_checkpoint(self):
+        return self._newest_memory_checkpoint
+
     def on_checkpoint(self, checkpoint):
         """Starts tracking checkpoint metadata on checkpoint.
 
@@ -105,7 +115,9 @@ class CheckpointManager:
             checkpoint (Checkpoint): Trial state checkpoint.
         """
         if checkpoint.storage == Checkpoint.MEMORY:
-            self.newest_memory_checkpoint = checkpoint
+            # Forcibly remove the memory checkpoint
+            del self._newest_memory_checkpoint
+            self._newest_memory_checkpoint = checkpoint
             return
 
         old_checkpoint = self.newest_persistent_checkpoint
@@ -151,6 +163,9 @@ class CheckpointManager:
 
     def __getstate__(self):
         state = self.__dict__.copy()
+        # Avoid serializing the memory checkpoint.
+        state["_newest_memory_checkpoint"] = Checkpoint(
+            Checkpoint.MEMORY, None)
         # Avoid serializing lambda since it may capture cyclical dependencies.
         state.pop("delete")
         return state
diff --git a/python/ray/tune/tests/test_trial_scheduler_pbt.py b/python/ray/tune/tests/test_trial_scheduler_pbt.py
index 09831fa01..bfa69a393 100644
--- a/python/ray/tune/tests/test_trial_scheduler_pbt.py
+++ b/python/ray/tune/tests/test_trial_scheduler_pbt.py
@@ -8,6 +8,8 @@ import time
 
 import ray
 from ray import tune
+from ray.tune import Trainable
+from ray.tune.ray_trial_executor import RayTrialExecutor
 from ray.tune.schedulers import PopulationBasedTraining
 
 
@@ -22,6 +24,67 @@ class MockParam(object):
         return val
 
 
+class PopulationBasedTrainingMemoryTest(unittest.TestCase):
+    def setUp(self):
+        ray.init(num_cpus=1)
+
+    def tearDown(self):
+        ray.shutdown()
+
+    def testMemoryCheckpointFree(self):
+        class MyTrainable(Trainable):
+            def setup(self, config):
+                # Make sure this is large enough so ray uses object store
+                # instead of in-process store.
+                self.large_object = random.getrandbits(int(10e7))
+                self.iter = 0
+                self.a = config["a"]
+
+            def step(self):
+                self.iter += 1
+                return {"metric": self.iter + self.a}
+
+            def save_checkpoint(self, checkpoint_dir):
+                file_path = os.path.join(checkpoint_dir, "model.mock")
+
+                with open(file_path, "wb") as fp:
+                    pickle.dump((self.large_object, self.iter, self.a), fp)
+                return file_path
+
+            def load_checkpoint(self, path):
+                with open(path, "rb") as fp:
+                    self.large_object, self.iter, self.a = pickle.load(fp)
+
+        class CustomExecutor(RayTrialExecutor):
+            def save(self, *args, **kwargs):
+                checkpoint = super(CustomExecutor, self).save(*args, **kwargs)
+                assert len(ray.objects()) <= 10
+                return checkpoint
+
+        param_a = MockParam([1, -1])
+
+        pbt = PopulationBasedTraining(
+            time_attr="training_iteration",
+            metric="metric",
+            mode="max",
+            perturbation_interval=1,
+            hyperparam_mutations={"b": [-1]},
+        )
+
+        tune.run(
+            MyTrainable,
+            name="ray_demo",
+            scheduler=pbt,
+            stop={"training_iteration": 10},
+            num_samples=3,
+            checkpoint_freq=1,
+            fail_fast=True,
+            config={"a": tune.sample_from(lambda _: param_a())},
+            trial_executor=CustomExecutor(
+                queue_trials=False, reuse_actors=False),
+        )
+
+
 class PopulationBasedTrainingSynchTest(unittest.TestCase):
     def setUp(self):
         ray.init(num_cpus=2)