diff --git a/doc/release-notes.md b/doc/release-notes.md
--- a/doc/release-notes.md
+++ b/doc/release-notes.md
@@ -9,3 +9,15 @@
    `true` with sub-fields `ancestor`, `base`, `modified` and `descendant`
    denominated in BCH. This new field deprecates previous fee fields, such a
    `fee`, `modifiedfee`, `ancestorfee` and `descendantfee`.
+
+Dynamic creation of wallets
+---------------------------------------
+  - Previously, wallets could only be loaded or created at startup, by
+    specifying `-wallet` parameters on the command line or in the bitcoin.conf
+    file. It is now possible to create wallets dynamically at runtime:
+
+  - New wallets can be created (and loaded) by calling the `createwallet` RPC.
+    The provided name must not match a wallet file in the `walletdir` directory
+    or the name of a wallet that is currently loaded.
+
+  - This feature is currently only available through the RPC interface.
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -3409,6 +3409,63 @@
     return obj;
 }
 
+UniValue createwallet(const Config &config, const JSONRPCRequest &request) {
+    if (request.fHelp || request.params.size() != 1) {
+        throw std::runtime_error(
+            "createwallet \"wallet_name\"\n"
+            "\nCreates and loads a new wallet.\n"
+            "\nArguments:\n"
+            "1. \"wallet_name\"    (string, required) The name for the new "
+            "wallet. If this is a path, the wallet will be created at the path "
+            "location.\n"
+            "\nResult:\n"
+            "{\n"
+            "  \"name\" :    <wallet_name>,        (string) The wallet name if "
+            "created successfully. If the wallet was created using a full "
+            "path, the wallet_name will be the full path.\n"
+            "  \"warning\" : <warning>,            (string) Warning message if "
+            "wallet was not loaded cleanly.\n"
+            "}\n"
+            "\nExamples:\n" +
+            HelpExampleCli("createwallet", "\"testwallet\"") +
+            HelpExampleRpc("createwallet", "\"testwallet\""));
+    }
+
+    const CChainParams &chainParams = config.GetChainParams();
+
+    std::string wallet_name = request.params[0].get_str();
+    std::string error;
+    std::string warning;
+
+    fs::path wallet_path = fs::absolute(wallet_name, GetWalletDir());
+    if (fs::symlink_status(wallet_path).type() != fs::file_not_found) {
+        throw JSONRPCError(RPC_WALLET_ERROR,
+                           "Wallet " + wallet_name + " already exists.");
+    }
+
+    // Wallet::Verify will check if we're trying to create a wallet with a
+    // duplicate name.
+    if (!CWallet::Verify(chainParams, wallet_name, false, error, warning)) {
+        throw JSONRPCError(RPC_WALLET_ERROR,
+                           "Wallet file verification failed: " + error);
+    }
+
+    std::shared_ptr<CWallet> const wallet = CWallet::CreateWalletFromFile(
+        chainParams, wallet_name, fs::absolute(wallet_name, GetWalletDir()));
+    if (!wallet) {
+        throw JSONRPCError(RPC_WALLET_ERROR, "Wallet creation failed.");
+    }
+    AddWallet(wallet);
+
+    wallet->postInitProcess();
+
+    UniValue obj(UniValue::VOBJ);
+    obj.pushKV("name", wallet->GetName());
+    obj.pushKV("warning", warning);
+
+    return obj;
+}
+
 static UniValue resendwallettransactions(const Config &config,
                                          const JSONRPCRequest &request) {
     std::shared_ptr<CWallet> const wallet = GetWalletForJSONRPCRequest(request);
@@ -4461,6 +4518,7 @@
     { "wallet",             "abandontransaction",           abandontransaction,           {"txid"} },
     { "wallet",             "addmultisigaddress",           addmultisigaddress,           {"nrequired","keys","label|account"} },
     { "wallet",             "backupwallet",                 backupwallet,                 {"destination"} },
+    { "wallet",             "createwallet",                 createwallet,                 {"wallet_name"} },
     { "wallet",             "encryptwallet",                encryptwallet,                {"passphrase"} },
     { "wallet",             "getaccountaddress",            getlabeladdress,              {"account"} },
     { "wallet",             "getlabeladdress",              getlabeladdress,              {"label"} },
diff --git a/test/functional/wallet_multiwallet.py b/test/functional/wallet_multiwallet.py
--- a/test/functional/wallet_multiwallet.py
+++ b/test/functional/wallet_multiwallet.py
@@ -222,6 +222,30 @@
         assert_raises_rpc_error(-4, "Wallet file verification failed: Invalid -wallet path 'w8_symlink'",
                                 self.nodes[0].loadwallet, 'w8_symlink')
 
+        self.log.info("Test dynamic wallet creation.")
+
+        # Fail to create a wallet if it already exists.
+        assert_raises_rpc_error(-4, "Wallet w2 already exists.",
+                                self.nodes[0].createwallet, 'w2')
+
+        # Successfully create a wallet with a new name
+        loadwallet_name = self.nodes[0].createwallet('w9')
+        assert_equal(loadwallet_name['name'], 'w9')
+        w9 = node.get_wallet_rpc('w9')
+        assert_equal(w9.getwalletinfo()['walletname'], 'w9')
+
+        assert 'w9' in self.nodes[0].listwallets()
+
+        # Successfully create a wallet using a full path
+        new_wallet_dir = os.path.join(self.options.tmpdir, 'new_walletdir')
+        new_wallet_name = os.path.join(new_wallet_dir, 'w10')
+        loadwallet_name = self.nodes[0].createwallet(new_wallet_name)
+        assert_equal(loadwallet_name['name'], new_wallet_name)
+        w10 = node.get_wallet_rpc(new_wallet_name)
+        assert_equal(w10.getwalletinfo()['walletname'], new_wallet_name)
+
+        assert new_wallet_name in self.nodes[0].listwallets()
+
 
 if __name__ == '__main__':
     MultiWalletTest().main()