diff --git a/Source/Core/DolphinLib.props b/Source/Core/DolphinLib.props
index 4ddf550edf..1b44f15ec4 100644
--- a/Source/Core/DolphinLib.props
+++ b/Source/Core/DolphinLib.props
@@ -637,6 +637,7 @@
     <ClInclude Include="VideoCommon\Assets\CustomAssetLoader.h" />
     <ClInclude Include="VideoCommon\Assets\CustomTextureData.h" />
     <ClInclude Include="VideoCommon\Assets\DirectFilesystemAssetLibrary.h" />
+    <ClInclude Include="VideoCommon\Assets\MaterialAsset.h" />
     <ClInclude Include="VideoCommon\Assets\ShaderAsset.h" />
     <ClInclude Include="VideoCommon\Assets\TextureAsset.h" />
     <ClInclude Include="VideoCommon\AsyncRequests.h" />
@@ -1253,6 +1254,7 @@
     <ClCompile Include="VideoCommon\Assets\CustomAssetLoader.cpp" />
     <ClCompile Include="VideoCommon\Assets\CustomTextureData.cpp" />
     <ClCompile Include="VideoCommon\Assets\DirectFilesystemAssetLibrary.cpp" />
+    <ClCompile Include="VideoCommon\Assets\MaterialAsset.cpp" />
     <ClCompile Include="VideoCommon\Assets\ShaderAsset.cpp" />
     <ClCompile Include="VideoCommon\Assets\TextureAsset.cpp" />
     <ClCompile Include="VideoCommon\AsyncRequests.cpp" />
diff --git a/Source/Core/VideoCommon/Assets/CustomAssetLibrary.h b/Source/Core/VideoCommon/Assets/CustomAssetLibrary.h
index 196372fab8..32e8020ae0 100644
--- a/Source/Core/VideoCommon/Assets/CustomAssetLibrary.h
+++ b/Source/Core/VideoCommon/Assets/CustomAssetLibrary.h
@@ -11,6 +11,7 @@
 namespace VideoCommon
 {
 class CustomTextureData;
+struct MaterialData;
 struct PixelShaderData;
 
 // This class provides functionality to load
@@ -49,5 +50,8 @@ public:
 
   // Loads a pixel shader
   virtual LoadInfo LoadPixelShader(const AssetID& asset_id, PixelShaderData* data) = 0;
+
+  // Loads a material
+  virtual LoadInfo LoadMaterial(const AssetID& asset_id, MaterialData* data) = 0;
 };
 }  // namespace VideoCommon
diff --git a/Source/Core/VideoCommon/Assets/CustomAssetLoader.cpp b/Source/Core/VideoCommon/Assets/CustomAssetLoader.cpp
index ce76a368d2..f579a5eb4b 100644
--- a/Source/Core/VideoCommon/Assets/CustomAssetLoader.cpp
+++ b/Source/Core/VideoCommon/Assets/CustomAssetLoader.cpp
@@ -97,4 +97,11 @@ CustomAssetLoader::LoadPixelShader(const CustomAssetLibrary::AssetID& asset_id,
 {
   return LoadOrCreateAsset<PixelShaderAsset>(asset_id, m_pixel_shaders, std::move(library));
 }
+
+std::shared_ptr<MaterialAsset>
+CustomAssetLoader::LoadMaterial(const CustomAssetLibrary::AssetID& asset_id,
+                                std::shared_ptr<CustomAssetLibrary> library)
+{
+  return LoadOrCreateAsset<MaterialAsset>(asset_id, m_materials, std::move(library));
+}
 }  // namespace VideoCommon
diff --git a/Source/Core/VideoCommon/Assets/CustomAssetLoader.h b/Source/Core/VideoCommon/Assets/CustomAssetLoader.h
index cca83af960..fe86a40835 100644
--- a/Source/Core/VideoCommon/Assets/CustomAssetLoader.h
+++ b/Source/Core/VideoCommon/Assets/CustomAssetLoader.h
@@ -12,6 +12,7 @@
 #include "Common/Flag.h"
 #include "Common/WorkQueueThread.h"
 #include "VideoCommon/Assets/CustomAsset.h"
+#include "VideoCommon/Assets/MaterialAsset.h"
 #include "VideoCommon/Assets/ShaderAsset.h"
 #include "VideoCommon/Assets/TextureAsset.h"
 
@@ -46,6 +47,9 @@ public:
   std::shared_ptr<PixelShaderAsset> LoadPixelShader(const CustomAssetLibrary::AssetID& asset_id,
                                                     std::shared_ptr<CustomAssetLibrary> library);
 
+  std::shared_ptr<MaterialAsset> LoadMaterial(const CustomAssetLibrary::AssetID& asset_id,
+                                              std::shared_ptr<CustomAssetLibrary> library);
+
 private:
   // TODO C++20: use a 'derived_from' concept against 'CustomAsset' when available
   template <typename AssetType>
@@ -79,6 +83,7 @@ private:
   std::map<CustomAssetLibrary::AssetID, std::weak_ptr<RawTextureAsset>> m_textures;
   std::map<CustomAssetLibrary::AssetID, std::weak_ptr<GameTextureAsset>> m_game_textures;
   std::map<CustomAssetLibrary::AssetID, std::weak_ptr<PixelShaderAsset>> m_pixel_shaders;
+  std::map<CustomAssetLibrary::AssetID, std::weak_ptr<MaterialAsset>> m_materials;
   std::thread m_asset_monitor_thread;
   Common::Flag m_asset_monitor_thread_shutdown;
 
diff --git a/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.cpp b/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.cpp
index c234b4088e..cc21549e54 100644
--- a/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.cpp
+++ b/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.cpp
@@ -10,6 +10,7 @@
 #include "Common/Logging/Log.h"
 #include "Common/StringUtil.h"
 #include "VideoCommon/Assets/CustomTextureData.h"
+#include "VideoCommon/Assets/MaterialAsset.h"
 #include "VideoCommon/Assets/ShaderAsset.h"
 
 namespace VideoCommon
@@ -144,6 +145,61 @@ CustomAssetLibrary::LoadInfo DirectFilesystemAssetLibrary::LoadPixelShader(const
   return LoadInfo{approx_mem_size, GetLastAssetWriteTime(asset_id)};
 }
 
+CustomAssetLibrary::LoadInfo DirectFilesystemAssetLibrary::LoadMaterial(const AssetID& asset_id,
+                                                                        MaterialData* data)
+{
+  const auto asset_map = GetAssetMapForID(asset_id);
+
+  // Material is expected to have one asset mapped
+  if (asset_map.empty() || asset_map.size() > 1)
+  {
+    ERROR_LOG_FMT(VIDEO, "Asset '{}' error - material expected to have one file mapped!", asset_id);
+    return {};
+  }
+  const auto& asset_path = asset_map.begin()->second;
+
+  std::string json_data;
+  if (!File::ReadFileToString(asset_path.string(), json_data))
+  {
+    ERROR_LOG_FMT(VIDEO, "Asset '{}' error -  material failed to load the json file '{}',",
+                  asset_id, asset_path.string());
+    return {};
+  }
+
+  picojson::value root;
+  const auto error = picojson::parse(root, json_data);
+
+  if (!error.empty())
+  {
+    ERROR_LOG_FMT(
+        VIDEO,
+        "Asset '{}' error -  material failed to load the json file '{}', due to parse error: {}",
+        asset_id, asset_path.string(), error);
+    return {};
+  }
+  if (!root.is<picojson::object>())
+  {
+    ERROR_LOG_FMT(VIDEO,
+                  "Asset '{}' error - material failed to load the json file '{}', due to root not "
+                  "being an object!",
+                  asset_id, asset_path.string());
+    return {};
+  }
+
+  const auto& root_obj = root.get<picojson::object>();
+
+  if (!MaterialData::FromJson(asset_id, root_obj, data))
+  {
+    ERROR_LOG_FMT(VIDEO,
+                  "Asset '{}' error -  material failed to load the json file '{}', as material "
+                  "json could not be parsed!",
+                  asset_id, asset_path.string());
+    return {};
+  }
+
+  return LoadInfo{json_data.size(), GetLastAssetWriteTime(asset_id)};
+}
+
 CustomAssetLibrary::LoadInfo DirectFilesystemAssetLibrary::LoadTexture(const AssetID& asset_id,
                                                                        CustomTextureData* data)
 {
diff --git a/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.h b/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.h
index 9a842c6988..eeedb42d68 100644
--- a/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.h
+++ b/Source/Core/VideoCommon/Assets/DirectFilesystemAssetLibrary.h
@@ -23,6 +23,7 @@ public:
 
   LoadInfo LoadTexture(const AssetID& asset_id, CustomTextureData* data) override;
   LoadInfo LoadPixelShader(const AssetID& asset_id, PixelShaderData* data) override;
+  LoadInfo LoadMaterial(const AssetID& asset_id, MaterialData* data) override;
 
   // Gets the latest time from amongst all the files in the asset map
   TimeType GetLastAssetWriteTime(const AssetID& asset_id) const override;
diff --git a/Source/Core/VideoCommon/Assets/MaterialAsset.cpp b/Source/Core/VideoCommon/Assets/MaterialAsset.cpp
new file mode 100644
index 0000000000..c5e5718492
--- /dev/null
+++ b/Source/Core/VideoCommon/Assets/MaterialAsset.cpp
@@ -0,0 +1,166 @@
+// Copyright 2023 Dolphin Emulator Project
+// SPDX-License-Identifier: GPL-2.0-or-later
+
+#include "VideoCommon/Assets/MaterialAsset.h"
+
+#include <vector>
+
+#include "Common/Logging/Log.h"
+#include "Common/StringUtil.h"
+#include "VideoCommon/Assets/CustomAssetLibrary.h"
+
+namespace VideoCommon
+{
+namespace
+{
+bool ParsePropertyValue(const CustomAssetLibrary::AssetID& asset_id, MaterialProperty::Type type,
+                        const picojson::value& json_value,
+                        std::optional<MaterialProperty::Value>* value)
+{
+  switch (type)
+  {
+  case MaterialProperty::Type::Type_TextureAsset:
+  {
+    if (json_value.is<std::string>())
+    {
+      *value = json_value.to_str();
+      return true;
+    }
+  }
+  break;
+  };
+
+  ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse the json, value is not valid for type '{}'",
+                asset_id, type);
+  return false;
+}
+
+bool ParseMaterialProperties(const CustomAssetLibrary::AssetID& asset_id,
+                             const picojson::array& values_data,
+                             std::vector<MaterialProperty>* material_property)
+{
+  for (const auto& value_data : values_data)
+  {
+    VideoCommon::MaterialProperty property;
+    if (!value_data.is<picojson::object>())
+    {
+      ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse the json, value is not the right json type",
+                    asset_id);
+      return false;
+    }
+    const auto& value_data_obj = value_data.get<picojson::object>();
+
+    const auto type_iter = value_data_obj.find("type");
+    if (type_iter == value_data_obj.end())
+    {
+      ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse the json, value entry 'type' not found",
+                    asset_id);
+      return false;
+    }
+    if (!type_iter->second.is<std::string>())
+    {
+      ERROR_LOG_FMT(VIDEO,
+                    "Asset '{}' failed to parse the json, value entry 'type' is not "
+                    "the right json type",
+                    asset_id);
+      return false;
+    }
+    std::string type = type_iter->second.to_str();
+    Common::ToLower(&type);
+    if (type == "texture_asset")
+    {
+      property.m_type = MaterialProperty::Type::Type_TextureAsset;
+    }
+    else
+    {
+      ERROR_LOG_FMT(VIDEO,
+                    "Asset '{}' failed to parse the json, value entry 'type' is "
+                    "an invalid option",
+                    asset_id);
+      return false;
+    }
+
+    const auto code_name_iter = value_data_obj.find("code_name");
+    if (code_name_iter == value_data_obj.end())
+    {
+      ERROR_LOG_FMT(VIDEO,
+                    "Asset '{}' failed to parse the json, value entry "
+                    "'code_name' not found",
+                    asset_id);
+      return false;
+    }
+    if (!code_name_iter->second.is<std::string>())
+    {
+      ERROR_LOG_FMT(VIDEO,
+                    "Asset '{}' failed to parse the json, value entry 'code_name' is not "
+                    "the right json type",
+                    asset_id);
+      return false;
+    }
+    property.m_code_name = code_name_iter->second.to_str();
+
+    const auto value_iter = value_data_obj.find("value");
+    if (value_iter != value_data_obj.end())
+    {
+      if (!ParsePropertyValue(asset_id, property.m_type, value_iter->second, &property.m_value))
+        return false;
+    }
+
+    material_property->push_back(std::move(property));
+  }
+
+  return true;
+}
+}  // namespace
+bool MaterialData::FromJson(const CustomAssetLibrary::AssetID& asset_id,
+                            const picojson::object& json, MaterialData* data)
+{
+  const auto values_iter = json.find("values");
+  if (values_iter == json.end())
+  {
+    ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse json, 'values' not found", asset_id);
+    return false;
+  }
+  if (!values_iter->second.is<picojson::array>())
+  {
+    ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse json, 'values' is not the right json type",
+                  asset_id);
+    return false;
+  }
+  const auto& values_array = values_iter->second.get<picojson::array>();
+
+  if (!ParseMaterialProperties(asset_id, values_array, &data->properties))
+    return false;
+
+  const auto shader_asset_iter = json.find("shader_asset");
+  if (shader_asset_iter == json.end())
+  {
+    ERROR_LOG_FMT(VIDEO, "Asset '{}' failed to parse json, 'shader_asset' not found", asset_id);
+    return false;
+  }
+  if (!shader_asset_iter->second.is<std::string>())
+  {
+    ERROR_LOG_FMT(VIDEO,
+                  "Asset '{}' failed to parse json, 'shader_asset' is not the right json type",
+                  asset_id);
+    return false;
+  }
+  data->shader_asset = shader_asset_iter->second.to_str();
+
+  return true;
+}
+
+CustomAssetLibrary::LoadInfo MaterialAsset::LoadImpl(const CustomAssetLibrary::AssetID& asset_id)
+{
+  auto potential_data = std::make_shared<MaterialData>();
+  const auto loaded_info = m_owning_library->LoadMaterial(asset_id, potential_data.get());
+  if (loaded_info.m_bytes_loaded == 0)
+    return {};
+  {
+    std::lock_guard lk(m_data_lock);
+    m_loaded = true;
+    m_data = std::move(potential_data);
+  }
+  return loaded_info;
+}
+}  // namespace VideoCommon
diff --git a/Source/Core/VideoCommon/Assets/MaterialAsset.h b/Source/Core/VideoCommon/Assets/MaterialAsset.h
new file mode 100644
index 0000000000..498d9dae0f
--- /dev/null
+++ b/Source/Core/VideoCommon/Assets/MaterialAsset.h
@@ -0,0 +1,61 @@
+// Copyright 2023 Dolphin Emulator Project
+// SPDX-License-Identifier: GPL-2.0-or-later
+
+#pragma once
+
+#include <optional>
+#include <string>
+#include <variant>
+#include <vector>
+
+#include <picojson.h>
+
+#include "Common/CommonTypes.h"
+#include "Common/EnumFormatter.h"
+#include "VideoCommon/Assets/CustomAsset.h"
+
+namespace VideoCommon
+{
+struct MaterialProperty
+{
+  using Value = std::variant<std::string>;
+  enum class Type
+  {
+    Type_Undefined,
+    Type_TextureAsset,
+    Type_Max = Type_TextureAsset
+  };
+  std::string m_code_name;
+  Type m_type = Type::Type_Undefined;
+  std::optional<Value> m_value;
+};
+
+struct MaterialData
+{
+  static bool FromJson(const CustomAssetLibrary::AssetID& asset_id, const picojson::object& json,
+                       MaterialData* data);
+  std::string shader_asset;
+  std::vector<MaterialProperty> properties;
+};
+
+// Much like Unity and Unreal materials, a Dolphin material does very little on its own
+// Its sole purpose is to provide data (through properties) that are used in conjunction
+// with a shader asset that is provided by name.  It is up to user of this asset to
+// use the two together to create the relevant runtime data
+class MaterialAsset final : public CustomLoadableAsset<MaterialData>
+{
+public:
+  using CustomLoadableAsset::CustomLoadableAsset;
+
+private:
+  CustomAssetLibrary::LoadInfo LoadImpl(const CustomAssetLibrary::AssetID& asset_id) override;
+};
+
+}  // namespace VideoCommon
+
+template <>
+struct fmt::formatter<VideoCommon::MaterialProperty::Type>
+    : EnumFormatter<VideoCommon::MaterialProperty::Type::Type_Max>
+{
+  constexpr formatter() : EnumFormatter({"Undefined", "Texture"}) {}
+};
diff --git a/Source/Core/VideoCommon/CMakeLists.txt b/Source/Core/VideoCommon/CMakeLists.txt
index 6f12cb80ba..ba3b67faba 100644
--- a/Source/Core/VideoCommon/CMakeLists.txt
+++ b/Source/Core/VideoCommon/CMakeLists.txt
@@ -18,6 +18,8 @@ add_library(videocommon
   Assets/CustomTextureData.h
   Assets/DirectFilesystemAssetLibrary.cpp
   Assets/DirectFilesystemAssetLibrary.h
+  Assets/MaterialAsset.cpp
+  Assets/MaterialAsset.h
   Assets/ShaderAsset.cpp
   Assets/ShaderAsset.h
   Assets/TextureAsset.cpp