diff --git a/DOCS/interface-changes/overlay-add-colorspace.txt b/DOCS/interface-changes/overlay-add-colorspace.txt
new file mode 100644
index 0000000000..9a59116027
--- /dev/null
+++ b/DOCS/interface-changes/overlay-add-colorspace.txt
@@ -0,0 +1,2 @@
+add `video_colorspace`, `max_luma`, `primaries` and `transfer` arguments
+to the `overlay-add` command
diff --git a/DOCS/man/input.rst b/DOCS/man/input.rst
index 4741e5570c..9f41019f61 100644
--- a/DOCS/man/input.rst
+++ b/DOCS/man/input.rst
@@ -904,7 +904,7 @@ OSD Commands
     Show the progress bar, the elapsed time and the total duration of the file
     on the OSD. ``no-osd`` has no effect on this command.
 
-``overlay-add <id> <x> <y> <file> <offset> <fmt> <w> <h> <stride> <dw> <dh>``
+``overlay-add <id> <x> <y> <file> <offset> <fmt> <w> <h> <stride> [<dw> [<dh> [<video_colorspace> [<max_luma> [<primaries> [<transfer>]]]]]]``
     Add an OSD overlay sourced from raw data. This might be useful for scripts
     and applications controlling mpv, and which want to display things on top
     of the video window.
@@ -964,6 +964,24 @@ OSD Commands
     in display to ``dw`` and ``dh``.  If parameters are not present, the
     values for ``w`` and ``h`` are used.
 
+    ``video_colorspace`` (default: no) interprets the overlay in the video's
+    colorspace, including HDR metadata, so it is tone mapped exactly like
+    the video.
+
+    ``max_luma`` specifies the (optional) luminance peak of the overlay in
+    cd/m². If unset, it is inferred from the overlay's colorspace, or taken
+    from the video for ``video_colorspace`` overlays.
+
+    ``primaries`` and ``transfer`` specify the (optional) colorspace the
+    overlay is encoded in, and accept the same values as ``--target-prim``
+    and ``--target-trc``. The default ``auto`` means sRGB (BT.709 primaries
+    and sRGB transfer). They are ignored if ``video_colorspace`` is set.
+
+    Currently only ``--vo=gpu-next`` honors these parameters. ``--vo=gpu``
+    always assumes the overlay is sRGB and adapts it to the display. Other
+    VOs ignore these parameters, and either blend the overlay without any
+    colorspace conversion or pass it to the system compositor.
+
     .. note::
 
         Before mpv 0.42.0, the file was mapped into memory with ``mmap()``,
diff --git a/input/cmd.h b/input/cmd.h
index 71635939a0..04bf0cac94 100644
--- a/input/cmd.h
+++ b/input/cmd.h
@@ -23,7 +23,7 @@
 #include "misc/bstr.h"
 #include "options/m_option.h"
 
-#define MP_CMD_DEF_MAX_ARGS 11
+#define MP_CMD_DEF_MAX_ARGS 15
 #define MP_CMD_OPT_ARG M_OPT_OPTIONAL_PARAM
 
 struct mp_log;
diff --git a/player/command.c b/player/command.c
index a0dccf4a37..b6d4f639a4 100644
--- a/player/command.c
+++ b/player/command.c
@@ -145,6 +145,10 @@ struct overlay {
     struct mp_image *source;
     int x, y;
     int dw, dh;
+    enum pl_color_primaries primaries;
+    enum pl_color_transfer transfer;
+    float max_luma;
+    bool video_colorspace;
 };
 
 struct hook_handler {
@@ -5303,6 +5307,12 @@ static void recreate_overlays(struct MPContext *mpctx)
                 .h = s->h, .dh = o->dh,
                 .x = o->x,
                 .y = o->y,
+                .bgra = {
+                    .primaries = o->primaries,
+                    .transfer = o->transfer,
+                    .max_luma = o->max_luma,
+                    .video_color_space = o->video_colorspace,
+                },
             };
             MP_TARRAY_APPEND(cmd, new->parts, new->num_parts, b);
         }
@@ -5420,6 +5430,13 @@ static void cmd_overlay_add(void *pcmd)
     char *fmt = cmd->args[5].v.s;
     int w = cmd->args[6].v.i, h = cmd->args[7].v.i, stride = cmd->args[8].v.i;
     int dw = cmd->args[9].v.i, dh = cmd->args[10].v.i;
+    bool video_colorspace = cmd->args[11].v.b;
+    float max_luma = cmd->args[12].v.f;
+    int primaries = cmd->args[13].v.i, transfer = cmd->args[14].v.i;
+
+    // video_colorspace overrides explicit tags
+    if (video_colorspace)
+        primaries = transfer = 0;
 
     if (dw <= 0)
         dw = w;
@@ -5443,6 +5460,10 @@ static void cmd_overlay_add(void *pcmd)
         .y = y,
         .dw = dw,
         .dh = dh,
+        .primaries = primaries,
+        .transfer = transfer,
+        .max_luma = max_luma,
+        .video_colorspace = video_colorspace,
     };
     if (!overlay.source)
         goto error;
@@ -7890,7 +7911,15 @@ const struct mp_cmd_def mp_cmds[] = {
                                         {"h", OPT_INT(v.i)},
                                         {"stride", OPT_INT(v.i)},
                                         {"dw", OPT_INT(v.i), OPTDEF_INT(0)},
-                                        {"dh", OPT_INT(v.i), OPTDEF_INT(0)}, }},
+                                        {"dh", OPT_INT(v.i), OPTDEF_INT(0)},
+                                        {"video_colorspace", OPT_BOOL(v.b),
+                                            OPTDEF_INT(0)},
+                                        {"max_luma", OPT_FLOAT(v.f),
+                                            M_RANGE(0, 10000), OPTDEF_FLOAT(0)},
+                                        {"primaries", OPT_CHOICE_C(v.i, pl_csp_prim_names),
+                                            OPTDEF_INT(PL_COLOR_PRIM_UNKNOWN)},
+                                        {"transfer", OPT_CHOICE_C(v.i, pl_csp_trc_names),
+                                            OPTDEF_INT(PL_COLOR_TRC_UNKNOWN)}, }},
     { "overlay-remove", cmd_overlay_remove, { {"id", OPT_INT(v.i)} } },
 
     { "osd-overlay", cmd_osd_overlay,