diff --git a/src/conversions/hashbrown.rs b/src/conversions/hashbrown.rs
index 7e57d332..c9b6c61c 100644
--- a/src/conversions/hashbrown.rs
+++ b/src/conversions/hashbrown.rs
@@ -121,7 +121,7 @@ mod tests {
             map.insert(1, 1);
 
             let m = map.to_object(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
@@ -143,7 +143,7 @@ mod tests {
             map.insert(1, 1);
 
             let m: PyObject = map.into_py(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
diff --git a/src/conversions/indexmap.rs b/src/conversions/indexmap.rs
index ec7ed5de..5a8cd3d6 100644
--- a/src/conversions/indexmap.rs
+++ b/src/conversions/indexmap.rs
@@ -149,7 +149,7 @@ mod test_indexmap {
             map.insert(1, 1);
 
             let m = map.to_object(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
@@ -175,7 +175,7 @@ mod test_indexmap {
             map.insert(1, 1);
 
             let m: PyObject = map.into_py(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
diff --git a/src/conversions/std/array.rs b/src/conversions/std/array.rs
index 016ab0a6..d901ff4e 100644
--- a/src/conversions/std/array.rs
+++ b/src/conversions/std/array.rs
@@ -239,7 +239,7 @@ mod tests {
         Python::with_gil(|py| {
             let array: [Foo; 8] = [Foo, Foo, Foo, Foo, Foo, Foo, Foo, Foo];
             let pyobject = array.into_py(py);
-            let list: &PyList = pyobject.downcast(py).unwrap();
+            let list = pyobject.downcast_bound::<PyList>(py).unwrap();
             let _cell: &crate::PyCell<Foo> = list.get_item(4).unwrap().extract().unwrap();
         });
     }
diff --git a/src/conversions/std/map.rs b/src/conversions/std/map.rs
index 700617ec..8c6835d7 100644
--- a/src/conversions/std/map.rs
+++ b/src/conversions/std/map.rs
@@ -121,7 +121,7 @@ mod tests {
             map.insert(1, 1);
 
             let m = map.to_object(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
@@ -144,7 +144,7 @@ mod tests {
             map.insert(1, 1);
 
             let m = map.to_object(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
@@ -167,7 +167,7 @@ mod tests {
             map.insert(1, 1);
 
             let m: PyObject = map.into_py(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
@@ -189,7 +189,7 @@ mod tests {
             map.insert(1, 1);
 
             let m: PyObject = map.into_py(py);
-            let py_map: &PyDict = m.downcast(py).unwrap();
+            let py_map = m.downcast_bound::<PyDict>(py).unwrap();
 
             assert!(py_map.len() == 1);
             assert!(
diff --git a/src/err/mod.rs b/src/err/mod.rs
index 0c2637a7..cf74739d 100644
--- a/src/err/mod.rs
+++ b/src/err/mod.rs
@@ -62,6 +62,15 @@ impl<'a> PyDowncastError<'a> {
             to: to.into(),
         }
     }
+
+    /// Compatibility API to convert the Bound variant `DowncastError` into the
+    /// gil-ref variant
+    pub(crate) fn from_downcast_err(DowncastError { from, to }: DowncastError<'a, 'a>) -> Self {
+        Self {
+            from: from.as_gil_ref(),
+            to,
+        }
+    }
 }
 
 /// Error that indicates a failure to convert a PyAny to a more specific Python type.
diff --git a/src/instance.rs b/src/instance.rs
index cb803cc6..821aad81 100644
--- a/src/instance.rs
+++ b/src/instance.rs
@@ -7,8 +7,8 @@ use crate::types::any::PyAnyMethods;
 use crate::types::string::PyStringMethods;
 use crate::types::{PyDict, PyString, PyTuple};
 use crate::{
-    ffi, AsPyPointer, FromPyObject, IntoPy, PyAny, PyClass, PyClassInitializer, PyRef, PyRefMut,
-    PyTypeInfo, Python, ToPyObject,
+    ffi, AsPyPointer, DowncastError, FromPyObject, IntoPy, PyAny, PyClass, PyClassInitializer,
+    PyRef, PyRefMut, PyTypeInfo, Python, ToPyObject,
 };
 use crate::{gil, PyTypeCheck};
 use std::marker::PhantomData;
@@ -1686,6 +1686,23 @@ impl<T> std::fmt::Debug for Py<T> {
 pub type PyObject = Py<PyAny>;
 
 impl PyObject {
+    /// Deprecated form of [`PyObject::downcast_bound`]
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "`PyObject::downcast` will be replaced by `PyObject::downcast_bound` in a future PyO3 version"
+        )
+    )]
+    #[inline]
+    pub fn downcast<'py, T>(&'py self, py: Python<'py>) -> Result<&'py T, PyDowncastError<'py>>
+    where
+        T: PyTypeCheck<AsRefTarget = T>,
+    {
+        self.downcast_bound::<T>(py)
+            .map(Bound::as_gil_ref)
+            .map_err(PyDowncastError::from_downcast_err)
+    }
     /// Downcast this `PyObject` to a concrete Python type or pyclass.
     ///
     /// Note that you can often avoid downcasting yourself by just specifying
@@ -1703,8 +1720,8 @@ impl PyObject {
     /// Python::with_gil(|py| {
     ///     let any: PyObject = PyDict::new_bound(py).into();
     ///
-    ///     assert!(any.downcast::<PyDict>(py).is_ok());
-    ///     assert!(any.downcast::<PyList>(py).is_err());
+    ///     assert!(any.downcast_bound::<PyDict>(py).is_ok());
+    ///     assert!(any.downcast_bound::<PyList>(py).is_err());
     /// });
     /// ```
     ///
@@ -1725,9 +1742,9 @@ impl PyObject {
     /// Python::with_gil(|py| {
     ///     let class: PyObject = Py::new(py, Class { i: 0 }).unwrap().into_py(py);
     ///
-    ///     let class_cell: &PyCell<Class> = class.downcast(py)?;
+    ///     let class_bound = class.downcast_bound::<Class>(py)?;
     ///
-    ///     class_cell.borrow_mut().i += 1;
+    ///     class_bound.borrow_mut().i += 1;
     ///
     ///     // Alternatively you can get a `PyRefMut` directly
     ///     let class_ref: PyRefMut<'_, Class> = class.extract(py)?;
@@ -1737,11 +1754,34 @@ impl PyObject {
     /// # }
     /// ```
     #[inline]
-    pub fn downcast<'py, T>(&'py self, py: Python<'py>) -> Result<&'py T, PyDowncastError<'py>>
+    pub fn downcast_bound<'py, T>(
+        &self,
+        py: Python<'py>,
+    ) -> Result<&Bound<'py, T>, DowncastError<'_, 'py>>
     where
-        T: PyTypeCheck<AsRefTarget = T>,
+        T: PyTypeCheck,
     {
-        self.as_ref(py).downcast()
+        self.bind(py).downcast()
+    }
+
+    /// Deprecated form of [`PyObject::downcast_bound_unchecked`]
+    ///
+    /// # Safety
+    ///
+    /// Callers must ensure that the type is valid or risk type confusion.
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "`PyObject::downcast_unchecked` will be replaced by `PyObject::downcast_bound_unchecked` in a future PyO3 version"
+        )
+    )]
+    #[inline]
+    pub unsafe fn downcast_unchecked<'py, T>(&'py self, py: Python<'py>) -> &T
+    where
+        T: HasPyGilRef<AsRefTarget = T>,
+    {
+        self.downcast_bound_unchecked::<T>(py).as_gil_ref()
     }
 
     /// Casts the PyObject to a concrete Python object type without checking validity.
@@ -1750,11 +1790,8 @@ impl PyObject {
     ///
     /// Callers must ensure that the type is valid or risk type confusion.
     #[inline]
-    pub unsafe fn downcast_unchecked<'p, T>(&'p self, py: Python<'p>) -> &T
-    where
-        T: HasPyGilRef<AsRefTarget = T>,
-    {
-        self.as_ref(py).downcast_unchecked()
+    pub unsafe fn downcast_bound_unchecked<'py, T>(&self, py: Python<'py>) -> &Bound<'py, T> {
+        self.bind(py).downcast_unchecked()
     }
 }
 
diff --git a/src/marker.rs b/src/marker.rs
index fc84ca54..5321eddb 100644
--- a/src/marker.rs
+++ b/src/marker.rs
@@ -826,6 +826,13 @@ impl<'py> Python<'py> {
     }
 
     /// Registers the object in the release pool, and tries to downcast to specific type.
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "part of the deprecated GIL Ref API; to migrate use `obj.downcast_bound::<T>(py)` instead of `py.checked_cast_as::<T>(obj)`"
+        )
+    )]
     pub fn checked_cast_as<T>(self, obj: PyObject) -> Result<&'py T, PyDowncastError<'py>>
     where
         T: PyTypeCheck<AsRefTarget = T>,
@@ -839,6 +846,13 @@ impl<'py> Python<'py> {
     /// # Safety
     ///
     /// Callers must ensure that ensure that the cast is valid.
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "part of the deprecated GIL Ref API; to migrate use `obj.downcast_bound_unchecked::<T>(py)` instead of `py.cast_as::<T>(obj)`"
+        )
+    )]
     pub unsafe fn cast_as<T>(self, obj: PyObject) -> &'py T
     where
         T: HasPyGilRef<AsRefTarget = T>,
diff --git a/src/types/mapping.rs b/src/types/mapping.rs
index 81bb2e63..86c605f8 100644
--- a/src/types/mapping.rs
+++ b/src/types/mapping.rs
@@ -299,13 +299,13 @@ mod tests {
         Python::with_gil(|py| {
             let mut v = HashMap::new();
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             assert_eq!(0, mapping.len().unwrap());
             assert!(mapping.is_empty().unwrap());
 
             v.insert(7, 32);
             let ob = v.to_object(py);
-            let mapping2: &PyMapping = ob.downcast(py).unwrap();
+            let mapping2 = ob.downcast_bound::<PyMapping>(py).unwrap();
             assert_eq!(1, mapping2.len().unwrap());
             assert!(!mapping2.is_empty().unwrap());
         });
@@ -317,7 +317,7 @@ mod tests {
             let mut v = HashMap::new();
             v.insert("key0", 1234);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             mapping.set_item("key1", "foo").unwrap();
 
             assert!(mapping.contains("key0").unwrap());
@@ -332,7 +332,7 @@ mod tests {
             let mut v = HashMap::new();
             v.insert(7, 32);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             assert_eq!(
                 32,
                 mapping.get_item(7i32).unwrap().extract::<i32>().unwrap()
@@ -350,7 +350,7 @@ mod tests {
             let mut v = HashMap::new();
             v.insert(7, 32);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             assert!(mapping.set_item(7i32, 42i32).is_ok()); // change
             assert!(mapping.set_item(8i32, 123i32).is_ok()); // insert
             assert_eq!(
@@ -370,7 +370,7 @@ mod tests {
             let mut v = HashMap::new();
             v.insert(7, 32);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             assert!(mapping.del_item(7i32).is_ok());
             assert_eq!(0, mapping.len().unwrap());
             assert!(mapping
@@ -388,12 +388,12 @@ mod tests {
             v.insert(8, 42);
             v.insert(9, 123);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             // Can't just compare against a vector of tuples since we don't have a guaranteed ordering.
             let mut key_sum = 0;
             let mut value_sum = 0;
             for el in mapping.items().unwrap().iter().unwrap() {
-                let tuple = el.unwrap().downcast::<PyTuple>().unwrap();
+                let tuple = el.unwrap().downcast_into::<PyTuple>().unwrap();
                 key_sum += tuple.get_item(0).unwrap().extract::<i32>().unwrap();
                 value_sum += tuple.get_item(1).unwrap().extract::<i32>().unwrap();
             }
@@ -410,7 +410,7 @@ mod tests {
             v.insert(8, 42);
             v.insert(9, 123);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             // Can't just compare against a vector of tuples since we don't have a guaranteed ordering.
             let mut key_sum = 0;
             for el in mapping.keys().unwrap().iter().unwrap() {
@@ -428,7 +428,7 @@ mod tests {
             v.insert(8, 42);
             v.insert(9, 123);
             let ob = v.to_object(py);
-            let mapping: &PyMapping = ob.downcast(py).unwrap();
+            let mapping = ob.downcast_bound::<PyMapping>(py).unwrap();
             // Can't just compare against a vector of tuples since we don't have a guaranteed ordering.
             let mut values_sum = 0;
             for el in mapping.values().unwrap().iter().unwrap() {
diff --git a/src/types/none.rs b/src/types/none.rs
index 6460482e..a14af044 100644
--- a/src/types/none.rs
+++ b/src/types/none.rs
@@ -103,7 +103,7 @@ mod tests {
     #[test]
     fn test_unit_to_object_is_none() {
         Python::with_gil(|py| {
-            assert!(().to_object(py).downcast::<PyNone>(py).is_ok());
+            assert!(().to_object(py).downcast_bound::<PyNone>(py).is_ok());
         })
     }
 
@@ -111,7 +111,7 @@ mod tests {
     fn test_unit_into_py_is_none() {
         Python::with_gil(|py| {
             let obj: PyObject = ().into_py(py);
-            assert!(obj.downcast::<PyNone>(py).is_ok());
+            assert!(obj.downcast_bound::<PyNone>(py).is_ok());
         })
     }
 
diff --git a/src/types/tuple.rs b/src/types/tuple.rs
index a8737c25..e41fcbf0 100644
--- a/src/types/tuple.rs
+++ b/src/types/tuple.rs
@@ -169,7 +169,7 @@ impl PyTuple {
     /// # fn main() -> PyResult<()> {
     /// Python::with_gil(|py| -> PyResult<()> {
     ///     let ob = (1, 2, 3).to_object(py);
-    ///     let tuple: &PyTuple = ob.downcast(py).unwrap();
+    ///     let tuple = ob.downcast_bound::<PyTuple>(py).unwrap();
     ///     let obj = tuple.get_item(0);
     ///     assert_eq!(obj.unwrap().extract::<i32>().unwrap(), 1);
     ///     Ok(())
@@ -273,7 +273,7 @@ pub trait PyTupleMethods<'py> {
     /// # fn main() -> PyResult<()> {
     /// Python::with_gil(|py| -> PyResult<()> {
     ///     let ob = (1, 2, 3).to_object(py);
-    ///     let tuple: &PyTuple = ob.downcast(py).unwrap();
+    ///     let tuple = ob.downcast_bound::<PyTuple>(py).unwrap();
     ///     let obj = tuple.get_item(0);
     ///     assert_eq!(obj.unwrap().extract::<i32>().unwrap(), 1);
     ///     Ok(())