diff --git a/src/conversion.rs b/src/conversion.rs
index d9f5ba3a..771fb3ea 100644
--- a/src/conversion.rs
+++ b/src/conversion.rs
@@ -71,14 +71,45 @@ pub trait ToPyObject<'p> {
 }
 
 /// FromPyObject is implemented by various types that can be extracted from a Python object.
-pub trait FromPyObject<'p> {
-    fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, Self>;
+///
+/// Usage:
+/// ```let obj: PyObject = ...;
+/// let prepared = <TargetType as FromPyObject>::prepare_extract(&obj);
+/// let extracted = try!(extract(&prepared));```
+/// 
+/// Note: depending on the implementation, the lifetime of the extracted result may
+/// depend on the lifetime of the `obj` or the `prepared` variable.
+///
+/// For example, when extracting `&str` from a python byte string, the resulting string slice will
+/// point to the existing string data (lifetime: `'source`).
+/// On the other hand, when extracting `&str` from a python unicode string, the preparation step
+/// will convert the string to UTF-8, and the resulting string slice will have lifetime `'prepared`.
+/// Since only which of these cases applies depends on the runtime type of the python object,
+/// both the `obj` and `prepared` variables must outlive the resulting string slice.
+///
+/// In cases where the result does not depend on the `'prepared` lifetime,
+/// the inherent method `PyObject::extract()` can be used.
+pub trait ExtractPyObject<'python, 'source, 'prepared> {
+    type Prepared;
+
+    fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared>;
+
+    fn extract(prepared: &'prepared Self::Prepared) -> PyResult<'python, Self>;
 }
 
-impl <'p, T> FromPyObject<'p> for T where T: PythonObjectWithCheckedDowncast<'p> {
+impl <'python, 'source, 'prepared, T> ExtractPyObject<'python, 'source, 'prepared>
+    for T where T: PythonObjectWithCheckedDowncast<'python> {
+
+    type Prepared = &'source PyObject<'python>;
+
     #[inline]
-    fn from_py_object(s : &PyObject<'p>) -> PyResult<'p, T> {
-        Ok(try!(s.clone().cast_into()))
+    fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared> {
+        Ok(obj)
+    }
+
+    #[inline]
+    fn extract(&&ref obj: &'prepared Self::Prepared) -> PyResult<'python, T> {
+        Ok(try!(obj.clone().cast_into()))
     }
 }
 
diff --git a/src/lib.rs b/src/lib.rs
index f603011e..985d65e8 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -88,7 +88,7 @@ pub use err::{PyErr, PyResult};
 pub use objects::*;
 pub use python::{Python, PythonObject, PythonObjectWithCheckedDowncast, PythonObjectWithTypeObject};
 pub use pythonrun::{GILGuard, GILProtected, prepare_freethreaded_python};
-pub use conversion::{FromPyObject, ToPyObject};
+pub use conversion::{ExtractPyObject, ToPyObject};
 pub use objectprotocol::{ObjectProtocol};
 pub use rustobject::{PyRustType, PyRustObject};
 pub use rustobject::typebuilder::PyRustTypeBuilder;
diff --git a/src/objects/boolobject.rs b/src/objects/boolobject.rs
index 008064b0..8c43e712 100644
--- a/src/objects/boolobject.rs
+++ b/src/objects/boolobject.rs
@@ -2,7 +2,7 @@ use ffi;
 use python::{Python, ToPythonPointer};
 use err::PyResult;
 use super::PyObject;
-use conversion::{FromPyObject, ToPyObject};
+use conversion::{ExtractPyObject, ToPyObject};
 
 /// Represents a Python `bool`.
 pub struct PyBool<'p>(PyObject<'p>);
@@ -44,9 +44,7 @@ impl <'p> ToPyObject<'p> for bool {
 /// Converts a Python `bool` to a rust `bool`.
 ///
 /// Fails with `TypeError` if the input is not a Python `bool`.
-impl <'p> FromPyObject<'p> for bool {
-    fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, bool> {
-        Ok(try!(s.clone().cast_into::<PyBool>()).is_true())
-    }
-}
+extract!(obj to bool => {
+    Ok(try!(obj.cast_as::<PyBool>()).is_true())
+});
 
diff --git a/src/objects/list.rs b/src/objects/list.rs
index 78fe2671..07e3182c 100644
--- a/src/objects/list.rs
+++ b/src/objects/list.rs
@@ -20,7 +20,7 @@ use python::{Python, PythonObject, ToPythonPointer};
 use err::{self, PyResult};
 use super::object::PyObject;
 use ffi::{self, Py_ssize_t};
-use conversion::{ToPyObject, FromPyObject};
+use conversion::{ToPyObject, ExtractPyObject};
 
 /// Represents a Python `list`.
 pub struct PyList<'p>(PyObject<'p>);
@@ -136,9 +136,19 @@ impl <'p, T> ToPyObject<'p> for [T] where T: ToPyObject<'p> {
     }
 }
 
-impl <'p, T> FromPyObject<'p> for Vec<T> where T: FromPyObject<'p> {
-    fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, Vec<T>> {
-        let list = try!(s.cast_as::<PyList>());
+impl <'python, 'source, 'prepared, T> ExtractPyObject<'python, 'source, 'prepared>
+    for Vec<T> where T: for<'s, 'p> ExtractPyObject<'python, 's, 'p> {
+
+    type Prepared = &'source PyObject<'python>;
+
+    #[inline]
+    fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared> {
+        Ok(obj)
+    }
+
+    #[inline]
+    fn extract(&&ref obj: &'prepared Self::Prepared) -> PyResult<'python, Vec<T>> {
+        let list = try!(obj.cast_as::<PyList>());
         let mut v = Vec::with_capacity(list.len());
         for i in 0 .. list.len() {
             v.push(try!(list.get_item(i).extract::<T>()));
diff --git a/src/objects/mod.rs b/src/objects/mod.rs
index 0160c1df..e2c6d2da 100644
--- a/src/objects/mod.rs
+++ b/src/objects/mod.rs
@@ -151,6 +151,27 @@ macro_rules! pyobject_newtype(
     );
 );
 
+macro_rules! extract(
+    ($obj:ident to $t:ty => $body: block) => {
+        impl <'python, 'source, 'prepared>
+            ::conversion::ExtractPyObject<'python, 'source, 'prepared>
+            for $t
+        {
+
+            type Prepared = &'source PyObject<'python>;
+
+            #[inline]
+            fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared> {
+                Ok(obj)
+            }
+
+            fn extract(&$obj: &'prepared &'source PyObject<'python>) -> PyResult<'python, Self> {
+                $body
+            }
+        }
+    }
+);
+
 mod object;
 mod typeobject;
 mod module;
diff --git a/src/objects/num.rs b/src/objects/num.rs
index 7d2cad9d..c3e624fc 100644
--- a/src/objects/num.rs
+++ b/src/objects/num.rs
@@ -24,7 +24,7 @@ use err::{self, PyResult, PyErr};
 use super::object::PyObject;
 use super::exc;
 use ffi;
-use conversion::{ToPyObject, FromPyObject};
+use conversion::{ToPyObject, ExtractPyObject};
 
 /// Represents a Python `int` object.
 ///
@@ -118,35 +118,17 @@ macro_rules! int_fits_c_long(
             }
         }
 
-        #[cfg(feature="python27-sys")]
-        impl <'p> FromPyObject<'p> for $rust_type {
-            fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, $rust_type> {
-                let py = s.python();
-                let val = unsafe { ffi::PyInt_AsLong(s.as_ptr()) };
-                if val == -1 && PyErr::occurred(py) {
-                    return Err(PyErr::fetch(py));
-                }
-                match num::traits::cast::<c_long, $rust_type>(val) {
-                    Some(v) => Ok(v),
-                    None => Err(overflow_error(py))
-                }
+        extract!(obj to $rust_type => {
+            let py = obj.python();
+            let val = unsafe { ffi::PyLong_AsLong(obj.as_ptr()) };
+            if val == -1 && PyErr::occurred(py) {
+                return Err(PyErr::fetch(py));
             }
-        }
-
-        #[cfg(feature="python3-sys")]
-        impl <'p> FromPyObject<'p> for $rust_type {
-            fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, $rust_type> {
-                let py = s.python();
-                let val = unsafe { ffi::PyLong_AsLong(s.as_ptr()) };
-                if val == -1 && PyErr::occurred(py) {
-                    return Err(PyErr::fetch(py));
-                }
-                match num::traits::cast::<c_long, $rust_type>(val) {
-                    Some(v) => Ok(v),
-                    None => Err(overflow_error(py))
-                }
+            match num::traits::cast::<c_long, $rust_type>(val) {
+                Some(v) => Ok(v),
+                None => Err(overflow_error(py))
             }
-        }
+        });
     )
 );
 
@@ -162,16 +144,14 @@ macro_rules! int_fits_larger_int(
             }
         }
 
-        impl <'p> FromPyObject<'p> for $rust_type {
-            fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, $rust_type> {
-                let py = s.python();
-                let val = try!(s.extract::<$larger_type>());
-                match num::traits::cast::<$larger_type, $rust_type>(val) {
-                    Some(v) => Ok(v),
-                    None => Err(overflow_error(py))
-                }
+        extract!(obj to $rust_type => {
+            let py = obj.python();
+            let val = try!(obj.extract::<$larger_type>());
+            match num::traits::cast::<$larger_type, $rust_type>(val) {
+                Some(v) => Ok(v),
+                None => Err(overflow_error(py))
             }
-        }
+        });
     )
 );
 
@@ -215,15 +195,24 @@ macro_rules! int_convert_u64_or_i64 (
             }
         }
 
-        impl <'p> FromPyObject<'p> for $rust_type {
+        impl <'python, 'source, 'prepared>
+            ExtractPyObject<'python, 'source, 'prepared> for $rust_type
+        {
+            type Prepared = &'source PyObject<'python>;
+
+            #[inline]
+            fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared> {
+                Ok(obj)
+            }
+
             #[cfg(feature="python27-sys")]
-            fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, $rust_type> {
-                let py = s.python();
-                let ptr = s.as_ptr();
+            fn extract(&obj: &'prepared &'source PyObject<'python>) -> PyResult<'python, $rust_type> {
+                let py = obj.python();
+                let ptr = obj.as_ptr();
 
                 unsafe {
                     if ffi::PyLong_Check(ptr) != 0 {
-                        err_if_invalid_value(s, !0, || $pylong_as_ull_or_ull(s.as_ptr()) )
+                        err_if_invalid_value(&obj, !0, || $pylong_as_ull_or_ull(obj.as_ptr()) )
                     } else if ffi::PyInt_Check(ptr) != 0 {
                         match num::traits::cast::<c_long, $rust_type>(ffi::PyInt_AS_LONG(ptr)) {
                             Some(v) => Ok(v),
@@ -237,12 +226,12 @@ macro_rules! int_convert_u64_or_i64 (
             }
 
             #[cfg(feature="python3-sys")]
-            fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, $rust_type> {
-                let py = s.python();
-                let ptr = s.as_ptr();
+            fn extract(&obj: &'prepared &'source PyObject<'python>) -> PyResult<'python, $rust_type> {
+                let py = obj.python();
+                let ptr = obj.as_ptr();
                 unsafe {
                     if ffi::PyLong_Check(ptr) != 0 {
-                        err_if_invalid_value(s, !0, || $pylong_as_ull_or_ull(s.as_ptr()) )
+                        err_if_invalid_value(&obj, !0, || $pylong_as_ull_or_ull(obj.as_ptr()) )
                     } else {
                         let num = try!(err::result_from_owned_ptr(py, ffi::PyNumber_Long(ptr)));
                         err_if_invalid_value(&num, !0, || $pylong_as_ull_or_ull(num.as_ptr()) )
@@ -291,17 +280,15 @@ impl <'p> ToPyObject<'p> for f64 {
     }
 }
 
-impl <'p> FromPyObject<'p> for f64 {
-    fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, f64> {
-        let py = s.python();
-        let v = unsafe { ffi::PyFloat_AsDouble(s.as_ptr()) };
-        if v == -1.0 && PyErr::occurred(py) {
-            Err(PyErr::fetch(py))
-        } else {
-            Ok(v)
-        }
+extract!(obj to f64 => {
+    let py = obj.python();
+    let v = unsafe { ffi::PyFloat_AsDouble(obj.as_ptr()) };
+    if v == -1.0 && PyErr::occurred(py) {
+        Err(PyErr::fetch(py))
+    } else {
+        Ok(v)
     }
-}
+});
 
 fn overflow_error(py: Python) -> PyErr {
     PyErr::new_lazy_init(py.get_type::<exc::OverflowError>(), None)
@@ -315,11 +302,9 @@ impl <'p> ToPyObject<'p> for f32 {
     }
 }
 
-impl <'p> FromPyObject<'p> for f32 {
-    fn from_py_object(s: &PyObject<'p>) -> PyResult<'p, f32> {
-        Ok(try!(s.extract::<f64>()) as f32)
-    }
-}
+extract!(obj to f32 => {
+    Ok(try!(obj.extract::<f64>()) as f32)
+});
 
 #[cfg(test)]
 mod test {
diff --git a/src/objects/object.rs b/src/objects/object.rs
index 8d228f0c..7d83b730 100644
--- a/src/objects/object.rs
+++ b/src/objects/object.rs
@@ -243,8 +243,10 @@ impl <'p> PyObject<'p> {
     /// Extracts some type from the Python object.
     /// This is a wrapper function around `FromPyObject::from_py_object()`.
     #[inline]
-    pub fn extract<T>(&self) -> Result<T, PyErr<'p>> where T: ::conversion::FromPyObject<'p> {
-        ::conversion::FromPyObject::from_py_object(self)
+    pub fn extract<'s, T>(&'s self) -> Result<T, PyErr<'p>>
+      where T: for<'prep> ::conversion::ExtractPyObject<'p, 's, 'prep> {
+        let prepared = try!(<T as ::conversion::ExtractPyObject>::prepare_extract(self));
+        <T as ::conversion::ExtractPyObject>::extract(&prepared)
     }
 }
 
diff --git a/src/objects/string.rs b/src/objects/string.rs
index a13d6145..5ac5d799 100644
--- a/src/objects/string.rs
+++ b/src/objects/string.rs
@@ -25,7 +25,7 @@ use ffi;
 use python::{Python, PythonObject, ToPythonPointer};
 use super::{exc, PyObject};
 use err::{self, PyResult, PyErr};
-use conversion::{FromPyObject, ToPyObject};
+use conversion::{ExtractPyObject, ToPyObject};
 
 /// Represents a Python byte string.
 /// Corresponds to `str` in Python 2, and `bytes` in Python 3.
@@ -281,21 +281,57 @@ impl <'p> ToPyObject<'p> for String {
     }
 }
 
+/// Allows extracting strings from Python objects.
+/// Accepts Python `str` and `unicode` objects.
+/// In Python 2.7, `str` is expected to be UTF-8 encoded.
+extract!(obj to String => {
+    PyString::extract(obj).map(|s| s.into_owned())
+});
 
 /// Allows extracting strings from Python objects.
 /// Accepts Python `str` and `unicode` objects.
 /// In Python 2.7, `str` is expected to be UTF-8 encoded.
-impl <'p> FromPyObject<'p> for String {
-    fn from_py_object(o: &PyObject<'p>) -> PyResult<'p, String> {
-        PyString::extract(o).map(|s| s.into_owned())
+extract!(obj to Cow<'source, str> => {
+    PyString::extract(obj)
+});
+
+impl <'python, 'source, 'prepared> ExtractPyObject<'python, 'source, 'prepared> for &'prepared str {
+
+    type Prepared = Cow<'source, str>;
+
+    #[inline]
+    fn prepare_extract(obj: &'source PyObject<'python>) -> PyResult<'python, Self::Prepared> {
+        PyString::extract(obj)
+    }
+
+    #[inline]
+    fn extract(cow: &'prepared Cow<'source, str>) -> PyResult<'python, Self> {
+        Ok(cow)
     }
 }
 
-#[test]
-fn test_non_bmp() {
-    let gil = Python::acquire_gil();
-    let py = gil.python();
-    let s = "\u{1F30F}";
-    let py_string = s.to_py_object(py).into_object();
-    assert_eq!(s, py_string.extract::<String>().unwrap());
+#[cfg(test)]
+mod test {
+    use python::{Python, PythonObject};
+    use conversion::{ToPyObject, ExtractPyObject};
+
+    #[test]
+    fn test_non_bmp() {
+        let gil = Python::acquire_gil();
+        let py = gil.python();
+        let s = "\u{1F30F}";
+        let py_string = s.to_py_object(py).into_object();
+        assert_eq!(s, py_string.extract::<String>().unwrap());
+    }
+
+    #[test]
+    fn test_extract_str() {
+        let gil = Python::acquire_gil();
+        let py = gil.python();
+        let s = "Hello Python";
+        let py_string = s.to_py_object(py).into_object();
+        let prepared = <&str>::prepare_extract(&py_string).unwrap();
+        assert_eq!(s, <&str>::extract(&prepared).unwrap());
+    }
 }
+
diff --git a/src/objects/tuple.rs b/src/objects/tuple.rs
index 70b4450d..64bdb6ef 100644
--- a/src/objects/tuple.rs
+++ b/src/objects/tuple.rs
@@ -21,7 +21,7 @@ use err::{self, PyResult, PyErr};
 use super::object::PyObject;
 use super::exc;
 use ffi::{self, Py_ssize_t};
-use conversion::{ToPyObject, FromPyObject};
+use conversion::{ToPyObject, ExtractPyObject};
 
 /// Represents a Python tuple object.
 pub struct PyTuple<'p>(PyObject<'p>);
@@ -219,14 +219,12 @@ impl <'p> ToPyObject<'p> for NoArgs {
 
 /// Returns `Ok(NoArgs)` if the input is an empty Python tuple.
 /// Otherwise, returns an error.
-impl <'p> FromPyObject<'p> for NoArgs {
-    fn from_py_object(s : &PyObject<'p>) -> PyResult<'p, NoArgs> {
-        let t = try!(s.cast_as::<PyTuple>());
-        if t.len() == 0 {
-            Ok(NoArgs)
-        } else {
-            Err(wrong_tuple_length(t, 0))
-        }
+extract!(obj to NoArgs => {
+    let t = try!(obj.cast_as::<PyTuple>());
+    if t.len() == 0 {
+        Ok(NoArgs)
+    } else {
+        Err(wrong_tuple_length(t, 0))
     }
-}
+});