diff --git a/guide/src/conversions/traits.md b/guide/src/conversions/traits.md
index f657fe07..4f3342f2 100644
--- a/guide/src/conversions/traits.md
+++ b/guide/src/conversions/traits.md
@@ -388,7 +388,7 @@ enum RustyEnum<'a> {
 #         }
 #
 #         {
-#             let thing = PyBytes::new(py, b"text");
+#             let thing = PyBytes::new_bound(py, b"text");
 #             let rust_thing: RustyEnum<'_> = thing.extract()?;
 #
 #             assert_eq!(
diff --git a/pytests/src/buf_and_str.rs b/pytests/src/buf_and_str.rs
index 7cddc686..196126f7 100644
--- a/pytests/src/buf_and_str.rs
+++ b/pytests/src/buf_and_str.rs
@@ -42,10 +42,9 @@ impl BytesExtractor {
 }
 
 #[pyfunction]
-fn return_memoryview(py: Python<'_>) -> PyResult<&PyMemoryView> {
-    let bytes: &PyAny = PyBytes::new(py, b"hello world").into();
-    let memoryview = TryInto::try_into(bytes)?;
-    Ok(memoryview)
+fn return_memoryview(py: Python<'_>) -> PyResult<Bound<'_, PyMemoryView>> {
+    let bytes = PyBytes::new_bound(py, b"hello world");
+    PyMemoryView::from_bound(&bytes)
 }
 
 #[pymodule]
diff --git a/src/conversions/anyhow.rs b/src/conversions/anyhow.rs
index b362faf4..3b5aa053 100644
--- a/src/conversions/anyhow.rs
+++ b/src/conversions/anyhow.rs
@@ -77,7 +77,7 @@
 //!     let res = Python::with_gil(|py| {
 //!         let zlib = PyModule::import(py, "zlib")?;
 //!         let decompress = zlib.getattr("decompress")?;
-//!         let bytes = PyBytes::new(py, bytes);
+//!         let bytes = PyBytes::new_bound(py, bytes);
 //!         let value = decompress.call1((bytes,))?;
 //!         value.extract::<Vec<u8>>()
 //!     })?;
diff --git a/src/conversions/eyre.rs b/src/conversions/eyre.rs
index f881599e..b0559ad1 100644
--- a/src/conversions/eyre.rs
+++ b/src/conversions/eyre.rs
@@ -76,7 +76,7 @@
 //!     let res = Python::with_gil(|py| {
 //!         let zlib = PyModule::import(py, "zlib")?;
 //!         let decompress = zlib.getattr("decompress")?;
-//!         let bytes = PyBytes::new(py, bytes);
+//!         let bytes = PyBytes::new_bound(py, bytes);
 //!         let value = decompress.call1((bytes,))?;
 //!         value.extract::<Vec<u8>>()
 //!     })?;
diff --git a/src/conversions/num_bigint.rs b/src/conversions/num_bigint.rs
index 5cc2157d..893d3b9d 100644
--- a/src/conversions/num_bigint.rs
+++ b/src/conversions/num_bigint.rs
@@ -78,7 +78,7 @@ macro_rules! bigint_conversion {
             #[cfg(Py_LIMITED_API)]
             fn to_object(&self, py: Python<'_>) -> PyObject {
                 let bytes = $to_bytes(self);
-                let bytes_obj = PyBytes::new(py, &bytes);
+                let bytes_obj = PyBytes::new_bound(py, &bytes);
                 let kwargs = if $is_signed > 0 {
                     let kwargs = PyDict::new(py);
                     kwargs.set_item(crate::intern!(py, "signed"), true).unwrap();
diff --git a/src/conversions/std/slice.rs b/src/conversions/std/slice.rs
index fbe2d19e..3d9351f8 100644
--- a/src/conversions/std/slice.rs
+++ b/src/conversions/std/slice.rs
@@ -1,10 +1,10 @@
 #[cfg(feature = "experimental-inspect")]
 use crate::inspect::types::TypeInfo;
-use crate::{types::PyBytes, FromPyObject, IntoPy, PyAny, PyObject, PyResult, Python, ToPyObject};
+use crate::{types::PyBytes, FromPyObject, IntoPy, PyAny, PyObject, PyResult, Python};
 
 impl<'a> IntoPy<PyObject> for &'a [u8] {
     fn into_py(self, py: Python<'_>) -> PyObject {
-        PyBytes::new(py, self).to_object(py)
+        PyBytes::new_bound(py, self).unbind().into()
     }
 
     #[cfg(feature = "experimental-inspect")]
diff --git a/src/tests/hygiene/pymethods.rs b/src/tests/hygiene/pymethods.rs
index 0e39634a..15ea6759 100644
--- a/src/tests/hygiene/pymethods.rs
+++ b/src/tests/hygiene/pymethods.rs
@@ -24,8 +24,8 @@ impl Dummy {
         "Dummy"
     }
 
-    fn __bytes__<'py>(&self, py: crate::Python<'py>) -> &'py crate::types::PyBytes {
-        crate::types::PyBytes::new(py, &[0])
+    fn __bytes__<'py>(&self, py: crate::Python<'py>) -> crate::Bound<'py, crate::types::PyBytes> {
+        crate::types::PyBytes::new_bound(py, &[0])
     }
 
     fn __format__(&self, format_spec: ::std::string::String) -> ::std::string::String {
@@ -420,8 +420,8 @@ impl Dummy {
         "Dummy"
     }
 
-    fn __bytes__<'py>(&self, py: crate::Python<'py>) -> &'py crate::types::PyBytes {
-        crate::types::PyBytes::new(py, &[0])
+    fn __bytes__<'py>(&self, py: crate::Python<'py>) -> crate::Bound<'py, crate::types::PyBytes> {
+        crate::types::PyBytes::new_bound(py, &[0])
     }
 
     fn __format__(&self, format_spec: ::std::string::String) -> ::std::string::String {
diff --git a/src/types/bytes.rs b/src/types/bytes.rs
index d9d22dbb..296925dc 100644
--- a/src/types/bytes.rs
+++ b/src/types/bytes.rs
@@ -1,4 +1,6 @@
+use crate::ffi_ptr_ext::FfiPtrExt;
 use crate::instance::{Borrowed, Bound};
+use crate::types::any::PyAnyMethods;
 use crate::{ffi, FromPyObject, IntoPy, Py, PyAny, PyNativeType, PyResult, Python, ToPyObject};
 use std::borrow::Cow;
 use std::ops::Index;
@@ -17,14 +19,45 @@ pub struct PyBytes(PyAny);
 pyobject_native_type_core!(PyBytes, pyobject_native_static_type_object!(ffi::PyBytes_Type), #checkfunction=ffi::PyBytes_Check);
 
 impl PyBytes {
+    /// Deprecated form of [`PyBytes::new_bound`].
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "`PyBytes::new` will be replaced by `PyBytes::new_bound` in a future PyO3 version"
+        )
+    )]
+    pub fn new<'p>(py: Python<'p>, s: &[u8]) -> &'p PyBytes {
+        Self::new_bound(py, s).into_gil_ref()
+    }
+
     /// Creates a new Python bytestring object.
     /// The bytestring is initialized by copying the data from the `&[u8]`.
     ///
     /// Panics if out of memory.
-    pub fn new<'p>(py: Python<'p>, s: &[u8]) -> &'p PyBytes {
+    pub fn new_bound<'p>(py: Python<'p>, s: &[u8]) -> Bound<'p, PyBytes> {
         let ptr = s.as_ptr() as *const c_char;
         let len = s.len() as ffi::Py_ssize_t;
-        unsafe { py.from_owned_ptr(ffi::PyBytes_FromStringAndSize(ptr, len)) }
+        unsafe {
+            ffi::PyBytes_FromStringAndSize(ptr, len)
+                .assume_owned(py)
+                .downcast_into_unchecked()
+        }
+    }
+
+    /// Deprecated form of [`PyBytes::new_bound_with`].
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "`PyBytes::new_with` will be replaced by `PyBytes::new_bound_with` in a future PyO3 version"
+        )
+    )]
+    pub fn new_with<F>(py: Python<'_>, len: usize, init: F) -> PyResult<&PyBytes>
+    where
+        F: FnOnce(&mut [u8]) -> PyResult<()>,
+    {
+        Self::new_bound_with(py, len, init).map(Bound::into_gil_ref)
     }
 
     /// Creates a new Python `bytes` object with an `init` closure to write its contents.
@@ -41,34 +74,49 @@ impl PyBytes {
     ///
     /// # fn main() -> PyResult<()> {
     /// Python::with_gil(|py| -> PyResult<()> {
-    ///     let py_bytes = PyBytes::new_with(py, 10, |bytes: &mut [u8]| {
+    ///     let py_bytes = PyBytes::new_bound_with(py, 10, |bytes: &mut [u8]| {
     ///         bytes.copy_from_slice(b"Hello Rust");
     ///         Ok(())
     ///     })?;
-    ///     let bytes: &[u8] = FromPyObject::extract(py_bytes)?;
+    ///     let bytes: &[u8] = py_bytes.extract()?;
     ///     assert_eq!(bytes, b"Hello Rust");
     ///     Ok(())
     /// })
     /// # }
     /// ```
-    pub fn new_with<F>(py: Python<'_>, len: usize, init: F) -> PyResult<&PyBytes>
+    pub fn new_bound_with<F>(py: Python<'_>, len: usize, init: F) -> PyResult<Bound<'_, PyBytes>>
     where
         F: FnOnce(&mut [u8]) -> PyResult<()>,
     {
         unsafe {
             let pyptr = ffi::PyBytes_FromStringAndSize(std::ptr::null(), len as ffi::Py_ssize_t);
             // Check for an allocation error and return it
-            let pypybytes: Py<PyBytes> = Py::from_owned_ptr_or_err(py, pyptr)?;
+            let pybytes = pyptr.assume_owned_or_err(py)?.downcast_into_unchecked();
             let buffer: *mut u8 = ffi::PyBytes_AsString(pyptr).cast();
             debug_assert!(!buffer.is_null());
             // Zero-initialise the uninitialised bytestring
             std::ptr::write_bytes(buffer, 0u8, len);
             // (Further) Initialise the bytestring in init
             // If init returns an Err, pypybytearray will automatically deallocate the buffer
-            init(std::slice::from_raw_parts_mut(buffer, len)).map(|_| pypybytes.into_ref(py))
+            init(std::slice::from_raw_parts_mut(buffer, len)).map(|_| pybytes)
         }
     }
 
+    /// Deprecated form of [`PyBytes::bound_from_ptr`].
+    ///
+    /// # Safety
+    /// See [`PyBytes::bound_from_ptr`].
+    #[cfg_attr(
+        not(feature = "gil-refs"),
+        deprecated(
+            since = "0.21.0",
+            note = "`PyBytes::from_ptr` will be replaced by `PyBytes::bound_from_ptr` in a future PyO3 version"
+        )
+    )]
+    pub unsafe fn from_ptr(py: Python<'_>, ptr: *const u8, len: usize) -> &PyBytes {
+        Self::bound_from_ptr(py, ptr, len).into_gil_ref()
+    }
+
     /// Creates a new Python byte string object from a raw pointer and length.
     ///
     /// Panics if out of memory.
@@ -79,11 +127,10 @@ impl PyBytes {
     /// leading pointer of a slice of length `len`. [As with
     /// `std::slice::from_raw_parts`, this is
     /// unsafe](https://doc.rust-lang.org/std/slice/fn.from_raw_parts.html#safety).
-    pub unsafe fn from_ptr(py: Python<'_>, ptr: *const u8, len: usize) -> &PyBytes {
-        py.from_owned_ptr(ffi::PyBytes_FromStringAndSize(
-            ptr as *const _,
-            len as isize,
-        ))
+    pub unsafe fn bound_from_ptr(py: Python<'_>, ptr: *const u8, len: usize) -> Bound<'_, PyBytes> {
+        ffi::PyBytes_FromStringAndSize(ptr as *const _, len as isize)
+            .assume_owned(py)
+            .downcast_into_unchecked()
     }
 
     /// Gets the Python string as a byte slice.
@@ -142,6 +189,15 @@ impl<I: SliceIndex<[u8]>> Index<I> for PyBytes {
     }
 }
 
+/// This is the same way [Vec] is indexed.
+impl<I: SliceIndex<[u8]>> Index<I> for Bound<'_, PyBytes> {
+    type Output = I::Output;
+
+    fn index(&self, index: I) -> &Self::Output {
+        &self.as_bytes()[index]
+    }
+}
+
 /// Special-purpose trait impl to efficiently handle both `bytes` and `bytearray`
 ///
 /// If the source object is a `bytes` object, the `Cow` will be borrowed and
@@ -160,7 +216,7 @@ impl<'source> FromPyObject<'source> for Cow<'source, [u8]> {
 
 impl ToPyObject for Cow<'_, [u8]> {
     fn to_object(&self, py: Python<'_>) -> Py<PyAny> {
-        PyBytes::new(py, self.as_ref()).into()
+        PyBytes::new_bound(py, self.as_ref()).into()
     }
 }
 
@@ -171,6 +227,7 @@ impl IntoPy<Py<PyAny>> for Cow<'_, [u8]> {
 }
 
 #[cfg(test)]
+#[cfg_attr(not(feature = "gil-refs"), allow(deprecated))]
 mod tests {
     use super::*;
 
@@ -182,6 +239,17 @@ mod tests {
         });
     }
 
+    #[test]
+    fn test_bound_bytes_index() {
+        Python::with_gil(|py| {
+            let bytes = PyBytes::new_bound(py, b"Hello World");
+            assert_eq!(bytes[1], b'e');
+
+            let bytes = &bytes;
+            assert_eq!(bytes[1], b'e');
+        });
+    }
+
     #[test]
     fn test_bytes_new_with() -> super::PyResult<()> {
         Python::with_gil(|py| -> super::PyResult<()> {
diff --git a/tests/test_bytes.rs b/tests/test_bytes.rs
index 3ad13527..cdb4ec15 100644
--- a/tests/test_bytes.rs
+++ b/tests/test_bytes.rs
@@ -20,8 +20,8 @@ fn test_pybytes_bytes_conversion() {
 }
 
 #[pyfunction]
-fn bytes_vec_conversion(py: Python<'_>, bytes: Vec<u8>) -> &PyBytes {
-    PyBytes::new(py, bytes.as_slice())
+fn bytes_vec_conversion(py: Python<'_>, bytes: Vec<u8>) -> Bound<'_, PyBytes> {
+    PyBytes::new_bound(py, bytes.as_slice())
 }
 
 #[test]
@@ -43,7 +43,7 @@ fn test_bytearray_vec_conversion() {
 #[test]
 fn test_py_as_bytes() {
     let pyobj: pyo3::Py<pyo3::types::PyBytes> =
-        Python::with_gil(|py| pyo3::types::PyBytes::new(py, b"abc").into_py(py));
+        Python::with_gil(|py| pyo3::types::PyBytes::new_bound(py, b"abc").unbind());
 
     let data = Python::with_gil(|py| pyobj.as_bytes(py));