diff --git a/lib/core.ts b/lib/core.ts
index 6ceedf541..8d60c832e 100644
--- a/lib/core.ts
+++ b/lib/core.ts
@@ -130,6 +130,7 @@ export interface CurrentOptions {
   defaultMeta?: string | AnySchemaObject
   validateSchema?: boolean | "log"
   addUsedSchema?: boolean
+  noCache?: boolean
   inlineRefs?: boolean | number
   passContext?: boolean
   loopRequired?: number
@@ -701,7 +702,8 @@ export default class Ajv {
     meta?: boolean,
     baseId?: string,
     validateSchema = this.opts.validateSchema,
-    addSchema = this.opts.addUsedSchema
+    addSchema = this.opts.addUsedSchema,
+    noCache = this.opts.noCache
   ): SchemaEnv {
     let id: string | undefined
     const {schemaId} = this.opts
@@ -711,14 +713,14 @@ export default class Ajv {
       if (this.opts.jtd) throw new Error("schema must be object")
       else if (typeof schema != "boolean") throw new Error("schema must be object or boolean")
     }
-    let sch = this._cache.get(schema)
+    let sch = this._cache.get(schema) ?? this.schemas[normalizeId(baseId || id)]
     if (sch !== undefined) return sch
 
     baseId = normalizeId(id || baseId)
     const localRefs = getSchemaRefs.call(this, schema, baseId)
     sch = new SchemaEnv({schema, schemaId, meta, baseId, localRefs})
-    this._cache.set(sch.schema, sch)
-    if (addSchema && !baseId.startsWith("#")) {
+    if (!noCache) this._cache.set(sch.schema, sch)
+    if (!noCache && addSchema && !baseId.startsWith("#")) {
       // TODO atm it is allowed to overwrite schemas without id (instead of not adding them)
       if (baseId) this._checkUnique(baseId)
       this.refs[baseId] = sch
diff --git a/spec/ajv.spec.ts b/spec/ajv.spec.ts
index 31497935f..fffb214f5 100644
--- a/spec/ajv.spec.ts
+++ b/spec/ajv.spec.ts
@@ -37,6 +37,18 @@ describe("Ajv", () => {
       v1.should.equal(v2)
     })
 
+    it("should not cache compiled functions for the same schema when opt.noCache", () => {
+      ajv = new _Ajv({keywords: ["foo"], allowUnionTypes: true, noCache: true})
+      const schema = {
+        $id: "//e.com/int.json",
+        type: "integer",
+        minimum: 1,
+      }
+      const v1 = ajv.compile(schema)
+      const v2 = ajv.compile(schema)
+      v1.should.not.equal(v2)
+    })
+
     it("should throw if different schema has the same id", () => {
       ajv.compile({$id: "//e.com/int.json", type: "integer"})
       should.throw(() => {
diff --git a/spec/standalone.spec.ts b/spec/standalone.spec.ts
index 45e3dad18..ec68ac879 100644
--- a/spec/standalone.spec.ts
+++ b/spec/standalone.spec.ts
@@ -129,6 +129,16 @@ describe("standalone code generation", () => {
         assert.strictEqual(Object.keys(m).length, 2)
         testExports(m)
       })
+
+      it("should generate module code with all exports when noCache option enabled", () => {
+        ajv = new _Ajv({code: {source: true}, noCache: true})
+        ajv.addSchema(numSchema, "validateNumber")
+        ajv.addSchema(strSchema, "validateString")
+        const moduleCode = standaloneCode(ajv)
+        const m = requireFromString(moduleCode)
+        assert.strictEqual(Object.keys(m).length, 2)
+        testExports(m)
+      })
     })
 
     function testExports(m: {[n: string]: AnyValidateFunction<unknown>}) {