diff --git a/doc/release-notes-16185.md b/doc/release-notes-16185.md
new file mode 100644
index 000000000..eeeb951e5
--- /dev/null
+++ b/doc/release-notes-16185.md
@@ -0,0 +1,3 @@
+RPC changes
+-----------
+The `gettransaction` RPC now accepts a third (boolean) argument `decode`. If set to `true`, a new `decoded` field will be added to the response containing the decoded transaction.
diff --git a/src/rpc/client.cpp b/src/rpc/client.cpp
index 3cd661e06..93fca5a6d 100644
--- a/src/rpc/client.cpp
+++ b/src/rpc/client.cpp
@@ -85,6 +85,7 @@ static const CRPCConvertParam vRPCConvertParams[] =
     { "getblockheader", 1, "verbose" },
     { "getchaintxstats", 0, "nblocks" },
     { "gettransaction", 1, "include_watchonly" },
+    { "gettransaction", 2, "decode" },
     { "getrawtransaction", 1, "verbose" },
     { "createrawtransaction", 0, "inputs" },
     { "createrawtransaction", 1, "outputs" },
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
index 30e767e48..18be3a6ea 100644
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -1649,6 +1649,7 @@ static UniValue gettransaction(const JSONRPCRequest& request)
                 {
                     {"txid", RPCArg::Type::STR, RPCArg::Optional::NO, "The transaction id"},
                     {"include_watchonly", RPCArg::Type::BOOL, /* default */ "true for watch-only wallets, otherwise false", "Whether to include watch-only addresses in balance calculation and details[]"},
+                    {"decode", RPCArg::Type::BOOL, /* default */ "false", "Whether to add a field with the decoded transaction"},
                 },
                 RPCResult{
             "{\n"
@@ -1684,11 +1685,13 @@ static UniValue gettransaction(const JSONRPCRequest& request)
             "    ,...\n"
             "  ],\n"
             "  \"hex\" : \"data\"         (string) Raw data for transaction\n"
+            "  \"decoded\" : transaction         (json object) Optional, the decoded transaction\n"
             "}\n"
                 },
                 RPCExamples{
                     HelpExampleCli("gettransaction", "\"1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d\"")
             + HelpExampleCli("gettransaction", "\"1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d\" true")
+            + HelpExampleCli("gettransaction", "\"1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d\" false true")
             + HelpExampleRpc("gettransaction", "\"1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d\"")
                 },
             }.Check(request);
@@ -1708,6 +1711,8 @@ static UniValue gettransaction(const JSONRPCRequest& request)
         filter |= ISMINE_WATCH_ONLY;
     }
 
+    bool decode_tx = request.params[2].isNull() ? false : request.params[2].get_bool();
+
     UniValue entry(UniValue::VOBJ);
     auto it = pwallet->mapWallet.find(hash);
     if (it == pwallet->mapWallet.end()) {
@@ -1733,6 +1738,12 @@ static UniValue gettransaction(const JSONRPCRequest& request)
     std::string strHex = EncodeHexTx(*wtx.tx, pwallet->chain().rpcSerializationFlags());
     entry.pushKV("hex", strHex);
 
+    if (decode_tx) {
+        UniValue decoded(UniValue::VOBJ);
+        TxToUniv(*wtx.tx, uint256(), decoded, false);
+        entry.pushKV("decoded", decoded);
+    }
+
     return entry;
 }
 
@@ -4175,7 +4186,7 @@ static const CRPCCommand commands[] =
     { "wallet",             "getrawchangeaddress",              &getrawchangeaddress,           {"address_type"} },
     { "wallet",             "getreceivedbyaddress",             &getreceivedbyaddress,          {"address","minconf"} },
     { "wallet",             "getreceivedbylabel",               &getreceivedbylabel,            {"label","minconf"} },
-    { "wallet",             "gettransaction",                   &gettransaction,                {"txid","include_watchonly"} },
+    { "wallet",             "gettransaction",                   &gettransaction,                {"txid","include_watchonly","decode"} },
     { "wallet",             "getunconfirmedbalance",            &getunconfirmedbalance,         {} },
     { "wallet",             "getbalances",                      &getbalances,                   {} },
     { "wallet",             "getwalletinfo",                    &getwalletinfo,                 {} },
diff --git a/test/functional/wallet_basic.py b/test/functional/wallet_basic.py
index 34e84fcf5..74350649c 100755
--- a/test/functional/wallet_basic.py
+++ b/test/functional/wallet_basic.py
@@ -499,6 +499,11 @@ class WalletTest(BitcoinTestFramework):
         self.nodes[0].setlabel(change, 'foobar')
         assert_equal(self.nodes[0].getaddressinfo(change)['ischange'], False)
 
+        # Test "decoded" field value in gettransaction response
+        self.log.info("Testing gettransaction decoding...")
+        tx = self.nodes[0].gettransaction(txid=txid, decode=True)
+        assert_equal(tx["decoded"], self.nodes[0].decoderawtransaction(tx["hex"]))
+
 
 if __name__ == '__main__':
     WalletTest().main()