diff --git a/devenv/dev-dashboards/panel-text/text-options.json b/devenv/dev-dashboards/panel-text/text-options.json
new file mode 100644
index 00000000000..c7afb466570
--- /dev/null
+++ b/devenv/dev-dashboards/panel-text/text-options.json
@@ -0,0 +1,322 @@
+{
+  "annotations": {
+    "list": [
+      {
+        "builtIn": 1,
+        "datasource": {
+          "type": "datasource",
+          "uid": "grafana"
+        },
+        "enable": true,
+        "hide": true,
+        "iconColor": "rgba(0, 211, 255, 1)",
+        "name": "Annotations & Alerts",
+        "target": {
+          "limit": 100,
+          "matchAny": false,
+          "tags": [],
+          "type": "dashboard"
+        },
+        "type": "dashboard"
+      }
+    ]
+  },
+  "editable": true,
+  "fiscalYearStartMonth": 0,
+  "graphTooltip": 0,
+  "id": 1348,
+  "links": [],
+  "liveNow": false,
+  "panels": [
+    {
+      "datasource": {
+        "type": "testdata",
+        "uid": "PD8C576611E62080A"
+      },
+      "gridPos": {
+        "h": 9,
+        "w": 12,
+        "x": 0,
+        "y": 0
+      },
+      "id": 4,
+      "options": {
+        "code": {
+          "language": "plaintext",
+          "showLineNumbers": false,
+          "showMiniMap": false
+        },
+        "content": "## Data center = $datacenter\n\n### server = $server\n\n#### pod = $pod\n\n---\ntext = $Text",
+        "mode": "markdown"
+      },
+      "pluginVersion": "9.2.0-pre",
+      "targets": [
+        {
+          "datasource": {
+            "type": "testdata",
+            "uid": "PD8C576611E62080A"
+          },
+          "refId": "A",
+          "scenarioId": "random_walk"
+        }
+      ],
+      "title": "Markdown (with variables)",
+      "type": "text"
+    },
+    {
+      "datasource": {
+        "type": "testdata",
+        "uid": "PD8C576611E62080A"
+      },
+      "gridPos": {
+        "h": 9,
+        "w": 12,
+        "x": 12,
+        "y": 0
+      },
+      "id": 5,
+      "options": {
+        "code": {
+          "language": "json",
+          "showLineNumbers": true,
+          "showMiniMap": false
+        },
+        "content": "{\n  \"datacenter\": $datacenter,\n  \"server\": $server,\n  \"pod\": $pod\n  \"text\": $Text\n}\n",
+        "mode": "code"
+      },
+      "pluginVersion": "9.2.0-pre",
+      "targets": [
+        {
+          "datasource": {
+            "type": "testdata",
+            "uid": "PD8C576611E62080A"
+          },
+          "refId": "A",
+          "scenarioId": "random_walk"
+        }
+      ],
+      "title": "JSON (with variables)",
+      "type": "text"
+    },
+    {
+      "datasource": {
+        "type": "testdata",
+        "uid": "PD8C576611E62080A"
+      },
+      "gridPos": {
+        "h": 9,
+        "w": 12,
+        "x": 0,
+        "y": 9
+      },
+      "id": 6,
+      "options": {
+        "code": {
+          "language": "plaintext",
+          "showLineNumbers": false,
+          "showMiniMap": false
+        },
+        "content": "<h3>Data center</h3>\n<p>$datacenter</p>\n\n<h3>server</h3>\n<p>$server</p>\n\n<h3>pod</h3>\n<p>$pod</p>\n\n<h3>Text</h3>\n<p>$Text</p>",
+        "mode": "html"
+      },
+      "pluginVersion": "9.2.0-pre",
+      "targets": [
+        {
+          "datasource": {
+            "type": "testdata",
+            "uid": "PD8C576611E62080A"
+          },
+          "refId": "A",
+          "scenarioId": "random_walk"
+        }
+      ],
+      "title": "HTML (with variables)",
+      "type": "text"
+    },
+    {
+      "datasource": {
+        "type": "testdata",
+        "uid": "PD8C576611E62080A"
+      },
+      "gridPos": {
+        "h": 9,
+        "w": 12,
+        "x": 12,
+        "y": 9
+      },
+      "id": 7,
+      "options": {
+        "code": {
+          "language": "markdown",
+          "showLineNumbers": true,
+          "showMiniMap": true
+        },
+        "content": "## Data center\n$datacenter\n\n### server\n$server\n\n#### pod = \n$pod\n",
+        "mode": "code"
+      },
+      "pluginVersion": "9.2.0-pre",
+      "targets": [
+        {
+          "datasource": {
+            "type": "testdata",
+            "uid": "PD8C576611E62080A"
+          },
+          "refId": "A",
+          "scenarioId": "random_walk"
+        }
+      ],
+      "title": "Markdown (code w/ with variables)",
+      "type": "text"
+    }
+  ],
+  "refresh": false,
+  "schemaVersion": 37,
+  "style": "dark",
+  "tags": [],
+  "templating": {
+    "list": [
+      {
+        "current": {
+          "selected": false,
+          "text": [
+            "All"
+          ],
+          "value": [
+            "$__all"
+          ]
+        },
+        "datasource": {
+          "type": "testdata",
+          "uid": "PD8C576611E62080A"
+        },
+        "definition": "*",
+        "hide": 0,
+        "includeAll": true,
+        "multi": true,
+        "name": "datacenter",
+        "options": [],
+        "query": {
+          "query": "*",
+          "refId": "gdev-testdata-datacenter-Variable-Query"
+        },
+        "refresh": 1,
+        "regex": "",
+        "skipUrlSync": false,
+        "sort": 0,
+        "tagValuesQuery": "",
+        "tagsQuery": "",
+        "type": "query",
+        "useTags": false
+      },
+      {
+        "current": {
+          "selected": false,
+          "text": [
+            "All"
+          ],
+          "value": [
+            "$__all"
+          ]
+        },
+        "datasource": {
+          "type": "testdata",
+          "uid": "PD8C576611E62080A"
+        },
+        "definition": "$datacenter.*",
+        "hide": 0,
+        "includeAll": true,
+        "multi": true,
+        "name": "server",
+        "options": [],
+        "query": {
+          "query": "$datacenter.*",
+          "refId": "gdev-testdata-server-Variable-Query"
+        },
+        "refresh": 1,
+        "regex": "",
+        "skipUrlSync": false,
+        "sort": 0,
+        "tagValuesQuery": "",
+        "tagsQuery": "",
+        "type": "query",
+        "useTags": false
+      },
+      {
+        "current": {
+          "selected": false,
+          "text": [
+            "AAA",
+            "ACB"
+          ],
+          "value": [
+            "AAA",
+            "ACB"
+          ]
+        },
+        "datasource": {
+          "type": "testdata",
+          "uid": "PD8C576611E62080A"
+        },
+        "definition": "$datacenter.$server.*",
+        "hide": 0,
+        "includeAll": true,
+        "multi": true,
+        "name": "pod",
+        "options": [],
+        "query": {
+          "query": "$datacenter.$server.*",
+          "refId": "gdev-testdata-pod-Variable-Query"
+        },
+        "refresh": 1,
+        "regex": "",
+        "skipUrlSync": false,
+        "sort": 0,
+        "tagValuesQuery": "",
+        "tagsQuery": "",
+        "type": "query",
+        "useTags": false
+      },
+      {
+        "current": {
+          "selected": false,
+          "text": "temp",
+          "value": "temp"
+        },
+        "hide": 0,
+        "name": "Text",
+        "options": [
+          {
+            "selected": true,
+            "text": "temp",
+            "value": "temp"
+          }
+        ],
+        "query": "temp",
+        "skipUrlSync": false,
+        "type": "textbox"
+      }
+    ]
+  },
+  "time": {
+    "from": "now-1h",
+    "to": "now"
+  },
+  "timepicker": {
+    "refresh_intervals": [
+      "10s",
+      "30s",
+      "1m",
+      "5m",
+      "15m",
+      "30m",
+      "1h",
+      "2h",
+      "1d"
+    ]
+  },
+  "timezone": "",
+  "title": "Text options",
+  "uid": "WZ7AhQiVz",
+  "version": 1,
+  "weekStart": ""
+}
\ No newline at end of file
diff --git a/docs/sources/visualizations/text-panel.md b/docs/sources/visualizations/text-panel.md
index 07a98c680d3..15847e33817 100644
--- a/docs/sources/visualizations/text-panel.md
+++ b/docs/sources/visualizations/text-panel.md
@@ -15,6 +15,26 @@ weight: 1100
 
 # Text
 
-The text panel visualization lets you make information and description panels for your dashboards.
+The text panel enables you to directly include text or HTML in your dashboards. This can be used to add contextual information and descriptions or embed complex HTML.
 
-In **Mode**, select whether you want to use markdown or HTML to style your text, then enter content in the box below. Grafana includes a title and paragraph to help you get started, or you can paste content in from another editor.
+## Mode
+
+**Mode** determines how embedded content appears.
+
+### Markdown
+
+This option formats the content as [markdown](https://en.wikipedia.org/wiki/Markdown).
+
+### HTML
+
+This setting renders the content as [sanitized](https://github.com/grafana/grafana/blob/code-in-text-panel/packages/grafana-data/src/text/sanitize.ts) HTML. If you require more direct control over the output, you can set the
+[disable_sanitize_html]({{< relref "../setup-grafana/configure-grafana/#disable_sanitize_html" >}}) flag which enables you to directly enter HTML.
+
+### Code
+
+This setting renders content inside a read-only code editor. Select an appropriate language to apply syntax highlighting
+to the embedded text.
+
+## Variables
+
+[Variables]({{< relref "../variables/syntax/" >}}) in the content will be expanded for display.
diff --git a/public/app/plugins/panel/text/TextPanel.tsx b/public/app/plugins/panel/text/TextPanel.tsx
index 8494f3a76c8..57096477e0e 100644
--- a/public/app/plugins/panel/text/TextPanel.tsx
+++ b/public/app/plugins/panel/text/TextPanel.tsx
@@ -4,13 +4,13 @@ import DangerouslySetHtmlContent from 'dangerously-set-html-content';
 import { debounce } from 'lodash';
 import React, { PureComponent } from 'react';
 
-import { PanelProps, renderTextPanelMarkdown, textUtil } from '@grafana/data';
+import { GrafanaTheme2, PanelProps, renderTextPanelMarkdown, textUtil } from '@grafana/data';
 // Utils
-import { CustomScrollbar, stylesFactory } from '@grafana/ui';
+import { CustomScrollbar, CodeEditor, stylesFactory, ThemeContext } from '@grafana/ui';
 import config from 'app/core/config';
 
 // Types
-import { PanelOptions, TextMode } from './models.gen';
+import { defaultCodeOptions, PanelOptions, TextMode } from './models.gen';
 
 export interface Props extends PanelProps<PanelOptions> {}
 
@@ -19,6 +19,8 @@ interface State {
 }
 
 export class TextPanel extends PureComponent<Props, State> {
+  static contextType = ThemeContext;
+
   constructor(props: Props) {
     super(props);
 
@@ -63,8 +65,8 @@ export class TextPanel extends PureComponent<Props, State> {
   }
 
   interpolateString(content: string): string {
-    const { replaceVariables } = this.props;
-    return replaceVariables(content, {}, 'html');
+    const { replaceVariables, options } = this.props;
+    return replaceVariables(content, {}, options.code?.language === 'json' ? 'json' : 'html');
   }
 
   sanitizeString(content: string): string {
@@ -80,6 +82,8 @@ export class TextPanel extends PureComponent<Props, State> {
 
     if (mode === TextMode.HTML) {
       return this.prepareHTML(content);
+    } else if (mode === TextMode.Code) {
+      return this.interpolateString(content);
     }
 
     return this.prepareMarkdown(content);
@@ -87,23 +91,46 @@ export class TextPanel extends PureComponent<Props, State> {
 
   render() {
     const { html } = this.state;
-    const styles = getStyles();
+    const { options } = this.props;
+    const styles = getStyles(this.context);
+
+    if (options.mode === TextMode.Code) {
+      const { width, height } = this.props;
+      const code = options.code ?? defaultCodeOptions;
+      return (
+        <CodeEditor
+          key={`${code.showLineNumbers}/${code.showMiniMap}`} // will reinit-on change
+          value={html}
+          language={code.language ?? defaultCodeOptions.language!}
+          width={width}
+          height={height}
+          containerStyles={styles.codeEditorContainer}
+          showMiniMap={code.showMiniMap}
+          showLineNumbers={code.showLineNumbers}
+          readOnly={true} // future
+        />
+      );
+    }
+
     return (
       <CustomScrollbar autoHeightMin="100%">
-        <DangerouslySetHtmlContent
-          html={html}
-          className={cx('markdown-html', styles.content)}
-          data-testid="TextPanel-converted-content"
-        />
+        <DangerouslySetHtmlContent html={html} className={styles.markdown} data-testid="TextPanel-converted-content" />
       </CustomScrollbar>
     );
   }
 }
 
-const getStyles = stylesFactory(() => {
-  return {
-    content: css`
+const getStyles = stylesFactory((theme: GrafanaTheme2) => ({
+  codeEditorContainer: css`
+    .monaco-editor .margin,
+    .monaco-editor-background {
+      background-color: ${theme.colors.background.primary};
+    }
+  `,
+  markdown: cx(
+    'markdown-html',
+    css`
       height: 100%;
-    `,
-  };
-});
+    `
+  ),
+}));
diff --git a/public/app/plugins/panel/text/models.cue b/public/app/plugins/panel/text/models.cue
index 2c48081d409..d046b646452 100644
--- a/public/app/plugins/panel/text/models.cue
+++ b/public/app/plugins/panel/text/models.cue
@@ -22,9 +22,20 @@ Panel: thema.#Lineage & {
 		{
 			schemas: [
 				{
-					TextMode: "html" | "markdown" @cuetsy(kind="enum",memberNames="HTML|Markdown")
+					TextMode: "html" | "markdown" | "code" @cuetsy(kind="enum",memberNames="HTML|Markdown|Code")
+
+					CodeLanguage: "json" | "yaml" | "xml" | "typescript" | "sql" | "go" | "markdown" | "html" | *"plaintext"  @cuetsy(kind="enum")
+
+					CodeOptions: {
+						// The language passed to monaco code editor
+						language:  CodeLanguage
+						showLineNumbers: bool | *false
+						showMiniMap: bool | *false
+					} @cuetsy(kind="interface")
+
 					PanelOptions: {
 						mode:    TextMode | *"markdown"
+						code?: CodeOptions
 						content: string | *"""
                     # Title
 
diff --git a/public/app/plugins/panel/text/models.gen.ts b/public/app/plugins/panel/text/models.gen.ts
index 3af3b8b5420..23ee8a95cfc 100644
--- a/public/app/plugins/panel/text/models.gen.ts
+++ b/public/app/plugins/panel/text/models.gen.ts
@@ -9,11 +9,39 @@ export const PanelModelVersion = Object.freeze([0, 0]);
 
 
 export enum TextMode {
+  Code = 'code',
   HTML = 'html',
   Markdown = 'markdown',
 }
 
+export enum CodeLanguage {
+  Go = 'go',
+  Html = 'html',
+  Json = 'json',
+  Markdown = 'markdown',
+  Plaintext = 'plaintext',
+  Sql = 'sql',
+  Typescript = 'typescript',
+  Xml = 'xml',
+  Yaml = 'yaml',
+}
+
+export const defaultCodeLanguage: CodeLanguage = CodeLanguage.Plaintext;
+
+export interface CodeOptions {
+  language: CodeLanguage;
+  showLineNumbers: boolean;
+  showMiniMap: boolean;
+}
+
+export const defaultCodeOptions: Partial<CodeOptions> = {
+  language: CodeLanguage.Plaintext,
+  showLineNumbers: false,
+  showMiniMap: false,
+};
+
 export interface PanelOptions {
+  code?: CodeOptions;
   content: string;
   mode: TextMode;
 }
diff --git a/public/app/plugins/panel/text/module.tsx b/public/app/plugins/panel/text/module.tsx
index 66f6b127a1e..05a14f7b45a 100644
--- a/public/app/plugins/panel/text/module.tsx
+++ b/public/app/plugins/panel/text/module.tsx
@@ -2,7 +2,7 @@ import { PanelPlugin } from '@grafana/data';
 
 import { TextPanel } from './TextPanel';
 import { TextPanelEditor } from './TextPanelEditor';
-import { defaultPanelOptions, PanelOptions, TextMode } from './models.gen';
+import { CodeLanguage, defaultCodeOptions, defaultPanelOptions, PanelOptions, TextMode } from './models.gen';
 import { textPanelMigrationHandler } from './textPanelMigrationHandler';
 
 export const plugin = new PanelPlugin<PanelOptions>(TextPanel)
@@ -16,10 +16,35 @@ export const plugin = new PanelPlugin<PanelOptions>(TextPanel)
           options: [
             { value: TextMode.Markdown, label: 'Markdown' },
             { value: TextMode.HTML, label: 'HTML' },
+            { value: TextMode.Code, label: 'Code' },
           ],
         },
         defaultValue: defaultPanelOptions.mode,
       })
+      .addSelect({
+        path: 'code.language',
+        name: 'Language',
+        settings: {
+          options: Object.values(CodeLanguage).map((v) => ({
+            value: v,
+            label: v,
+          })),
+        },
+        defaultValue: defaultCodeOptions.language,
+        showIf: (v) => v.mode === TextMode.Code,
+      })
+      .addBooleanSwitch({
+        path: 'code.showLineNumbers',
+        name: 'Show line numbers',
+        defaultValue: defaultCodeOptions.showLineNumbers,
+        showIf: (v) => v.mode === TextMode.Code,
+      })
+      .addBooleanSwitch({
+        path: 'code.showMiniMap',
+        name: 'Show mini map',
+        defaultValue: defaultCodeOptions.showMiniMap,
+        showIf: (v) => v.mode === TextMode.Code,
+      })
       .addCustomEditor({
         id: 'content',
         path: 'content',