diff --git a/CHANGELOG.md b/CHANGELOG.md
index f88c7a836577..1ea43efcfcf5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 ## master
 
+### features
+
+* `[jest-mock]` Add util methods to create async functions. 
+  ([#5318](https://github.com/facebook/jest/pull/5318)) 
+
 ### Fixes
 
 * `[jest]` Add `import-local` to `jest` package.
diff --git a/docs/MockFunctionAPI.md b/docs/MockFunctionAPI.md
index 2600505e7d0d..249ef01f5a75 100644
--- a/docs/MockFunctionAPI.md
+++ b/docs/MockFunctionAPI.md
@@ -241,3 +241,84 @@ const myMockFn = jest.fn()
 console.log(myMockFn(), myMockFn(), myMockFn(), myMockFn());
 > 'first call', 'second call', 'default', 'default'
 ```
+
+### `mockFn.mockResolvedValue(value)`
+
+Simple sugar function for:
+
+```js
+jest.fn().mockReturnValue(Promise.resolve(value));
+```
+
+Useful to mock async functions in async tests:
+
+```js
+test('async test', async () => {
+  const asyncMock = jest.fn().mockResolvedValue(43);
+  
+  await asyncMock(); // 43
+});
+```
+
+### `mockFn.mockRejectedValueOnce(value)`
+
+Simple sugar function for:
+
+```js
+jest.fn().mockReturnValueOnce(Promise.resolve(value));
+```
+
+Useful to resolve different values over multiple async calls:
+
+```js
+test('async test', async () => {
+  const asyncMock = jest.fn()
+    .mockResolvedValue('default')
+    .mockResolvedValueOnce('first call')
+    .mockResolvedValueOnce('second call');
+  
+  await asyncMock(); // first call
+  await asyncMock(); // second call
+  await asyncMock(); // default
+  await asyncMock(); // default
+});
+```
+
+### `mockFn.mockRejectedValue(value)`
+
+Simple sugar function for:
+
+```js
+jest.fn().mockReturnValue(Promise.reject(value));
+```
+
+Useful to create async mock functions that will always reject:
+
+```js
+test('async test', async () => {
+  const asyncMock = jest.fn().mockRejectedValue(new Error('Async error'));
+  
+  await asyncMock(); // throws "Async error"
+});
+```
+
+### `mockFn.mockRejectedValueOnce(value)`
+
+Simple sugar function for:
+
+```js
+jest.fn().mockReturnValueOnce(Promise.reject(value));
+```
+
+Example usage:
+
+```js
+test('async test', async () => {
+  const asyncMock = jest.fn()
+    .mockResolvedValueOnce('first call')
+    .mockRejectedValueOnce(new Error('Async error'));
+  
+  await asyncMock(); // first call
+  await asyncMock(); // throws "Async error"
+});
+```
diff --git a/packages/jest-mock/src/__tests__/jest_mock.test.js b/packages/jest-mock/src/__tests__/jest_mock.test.js
index d298cba993de..ee692bc7efc2 100644
--- a/packages/jest-mock/src/__tests__/jest_mock.test.js
+++ b/packages/jest-mock/src/__tests__/jest_mock.test.js
@@ -391,6 +391,53 @@ describe('moduleMocker', () => {
       expect(fake(2)).toEqual(4);
     });
 
+    it('supports mocking resolvable async functions', () => {
+      const fn = moduleMocker.fn();
+      fn.mockResolvedValue('abcd');
+
+      const promise = fn();
+
+      expect(promise).toBeInstanceOf(Promise);
+
+      return expect(promise).resolves.toBe('abcd');
+    });
+
+    it('supports mocking resolvable async functions only once', () => {
+      const fn = moduleMocker.fn();
+      fn.mockResolvedValue('abcd');
+      fn.mockResolvedValueOnce('abcde');
+
+      return Promise.all([
+        expect(fn()).resolves.toBe('abcde'),
+        expect(fn()).resolves.toBe('abcd'),
+      ]);
+    });
+
+    it('supports mocking rejectable async functions', () => {
+      const err = new Error('rejected');
+      const fn = moduleMocker.fn();
+      fn.mockRejectedValue(err);
+
+      const promise = fn();
+
+      expect(promise).toBeInstanceOf(Promise);
+
+      return expect(promise).rejects.toBe(err);
+    });
+
+    it('supports mocking rejectable async functions only once', () => {
+      const defaultErr = new Error('default rejected');
+      const err = new Error('rejected');
+      const fn = moduleMocker.fn();
+      fn.mockRejectedValue(defaultErr);
+      fn.mockRejectedValueOnce(err);
+
+      return Promise.all([
+        expect(fn()).rejects.toBe(err),
+        expect(fn()).rejects.toBe(defaultErr),
+      ]);
+    });
+
     describe('timestamps', () => {
       const RealDate = Date;
 
diff --git a/packages/jest-mock/src/index.js b/packages/jest-mock/src/index.js
index 7490110d5de1..7d658ee5dab2 100644
--- a/packages/jest-mock/src/index.js
+++ b/packages/jest-mock/src/index.js
@@ -227,6 +227,17 @@ function getSlots(object?: Object): Array<string> {
   return Object.keys(slots);
 }
 
+function wrapAsyncParam(
+  fn: any => any,
+  asyncAction: 'resolve' | 'reject',
+): any => any {
+  if (asyncAction === 'reject') {
+    return value => fn(Promise.reject(value));
+  }
+
+  return value => fn(Promise.resolve(value));
+}
+
 class ModuleMockerClass {
   _environmentGlobal: Global;
   _mockState: WeakMap<Function, MockFunctionState>;
@@ -407,6 +418,13 @@ class ModuleMockerClass {
         return f;
       };
 
+      f.mockResolvedValueOnce = wrapAsyncParam(
+        f.mockReturnValueOnce,
+        'resolve',
+      );
+
+      f.mockRejectedValueOnce = wrapAsyncParam(f.mockReturnValueOnce, 'reject');
+
       f.mockReturnValue = value => {
         // next function call will return specified return value or this one
         const mockConfig = this._ensureMockConfig(f);
@@ -415,6 +433,10 @@ class ModuleMockerClass {
         return f;
       };
 
+      f.mockResolvedValue = wrapAsyncParam(f.mockReturnValue, 'resolve');
+
+      f.mockRejectedValue = wrapAsyncParam(f.mockReturnValue, 'reject');
+
       f.mockImplementationOnce = fn => {
         // next function call will use this mock implementation return value
         // or default mock implementation return value