diff --git a/core/config/schema/core.entity.schema.yml b/core/config/schema/core.entity.schema.yml
index df2a2fd..174925d 100644
--- a/core/config/schema/core.entity.schema.yml
+++ b/core/config/schema/core.entity.schema.yml
@@ -362,3 +362,22 @@ field.formatter.settings.entity_reference_label:
       type: boolean
       label: 'Link label to the referenced entity'
 
+field.formatter.settings.entity_reference_inline_settings:
+  type: mapping
+  label: 'Entity reference inline formatter display format settings'
+  mapping:
+    field_name:
+      label: 'Machine name of the field'
+      type: string
+    type:
+      label: 'Machine name of the formatter'
+      type: string
+    settings:
+      label: 'Formatter settings'
+      type: field.formatter.settings.[%parent.type]
+    label:
+      label: 'Target field label visibility setting'
+      type: string
+    show_basefields:
+      type: boolean
+      label: 'Whether basefields should be visible on the formatter settings'
diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php
new file mode 100644
index 0000000..b87d62b
--- /dev/null
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceInlineSettingsFormatter.php
@@ -0,0 +1,494 @@
+<?php
+
+namespace Drupal\Core\Field\Plugin\Field\FieldFormatter;
+
+use Drupal\Core\Entity\Entity\EntityViewDisplay;
+use Drupal\Core\Entity\EntityTypeBundleInfoInterface;
+use Drupal\Core\Entity\EntityTypeManagerInterface;
+use Drupal\Core\Entity\FieldableEntityInterface;
+use Drupal\Core\Field\BaseFieldDefinition;
+use Drupal\Core\Field\FieldDefinitionInterface;
+use Drupal\Core\Field\FieldItemListInterface;
+use Drupal\Core\Field\FieldStorageDefinitionInterface;
+use Drupal\Core\Entity\EntityFieldManager;
+use Drupal\Core\Field\FormatterInterface;
+use Drupal\Core\Field\FormatterPluginManager;
+use Drupal\Core\Form\FormStateInterface;
+use Drupal\Core\Plugin\ContainerFactoryPluginInterface;
+use Symfony\Component\DependencyInjection\ContainerInterface;
+
+/**
+ * Plugin implementation of the 'entity_reference_inline_settings' formatter.
+ *
+ * @FieldFormatter(
+ *   id = "entity_reference_inline_settings",
+ *   label = @Translation("Rendered field from referenced entity"),
+ *   field_types = {
+ *     "entity_reference"
+ *   }
+ * )
+ */
+class EntityReferenceInlineSettingsFormatter extends EntityReferenceFormatterBase implements ContainerFactoryPluginInterface {
+
+  /**
+   * Entity view display.
+   *
+   * @var \Drupal\Core\Entity\Display\EntityViewDisplayInterface
+   */
+  protected $viewDisplay;
+
+  /**
+   * The entity field manager.
+   *
+   * @var \Drupal\Core\Entity\EntityFieldManagerInterface
+   */
+  protected $entityFieldManager;
+
+  /**
+   * The formatter plugin manager.
+   *
+   * @var \Drupal\Core\Field\FormatterPluginManager
+   */
+  protected $formatterPluginManager;
+
+  /**
+   * The entity type manager.
+   *
+   * @var \Drupal\Core\Entity\EntityTypeManagerInterface
+   */
+  protected $entityTypeManager;
+
+  /**
+   * The entity type bundle info.
+   *
+   * @var \Drupal\Core\Entity\EntityTypeBundleInfoInterface
+   */
+  protected $entityTypeBundleInfo;
+
+  /**
+   * {@inheritdoc}
+   */
+  public static function create(ContainerInterface $container, array $configuration, $plugin_id, $plugin_definition) {
+    return new static(
+      $plugin_id,
+      $plugin_definition,
+      $configuration['field_definition'],
+      $configuration['settings'],
+      $configuration['label'],
+      $configuration['view_mode'],
+      $configuration['third_party_settings'],
+      $container->get('entity_field.manager'),
+      $container->get('plugin.manager.field.formatter'),
+      $container->get('entity_type.manager'),
+      $container->get('entity_type.bundle.info')
+    );
+  }
+
+  /**
+   * Constructs a EntityReferenceInlineSettingsFormatter object.
+   *
+   * @param string $plugin_id
+   *   The plugin_id for the formatter.
+   * @param mixed $plugin_definition
+   *   The plugin implementation definition.
+   * @param \Drupal\Core\Field\FieldDefinitionInterface $field_definition
+   *   The definition of the field to which the formatter is associated.
+   * @param array $settings
+   *   The formatter settings.
+   * @param string $label
+   *   The formatter label display setting.
+   * @param string $view_mode
+   *   The view mode.
+   * @param array $third_party_settings
+   *   Any third party settings.
+   * @param \Drupal\Core\Entity\EntityFieldManager $entity_field_manager
+   *   The entity field manager.
+   * @param \Drupal\Core\Field\FormatterPluginManager $formatter_plugin_manager
+   *   The formatter plugin manager.
+   * @param \Drupal\Core\Entity\EntityTypeManagerInterface $entity_type_manager
+   *   The entity type manager.
+   * @param \Drupal\Core\Entity\EntityTypeBundleInfoInterface $entity_type_bundle_info
+   *   The entity type bundle info.
+   */
+  public function __construct($plugin_id, $plugin_definition, FieldDefinitionInterface $field_definition, array $settings, $label, $view_mode, array $third_party_settings, EntityFieldManager $entity_field_manager, FormatterPluginManager $formatter_plugin_manager, EntityTypeManagerInterface $entity_type_manager, EntityTypeBundleInfoInterface $entity_type_bundle_info) {
+    parent::__construct($plugin_id, $plugin_definition, $field_definition, $settings, $label, $view_mode, $third_party_settings);
+    $this->entityFieldManager = $entity_field_manager;
+    $this->formatterPluginManager = $formatter_plugin_manager;
+    $this->entityTypeManager = $entity_type_manager;
+    $this->entityTypeBundleInfo = $entity_type_bundle_info;
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public static function defaultSettings() {
+    return [
+      'field_name' => '',
+      'type' => '',
+      'settings' => [],
+      'label' => 'above',
+      'show_basefields' => FALSE,
+    ];
+  }
+
+  /**
+   * Gets field definition for given field storage definition.
+   *
+   * @param \Drupal\Core\Field\FieldStorageDefinitionInterface $field_storage_definition
+   *   The field storage definition.
+   *
+   * @return \Drupal\Core\Field\BaseFieldDefinition
+   *   The field definition.
+   */
+  protected function getFieldDefinition(FieldStorageDefinitionInterface $field_storage_definition) {
+    return BaseFieldDefinition::createFromFieldStorageDefinition($field_storage_definition);
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function viewElements(FieldItemListInterface $items, $langcode) {
+    /** @var \Drupal\Core\Entity\FieldableEntityInterface $entity */
+    $entities = $this->getEntitiesToView($items, $langcode);
+
+    $build = [];
+    foreach ($entities as $delta => $entity) {
+      $build[$delta] = $this->getViewDisplay($entity->bundle())->build($entity);
+    }
+    return $build;
+  }
+
+  /**
+   * Gets a list of supported fields.
+   *
+   * @param bool $show_basefields
+   *   If FALSE, all basefields except for the label will be skipped.
+   *
+   * @return array
+   *   List of fields that are supported keyed by field machine name.
+   */
+  protected function getAvailableFieldNames($show_basefields) {
+    $entity_type_id = $this->fieldDefinition->getSetting('target_type');
+    // We always show the entity label as an option to be selected.
+    $entity_type = $this->entityTypeManager->getDefinition($entity_type_id);
+    $label_key = $entity_type->getKey('label');
+    $field_names = [$label_key => $this->entityFieldManager->getBaseFieldDefinitions($entity_type_id)[$label_key]->getLabel()];
+    $target_bundles = $this->fieldDefinition->getSetting('handler_settings')['target_bundles'] === NULL ? array_keys($this->entityTypeBundleInfo->getBundleInfo($entity_type_id)) : $this->fieldDefinition->getSetting('handler_settings')['target_bundles'];
+    foreach ($target_bundles as $value) {
+      $bundle_field_names = array_map(
+        function (FieldDefinitionInterface $field_definition) use ($show_basefields) {
+          if ($show_basefields || !$field_definition->getFieldStorageDefinition()->isBaseField()) {
+            return $field_definition->getLabel();
+          }
+        },
+        $this->entityFieldManager->getFieldDefinitions($entity_type_id, $value)
+      );
+      $field_names = array_merge($field_names, array_filter($bundle_field_names));
+    }
+    return $field_names;
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public static function isApplicable(FieldDefinitionInterface $field_definition) {
+    $entity_type = \Drupal::entityTypeManager()
+      ->getDefinition($field_definition->getTargetEntityTypeId());
+    return $entity_type->isSubclassOf(FieldableEntityInterface::class);
+  }
+
+  /**
+   * Get all available formatters for a field storage definition.
+   *
+   * @param \Drupal\Core\Field\FieldStorageDefinitionInterface $field_storage_definition
+   *   The field storage definition.
+   *
+   * @return string[]
+   *   The field formatter labels keys by plugin ID.
+   */
+  protected function getAvailableFormatterOptions(FieldStorageDefinitionInterface $field_storage_definition) {
+    $field_definition = $this->getFieldDefinition($field_storage_definition);
+    $formatters = $this->formatterPluginManager->getOptions($field_storage_definition->getType());
+    $formatter_instances = array_map(function($formatter_id) use ($field_definition) {
+      $configuration = [
+        'field_definition' => $field_definition,
+        'settings' => [],
+        'label' => '',
+        'view_mode' => '',
+        'third_party_settings' => [],
+      ];
+      return $this->formatterPluginManager->createInstance($formatter_id, $configuration);
+    }, array_combine(array_keys($formatters), array_keys($formatters)));
+    $filtered_formatter_instances = array_filter($formatter_instances, function (FormatterInterface $formatter) use ($field_definition) {
+      return $formatter->isApplicable($field_definition);
+    });
+    $options = array_map(function (FormatterInterface $formatter) {
+      return $formatter->getPluginDefinition()['label'];
+    }, $filtered_formatter_instances);
+    return $options;
+  }
+
+  /**
+   * Ajax callback for field name change.
+   *
+   * @param array $form
+   *   The form.
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
+   *
+   * @return array
+   *   The replaced form substructure.
+   */
+  public static function onFieldNameChange(array $form, FormStateInterface $form_state) {
+    return $form['fields'][$form_state->getStorage()['plugin_settings_edit']]['plugin']['settings_edit_form']['settings'];
+  }
+
+  /**
+   * Ajax callback for formatter type change.
+   *
+   * @param array $form
+   *   The form.
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
+   *
+   * @return array
+   *   The replaced form substructure.
+   */
+  public static function onFormatterTypeChange(array $form, FormStateInterface $form_state) {
+    return $form['fields'][$form_state->getStorage()['plugin_settings_edit']]['plugin']['settings_edit_form']['settings']['settings'];
+  }
+
+  /**
+   * Ajax callback for "show basefields" setting change.
+   *
+   * @param array $form
+   *   The form.
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
+   *
+   * @return array
+   *   The replaced form substructure.
+   */
+  public static function onShowBasefieldsChange(array $form, FormStateInterface $form_state) {
+    return $form['fields'][$form_state->getStorage()['plugin_settings_edit']]['plugin']['settings_edit_form']['settings'];
+  }
+
+  /**
+   * Rebuilds the form on select submit.
+   *
+   * @param array $form
+   *   The form.
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
+   */
+  public static function rebuildSubmit(array $form, FormStateInterface $form_state) {
+    $form_state->setRebuild(TRUE);
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function settingsForm(array $form, FormStateInterface $form_state) {
+    $form = parent::settingsForm($form, $form_state);
+    $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
+    $show_basefields = $this->getSettingFromFormState($form_state, 'show_basefields');
+    $field_name_options = $this->getAvailableFieldNames($show_basefields);
+    $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
+    // Field on the target entity this formatter is currently displaying.
+    $selected_field_name = $this->getSettingFromFormState($form_state, 'field_name');
+    if (!$selected_field_name) {
+      // The first field is used as default in case of no value set.
+      $selected_field_name = key($field_name_options);
+    }
+    $field_storage = $field_storage_definitions[$selected_field_name];
+    // If the field selected is a basefield but the show_basefields has just
+    // been unchecked, we need to reset the defaults.
+    if (!$show_basefields && $field_storage->isBaseField()) {
+      $selected_field_name = key($field_name_options);
+      $field_storage = $field_storage_definitions[$selected_field_name];
+    }
+
+    $form['#prefix'] = '<div id="field-formatter-ajax">';
+    $form['#suffix'] = '</div>';
+
+    $form['field_name'] = [
+      '#type' => 'select',
+      '#title' => $this->t('Field name'),
+      '#default_value' => $selected_field_name,
+      '#options' => $field_name_options,
+      '#ajax' => [
+        'callback' => [static::class, 'onFieldNameChange'],
+        'wrapper' => 'field-formatter-ajax',
+        'method' => 'replace',
+      ],
+      '#submit' => [[static::class, 'rebuildSubmit']],
+      '#executes_submit_callback' => TRUE,
+    ];
+
+    $form['show_basefields'] = [
+      '#type' => 'checkbox',
+      '#title' => $this->t('Show all fields'),
+      '#description' => $this->t('Allows default fields to be selected, such as author, language, creation date, etc.'),
+      '#default_value' => $show_basefields,
+      '#ajax' => [
+        'callback' => [static::class, 'onShowBasefieldsChange'],
+        'wrapper' => 'field-formatter-ajax',
+        'method' => 'replace',
+      ],
+      '#submit' => [[static::class, 'rebuildSubmit']],
+      '#executes_submit_callback' => TRUE,
+    ];
+
+    $form['label'] = [
+      '#type' => 'select',
+      '#title' => $this->t('Label'),
+      '#options' => [
+        'above' => $this->t('Above'),
+        'inline' => $this->t('Inline'),
+        'hidden' => '- ' . $this->t('Hidden') . ' -',
+        'visually_hidden' => '- ' . $this->t('Visually Hidden') . ' -',
+      ],
+      '#default_value' => $this->getSettingFromFormState($form_state, 'label'),
+    ];
+
+    if ($selected_field_name && !empty($field_storage)) {
+      $formatter_options = $this->getAvailableFormatterOptions($field_storage);
+      $formatter_type = $this->getSettingFromFormState($form_state, 'type');
+      $settings = $this->getSettingFromFormState($form_state, 'settings');
+      if (!isset($formatter_options[$formatter_type])) {
+        $formatter_type = key($formatter_options);
+        $settings = [];
+      }
+
+      $form['type'] = [
+        '#type' => 'select',
+        '#title' => $this->t('Formatter'),
+        '#options' => $formatter_options,
+        '#default_value' => $formatter_type,
+        '#ajax' => [
+          'callback' => [static::class, 'onFormatterTypeChange'],
+          'wrapper' => 'field-formatter-settings-ajax',
+          'method' => 'replace',
+        ],
+        '#submit' => [[static::class, 'rebuildSubmit']],
+        '#executes_submit_callback' => TRUE,
+      ];
+
+      $options = [
+        'field_definition' => $this->getFieldDefinition($field_storage),
+        'configuration' => [
+          'type' => $formatter_type,
+          'settings' => $settings,
+          'label' => '',
+          'weight' => 0,
+        ],
+        'view_mode' => '_custom',
+      ];
+
+      // Get the formatter settings form.
+      $settings_form = ['#value' => []];
+      if ($formatter = $this->formatterPluginManager->getInstance($options)) {
+        $settings_form = $formatter->settingsForm([], $form_state);
+      }
+      $form['settings'] = $settings_form;
+      $form['settings']['#prefix'] = '<div id="field-formatter-settings-ajax">';
+      $form['settings']['#suffix'] = '</div>';
+    }
+
+    return $form;
+  }
+
+  /**
+   * Gets the entity view display for a bundle.
+   *
+   * @param string $bundle_id
+   *   The bundle ID.
+   *
+   * @return \Drupal\Core\Entity\Display\EntityViewDisplayInterface
+   *   Entity view display.
+   */
+  protected function getViewDisplay($bundle_id) {
+    if (!isset($this->viewDisplay[$bundle_id])) {
+      $this->viewDisplay[$bundle_id] = $this->createFormatterEntityViewDisplay($bundle_id);
+    }
+    return $this->viewDisplay[$bundle_id];
+  }
+
+  /**
+   * Creates the entity view display for a bundle.
+   *
+   * @param string $bundle_id
+   *   The bundle ID.
+   *
+   * @return \Drupal\Core\Entity\Display\EntityViewDisplayInterface
+   *   Entity view display.
+   */
+  protected function createFormatterEntityViewDisplay($bundle_id) {
+    $display = EntityViewDisplay::create([
+      'targetEntityType' => $this->fieldDefinition->getSetting('target_type'),
+      'bundle' => $bundle_id,
+      'status' => TRUE,
+    ]);
+    $display->setComponent($this->getSetting('field_name'), [
+      'type' => $this->getSetting('type'),
+      'settings' => $this->getSetting('settings'),
+      'label' => $this->getSetting('label'),
+    ]);
+    return $display;
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function settingsSummary() {
+    $summary = parent::settingsSummary();
+    $field_storage_definitions = NULL;
+
+    if ($field_name = $this->getSetting('field_name')) {
+      $summary[] = $this->t('Field %field_name displayed.', ['%field_name' => $field_name]);
+    }
+    else {
+      $show_basefields = $this->getSetting('show_basefields');
+      $field_name_options = $this->getAvailableFieldNames($show_basefields);
+      $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
+      $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
+      $field_name = key($field_name_options);
+      $summary[] = $this->t('The field %field_name will be used by default.', ['%field_name' => $field_name]);
+    }
+
+    if ($type = $this->getSetting('type')) {
+      $summary[] = $this->t('Formatter %type used.', ['%type' => $type]);
+    }
+    elseif ($field_storage_definitions) {
+      $field_storage = $field_storage_definitions[$field_name];
+      $formatter_options = $this->getAvailableFormatterOptions($field_storage);
+      $formatter_type = key($formatter_options);
+      $summary[] = $this->t('The %type formatter will be used by default.', ['%type' => $formatter_type]);
+    }
+    else {
+      $summary[] = $this->t('Formatter not configured. The first formatter will be used.');
+    }
+
+    return $summary;
+  }
+
+  /**
+   * Wrapper around ::getSetting() to carry over values from the form state.
+   *
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   The form state.
+   * @param string $setting
+   *   The setting name.
+   *
+   * @return mixed|null
+   *   The value of the setting, or NULL if absent.
+   */
+  protected function getSettingFromFormState(FormStateInterface $form_state, $setting) {
+    $field_name = $this->fieldDefinition->getName();
+    if ($form_state->hasValue(['fields', $field_name, 'settings_edit_form', 'settings', $setting])) {
+      return $form_state->getValue(['fields', $field_name, 'settings_edit_form', 'settings', $setting]);
+    }
+    return $this->getSetting($setting);
+  }
+
+}
diff --git a/core/modules/field/src/Tests/EntityReference/EntityReferenceAdminTest.php b/core/modules/field/src/Tests/EntityReference/EntityReferenceAdminTest.php
index fa68cb6..ea45101 100644
--- a/core/modules/field/src/Tests/EntityReference/EntityReferenceAdminTest.php
+++ b/core/modules/field/src/Tests/EntityReference/EntityReferenceAdminTest.php
@@ -373,6 +373,7 @@ public function testAvailableFormatters() {
     $this->assertFieldSelectOptions('fields[field_' . $taxonomy_term_field_name . '][type]', [
       'entity_reference_label',
       'entity_reference_entity_id',
+      'entity_reference_inline_settings',
       'entity_reference_rss_category',
       'entity_reference_entity_view',
     ]);
@@ -384,6 +385,7 @@ public function testAvailableFormatters() {
       'author',
       'entity_reference_entity_id',
       'entity_reference_entity_view',
+      'entity_reference_inline_settings',
       'entity_reference_label',
     ]);
 
@@ -393,6 +395,7 @@ public function testAvailableFormatters() {
       'entity_reference_label',
       'entity_reference_entity_id',
       'entity_reference_entity_view',
+      'entity_reference_inline_settings',
     ]);
 
     // Test if Date Format Reference Field has the correct formatters.
@@ -401,6 +404,7 @@ public function testAvailableFormatters() {
     $this->assertFieldSelectOptions('fields[field_' . $date_format_field_name . '][type]', [
       'entity_reference_label',
       'entity_reference_entity_id',
+      'entity_reference_inline_settings',
     ]);
   }