diff --git a/cocotbext/axi/buddy_allocator.py b/cocotbext/axi/buddy_allocator.py
new file mode 100644
index 0000000..516ef98
--- /dev/null
+++ b/cocotbext/axi/buddy_allocator.py
@@ -0,0 +1,92 @@
+"""
+
+Copyright (c) 2021 Alex Forencich
+
+Permission is hereby granted, free of charge, to any person obtaining a copy
+of this software and associated documentation files (the "Software"), to deal
+in the Software without restriction, including without limitation the rights
+to use, copy, modify, merge, publish, distribute, sublicense, and/or sell
+copies of the Software, and to permit persons to whom the Software is
+furnished to do so, subject to the following conditions:
+
+The above copyright notice and this permission notice shall be included in
+all copies or substantial portions of the Software.
+
+THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
+IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY
+FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE
+AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER
+LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM,
+OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN
+THE SOFTWARE.
+
+"""
+
+
+class BuddyAllocator:
+    def __init__(self, size, min_alloc=1):
+        self.size = size
+        self.min_alloc = min_alloc
+
+        self.free_lists = [[] for x in range((self.size-1).bit_length())]
+        self.free_lists.append([0])
+        self.allocations = {}
+
+    def alloc(self, size):
+        if size < 1 or size > self.size:
+            raise ValueError("size out of range")
+
+        size = max(size, self.min_alloc)
+
+        bucket = (size-1).bit_length()
+        orig_bucket = bucket
+
+        while bucket < len(self.free_lists):
+            if not self.free_lists[bucket]:
+                # find free block
+                bucket += 1
+                continue
+
+            while bucket > orig_bucket:
+                # split block
+                block = self.free_lists[bucket].pop(0)
+                bucket -= 1
+                self.free_lists[bucket].append(block)
+                self.free_lists[bucket].append(block+2**bucket)
+
+            if self.free_lists[bucket]:
+                # allocate
+                block = self.free_lists[bucket].pop(0)
+                self.allocations[block] = bucket
+                return block
+
+            break
+
+        raise Exception("out of memory")
+
+    def free(self, addr):
+        if addr not in self.allocations:
+            raise ValueError("unknown allocation")
+
+        bucket = self.allocations.pop(addr)
+
+        while bucket < len(self.free_lists):
+            size = 2**bucket
+
+            # find buddy
+            if (addr // size) % 2:
+                buddy = addr - size
+            else:
+                buddy = addr + size
+
+            if buddy in self.free_lists[bucket]:
+                # buddy is free, merge
+                self.free_lists[bucket].remove(buddy)
+                addr = min(addr, buddy)
+                bucket += 1
+            else:
+                # buddy is not free, so add to free list
+                self.free_lists[bucket].append(addr)
+                return
+
+        raise Exception("failed to free memory")
diff --git a/tests/test_buddy_allocator.py b/tests/test_buddy_allocator.py
new file mode 100644
index 0000000..f5abb2f
--- /dev/null
+++ b/tests/test_buddy_allocator.py
@@ -0,0 +1,44 @@
+"""
+
+Copyright (c) 2021 Alex Forencich
+
+Permission is hereby granted, free of charge, to any person obtaining a copy
+of this software and associated documentation files (the "Software"), to deal
+in the Software without restriction, including without limitation the rights
+to use, copy, modify, merge, publish, distribute, sublicense, and/or sell
+copies of the Software, and to permit persons to whom the Software is
+furnished to do so, subject to the following conditions:
+
+The above copyright notice and this permission notice shall be included in
+all copies or substantial portions of the Software.
+
+THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
+IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY
+FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE
+AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER
+LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM,
+OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN
+THE SOFTWARE.
+
+"""
+
+from cocotbext.axi.buddy_allocator import BuddyAllocator
+
+
+def test_allocator():
+    ba = BuddyAllocator(1024)
+
+    lst = []
+
+    for k in range(1, 32):
+        print(f"Alloc {k} bytes")
+        addr = ba.alloc(k)
+        print(f"Got address {addr}")
+        assert addr & (2**((k-1).bit_length())-1) == 0
+        lst.append(addr)
+
+    for addr in lst:
+        print(f"Free {addr}")
+        ba.free(addr)
+
+    assert ba.free_lists[-1] == [0]