diff --git a/src/libs/Localize/index.ts b/src/libs/Localize/index.ts
index bd8a34406846..3f079b49653a 100644
--- a/src/libs/Localize/index.ts
+++ b/src/libs/Localize/index.ts
@@ -1,7 +1,7 @@
 import * as RNLocalize from 'react-native-localize';
 import Onyx from 'react-native-onyx';
-import type {ValueOf} from 'type-fest';
 import Log from '@libs/Log';
+import memoize from '@libs/memoize';
 import type {MessageElementBase, MessageTextElement} from '@libs/MessageElement';
 import Config from '@src/CONFIG';
 import CONST from '@src/CONST';
@@ -9,6 +9,7 @@ import translations from '@src/languages/translations';
 import type {PluralForm, TranslationParameters, TranslationPaths} from '@src/languages/types';
 import ONYXKEYS from '@src/ONYXKEYS';
 import type {Locale} from '@src/types/onyx';
+import {isEmptyObject} from '@src/types/utils/EmptyObject';
 import LocaleListener from './LocaleListener';
 import BaseLocaleListener from './LocaleListener/BaseLocaleListener';
 
@@ -45,28 +46,6 @@ function init() {
     }, {});
 }
 
-/**
- * Map to store translated values for each locale.
- * This is used to avoid translating the same phrase multiple times.
- *
- * The data is stored in the following format:
- *
- * {
- *  "en": {
- *   "name": "Name",
- * }
- *
- * Note: We are not storing any translated values for phrases with variables,
- * as they have higher chance of being unique, so we'll end up wasting space
- * in our cache.
- */
-const translationCache = new Map<ValueOf<typeof CONST.LOCALES>, Map<TranslationPaths, string>>(
-    Object.values(CONST.LOCALES).reduce((cache, locale) => {
-        cache.push([locale, new Map<TranslationPaths, string>()]);
-        return cache;
-    }, [] as Array<[ValueOf<typeof CONST.LOCALES>, Map<TranslationPaths, string>]>),
-);
-
 /**
  * Helper function to get the translated string for given
  * locale and phrase. This function is used to avoid
@@ -86,18 +65,6 @@ function getTranslatedPhrase<TKey extends TranslationPaths>(
     fallbackLanguage: 'en' | 'es' | null,
     ...parameters: TranslationParameters<TKey>
 ): string | null {
-    // Get the cache for the above locale
-    const cacheForLocale = translationCache.get(language);
-
-    // Directly access and assign the translated value from the cache, instead of
-    // going through map.has() and map.get() to avoid multiple lookups.
-    const valueFromCache = cacheForLocale?.get(phraseKey);
-
-    // If the phrase is already translated, return the translated value
-    if (valueFromCache) {
-        return valueFromCache;
-    }
-
     const translatedPhrase = translations?.[language]?.[phraseKey];
 
     if (translatedPhrase) {
@@ -138,8 +105,6 @@ function getTranslatedPhrase<TKey extends TranslationPaths>(
             return translateResult.other(phraseObject.count);
         }
 
-        // We set the translated value in the cache only for the phrases without parameters.
-        cacheForLocale?.set(phraseKey, translatedPhrase);
         return translatedPhrase;
     }
 
@@ -162,6 +127,13 @@ function getTranslatedPhrase<TKey extends TranslationPaths>(
     return getTranslatedPhrase(CONST.LOCALES.DEFAULT, phraseKey, null, ...parameters);
 }
 
+const memoizedGetTranslatedPhrase = memoize(getTranslatedPhrase, {
+    maxArgs: 2,
+    equality: 'shallow',
+    // eslint-disable-next-line @typescript-eslint/no-unused-vars
+    skipCache: (params) => !isEmptyObject(params.at(3)),
+});
+
 /**
  * Return translated string for given locale and phrase
  *
@@ -174,7 +146,7 @@ function translate<TPath extends TranslationPaths>(desiredLanguage: 'en' | 'es'
     // Phrase is not found in full locale, search it in fallback language e.g. es
     const languageAbbreviation = desiredLanguage.substring(0, 2) as 'en' | 'es';
 
-    const translatedPhrase = getTranslatedPhrase(language, path, languageAbbreviation, ...parameters);
+    const translatedPhrase = memoizedGetTranslatedPhrase(language, path, languageAbbreviation, ...parameters);
     if (translatedPhrase !== null && translatedPhrase !== undefined) {
         return translatedPhrase;
     }
diff --git a/src/libs/memoize/index.ts b/src/libs/memoize/index.ts
index f02b1adbf5ba..792a7ea82f3a 100644
--- a/src/libs/memoize/index.ts
+++ b/src/libs/memoize/index.ts
@@ -60,6 +60,17 @@ function memoize<Fn extends IsomorphicFn, MaxArgs extends number = NonPartial<Is
         // Detect if memoized function was called with `new` keyword. If so we need to call the original function as constructor.
         const constructable = !!new.target;
 
+        // If skipCache is set, check if we should skip the cache
+        if (options.skipCache?.(args)) {
+            const fnTimeStart = performance.now();
+            const result = (constructable ? new (fn as Constructable)(...args) : (fn as Callable)(...args)) as IsomorphicReturnType<Fn>;
+
+            statsEntry.trackTime('processingTime', fnTimeStart);
+            statsEntry.track('didHit', false);
+
+            return result;
+        }
+
         const truncatedArgs = truncateArgs(args, options.maxArgs);
 
         const key = options.transformKey ? options.transformKey(truncatedArgs) : (truncatedArgs as Key);
diff --git a/src/libs/memoize/types.ts b/src/libs/memoize/types.ts
index 9ee48c9dc790..d47a09f114bf 100644
--- a/src/libs/memoize/types.ts
+++ b/src/libs/memoize/types.ts
@@ -52,6 +52,13 @@ type Options<Fn extends IsomorphicFn, MaxArgs extends number, Key> = {
      * @returns Key to use for caching
      */
     transformKey?: (truncatedArgs: TakeFirst<IsomorphicParameters<Fn>, MaxArgs>) => Key;
+
+    /**
+     * Checks if the cache should be skipped for the given arguments.
+     * @param args Tuple of arguments passed to the memoized function. Does not work with constructable (see description).
+     * @returns boolean to whether to skip cache lookup and execute the function if true
+     */
+    skipCache?: (args: IsomorphicParameters<Fn>) => boolean;
 } & InternalOptions;
 
 type ClientOptions<Fn extends IsomorphicFn, MaxArgs extends number, Key> = Partial<Omit<Options<Fn, MaxArgs, Key>, keyof InternalOptions>>;