diff --git a/pytype/tests/test_typevar1.py b/pytype/tests/test_typevar1.py
index 948439fc2..e878caa9f 100644
--- a/pytype/tests/test_typevar1.py
+++ b/pytype/tests/test_typevar1.py
@@ -66,6 +66,20 @@ def test_type_var_with_bounds_in_type_alias(self):
     """,
     )
 
+  @test_utils.skipBeforePy((3, 12), "PEP 695 - 3.12 feature")
+  def test_type_var_with_constraints_in_type_alias(self):
+    ty = self.Infer("""
+      type Alias[T: (int, str)] = list[T]
+    """)
+    self.assertTypesMatchPytd(
+        ty,
+        """
+      from typing import TypeVar
+      T = TypeVar('T', int, str)
+      Alias = list[T]
+    """,
+    )
+
   @test_utils.skipBeforePy((3, 12), "PEP 695 - 3.12 feature")
   def test_unused_typevar_pep695_function_type_var_single(self):
     ty = self.Infer("""
diff --git a/pytype/vm.py b/pytype/vm.py
index fe89dcb24..f376db21c 100644
--- a/pytype/vm.py
+++ b/pytype/vm.py
@@ -3965,7 +3965,37 @@ def byte_INTRINSIC_TYPEVAR_WITH_BOUND(self, state):
     return state
 
   def byte_INTRINSIC_TYPEVAR_WITH_CONSTRAINTS(self, state):
-    # TODO: b/350910471 - Implement to support PEP 695
+    """This intrinsic is a synonym of typing.TypeVar('T', *constraint)."""
+    # First parameter(bound_func) is the function object that returns the type
+    # representation of the bound.
+    state, (type_var_name, constraint_func) = state.popn(2)
+
+    type_var_name = self.ctx.convert.constant_to_var(
+        type_var_name.data[0].pyval, node=state.node
+    )
+    _, constraints = function.call_function(
+        self.ctx,
+        state.node,
+        constraint_func,
+        args=function.Args(
+            posargs=(),
+            namedargs={},
+            starargs=None,
+            starstarargs=None,
+        ),
+    )
+    _, ret = function.call_function(
+        self.ctx,
+        state.node,
+        self._typings_type_var,
+        args=function.Args(
+            posargs=(type_var_name,),
+            namedargs={},
+            starargs=constraints,
+            starstarargs=None,
+        ),
+    )
+    state = state.push(ret)
     return state
 
   def byte_INTRINSIC_SET_FUNCTION_TYPE_PARAMS(self, state):