diff --git a/src/__tests__/config.test.ts b/src/__tests__/config.test.ts
new file mode 100644
index 000000000..8d54d0925
--- /dev/null
+++ b/src/__tests__/config.test.ts
@@ -0,0 +1,22 @@
+import { getConfig, configure, resetToDefaults } from '../config';
+
+beforeEach(() => {
+  resetToDefaults();
+});
+
+test('getConfig() returns existing configuration', () => {
+  expect(getConfig().asyncUtilTimeout).toEqual(1000);
+});
+
+test('configure() overrides existing config values', () => {
+  configure({ asyncUtilTimeout: 5000 });
+  expect(getConfig().asyncUtilTimeout).toEqual(5000);
+});
+
+test('resetToDefaults() resets config to defaults', () => {
+  configure({ asyncUtilTimeout: 5000 });
+  expect(getConfig().asyncUtilTimeout).toEqual(5000);
+
+  resetToDefaults();
+  expect(getConfig().asyncUtilTimeout).toEqual(1000);
+});
diff --git a/src/__tests__/waitFor.test.tsx b/src/__tests__/waitFor.test.tsx
index 534b43bdd..a35ebf171 100644
--- a/src/__tests__/waitFor.test.tsx
+++ b/src/__tests__/waitFor.test.tsx
@@ -1,6 +1,6 @@
 import * as React from 'react';
 import { Text, TouchableOpacity, View, Pressable } from 'react-native';
-import { fireEvent, render, waitFor } from '..';
+import { fireEvent, render, waitFor, configure, resetToDefaults } from '..';
 
 class Banana extends React.Component<any> {
   changeFresh = () => {
@@ -19,6 +19,10 @@ class Banana extends React.Component<any> {
   }
 }
 
+beforeEach(() => {
+  resetToDefaults();
+});
+
 class BananaContainer extends React.Component<{}, any> {
   state = { fresh: false };
 
@@ -64,6 +68,32 @@ test('waits for element until timeout is met', async () => {
   await waitFor(() => getByText('Fresh'));
 });
 
+test('waitFor defaults to asyncWaitTimeout config option', async () => {
+  configure({ asyncUtilTimeout: 100 });
+  const { getByText } = render(<BananaContainer />);
+
+  fireEvent.press(getByText('Change freshness!'));
+  await expect(waitFor(() => getByText('Fresh'))).rejects.toThrow();
+
+  // Async action ends after 300ms and we only waited 100ms, so we need to wait
+  // for the remaining async actions to finish
+  await waitFor(() => getByText('Fresh'), { timeout: 1000 });
+});
+
+test('waitFor timeout option takes precendence over `asyncWaitTimeout` config option', async () => {
+  configure({ asyncUtilTimeout: 2000 });
+  const { getByText } = render(<BananaContainer />);
+
+  fireEvent.press(getByText('Change freshness!'));
+  await expect(
+    waitFor(() => getByText('Fresh'), { timeout: 100 })
+  ).rejects.toThrow();
+
+  // Async action ends after 300ms and we only waited 100ms, so we need to wait
+  // for the remaining async actions to finish
+  await waitFor(() => getByText('Fresh'));
+});
+
 test('waits for element with custom interval', async () => {
   const mockFn = jest.fn(() => {
     throw Error('test');
diff --git a/src/config.ts b/src/config.ts
new file mode 100644
index 000000000..940f367df
--- /dev/null
+++ b/src/config.ts
@@ -0,0 +1,27 @@
+export type Config = {
+  /** Default timeout, in ms, for `waitFor` and `findBy*` queries. */
+  asyncUtilTimeout: number;
+};
+
+const defaultConfig: Config = {
+  asyncUtilTimeout: 1000,
+};
+
+let config = {
+  ...defaultConfig,
+};
+
+export function configure(options: Partial<Config>) {
+  config = {
+    ...config,
+    ...options,
+  };
+}
+
+export function resetToDefaults() {
+  config = defaultConfig;
+}
+
+export function getConfig() {
+  return config;
+}
diff --git a/src/pure.ts b/src/pure.ts
index c3f448249..00ed3d5ea 100644
--- a/src/pure.ts
+++ b/src/pure.ts
@@ -16,9 +16,11 @@ export type {
   RenderResult as RenderAPI,
 } from './render';
 export type { RenderHookOptions, RenderHookResult } from './renderHook';
+export type { Config } from './config';
 
 export { act };
 export { cleanup };
+export { configure, resetToDefaults } from './config';
 export { fireEvent };
 export { render };
 export { waitFor };
diff --git a/src/waitFor.ts b/src/waitFor.ts
index 69d3295db..9a59531da 100644
--- a/src/waitFor.ts
+++ b/src/waitFor.ts
@@ -1,5 +1,6 @@
 /* globals jest */
 import act, { setReactActEnvironment, getIsReactActEnvironment } from './act';
+import { getConfig } from './config';
 import { ErrorWithStack, copyStackTrace } from './helpers/errors';
 import {
   setTimeout,
@@ -9,7 +10,6 @@ import {
 } from './helpers/timers';
 import { checkReactVersionAtLeast } from './react-versions';
 
-const DEFAULT_TIMEOUT = 1000;
 const DEFAULT_INTERVAL = 50;
 
 export type WaitForOptions = {
@@ -22,7 +22,7 @@ export type WaitForOptions = {
 function waitForInternal<T>(
   expectation: () => T,
   {
-    timeout = DEFAULT_TIMEOUT,
+    timeout = getConfig().asyncUtilTimeout,
     interval = DEFAULT_INTERVAL,
     stackTraceError,
     onTimeout,
diff --git a/typings/index.flow.js b/typings/index.flow.js
index a0f9acbc8..2658eda2c 100644
--- a/typings/index.flow.js
+++ b/typings/index.flow.js
@@ -367,6 +367,13 @@ declare module '@testing-library/react-native' {
 
   declare export var waitForElementToBeRemoved: WaitForElementToBeRemovedFunction;
 
+  declare interface Config {
+    asyncUtilTimeout: number;
+  }
+
+  declare export var configure: (options: $Shape<Config>) => void;
+  declare export var resetToDefaults: () => void;
+
   declare export var act: (callback: () => void) => Thenable;
   declare export var within: (instance: ReactTestInstance) => Queries;
   declare export var getQueriesForElement: (
diff --git a/website/docs/API.md b/website/docs/API.md
index bdc64622e..6d8adb34f 100644
--- a/website/docs/API.md
+++ b/website/docs/API.md
@@ -45,6 +45,10 @@ title: API
   - [Examples](#examples)
     - [With `initialProps`](#with-initialprops)
     - [With `wrapper`](#with-wrapper)
+- [Configuration](#configuration)
+  - [`configure`](#configure)
+    - [`asyncUtilTimeout` option](#asyncutiltimeout-option)
+  - [`resetToDefaults()`](#resettodefaults)
 - [Accessibility](#accessibility)
   - [`isInaccessible`](#isinaccessible)
 
@@ -714,6 +718,30 @@ it('should use context value', () => {
 });
 ```
 
+
+## Configuration
+
+### `configure`
+
+```ts
+type Config = {
+  asyncUtilTimeout: number;
+};
+
+function configure(options: Partial<Config>)  {}
+```
+
+#### `asyncUtilTimeout` option
+
+Default timeout, in ms, for async helper functions (`waitFor`, `waitForElementToBeRemoved`) and `findBy*` queries. Defaults to 1000 ms.
+
+
+### `resetToDefaults()`
+
+```ts
+function resetToDefaults() {}
+```
+
 ## Accessibility
 
 ### `isInaccessible`