diff --git a/mercurial/exchangev2.py b/mercurial/exchangev2.py
--- a/mercurial/exchangev2.py
+++ b/mercurial/exchangev2.py
@@ -7,10 +7,16 @@
 
 from __future__ import absolute_import
 
+import weakref
+
+from .i18n import _
 from .node import (
     nullid,
+    short,
 )
 from . import (
+    mdiff,
+    pycompat,
     setdiscovery,
 )
 
@@ -18,11 +24,15 @@
     """Pull using wire protocol version 2."""
     repo = pullop.repo
     remote = pullop.remote
+    tr = pullop.trmanager.transaction()
 
     # Figure out what needs to be fetched.
     common, fetch, remoteheads = _pullchangesetdiscovery(
         repo, remote, pullop.heads, abortwhenunrelated=pullop.force)
 
+    pullheads = pullop.heads or remoteheads
+    _fetchchangesets(repo, tr, remote, common, fetch, pullheads)
+
 def _pullchangesetdiscovery(repo, remote, heads, abortwhenunrelated=True):
     """Determine which changesets need to be pulled."""
 
@@ -53,3 +63,76 @@
     common.discard(nullid)
 
     return common, fetch, remoteheads
+
+def _fetchchangesets(repo, tr, remote, common, fetch, remoteheads):
+    if not fetch:
+        return
+
+    # TODO consider adding a step here where we obtain the DAG shape first
+    # (or ask the server to slice changesets into chunks for us) so that
+    # we can perform multiple fetches in batches. This will facilitate
+    # resuming interrupted clones, higher server-side cache hit rates due
+    # to smaller segments, etc.
+    with remote.commandexecutor() as e:
+        objs = e.callcommand(b'changesetdata', {
+            b'noderange': [sorted(common), sorted(remoteheads)],
+            b'fields': {b'parents', b'revision'},
+        }).result()
+
+        # The context manager waits on all response data when exiting. So
+        # we need to remain in the context manager in order to stream data.
+        return _processchangesetdata(repo, tr, objs)
+
+def _processchangesetdata(repo, tr, objs):
+    repo.hook('prechangegroup', throw=True,
+              **pycompat.strkwargs(tr.hookargs))
+
+    urepo = repo.unfiltered()
+    cl = urepo.changelog
+
+    cl.delayupdate(tr)
+
+    # The first emitted object is a header describing the data that
+    # follows.
+    meta = next(objs)
+
+    progress = repo.ui.makeprogress(_('changesets'),
+                                    unit=_('chunks'),
+                                    total=meta.get(b'totalitems'))
+
+    def linkrev(node):
+        repo.ui.debug('add changeset %s\n' % short(node))
+        # Linkrev for changelog is always self.
+        return len(cl)
+
+    def onchangeset(cl, node):
+        progress.increment()
+
+    # addgroup() expects a 7-tuple describing revisions. This normalizes
+    # the wire data to that format.
+    def iterrevisions():
+        for cset in objs:
+            assert b'revisionsize' in cset
+            data = next(objs)
+
+            yield (
+                cset[b'node'],
+                cset[b'parents'][0],
+                cset[b'parents'][1],
+                # Linknode is always itself for changesets.
+                cset[b'node'],
+                # We always send full revisions. So delta base is not set.
+                nullid,
+                mdiff.trivialdiffheader(len(data)) + data,
+                # Flags not yet supported.
+                0,
+            )
+
+    added = cl.addgroup(iterrevisions(), linkrev, weakref.proxy(tr),
+                        addrevisioncb=onchangeset)
+
+    progress.complete()
+
+    return {
+        'added': added,
+    }
diff --git a/tests/test-wireproto-exchangev2.t b/tests/test-wireproto-exchangev2.t
--- a/tests/test-wireproto-exchangev2.t
+++ b/tests/test-wireproto-exchangev2.t
@@ -51,3 +51,164 @@
   received frame(size=11; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
   received frame(size=1; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
   received frame(size=0; request=3; stream=2; streamflags=; type=command-response; flags=eos)
+  sending 1 commands
+  sending command changesetdata: {
+    'fields': set([
+      'parents',
+      'revision'
+    ]),
+    'noderange': [
+      [],
+      [
+        '\xca\xa2\xa4eE\x1d\xd1\xfa\xcd\xa0\xf5\xb1#\x12\xc3UXA\x88\xa1',
+        '\xcd%4vk\xec\xe18\xc7\xc1\xaf\xdch%0/\x0fb\xd8\x1f'
+      ]
+    ]
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=809; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  add changeset 3390ef850073
+  add changeset 4432d83626e8
+  add changeset cd2534766bec
+  add changeset e96ae20f4188
+  add changeset caa2a465451d
+  updating the branch cache
+  new changesets 3390ef850073:caa2a465451d
+
+All changesets should have been transferred
+
+  $ hg -R client-simple debugindex -c
+     rev linkrev nodeid       p1           p2
+       0       0 3390ef850073 000000000000 000000000000
+       1       1 4432d83626e8 3390ef850073 000000000000
+       2       2 cd2534766bec 4432d83626e8 000000000000
+       3       3 e96ae20f4188 3390ef850073 000000000000
+       4       4 caa2a465451d e96ae20f4188 000000000000
+
+  $ hg -R client-simple log -G -T '{rev} {node} {phase}\n'
+  o  4 caa2a465451dd1facda0f5b12312c355584188a1 public
+  |
+  o  3 e96ae20f4188487b9ae4ef3941c27c81143146e5 public
+  |
+  | o  2 cd2534766bece138c7c1afdc6825302f0f62d81f public
+  | |
+  | o  1 4432d83626e8a98655f062ec1f2a43b07f7fbbb0 public
+  |/
+  o  0 3390ef850073fbc2f0dfff2244342c8e9229013a public
+  
+
+Cloning only a specific revision works
+
+  $ hg --debug clone -U -r 4432d83626e8 http://localhost:$HGPORT client-singlehead
+  using http://localhost:$HGPORT/
+  sending capabilities command
+  sending 1 commands
+  sending command lookup: {
+    'key': '4432d83626e8'
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=21; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  query 1; heads
+  sending 2 commands
+  sending command heads: {}
+  sending command known: {
+    'nodes': []
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=43; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  received frame(size=11; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=1; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=3; stream=2; streamflags=; type=command-response; flags=eos)
+  sending 1 commands
+  sending command changesetdata: {
+    'fields': set([
+      'parents',
+      'revision'
+    ]),
+    'noderange': [
+      [],
+      [
+        'D2\xd86&\xe8\xa9\x86U\xf0b\xec\x1f*C\xb0\x7f\x7f\xbb\xb0'
+      ]
+    ]
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=327; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  add changeset 3390ef850073
+  add changeset 4432d83626e8
+  updating the branch cache
+  new changesets 3390ef850073:4432d83626e8
+
+  $ cd client-singlehead
+
+  $ hg log -G -T '{rev} {node} {phase}\n'
+  o  1 4432d83626e8a98655f062ec1f2a43b07f7fbbb0 public
+  |
+  o  0 3390ef850073fbc2f0dfff2244342c8e9229013a public
+  
+
+Incremental pull works
+
+  $ hg --debug pull
+  pulling from http://localhost:$HGPORT/
+  using http://localhost:$HGPORT/
+  sending capabilities command
+  query 1; heads
+  sending 2 commands
+  sending command heads: {}
+  sending command known: {
+    'nodes': [
+      'D2\xd86&\xe8\xa9\x86U\xf0b\xec\x1f*C\xb0\x7f\x7f\xbb\xb0'
+    ]
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=43; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  received frame(size=11; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=2; request=3; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=3; stream=2; streamflags=; type=command-response; flags=eos)
+  searching for changes
+  all local heads known remotely
+  sending 1 commands
+  sending command changesetdata: {
+    'fields': set([
+      'parents',
+      'revision'
+    ]),
+    'noderange': [
+      [
+        'D2\xd86&\xe8\xa9\x86U\xf0b\xec\x1f*C\xb0\x7f\x7f\xbb\xb0'
+      ],
+      [
+        '\xca\xa2\xa4eE\x1d\xd1\xfa\xcd\xa0\xf5\xb1#\x12\xc3UXA\x88\xa1',
+        '\xcd%4vk\xec\xe18\xc7\xc1\xaf\xdch%0/\x0fb\xd8\x1f'
+      ]
+    ]
+  }
+  received frame(size=11; request=1; stream=2; streamflags=stream-begin; type=command-response; flags=continuation)
+  received frame(size=495; request=1; stream=2; streamflags=; type=command-response; flags=continuation)
+  received frame(size=0; request=1; stream=2; streamflags=; type=command-response; flags=eos)
+  add changeset cd2534766bec
+  add changeset e96ae20f4188
+  add changeset caa2a465451d
+  updating the branch cache
+  new changesets cd2534766bec:caa2a465451d
+  (run 'hg update' to get a working copy)
+
+  $ hg log -G -T '{rev} {node} {phase}\n'
+  o  4 caa2a465451dd1facda0f5b12312c355584188a1 public
+  |
+  o  3 e96ae20f4188487b9ae4ef3941c27c81143146e5 public
+  |
+  | o  2 cd2534766bece138c7c1afdc6825302f0f62d81f public
+  | |
+  | o  1 4432d83626e8a98655f062ec1f2a43b07f7fbbb0 public
+  |/
+  o  0 3390ef850073fbc2f0dfff2244342c8e9229013a public
+  
+
+  $ cd ..