diff --git a/mlir/include/mlir/Dialect/GPU/GPUOps.td b/mlir/include/mlir/Dialect/GPU/GPUOps.td
--- a/mlir/include/mlir/Dialect/GPU/GPUOps.td
+++ b/mlir/include/mlir/Dialect/GPU/GPUOps.td
@@ -999,6 +999,7 @@
   }];
   let hasFolder = 1;
   let hasVerifier = 1;
+  let hasCanonicalizer = 1;
 }
 
 def GPU_MemsetOp : GPU_Op<"memset",
diff --git a/mlir/lib/Dialect/GPU/IR/GPUDialect.cpp b/mlir/lib/Dialect/GPU/IR/GPUDialect.cpp
--- a/mlir/lib/Dialect/GPU/IR/GPUDialect.cpp
+++ b/mlir/lib/Dialect/GPU/IR/GPUDialect.cpp
@@ -1064,6 +1064,55 @@
   printer << "]";
 }
 
+namespace {
+
+/// Erases a common case of copy ops where a destination value is used only by
+/// the copy op, alloc and dealloc ops.
+struct EraseTrivialCopyOp : public OpRewritePattern<MemcpyOp> {
+  using OpRewritePattern<MemcpyOp>::OpRewritePattern;
+
+  LogicalResult matchAndRewrite(MemcpyOp op,
+                                PatternRewriter &rewriter) const override {
+    Value dest = op.dst();
+    // If `dest` is a block argument, we cannot remove `op`.
+    if (dest.isa<BlockArgument>())
+      return failure();
+    auto isDeallocLikeOpActingOnVal = [](Operation *op, Value val) {
+      auto memOp = dyn_cast<MemoryEffectOpInterface>(op);
+      if (!memOp)
+        return false;
+      llvm::SmallVector<SideEffects::EffectInstance<MemoryEffects::Effect>, 4>
+          memOpEffects;
+      memOp.getEffects(memOpEffects);
+      return llvm::none_of(memOpEffects, [val](auto &effect) {
+        return effect.getValue() == val &&
+               !isa<MemoryEffects::Free>(effect.getEffect());
+      });
+    };
+    // We can erase `op` iff `dest` has no other use apart from its
+    // use by `op` and dealloc ops.
+    if (llvm::any_of(dest.getUsers(), [isDeallocLikeOpActingOnVal, op,
+                                       dest](Operation *user) {
+          return user != op && !isDeallocLikeOpActingOnVal(user, dest);
+        }))
+      return failure();
+
+    if (op.asyncDependencies().size() > 1 ||
+        ((op.asyncDependencies().empty() && op.asyncToken()) ||
+         (!op.asyncDependencies().empty() && !op.asyncToken())))
+      return failure();
+    rewriter.replaceOp(op, op.asyncDependencies());
+    return success();
+  }
+};
+
+} // end anonymous namespace
+
+void MemcpyOp::getCanonicalizationPatterns(RewritePatternSet &results,
+                                           MLIRContext *context) {
+  results.add<EraseTrivialCopyOp>(context);
+}
+
 //===----------------------------------------------------------------------===//
 // GPU_SubgroupMmaLoadMatrixOp
 //===----------------------------------------------------------------------===//
diff --git a/mlir/test/Dialect/GPU/canonicalize.mlir b/mlir/test/Dialect/GPU/canonicalize.mlir
--- a/mlir/test/Dialect/GPU/canonicalize.mlir
+++ b/mlir/test/Dialect/GPU/canonicalize.mlir
@@ -28,6 +28,60 @@
 // CHECK-NEXT: gpu.alloc async [%[[TOKEN1]]] ()
 // CHECK-NEXT: return
 
+// CHECK-LABEL: func @fold_memcpy_op
+func @fold_memcpy_op(%arg0: i1) {
+    %cst = arith.constant 0.000000e+00 : f16
+    %1 = memref.alloc() : memref<2xf16>
+    %2 = gpu.wait async
+    %memref, %asyncToken = gpu.alloc async [%2] () : memref<2xf16>
+    gpu.wait [%2]
+    affine.store %cst, %memref[0] : memref<2xf16>
+    %3 = gpu.wait async
+    %4 = gpu.memcpy async [%3] %1, %memref : memref<2xf16>, memref<2xf16>
+    gpu.wait [%3]
+    %5 = scf.if %arg0 -> (i1) {
+      memref.dealloc %1 : memref<2xf16>
+      scf.yield %arg0 : i1
+    } else {
+      memref.dealloc %1 : memref<2xf16>
+      scf.yield %arg0 : i1
+    }
+    return
+}
+// CHECK-NOT: gpu.memcpy
+
+// We cannot fold memcpy here as dest is a block argument.
+// CHECK-LABEL: func @do_not_fold_memcpy_op1
+func @do_not_fold_memcpy_op1(%arg0: i1, %arg1: memref<2xf16>) {
+    %cst = arith.constant 0.000000e+00 : f16
+    %2 = gpu.wait async
+    %memref, %asyncToken = gpu.alloc async [%2] () : memref<2xf16>
+    gpu.wait [%2]
+    affine.store %cst, %memref[0] : memref<2xf16>
+    %3 = gpu.wait async
+    %4 = gpu.memcpy async [%3] %arg1, %memref : memref<2xf16>, memref<2xf16>
+    gpu.wait [%3]
+    return
+}
+// CHECK: gpu.memcpy
+
+// We cannot fold gpu.memcpy as it is used by an op having read effect on dest.
+// CHECK-LABEL: func @do_not_fold_memcpy_op2
+func @do_not_fold_memcpy_op2(%arg0: i1, %arg1: index) -> f16 {
+    %cst = arith.constant 0.000000e+00 : f16
+    %1 = memref.alloc() : memref<2xf16>
+    %2 = gpu.wait async
+    %memref, %asyncToken = gpu.alloc async [%2] () : memref<2xf16>
+    gpu.wait [%2]
+    affine.store %cst, %memref[0] : memref<2xf16>
+    %3 = gpu.wait async
+    %4 = gpu.memcpy async [%3] %1, %memref : memref<2xf16>, memref<2xf16>
+    gpu.wait [%3]
+    %5 = memref.load %1[%arg1] : memref<2xf16>
+    return %5 : f16
+}
+// CHECK: gpu.memcpy
+
 // CHECK-LABEL: @memcpy_after_cast
 func @memcpy_after_cast(%arg0: memref<10xf32>, %arg1: memref<10xf32>) {
   // CHECK-NOT: memref.cast