diff --git a/src/material/icon/icon.spec.ts b/src/material/icon/icon.spec.ts
index 2f6f041bdd36..2b03d343f3d7 100644
--- a/src/material/icon/icon.spec.ts
+++ b/src/material/icon/icon.spec.ts
@@ -5,8 +5,8 @@ import {
   HttpTestingController,
   TestRequest,
 } from '@angular/common/http/testing';
-import {Component, ErrorHandler, ViewChild} from '@angular/core';
-import {MatIconModule, MAT_ICON_LOCATION} from './index';
+import {Component, ErrorHandler, Provider, Type, ViewChild} from '@angular/core';
+import {MAT_ICON_DEFAULT_OPTIONS, MAT_ICON_LOCATION, MatIconModule} from './index';
 import {MatIconRegistry, getMatIconNoHttpProviderError} from './icon-registry';
 import {FAKE_SVGS} from './fake-svgs';
 import {wrappedErrorMessage} from '../../cdk/testing/private';
@@ -41,6 +41,19 @@ function verifyPathChildElement(element: Element, attributeValue: string): void
   expect(pathElement.getAttribute('name')).toBe(attributeValue);
 }
 
+/** Creates a test component fixture. */
+function createComponent<T>(component: Type<T>, providers: Provider[] = []) {
+  TestBed.configureTestingModule({
+    imports: [MatIconModule],
+    declarations: [component],
+    providers: [...providers],
+  });
+
+  TestBed.compileComponents();
+
+  return TestBed.createComponent<T>(component);
+}
+
 describe('MatIcon', () => {
   let fakePath: string;
   let errorHandler: jasmine.SpyObj<ErrorHandler>;
@@ -1237,6 +1250,71 @@ describe('MatIcon without HttpClientModule', () => {
   });
 });
 
+describe('MatIcon with default options', () => {
+  it('should be able to configure color globally', fakeAsync(() => {
+    const fixture = createComponent(IconWithLigature, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {color: 'accent'}},
+    ]);
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    fixture.detectChanges();
+    expect(iconElement.classList).not.toContain('mat-icon-no-color');
+    expect(iconElement.classList).toContain('mat-accent');
+  }));
+
+  it('should use passed color rather then color provided', fakeAsync(() => {
+    const fixture = createComponent(IconWithColor, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {color: 'warn'}},
+    ]);
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    fixture.detectChanges();
+    expect(iconElement.classList).not.toContain('mat-warn');
+    expect(iconElement.classList).toContain('mat-primary');
+  }));
+
+  it('should use default color if no color passed', fakeAsync(() => {
+    const fixture = createComponent(IconWithColor, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {color: 'accent'}},
+    ]);
+    const component = fixture.componentInstance;
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    component.iconColor = '';
+    fixture.detectChanges();
+    expect(iconElement.classList).not.toContain('mat-icon-no-color');
+    expect(iconElement.classList).not.toContain('mat-primary');
+    expect(iconElement.classList).toContain('mat-accent');
+  }));
+
+  it('should be able to configure font set globally', fakeAsync(() => {
+    const fixture = createComponent(IconWithLigature, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {fontSet: 'custom-font-set'}},
+    ]);
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    fixture.detectChanges();
+    expect(iconElement.classList).toContain('custom-font-set');
+  }));
+
+  it('should use passed fontSet rather then default one', fakeAsync(() => {
+    const fixture = createComponent(IconWithCustomFontCss, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {fontSet: 'default-font-set'}},
+    ]);
+    const component = fixture.componentInstance;
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    component.fontSet = 'custom-font-set';
+    fixture.detectChanges();
+    expect(iconElement.classList).not.toContain('default-font-set');
+    expect(iconElement.classList).toContain('custom-font-set');
+  }));
+
+  it('should use passed empty fontSet rather then default one', fakeAsync(() => {
+    const fixture = createComponent(IconWithCustomFontCss, [
+      {provide: MAT_ICON_DEFAULT_OPTIONS, useValue: {fontSet: 'default-font-set'}},
+    ]);
+    const iconElement = fixture.debugElement.nativeElement.querySelector('mat-icon');
+    fixture.detectChanges();
+    expect(iconElement.classList).not.toContain('default-font-set');
+  }));
+});
+
 @Component({template: `<mat-icon>{{iconName}}</mat-icon>`})
 class IconWithLigature {
   iconName = '';
diff --git a/src/material/icon/icon.ts b/src/material/icon/icon.ts
index 7fd9f00cdecc..af99f5f379b8 100644
--- a/src/material/icon/icon.ts
+++ b/src/material/icon/icon.ts
@@ -21,9 +21,10 @@ import {
   Input,
   OnDestroy,
   OnInit,
+  Optional,
   ViewEncapsulation,
 } from '@angular/core';
-import {CanColor, mixinColor} from '@angular/material/core';
+import {CanColor, ThemePalette, mixinColor} from '@angular/material/core';
 import {Subscription} from 'rxjs';
 import {take} from 'rxjs/operators';
 
@@ -37,6 +38,19 @@ const _MatIconBase = mixinColor(
   },
 );
 
+/** Default options for `mat-icon`.  */
+export interface MatIconDefaultOptions {
+  /** Default color of the icon. */
+  color?: ThemePalette;
+  /** Font set that the icon is a part of. */
+  fontSet?: string;
+}
+
+/** Injection token to be used to override the default options for `mat-icon`. */
+export const MAT_ICON_DEFAULT_OPTIONS = new InjectionToken<MatIconDefaultOptions>(
+  'MAT_ICON_DEFAULT_OPTIONS',
+);
+
 /**
  * Injection token used to provide the current location to `MatIcon`.
  * Used to handle server-side rendering and to stub out during unit tests.
@@ -216,9 +230,22 @@ export class MatIcon extends _MatIconBase implements OnInit, AfterViewChecked, C
     @Attribute('aria-hidden') ariaHidden: string,
     @Inject(MAT_ICON_LOCATION) private _location: MatIconLocation,
     private readonly _errorHandler: ErrorHandler,
+    @Optional()
+    @Inject(MAT_ICON_DEFAULT_OPTIONS)
+    defaults?: MatIconDefaultOptions,
   ) {
     super(elementRef);
 
+    if (defaults) {
+      if (defaults.color) {
+        this.color = this.defaultColor = defaults.color;
+      }
+
+      if (defaults.fontSet) {
+        this.fontSet = defaults.fontSet;
+      }
+    }
+
     // If the user has not explicitly set aria-hidden, mark the icon as hidden, as this is
     // the right thing to do for the majority of icon use-cases.
     if (!ariaHidden) {
diff --git a/tools/public_api_guard/material/icon.md b/tools/public_api_guard/material/icon.md
index d38d4d2603a1..b25bfd90a7bf 100644
--- a/tools/public_api_guard/material/icon.md
+++ b/tools/public_api_guard/material/icon.md
@@ -22,6 +22,7 @@ import { OnInit } from '@angular/core';
 import { Optional } from '@angular/core';
 import { SafeHtml } from '@angular/platform-browser';
 import { SafeResourceUrl } from '@angular/platform-browser';
+import { ThemePalette } from '@angular/material/core';
 
 // @public
 export function getMatIconFailedToSanitizeLiteralError(literal: SafeHtml): Error;
@@ -54,6 +55,9 @@ export interface IconOptions {
 // @public
 export type IconResolver = (name: string, namespace: string) => SafeResourceUrl | SafeResourceUrlWithIconOptions | null;
 
+// @public
+export const MAT_ICON_DEFAULT_OPTIONS: InjectionToken<MatIconDefaultOptions>;
+
 // @public
 export const MAT_ICON_LOCATION: InjectionToken<MatIconLocation>;
 
@@ -62,7 +66,7 @@ export function MAT_ICON_LOCATION_FACTORY(): MatIconLocation;
 
 // @public
 export class MatIcon extends _MatIconBase implements OnInit, AfterViewChecked, CanColor, OnDestroy {
-    constructor(elementRef: ElementRef<HTMLElement>, _iconRegistry: MatIconRegistry, ariaHidden: string, _location: MatIconLocation, _errorHandler: ErrorHandler);
+    constructor(elementRef: ElementRef<HTMLElement>, _iconRegistry: MatIconRegistry, ariaHidden: string, _location: MatIconLocation, _errorHandler: ErrorHandler, defaults?: MatIconDefaultOptions);
     get fontIcon(): string;
     set fontIcon(value: string);
     get fontSet(): string;
@@ -86,7 +90,13 @@ export class MatIcon extends _MatIconBase implements OnInit, AfterViewChecked, C
     // (undocumented)
     static ɵcmp: i0.ɵɵComponentDeclaration<MatIcon, "mat-icon", ["matIcon"], { "color": "color"; "inline": "inline"; "svgIcon": "svgIcon"; "fontSet": "fontSet"; "fontIcon": "fontIcon"; }, {}, never, ["*"]>;
     // (undocumented)
-    static ɵfac: i0.ɵɵFactoryDeclaration<MatIcon, [null, null, { attribute: "aria-hidden"; }, null, null]>;
+    static ɵfac: i0.ɵɵFactoryDeclaration<MatIcon, [null, null, { attribute: "aria-hidden"; }, null, null, { optional: true; }]>;
+}
+
+// @public
+export interface MatIconDefaultOptions {
+    color?: ThemePalette;
+    fontSet?: string;
 }
 
 // @public