diff --git a/store/CHANGELOG.md b/store/CHANGELOG.md
index 6cf411505792..c1b260b592ea 100644
--- a/store/CHANGELOG.md
+++ b/store/CHANGELOG.md
@@ -34,6 +34,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
+* [#20817](https://github.com/cosmos/cosmos-sdk/pull/20817) Parallelize the `CacheMultiStore.Write` method.
 * [#19770](https://github.com/cosmos/cosmos-sdk/pull/19770) Upgrade IAVL to IAVL v1.1.1.
 
 ## v1.0.2 (January 10, 2024)
diff --git a/store/cachemulti/benchmark_test.go b/store/cachemulti/benchmark_test.go
new file mode 100644
index 000000000000..4e7aa88cc396
--- /dev/null
+++ b/store/cachemulti/benchmark_test.go
@@ -0,0 +1,70 @@
+package cachemulti
+
+import (
+	"fmt"
+	"testing"
+
+	"github.com/stretchr/testify/require"
+
+	coretesting "cosmossdk.io/core/testing"
+	"cosmossdk.io/log"
+	dbm "cosmossdk.io/store/db"
+	"cosmossdk.io/store/iavl"
+	"cosmossdk.io/store/types"
+)
+
+func setupStore(b *testing.B, storeCount uint) (Store, map[string]types.StoreKey) {
+	b.Helper()
+
+	db := coretesting.NewMemDB()
+	storeKeys := make(map[string]types.StoreKey)
+	stores := make(map[types.StoreKey]types.CacheWrapper)
+	for i := uint(0); i < storeCount; i++ {
+		key := types.NewKVStoreKey(fmt.Sprintf("store%d", i))
+		storeKeys[key.Name()] = key
+		sdb := dbm.NewPrefixDB(db, []byte(key.Name()))
+		istore, err := iavl.LoadStore(sdb, log.NewNopLogger(), key, types.CommitID{}, 1000, false, nil)
+		require.NoError(b, err)
+		stores[key] = types.KVStore(istore)
+	}
+
+	return NewStore(db, stores, storeKeys, nil, types.TraceContext{}), storeKeys
+}
+
+func benchmarkStore(b *testing.B, storeCount, runnerCount, keyCount uint) {
+	b.Helper()
+	store, storeKeys := setupStore(b, storeCount)
+	b.ResetTimer()
+
+	b.ReportAllocs()
+	for i := 0; i < b.N; i++ {
+		b.StopTimer()
+		for _, key := range storeKeys {
+			cstore := store.GetKVStore(key)
+			for j := uint(0); j < keyCount; j++ {
+				dataKey := fmt.Sprintf("key%s-%d", key.Name(), j)
+				dataValue := fmt.Sprintf("value%s-%d", key.Name(), j)
+				cstore.Set([]byte(dataKey), []byte(dataValue))
+			}
+		}
+		b.StartTimer()
+		err := store.writeStoresParallel(int(runnerCount))
+		require.NoError(b, err)
+	}
+}
+
+func BenchmarkCacheMultiStore(b *testing.B) {
+	storeCounts := []uint{2, 4, 8, 16, 32}
+	runnerCounts := []uint{1, 2, 4, 8, 16}
+	keyCounts := []uint{100, 1000, 10000}
+
+	for _, storeCount := range storeCounts {
+		for _, keyCount := range keyCounts {
+			for _, runnerCount := range runnerCounts {
+				b.Run(fmt.Sprintf("storeCount=%d/runnerCount=%d/keyCount=%d/", storeCount, runnerCount, keyCount), func(sub *testing.B) {
+					benchmarkStore(sub, storeCount, runnerCount, keyCount)
+				})
+			}
+		}
+	}
+}
diff --git a/store/cachemulti/store.go b/store/cachemulti/store.go
index 42742f566ed9..959e837fe25f 100644
--- a/store/cachemulti/store.go
+++ b/store/cachemulti/store.go
@@ -1,8 +1,10 @@
 package cachemulti
 
 import (
+	"errors"
 	"fmt"
 	"io"
+	"sync"
 
 	corestore "cosmossdk.io/core/store"
 	"cosmossdk.io/store/cachekv"
@@ -11,9 +13,14 @@ import (
 	"cosmossdk.io/store/types"
 )
 
-// storeNameCtxKey is the TraceContext metadata key that identifies
-// the store which emitted a given trace.
-const storeNameCtxKey = "store_name"
+const (
+	// storeNameCtxKey is the TraceContext metadata key that identifies
+	// the store which emitted a given trace.
+	storeNameCtxKey = "store_name"
+	// maxRunners is the maximum number of concurrent goroutines that
+	// can be used to write to the underlying stores in parallel.
+	maxRunners = 4
+)
 
 //----------------------------------------
 // Store
@@ -121,9 +128,46 @@ func (cms Store) GetStoreType() types.StoreType {
 // Write calls Write on each underlying store.
 func (cms Store) Write() {
 	cms.db.Write()
-	for _, store := range cms.stores {
-		store.Write()
+
+	if err := cms.writeStoresParallel(maxRunners); err != nil {
+		panic(err)
+	}
+}
+
+func (cms Store) writeStoresParallel(runnerCount int) error {
+	sem := make(chan struct{}, runnerCount)      // Semaphore to limit number of concurrent goroutines
+	errChan := make(chan error, len(cms.stores)) // Channel to collect errors from goroutines
+	var wg sync.WaitGroup
+
+	for storeKey, store := range cms.stores {
+		wg.Add(1)
+		sem <- struct{}{}
+
+		go func() {
+			defer func() {
+				wg.Done()
+				<-sem // Release the slot
+
+				if r := recover(); r != nil {
+					errChan <- fmt.Errorf("panic in Write for store %s: %v", storeKey.Name(), r)
+				}
+			}()
+			store.Write()
+		}()
+	}
+
+	go func() {
+		wg.Wait()
+		close(errChan)
+	}()
+
+	// Collect errors from goroutines
+	var allErrors []error
+	for err := range errChan {
+		allErrors = append(allErrors, err)
 	}
+
+	return errors.Join(allErrors...)
 }
 
 // Implements CacheWrapper.
diff --git a/store/rootmulti/store_test.go b/store/rootmulti/store_test.go
index 31d24ed1205c..086f85a614bb 100644
--- a/store/rootmulti/store_test.go
+++ b/store/rootmulti/store_test.go
@@ -1031,3 +1031,37 @@ func TestCommitStores(t *testing.T) {
 		})
 	}
 }
+
+func TestCacheMultiStoreWrite(t *testing.T) {
+	db := coretesting.NewMemDB()
+	ms := newMultiStoreWithMounts(db, pruningtypes.NewPruningOptions(pruningtypes.PruningNothing))
+	require.NoError(t, ms.LoadLatestVersion())
+
+	cacheMulti := ms.CacheMultiStore()
+
+	toVersion := int64(100)
+	keyCount := 100
+	storeKeys := []types.StoreKey{testStoreKey1, testStoreKey2, testStoreKey3}
+	for i := int64(1); i <= toVersion; i++ {
+		for _, storeKey := range storeKeys {
+			store := cacheMulti.GetKVStore(storeKey)
+			for j := 0; j < keyCount; j++ {
+				store.Set([]byte(fmt.Sprintf("key-%d-%d", i, j)), []byte(fmt.Sprintf("value-%d-%d", i, j)))
+			}
+		}
+		cacheMulti.Write()
+		ms.Commit()
+	}
+
+	// check the data
+	for _, storeKey := range storeKeys {
+		store := cacheMulti.GetKVStore(storeKey)
+		for i := int64(1); i <= toVersion; i++ {
+			for j := 0; j < keyCount; j++ {
+				key := []byte(fmt.Sprintf("key-%d-%d", i, j))
+				value := store.Get(key)
+				require.Equal(t, []byte(fmt.Sprintf("value-%d-%d", i, j)), value)
+			}
+		}
+	}
+}