diff --git a/hledger-lib/Hledger/Data/Journal.hs b/hledger-lib/Hledger/Data/Journal.hs
index ce9c5fbc1..88361af9f 100644
--- a/hledger-lib/Hledger/Data/Journal.hs
+++ b/hledger-lib/Hledger/Data/Journal.hs
@@ -123,6 +123,7 @@ nullfilterspec = FilterSpec {
     ,acctpats=[]
     ,descpats=[]
     ,depth=Nothing
+    ,metadata=[]
     }
 
 journalFilePath :: Journal -> FilePath
@@ -234,10 +235,12 @@ filterJournalTransactions FilterSpec{datespan=datespan
                                     ,acctpats=apats
                                     ,descpats=dpats
                                     ,depth=depth
+                                    ,metadata=md
                                     } =
     filterJournalTransactionsByClearedStatus cleared .
     filterJournalPostingsByDepth depth .
     filterJournalTransactionsByAccount apats .
+    filterJournalTransactionsByMetadata md .
     filterJournalTransactionsByDescription dpats .
     filterJournalTransactionsByDate datespan
 
@@ -251,15 +254,22 @@ filterJournalPostings FilterSpec{datespan=datespan
                                 ,acctpats=apats
                                 ,descpats=dpats
                                 ,depth=depth
+                                ,metadata=md
                                 } =
     filterJournalPostingsByRealness real .
     filterJournalPostingsByClearedStatus cleared .
     filterJournalPostingsByEmpty empty .
     filterJournalPostingsByDepth depth .
     filterJournalPostingsByAccount apats .
+    filterJournalTransactionsByMetadata md .
     filterJournalTransactionsByDescription dpats .
     filterJournalTransactionsByDate datespan
 
+-- | Keep only transactions whose metadata matches all metadata specifications.
+filterJournalTransactionsByMetadata :: [(String,String)] -> Journal -> Journal
+filterJournalTransactionsByMetadata pats j@Journal{jtxns=ts} = j{jtxns=filter matchmd ts}
+    where matchmd t = all (`elem` tmetadata t) pats
+
 -- | Keep only transactions whose description matches the description patterns.
 filterJournalTransactionsByDescription :: [String] -> Journal -> Journal
 filterJournalTransactionsByDescription pats j@Journal{jtxns=ts} = j{jtxns=filter matchdesc ts}
diff --git a/hledger-lib/Hledger/Data/Types.hs b/hledger-lib/Hledger/Data/Types.hs
index ea8f6f13f..6135f8564 100644
--- a/hledger-lib/Hledger/Data/Types.hs
+++ b/hledger-lib/Hledger/Data/Types.hs
@@ -263,5 +263,6 @@ data FilterSpec = FilterSpec {
     ,acctpats  :: [String]   -- ^ only include if matching these account patterns
     ,descpats  :: [String]   -- ^ only include if matching these description patterns
     ,depth     :: Maybe Int
+    ,metadata  :: [(String,String)] -- ^ only include if matching these metadata
     } deriving (Show)
 
diff --git a/hledger-lib/Hledger/Reports.hs b/hledger-lib/Hledger/Reports.hs
index 9a033766d..86493c135 100644
--- a/hledger-lib/Hledger/Reports.hs
+++ b/hledger-lib/Hledger/Reports.hs
@@ -177,8 +177,9 @@ filterSpecFromOpts opts@ReportOpts{..} d = FilterSpec {
                                ,acctpats=apats
                                ,descpats=dpats
                                ,depth = depth_
+                               ,metadata = mds
                                }
-    where (apats,dpats) = parsePatternArgs patterns_
+    where (apats,dpats,mds) = parsePatternArgs patterns_
 
 -- | Convert report options to a (new) query.
 queryFromOpts :: ReportOpts -> Day -> Query
@@ -200,12 +201,21 @@ queryFromOpts opts@ReportOpts{..} d = -- strace $
 -- follows: those prefixed with "desc:" are description patterns, all
 -- others are account patterns; also patterns prefixed with "not:" are
 -- negated. not: should come after desc: if both are used.
-parsePatternArgs :: [String] -> ([String],[String])
-parsePatternArgs args = (as, ds')
+-- pattern "tag" means the word after it should be interpreted as metadata
+-- constraint.
+parsePatternArgs :: [String] -> ([String],[String],[(String,String)])
+parsePatternArgs args = (as, ds', mds)
     where
+      (tags, args') = filterOutTags False [] [] args
       descprefix = "desc:"
-      (ds, as) = partition (descprefix `isPrefixOf`) args
+      (ds, as) = partition (descprefix `isPrefixOf`) args'
       ds' = map (drop (length descprefix)) ds
+      mds = map (\(a,b)->(a,tail b)) $ map (\t->span (/='=') t) tags
+
+      filterOutTags _ tags args' [] = (reverse tags, reverse args')
+      filterOutTags False tags args' ("tag":xs) = filterOutTags True tags args' xs
+      filterOutTags False tags args' (x:xs) = filterOutTags False tags (x:args') xs
+      filterOutTags True tags args' (x:xs) = filterOutTags False (x:tags) args' xs
 
 -------------------------------------------------------------------------------
 
diff --git a/tests/metadata.test b/tests/metadata.test
index a95f7bc03..6bdf97f0e 100644
--- a/tests/metadata.test
+++ b/tests/metadata.test
@@ -18,3 +18,28 @@ bin/hledger -f - print
 
 >>>2
 >>>=0
+
+bin/hledger -f - print tag key1=value
+<<<
+2010/01/01
+  ; key:value
+    a             1
+    b            -1
+>>>
+>>>2
+>>>=0
+
+bin/hledger -f - print tag key=value
+<<<
+2010/01/01
+  ; key:value
+    a             1
+    b            -1
+>>>
+2010/01/01
+  ; key:value
+    a             1
+    b            -1
+
+>>>2
+>>>=0