diff --git a/src/watcher.ts b/src/watcher.ts
index ad18cb9..0b872b7 100644
--- a/src/watcher.ts
+++ b/src/watcher.ts
@@ -27,6 +27,9 @@ const RETRYABLE_CODES = new Set([status.UNAVAILABLE, status.INTERNAL]);
 /** Maximum reconnect backoff in milliseconds. */
 const MAX_RECONNECT_BACKOFF = 30_000;
 
+/** Default maximum number of unread changes buffered per WatchedField before oldest are dropped. */
+const DEFAULT_QUEUE_SIZE = 1024;
+
 /** Initial reconnect backoff in milliseconds. */
 const INITIAL_RECONNECT_BACKOFF = 500;
 
@@ -39,6 +42,12 @@ const RECONNECT_MULTIPLIER = 2;
 interface FieldOptions<T> {
 	/** Default value returned when the field has no value on the server. */
 	readonly default: T;
+	/**
+	 * Maximum number of unread changes buffered for async iteration.
+	 * When the queue is full, the oldest entry is dropped and `droppedChanges` is incremented.
+	 * Default: 1024.
+	 */
+	readonly queueSize?: number;
 }
 
 /**
@@ -78,6 +87,8 @@ export class WatchedField<T> extends EventEmitter {
 	private stopped = false;
 	private pendingResolve: ((value: IteratorResult<Change>) => void) | null = null;
 	private readonly changeQueue: Change[] = [];
+	private readonly maxQueueSize: number;
+	private _droppedChanges = 0;
 
 	/** @internal */
 	constructor(path: string, converter: Converter, options: FieldOptions<T>) {
@@ -86,6 +97,17 @@ export class WatchedField<T> extends EventEmitter {
 		this.converter = converter;
 		this.defaultValue = options.default;
 		this.currentValue = options.default;
+		this.maxQueueSize = options.queueSize ?? DEFAULT_QUEUE_SIZE;
+	}
+
+	/**
+	 * Number of changes dropped because the queue was full.
+	 *
+	 * Increments whenever a slow consumer causes a buffered change to be evicted.
+	 * Reset to zero only by creating a new WatchedField instance.
+	 */
+	get droppedChanges(): number {
+		return this._droppedChanges;
 	}
 
 	/**
@@ -178,6 +200,10 @@ export class WatchedField<T> extends EventEmitter {
 			this.pendingResolve = null;
 			resolve({ done: false, value: change });
 		} else {
+			if (this.changeQueue.length >= this.maxQueueSize) {
+				this.changeQueue.shift();
+				this._droppedChanges++;
+			}
 			this.changeQueue.push(change);
 		}
 	}
diff --git a/test/watcher.test.ts b/test/watcher.test.ts
index e519b45..2a82b12 100644
--- a/test/watcher.test.ts
+++ b/test/watcher.test.ts
@@ -226,6 +226,62 @@ describe("WatchedField", () => {
 			await iterPromise;
 			expect(changes).toHaveLength(2);
 		});
+
+		it("drops oldest change when queue is full", () => {
+			const field = new WatchedField("payments.fee", Number, { default: 0.01, queueSize: 2 });
+			field._loadInitial("0.01");
+
+			const makeChange = (from: string, to: string, v: number): Change => ({
+				fieldPath: "payments.fee",
+				oldValue: from,
+				newValue: to,
+				version: v,
+				changedBy: "admin",
+			});
+
+			field._update("0.02", makeChange("0.01", "0.02", 2));
+			field._update("0.03", makeChange("0.02", "0.03", 3));
+			// Queue is now full (size 2): [v2, v3].
+			expect(field.droppedChanges).toBe(0);
+
+			field._update("0.04", makeChange("0.03", "0.04", 4));
+			// v2 dropped; queue: [v3, v4].
+			expect(field.droppedChanges).toBe(1);
+
+			field._update("0.05", makeChange("0.04", "0.05", 5));
+			// v3 dropped; queue: [v4, v5].
+			expect(field.droppedChanges).toBe(2);
+		});
+
+		it("droppedChanges is zero when consumer keeps up", async () => {
+			const field = new WatchedField("payments.fee", Number, { default: 0.01, queueSize: 4 });
+			field._loadInitial("0.01");
+
+			const changes: Change[] = [];
+			const iterPromise = (async () => {
+				for await (const change of field) {
+					changes.push(change);
+					if (changes.length === 3) break;
+				}
+			})();
+
+			await new Promise((r) => setTimeout(r, 10));
+
+			const makeChange = (from: string, to: string, v: number): Change => ({
+				fieldPath: "payments.fee",
+				oldValue: from,
+				newValue: to,
+				version: v,
+				changedBy: "admin",
+			});
+			field._update("0.02", makeChange("0.01", "0.02", 2));
+			field._update("0.03", makeChange("0.02", "0.03", 3));
+			field._update("0.04", makeChange("0.03", "0.04", 4));
+
+			await iterPromise;
+			expect(changes).toHaveLength(3);
+			expect(field.droppedChanges).toBe(0);
+		});
 	});
 });