diff --git a/gst-libs/gst/video/video-color.c b/gst-libs/gst/video/video-color.c
index 1ed47f1930..c37dd5f00a 100644
--- a/gst-libs/gst/video/video-color.c
+++ b/gst-libs/gst/video/video-color.c
@@ -897,3 +897,51 @@ gst_video_color_primaries_from_iso (guint value)
       return GST_VIDEO_COLOR_PRIMARIES_UNKNOWN;
   }
 }
+
+static GstVideoTransferFunction
+map_equivalent_transfer (GstVideoTransferFunction func, guint bpp)
+{
+  switch (func) {
+    case GST_VIDEO_TRANSFER_BT2020_12:
+      if (bpp >= 12)
+        break;
+      /* fallthrough */
+    case GST_VIDEO_TRANSFER_BT709:
+    case GST_VIDEO_TRANSFER_BT601:
+    case GST_VIDEO_TRANSFER_BT2020_10:
+      return GST_VIDEO_TRANSFER_BT709;
+    default:
+      break;
+  }
+
+  return func;
+}
+
+/**
+ * gst_video_color_transfer_is_equivalent:
+ * @from_func: #GstVideoTransferFunction to convert from
+ * @from_bpp: bits per pixel to convert from
+ * @to_func: #GstVideoTransferFunction to convert into
+ * @to_bpp: bits per pixel to convert into
+ *
+ * Returns whether @from_func and @to_func are equivalent. There are cases
+ * (e.g. BT601, BT709, and BT2020_10) where several functions are functionally
+ * identical. In these cases, when doing conversion, we should consider them
+ * as equivalent. Also, BT2020_12 is the same as the aforementioned three for
+ * less than 12 bits per pixel.
+ *
+ * Returns: TRUE if @from_func and @to_func can be considered equivalent.
+ *
+ * Since: 1.18
+ */
+gboolean
+gst_video_color_transfer_is_equivalent (GstVideoTransferFunction from_func,
+    guint from_bpp, GstVideoTransferFunction to_func, guint to_bpp)
+{
+  from_func = map_equivalent_transfer (from_func, from_bpp);
+  to_func = map_equivalent_transfer (to_func, to_bpp);
+  if (from_func == GST_VIDEO_TRANSFER_BT2020_12 && to_bpp < 12 &&
+      to_func == GST_VIDEO_TRANSFER_BT709)
+    return TRUE;
+  return from_func == to_func;
+}
diff --git a/gst-libs/gst/video/video-color.h b/gst-libs/gst/video/video-color.h
index d0830dff5e..b304d4ae3f 100644
--- a/gst-libs/gst/video/video-color.h
+++ b/gst-libs/gst/video/video-color.h
@@ -287,6 +287,12 @@ GstVideoTransferFunction  gst_video_color_transfer_from_iso  (guint value);
 GST_VIDEO_API
 GstVideoColorPrimaries    gst_video_color_primaries_from_iso (guint value);
 
+GST_VIDEO_API
+gboolean                  gst_video_color_transfer_is_equivalent (GstVideoTransferFunction from_func,
+                                                               guint from_bpp,
+                                                               GstVideoTransferFunction to_func,
+                                                               guint to_bpp);
+
 G_END_DECLS
 
 #endif /* __GST_VIDEO_COLOR_H__ */
diff --git a/gst-libs/gst/video/video-converter.c b/gst-libs/gst/video/video-converter.c
index c89932a184..21b212a56e 100644
--- a/gst-libs/gst/video/video-converter.c
+++ b/gst-libs/gst/video/video-converter.c
@@ -6741,6 +6741,7 @@ video_converter_lookup_fastpath (GstVideoConverter * convert)
   gboolean interlaced, same_matrix, same_primaries, same_size, crop, border;
   gboolean need_copy, need_set, need_mult;
   gint width, height;
+  guint in_bpp, out_bpp;
 
   width = GST_VIDEO_INFO_WIDTH (&convert->in_info);
   height = GST_VIDEO_INFO_HEIGHT (&convert->in_info);
@@ -6748,6 +6749,9 @@ video_converter_lookup_fastpath (GstVideoConverter * convert)
   if (GET_OPT_DITHER_QUANTIZATION (convert) != 1)
     return FALSE;
 
+  in_bpp = convert->in_info.finfo->bits;
+  out_bpp = convert->out_info.finfo->bits;
+
   /* we don't do gamma conversion in fastpath */
   in_transf = convert->in_info.colorimetry.transfer;
   out_transf = convert->out_info.colorimetry.transfer;
@@ -6755,7 +6759,9 @@ video_converter_lookup_fastpath (GstVideoConverter * convert)
   same_size = (width == convert->out_width && height == convert->out_height);
 
   /* fastpaths don't do gamma */
-  if (CHECK_GAMMA_REMAP (convert) && (!same_size || in_transf != out_transf))
+  if (CHECK_GAMMA_REMAP (convert) && (!same_size
+          || !gst_video_color_transfer_is_equivalent (in_transf, in_bpp,
+              out_transf, out_bpp)))
     return FALSE;
 
   need_copy = (convert->alpha_mode & ALPHA_MODE_COPY) == ALPHA_MODE_COPY;
diff --git a/gst/videoconvert/gstvideoconvert.c b/gst/videoconvert/gstvideoconvert.c
index 66783c5240..b190c34228 100644
--- a/gst/videoconvert/gstvideoconvert.c
+++ b/gst/videoconvert/gstvideoconvert.c
@@ -430,6 +430,9 @@ gst_video_convert_set_info (GstVideoFilter * filter,
     GstVideoInfo * out_info)
 {
   GstVideoConvert *space;
+  GstBaseTransformClass *gstbasetransform_class =
+      GST_BASE_TRANSFORM_GET_CLASS (filter);
+  GstVideoInfo tmp_info;
 
   space = GST_VIDEO_CONVERT_CAST (filter);
 
@@ -451,6 +454,21 @@ gst_video_convert_set_info (GstVideoFilter * filter,
   if (in_info->interlace_mode != out_info->interlace_mode)
     goto format_mismatch;
 
+  /* if the only thing different in the caps is the transfer function, and
+   * we're converting between equivalent transfer functions, do passthrough */
+  tmp_info = *in_info;
+  tmp_info.colorimetry.transfer = out_info->colorimetry.transfer;
+  if (gst_video_info_is_equal (&tmp_info, out_info)) {
+    if (gst_video_color_transfer_is_equivalent (in_info->colorimetry.transfer,
+            in_info->finfo->bits, out_info->colorimetry.transfer,
+            out_info->finfo->bits)) {
+      gstbasetransform_class->passthrough_on_same_caps = FALSE;
+      gst_base_transform_set_passthrough (GST_BASE_TRANSFORM (filter), TRUE);
+      return TRUE;
+    }
+  }
+  gstbasetransform_class->passthrough_on_same_caps = TRUE;
+  gst_base_transform_set_passthrough (GST_BASE_TRANSFORM (filter), FALSE);
 
   space->convert = gst_video_converter_new (in_info, out_info,
       gst_structure_new ("GstVideoConvertConfig",