diff --git a/amaranth/_unused.py b/amaranth/_unused.py
index 4f2507bc1..e198a1cc6 100644
--- a/amaranth/_unused.py
+++ b/amaranth/_unused.py
@@ -1,5 +1,9 @@
 import sys
+from typing import Any
 import warnings
+import traceback
+import re
+import os
 
 from ._utils import get_linter_option
 
@@ -14,15 +18,57 @@ class UnusedMustUse(Warning):
 class MustUse:
     _MustUse__silence = False
     _MustUse__warning = UnusedMustUse
+    _MustUse__should_trace = os.environ.get("AMARANTH_TRACE_UNUSED", "").lower() in [
+        "1",
+        "true",
+        "yes",
+        "enable",
+        "full",
+    ]
+    _MustUse__should_trace_full = (
+        os.environ.get("AMARANTH_TRACE_UNUSED", "").lower() == "full"
+    )
+    # Ignore stack frames from code in files that are likely to be unhelpful
+    _MustUse__ignored_paths_re = re.compile(
+        r"(?:^<frozen runpy>$|python[^/]*/(?:unittest|_pyrepl)/)"
+    )
+
+    _MustUse__used: bool
+    _MustUse__context: dict[str, Any]
+    _MustUse__stack_summary: traceback.StackSummary
+
+    @classmethod
+    def __filter_stack(
+        cls, stack_summary: traceback.StackSummary
+    ) -> traceback.StackSummary:
+        return traceback.StackSummary(
+            filter(
+                lambda f: cls._MustUse__ignored_paths_re.search(f.filename) is None,
+                stack_summary,
+            )
+        )
+
+    def __new__(cls, *_args: list[Any], src_loc_at: int = 0, **_kwargs: dict[str, Any]):
+        # capture and ignore arbitrary args/kwargs to prevent errors with mixins
 
-    def __new__(cls, *args, src_loc_at=0, **kwargs):
         frame = sys._getframe(1 + src_loc_at)
+
         self = super().__new__(cls)
-        self._MustUse__used    = False
+        self._MustUse__used = False
         self._MustUse__context = dict(
             filename=frame.f_code.co_filename,
             lineno=frame.f_lineno,
-            source=self)
+            source=self,
+        )
+
+        if cls._MustUse__should_trace:
+            self._MustUse__stack_summary = traceback.extract_stack(f=frame)
+
+            if not cls._MustUse__should_trace_full:
+                self._MustUse__stack_summary = cls.__filter_stack(
+                    self._MustUse__stack_summary
+                )
+
         return self
 
     def __del__(self):
@@ -31,11 +77,35 @@ def __del__(self):
         if getattr(self._MustUse__warning, "_MustUse__silence", False):
             return
         if hasattr(self, "_MustUse__used") and not self._MustUse__used:
-            if get_linter_option(self._MustUse__context["filename"],
-                                 self._MustUse__warning.__qualname__, bool, True):
+            # allow suppression via amaranth file level linter option
+            if get_linter_option(
+                self._MustUse__context["filename"],
+                self._MustUse__warning.__qualname__,
+                type=bool,
+                default=True,
+            ):
+                trace: str
+                if self._MustUse__should_trace:
+                    if self._MustUse__should_trace_full:
+                        trace = f"Full trace of {type(self).__qualname__} (MustUse) creation:\n"
+                    else:
+                        trace = (
+                            f"Filtered trace of {type(self).__qualname__} (MustUse) creation "
+                            "(set AMARANTH_TRACE_UNUSED=full for unfiltered):\n"
+                        )
+
+                    trace += "\n".join(traceback.format_list(self._MustUse__stack_summary))
+                else:
+                    trace = (
+                        f"Trace of {type(self).__qualname__} (MustUse) creation not available, "
+                        "set AMARANTH_TRACE_UNUSED=1 (or =full for unfiltered) and rerun"
+                    )
+
                 warnings.warn_explicit(
-                    f"{self!r} created but never used", self._MustUse__warning,
-                    **self._MustUse__context)
+                    f"{self!r} created but never used\n{trace}",
+                    self._MustUse__warning,
+                    **self._MustUse__context,
+                )
 
 
 _old_excepthook = sys.excepthook