diff --git a/README.md b/README.md
index fa1e9e7..147b183 100644
--- a/README.md
+++ b/README.md
@@ -229,6 +229,11 @@ replacements may be added in the future, if necessary.
 **TIP:** Setting `binaryDir` to something like `"${sourceDir}/build/${presetName}"` is an easy way to separate build
 folders for different presets.
 
+Note: The build folder is cached when using presets, to avoid having to read the information from the preset files
+again. This is automatically cleared when you change presets. If you need to clear the cache without changing presets
+(i.e., you edited the `binaryDir` field in the presets file), call the `cmake-integration-refresh-build-folder-cache`
+function.
+
 
 ### Hiding some targets during completion
 
@@ -298,7 +303,9 @@ for each target to annotate them with their target types in the completion list.
 use case and you'd rather avoid the performance cost, you can set `cmake-integration-annotate-targets` to `nil`. To
 apply this setting only to a specific project, configure it as a directory-local variable.
 
-Note: This information is cached after the first retrieval.
+Note: This information is cached after the first retrieval. This cache can also be saved/restored when appropriated (see
+the [Persisting state](#persisting-state) section). If you need to clear the cache for some reason, call the
+`cmake-integration-refresh-target-type-cache` function.
 
 ## Integration with the Conan Package Manager
 
diff --git a/cmake-integration-configure.el b/cmake-integration-configure.el
index 97c0be4..9a19f5c 100644
--- a/cmake-integration-configure.el
+++ b/cmake-integration-configure.el
@@ -146,6 +146,9 @@ A list of preset names if obtained from `CMakePresets.json' and
 choose one of them (with completion)."
   (interactive)
 
+  ;; Invalidate build folder cache
+  (setq ci--build-folder-cache nil)
+
   (let ((all-presets (ci-get-configure-presets)))
     (setq ci-configure-preset
           (ci-select-preset all-presets "Configure preset: "))
diff --git a/cmake-integration-core.el b/cmake-integration-core.el
index 5a7cd22..d7eb954 100644
--- a/cmake-integration-core.el
+++ b/cmake-integration-core.el
@@ -135,6 +135,53 @@ or set `cmake-integration-build-dir' manually")))
       (error "Not in a project"))))
 
 
+;; This function may appear trivial since it only sets a variable with `setq`.
+;; However, it is designed as a separate function to allow its inclusion in
+;; `ci-functions-to-save-state`.
+(defun ci--set-build-folder-cache (build-folder)
+  "Set the build folder cache to BUILD-FOLDER."
+  (setq ci--build-folder-cache build-folder))
+
+
+(defun ci-refresh-build-folder-cache ()
+  "Refresh the cached build folder."
+  (interactive)
+  (setq ci--build-folder-cache nil))
+
+
+(defun ci--get-build-folder-from-preset (configure-preset project-root-folder)
+  "Get the build folder from CONFIGURE-PRESET.
+
+If the build folder is a relative path, it is resolved against
+PROJECT-ROOT-FOLDER.
+
+If `cmake-integration--build-folder-cache' is set, return that. If not,
+then the build folder is determined from the preset's `binaryDir' field,
+with any variable replacements done."
+  (if ci--build-folder-cache
+      ci--build-folder-cache
+    (if-let* ((binaryDir-with-replacements
+               (ci--get-binaryDir-with-replacements configure-preset)))
+
+      ;; Cache the build folder for future calls and return it
+      (ci--set-build-folder-cache
+       (expand-file-name binaryDir-with-replacements project-root-folder))
+
+      ;; Maybe the preset or any parent preset has no binaryDir set, or
+      ;; maybe a parent preset is missing. We need to warn the user and than
+      ;; we try using the manually set build dir instead
+      (warn
+       "Could not determine build folder from preset '%s'.\n   - Maybe the preset and none of its parent presets has the 'binaryDir' field, or a parent preset is missing."
+       (ci--get-preset-name configure-preset))
+      (if-let* ((build-dir (ci--get-build-dir-if-set)))
+        (progn
+          (warn "Using manually set build folder: '%s'" build-dir)
+          build-dir)
+        (error
+         "Build folder could not be determined from preset '%s' and no manual build folder is set"
+         (ci--get-preset-name configure-preset))))))
+
+
 (defun ci-get-build-folder ()
   "Get the project build folder.
 
@@ -151,22 +198,8 @@ resolved against the project root."
       (error "Not in a project"))
 
     (if preset
-        (if-let* ((binaryDir-with-replacements
-                   (ci--get-binaryDir-with-replacements preset)))
-          (expand-file-name binaryDir-with-replacements project-root-folder)
-          ;; Maybe the preset or any parent preset has no binaryDir set, or
-          ;; maybe a parent preset is missing. We need to warn the user and than
-          ;; we try using the manually set build dir instead
-          (warn
-           "Could not determine build folder from preset '%s'.\n   - Maybe the preset and none of its parent presets has the 'binaryDir' field, or a parent preset is missing."
-           (ci--get-preset-name preset))
-          (if-let* ((build-dir (ci--get-build-dir-if-set)))
-            (progn
-              (warn "Using manually set build folder: '%s'" build-dir)
-              build-dir)
-            (error
-             "Build folder could not be determined from preset '%s' and no manual build folder is set"
-             (ci--get-preset-name preset))))
+        ;; Get build directory from preset
+        (ci--get-build-folder-from-preset preset project-root-folder)
 
       ;; Use manually set build directory or throw an error
       (ci--get-build-dir-if-set t))))
diff --git a/cmake-integration-persistence.el b/cmake-integration-persistence.el
index ebfcd84..c08681d 100644
--- a/cmake-integration-persistence.el
+++ b/cmake-integration-persistence.el
@@ -49,6 +49,7 @@
     ci-build-preset
     ci-test-preset
     ci-package-preset
+    ci--build-folder-cache
 
     ;; CTest
     ci--ctest-label-include-regexp
@@ -64,6 +65,8 @@
     ci-select-build-preset
     ci-select-package-preset
     ci-select-conan-profile
+    ;; We also want to save state if the build folder cache is modified
+    ci--set-build-folder-cache
     )
   "Functions which automatically save cmake-intregration state.
 
@@ -201,12 +204,15 @@ exactly what `cmake-integration--build-current-state' returns."
 
 ;; TODO Add a test for this
 ;;;###autoload (autoload 'cmake-integration-save-state "cmake-integration")
-(defun ci-save-state ()
+(defun ci-save-state (&optional _)
   "Save the current state of cmake-integration to persistent storage.
 
 The location is determined by `cmake-integration-persist-location'.
 
-If not in a CMake project, no state is saved."
+If not in a CMake project, no state is saved.
+
+Note: The optional argument is not used. It is only present so this
+function can be used as an advice."
   (interactive)
   (if (ci-is-cmake-project-p)
       (when-let* ((state-file (ci--get-persist-file t))
diff --git a/cmake-integration-variables.el b/cmake-integration-variables.el
index 590e53b..0a9512b 100644
--- a/cmake-integration-variables.el
+++ b/cmake-integration-variables.el
@@ -235,6 +235,10 @@ will be replaced by the project root." :type 'directory :group 'cmake-integratio
   "Cache for target types. Maps target names to their types.")
 
 
+(defvar ci--build-folder-cache nil
+  "Cache for the build folder path (when presets are used).")
+
+
 (defvar ci-run-arguments "" "Command line arguments when running a target.")
 
 
diff --git a/tests/cmake-integration-tests.el b/tests/cmake-integration-tests.el
index 4ac4051..e781a0c 100644
--- a/tests/cmake-integration-tests.el
+++ b/tests/cmake-integration-tests.el
@@ -310,7 +310,8 @@ test code from inside a 'test project'."
    ;; Build folder is taken from the `binaryDir' field in
    ;; `cmake-integration-configure-preset', which is an alist.
    ;; Here we test with a binaryDir value with some replacements
-   (let* ((ci-configure-preset
+   (let* ((ci--build-folder-cache nil)
+          (ci-configure-preset
            '((binaryDir . "${sourceDir}/build/${presetName}")
              (name . "ninjamulticonfig")))
           (project-root (ci--get-project-root-folder))
@@ -319,7 +320,8 @@ test code from inside a 'test project'."
      (should (filepath-equal-p (ci-get-build-folder) expected-build-folder)))
 
    ;; Now we test with a binaryDir that has a relative path
-   (let* ((ci-configure-preset
+   (let* ((ci--build-folder-cache nil)
+          (ci-configure-preset
            '((binaryDir . "build/${presetName}") (name . "ninjamulticonfig")))
           (project-root (ci--get-project-root-folder))
           (expected-build-folder
@@ -327,7 +329,8 @@ test code from inside a 'test project'."
      (should (filepath-equal-p (ci-get-build-folder) expected-build-folder)))
 
    ;; Test with a different preset
-   (let* ((ci-configure-preset
+   (let* ((ci--build-folder-cache nil)
+          (ci-configure-preset
            '((binaryDir . "./build/${presetName}") (name . "Ninja")))
           (project-root (ci--get-project-root-folder))
           (expected-build-folder
@@ -669,7 +672,8 @@ test code from inside a 'test project'."
   (let ((ci-build-preset nil))
     (test-fixture-setup ;;
      "./test-project"
-     (let ((expected-run-dir (ci--get-project-root-folder)))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder)))
        (should
         (equal
          (ci-get-build-command "the_target")
@@ -680,7 +684,8 @@ test code from inside a 'test project'."
     ;; Without setting a preset
     (test-fixture-setup ;;
      "./test-project-with-presets"
-     (let ((expected-run-dir (ci--get-project-root-folder)))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder)))
        (should
         (equal
          (ci-get-build-command "the_target")
@@ -691,7 +696,8 @@ test code from inside a 'test project'."
     ;; Without a build preset
     (test-fixture-setup
      "./test-project-with-presets"
-     (let ((expected-run-dir (ci--get-project-root-folder))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder))
            (ci-configure-preset
             '("default" (name . "default") (binaryDir . "theBuildFolder"))))
        (should
@@ -704,7 +710,8 @@ test code from inside a 'test project'."
     ;; With a build preset
     (test-fixture-setup
      "./test-project-with-presets"
-     (let ((expected-run-dir (ci--get-project-root-folder))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder))
            (ci-configure-preset
             '("config-preset"
               (name . "config-preset")
@@ -723,7 +730,8 @@ test code from inside a 'test project'."
     ;; With a build preset and a target that has the configuration in the name
     (test-fixture-setup
      "./test-project-with-presets"
-     (let ((expected-run-dir (ci--get-project-root-folder))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder))
            (ci-configure-preset
             '("config-preset"
               (name . "config-preset")
@@ -742,7 +750,8 @@ test code from inside a 'test project'."
     ;; Passing extra args
     (test-fixture-setup
      "./test-project-with-presets"
-     (let ((expected-run-dir (ci--get-project-root-folder))
+     (let ((ci--build-folder-cache nil)
+           (expected-run-dir (ci--get-project-root-folder))
            (ci-configure-preset
             '("config-preset"
               (name . "config-preset")
@@ -762,7 +771,8 @@ test code from inside a 'test project'."
 (ert-deftest test-ci-get-conan-run-command ()
   (test-fixture-setup
    "./test-project"
-   (let* ((project-root-folder (ci--get-project-root-folder))
+   (let* ((ci--build-folder-cache nil)
+          (project-root-folder (ci--get-project-root-folder))
           (build-folder (ci-get-build-folder))
           (conanfile-relative-path
            (file-relative-name project-root-folder build-folder)))