diff --git a/cli/smartcontract/contract_test.go b/cli/smartcontract/contract_test.go
index fca6808f3a..b19558d6ee 100644
--- a/cli/smartcontract/contract_test.go
+++ b/cli/smartcontract/contract_test.go
@@ -4,6 +4,7 @@ import (
 	"bytes"
 	"encoding/hex"
 	"encoding/json"
+	"fmt"
 	"os"
 	"path/filepath"
 	"strconv"
@@ -304,6 +305,36 @@ func TestContractInitAndCompile(t *testing.T) {
 	})
 }
 
+func TestContractCompile_NEFSizeCheck(t *testing.T) {
+	tmpDir := t.TempDir()
+	e := testcli.NewExecutor(t, false)
+
+	src := `package nefconstraints
+	var data = "%s"
+
+	func Main() string {
+		return data
+	}`
+	data := make([]byte, stackitem.MaxSize-10)
+	for i := range data {
+		data[i] = byte('a')
+	}
+
+	in := filepath.Join(tmpDir, "main.go")
+	cfg := filepath.Join(tmpDir, "main.yml")
+	require.NoError(t, os.WriteFile(cfg, []byte("name: main"), os.ModePerm))
+	require.NoError(t, os.WriteFile(in, []byte(fmt.Sprintf(src, data)), os.ModePerm))
+
+	t.Run("perform size check", func(t *testing.T) {
+		e.RunWithError(t, "neo-go", "contract", "compile", "--in", in)
+		require.NoFileExists(t, filepath.Join(tmpDir, "main.nef"))
+	})
+	t.Run("skip size check", func(t *testing.T) {
+		e.Run(t, "neo-go", "contract", "compile", "--in", in, "--no-nef-check")
+		require.FileExists(t, filepath.Join(tmpDir, "main.nef"))
+	})
+}
+
 // Checks that error is returned if GAS available for test-invoke exceeds
 // GAS needed to be consumed.
 func TestDeployBigContract(t *testing.T) {
diff --git a/cli/smartcontract/smart_contract.go b/cli/smartcontract/smart_contract.go
index 38dea5f139..aae1398f1d 100644
--- a/cli/smartcontract/smart_contract.go
+++ b/cli/smartcontract/smart_contract.go
@@ -126,7 +126,7 @@ func NewCommands() []cli.Command {
 			{
 				Name:      "compile",
 				Usage:     "compile a smart contract to a .nef file",
-				UsageText: "neo-go contract compile -i path [-o nef] [-v] [-d] [-m manifest] [-c yaml] [--bindings file] [--no-standards] [--no-events] [--no-permissions] [--guess-eventtypes]",
+				UsageText: "neo-go contract compile -i path [-o nef] [-v] [-d] [-m manifest] [-c yaml] [--bindings file] [--no-standards] [--no-events] [--no-permissions] [--no-nef-check] [--guess-eventtypes]",
 				Description: `Compiles given smart contract to a .nef file and emits other associated
    information (manifest, bindings configuration, debug information files) if
    asked to. If none of --out, --manifest, --config, --bindings flags are specified,
@@ -172,6 +172,10 @@ func NewCommands() []cli.Command {
 						Name:  "no-permissions",
 						Usage: "do not check if invoked contracts are allowed in manifest",
 					},
+					cli.BoolFlag{
+						Name:  "no-nef-check",
+						Usage: "do not check if the resulting .nef size exceeds allowed limits; the resulting .nef file can't be deployed if exceeds stackitem.MaxSize limits",
+					},
 					cli.BoolFlag{
 						Name:  "guess-eventtypes",
 						Usage: "guess event types for smart-contract bindings configuration from the code usages",
@@ -454,6 +458,7 @@ func contractCompile(ctx *cli.Context) error {
 		NoStandardCheck:    ctx.Bool("no-standards"),
 		NoEventsCheck:      ctx.Bool("no-events"),
 		NoPermissionsCheck: ctx.Bool("no-permissions"),
+		NoNEFSizeCheck:     ctx.Bool("no-nef-check"),
 
 		GuessEventTypes: ctx.Bool("guess-eventtypes"),
 	}
diff --git a/docs/compiler.md b/docs/compiler.md
index 18660e7038..5f0997465a 100644
--- a/docs/compiler.md
+++ b/docs/compiler.md
@@ -352,6 +352,15 @@ Using either constant or literal for contract hash and method will allow the com
 to perform more extensive analysis.
 This check can be disabled with `--no-permissions` flag.
 
+##### NEF file validation check
+
+By default, compiler performs size restriction check over generated NEF file and
+fails compilation if the resulting NEF file doesn't fit into `stackitem.MaxSize`
+limit. However, it's still possible to disable this check and properly generate
+large NEF files with `--no-nef-check` compiling option. Large NEF files can't
+be deployed onto chain, but still may be used for development or debugging
+purposes.
+
 ##### Overloads
 NeoVM allows a contract to have multiple methods with the same name
 but different parameters number. Go lacks this feature, but this can be circumvented
diff --git a/pkg/compiler/compiler.go b/pkg/compiler/compiler.go
index e990b5ad0d..7612b5fb11 100644
--- a/pkg/compiler/compiler.go
+++ b/pkg/compiler/compiler.go
@@ -53,6 +53,10 @@ type Options struct {
 	// This setting has effect only if manifest is emitted.
 	NoPermissionsCheck bool
 
+	// NoNEFSizeCheck allows to skip serialized NEF size check against max allowed
+	// stackitem size.
+	NoNEFSizeCheck bool
+
 	// GuessEventTypes specifies if types of runtime notifications need to be guessed
 	// from the usage context. These types are used for RPC binding generation only and
 	// can be defined for events with name known at the compilation time and without
@@ -276,7 +280,7 @@ func CompileAndSave(src string, o *Options) ([]byte, error) {
 		}()
 		f.Checksum = f.CalculateChecksum()
 	}
-	bytes, err := f.Bytes(true)
+	bytes, err := f.Bytes(!o.NoNEFSizeCheck)
 	if err != nil {
 		return nil, fmt.Errorf("error while serializing .nef file: %w", err)
 	}