diff --git a/changelog.d/1663.feature.md b/changelog.d/1663.feature.md
new file mode 100644
index 000000000..41ea19b66
--- /dev/null
+++ b/changelog.d/1663.feature.md
@@ -0,0 +1,2 @@
+Add `--fetch-python` with options "always", "missing", and "never".
+Similarly add a corresponding `PIPX_FETCH_PYTHON` environment variable.
diff --git a/changelog.d/1663.removal.md b/changelog.d/1663.removal.md
new file mode 100644
index 000000000..26541e8dc
--- /dev/null
+++ b/changelog.d/1663.removal.md
@@ -0,0 +1,2 @@
+Deprecate `--fetch-missing-python`, alias it to `--fetch-python=missing`.
+Similarly deprecate `PIPX_FETCH_MISSING_PYTHON` and alias its effects to `PIPX_FETCH_PYTHON="missing"`.
diff --git a/docs/examples.md b/docs/examples.md
index d14537bf5..dc1208be6 100644
--- a/docs/examples.md
+++ b/docs/examples.md
@@ -4,7 +4,7 @@
 pipx install pycowsay
 pipx install --python python3.10 pycowsay
 pipx install --python 3.12 pycowsay
-pipx install --fetch-missing-python --python 3.12 pycowsay
+pipx install --fetch-python=missing --python 3.12 pycowsay
 pipx install git+https://github.com/psf/black
 pipx install git+https://github.com/psf/black.git@branch-name
 pipx install git+https://github.com/psf/black.git@git-hash
diff --git a/src/pipx/commands/environment.py b/src/pipx/commands/environment.py
index 15be666a4..00393cf78 100644
--- a/src/pipx/commands/environment.py
+++ b/src/pipx/commands/environment.py
@@ -16,6 +16,7 @@
     "PIPX_SHARED_LIBS",
     "PIPX_DEFAULT_PYTHON",
     "PIPX_FETCH_MISSING_PYTHON",
+    "PIPX_FETCH_PYTHON",
     "PIPX_USE_EMOJI",
     "PIPX_HOME_ALLOW_SPACE",
 ]
diff --git a/src/pipx/constants.py b/src/pipx/constants.py
index 865a8f000..78a54b9bf 100644
--- a/src/pipx/constants.py
+++ b/src/pipx/constants.py
@@ -1,15 +1,53 @@
+import enum
 import os
 import platform
 import sysconfig
 from textwrap import dedent
 from typing import NewType
 
+
+# XXX: Python 3.11 StrEnum + enum.auto()
+class FetchPythonOptions(str, enum.Enum):
+    ALWAYS = "always"
+    MISSING = "missing"
+    NEVER = "never"
+
+    def __str__(self):
+        return self.value
+
+
 PIPX_SHARED_PTH = "pipx_shared.pth"
 TEMP_VENV_EXPIRATION_THRESHOLD_DAYS = 14
 MINIMUM_PYTHON_VERSION = "3.9"
 MAN_SECTIONS = [f"man{i}" for i in range(1, 10)]
 FETCH_MISSING_PYTHON = os.environ.get("PIPX_FETCH_MISSING_PYTHON", False)
 
+_FETCH_PYTHON_VALID = True
+try:
+    FETCH_PYTHON = FetchPythonOptions(
+        os.environ.get("PIPX_FETCH_PYTHON", "missing" if FETCH_MISSING_PYTHON else "never")
+    )
+except ValueError:
+    FETCH_PYTHON = FetchPythonOptions.NEVER
+    _FETCH_PYTHON_VALID = False
+
+
+def _validate_fetch_python():
+    from pipx.util import PipxError
+
+    if not _FETCH_PYTHON_VALID:
+        raise PipxError(f"PIPX_FETCH_PYTHON must be unset or one of {{{', '.join(map(str, FetchPythonOptions))}}}.")
+    if "PIPX_FETCH_MISSING_PYTHON" in os.environ:
+        from warnings import warn
+
+        warn(
+            "The PIPX_FETCH_MISSING_PYTHON environment variable is deprecated and an"
+            f'alias for PIPX_FETCH_PYTHON="{FetchPythonOptions.MISSING}".',
+            stacklevel=2,
+        )
+        if "PIPX_FETCH_PYTHON" in os.environ:
+            raise PipxError("Setting both FETCH_MISSING_PYTHON and FETCH_PYTHON is invalid.")
+
 
 ExitCode = NewType("ExitCode", int)
 # pipx shell exit codes
diff --git a/src/pipx/interpreter.py b/src/pipx/interpreter.py
index e7d3ddb3b..b7b714e59 100644
--- a/src/pipx/interpreter.py
+++ b/src/pipx/interpreter.py
@@ -8,7 +8,7 @@
 
 from packaging import version
 
-from pipx.constants import FETCH_MISSING_PYTHON, WINDOWS
+from pipx.constants import WINDOWS, FetchPythonOptions
 from pipx.standalone_python import download_python_build_standalone
 from pipx.util import PipxError
 
@@ -83,7 +83,17 @@ def find_unix_command_python(python_version: str) -> Optional[str]:
     return python_path
 
 
-def find_python_interpreter(python_version: str, fetch_missing_python: bool = False) -> str:
+def _fetch_standalone_interpreter(python_version: str):
+    try:
+        return download_python_build_standalone(python_version)
+    except PipxError as e:
+        raise InterpreterResolutionError(source="the python-build-standalone project", version=python_version) from e
+
+
+def find_python_interpreter(python_version: str, fetch_python: FetchPythonOptions = FetchPythonOptions.NEVER) -> str:
+    if fetch_python == FetchPythonOptions.ALWAYS:
+        return _fetch_standalone_interpreter(python_version)
+
     if Path(python_version).is_file() or shutil.which(python_version):
         return python_version
 
@@ -97,14 +107,11 @@ def find_python_interpreter(python_version: str, fetch_missing_python: bool = Fa
         if py_executable:
             return py_executable
     except (subprocess.CalledProcessError, FileNotFoundError) as e:
-        if not fetch_missing_python and not FETCH_MISSING_PYTHON:
+        if fetch_python != FetchPythonOptions.MISSING:
             raise InterpreterResolutionError(source="py launcher", version=python_version) from e
 
-    if fetch_missing_python or FETCH_MISSING_PYTHON:
-        try:
-            return download_python_build_standalone(python_version)
-        except PipxError as e:
-            raise InterpreterResolutionError(source="the python-build-standalone project", version=python_version) from e
+    if fetch_python == FetchPythonOptions.MISSING:
+        return _fetch_standalone_interpreter(python_version)
 
     raise InterpreterResolutionError(source="PATH", version=python_version)
 
diff --git a/src/pipx/main.py b/src/pipx/main.py
index 9359f528c..b9607ac30 100644
--- a/src/pipx/main.py
+++ b/src/pipx/main.py
@@ -26,9 +26,12 @@
 from pipx.constants import (
     EXIT_CODE_OK,
     EXIT_CODE_SPECIFIED_PYTHON_EXECUTABLE_NOT_FOUND,
+    FETCH_PYTHON,
     MINIMUM_PYTHON_VERSION,
     WINDOWS,
     ExitCode,
+    FetchPythonOptions,
+    _validate_fetch_python,
 )
 from pipx.emojis import hazard
 from pipx.interpreter import (
@@ -263,11 +266,8 @@ def run_pipx_command(args: argparse.Namespace, subparsers: dict[str, argparse.Ar
 
     if "python" in args:
         python_flag_passed = bool(args.python)
-        fetch_missing_python = args.fetch_missing_python
         try:
-            interpreter = find_python_interpreter(
-                args.python or DEFAULT_PYTHON, fetch_missing_python=fetch_missing_python
-            )
+            interpreter = find_python_interpreter(args.python or DEFAULT_PYTHON, args.fetch_python)
             args.python = interpreter
         except InterpreterResolutionError as e:
             logger.debug("Failed to resolve interpreter:", exc_info=True)
@@ -476,13 +476,24 @@ def add_python_options(parser: argparse.ArgumentParser) -> None:
             f"or the full path to the executable. Requires Python {MINIMUM_PYTHON_VERSION} or above."
         ),
     )
-    parser.add_argument(
-        "--fetch-missing-python",
-        action="store_true",
+    fetch_python_group = parser.add_mutually_exclusive_group()
+    fetch_python_group.add_argument(
+        "--fetch-python",
+        type=FetchPythonOptions,
+        choices=list(FetchPythonOptions),
+        default=FETCH_PYTHON,
         help=(
-            "Whether to fetch a standalone python build from GitHub if the specified python version is not found locally on the system."
+            f"Whether to fetch a standalone python build from GitHub. If set to {FetchPythonOptions.MISSING}, "
+            "only downloads if the specified python version is not found locally on the system."
+            "Defaults to value of the PIPX_FETCH_PYTHON environment variable."
         ),
     )
+    fetch_python_group.add_argument(
+        "--fetch-missing-python",
+        action="store_const",
+        const=FetchPythonOptions.MISSING,
+        help="Deprecated: Alias for --fetch-python=missing",
+    )
 
 
 def _add_install(subparsers: argparse._SubParsersAction, shared_parser: argparse.ArgumentParser) -> None:
@@ -1200,6 +1211,7 @@ def cli() -> ExitCode:
     """Entry point from command line"""
     try:
         hide_cursor()
+        _validate_fetch_python()
         parser, subparsers = get_command_parser()
         argcomplete.autocomplete(parser, always_complete_options=False)
         parsed_pipx_args = parser.parse_args()
diff --git a/tests/test_install.py b/tests/test_install.py
index f068d66d9..91870dbb8 100644
--- a/tests/test_install.py
+++ b/tests/test_install.py
@@ -428,7 +428,7 @@ def test_passed_python_and_force_flag_warning(pipx_temp_env, capsys):
     ["3.0", "3.1"],
 )
 def test_install_fetch_missing_python_invalid(capsys, python_version):
-    assert run_pipx_cli(["install", "--python", python_version, "--fetch-missing-python", "pycowsay"])
+    assert run_pipx_cli(["install", "--python", python_version, "--fetch-python=missing", "pycowsay"])
     captured = capsys.readouterr()
     assert f"No executable for the provided Python version '{python_version}' found" in captured.out
 
diff --git a/tests/test_interpreter.py b/tests/test_interpreter.py
index c1f76b750..83630756f 100644
--- a/tests/test_interpreter.py
+++ b/tests/test_interpreter.py
@@ -8,7 +8,7 @@
 import pipx.interpreter
 import pipx.paths
 import pipx.standalone_python
-from pipx.constants import WINDOWS
+from pipx.constants import WINDOWS, FetchPythonOptions
 from pipx.interpreter import (
     InterpreterResolutionError,
     _find_default_windows_python,
@@ -190,7 +190,7 @@ def which(name):
     minor = sys.version_info.minor
     target_python = f"{major}.{minor}"
 
-    python_path = find_python_interpreter(target_python, fetch_missing_python=True)
+    python_path = find_python_interpreter(target_python, fetch_python=FetchPythonOptions.MISSING)
     assert python_path is not None
     assert target_python in python_path
     assert str(pipx.paths.ctx.standalone_python_cachedir) in python_path
diff --git a/tests/test_list.py b/tests/test_list.py
index d3a060366..13480b8a2 100644
--- a/tests/test_list.py
+++ b/tests/test_list.py
@@ -168,7 +168,7 @@ def which(name):
     assert not run_pipx_cli(
         [
             "install",
-            "--fetch-missing-python",
+            "--fetch-python=missing",
             "--python",
             target_python,
             PKG["pycowsay"]["spec"],
diff --git a/tests/test_standalone_interpreter.py b/tests/test_standalone_interpreter.py
index 8a578805e..b07516cfb 100644
--- a/tests/test_standalone_interpreter.py
+++ b/tests/test_standalone_interpreter.py
@@ -35,7 +35,7 @@ def test_list_used_standalone_interpreters(pipx_temp_env, monkeypatch, mocked_gi
     assert not run_pipx_cli(
         [
             "install",
-            "--fetch-missing-python",
+            "--fetch-python=missing",
             "--python",
             TARGET_PYTHON_VERSION,
             PKG["pycowsay"]["spec"],
@@ -56,7 +56,7 @@ def test_list_unused_standalone_interpreters(pipx_temp_env, monkeypatch, mocked_
     assert not run_pipx_cli(
         [
             "install",
-            "--fetch-missing-python",
+            "--fetch-python=missing",
             "--python",
             TARGET_PYTHON_VERSION,
             PKG["pycowsay"]["spec"],
@@ -79,7 +79,7 @@ def test_prune_unused_standalone_interpreters(pipx_temp_env, monkeypatch, mocked
     assert not run_pipx_cli(
         [
             "install",
-            "--fetch-missing-python",
+            "--fetch-python=missing",
             "--python",
             TARGET_PYTHON_VERSION,
             PKG["pycowsay"]["spec"],
@@ -119,7 +119,7 @@ def test_upgrade_standalone_interpreter(pipx_temp_env, root, monkeypatch, capsys
     assert not run_pipx_cli(
         [
             "install",
-            "--fetch-missing-python",
+            "--fetch-python=missing",
             "--python",
             TARGET_PYTHON_VERSION,
             PKG["pycowsay"]["spec"],