diff --git a/frontend_tests/node_tests/dispatch.js b/frontend_tests/node_tests/dispatch.js
index b76d65d257..ee3d362f61 100644
--- a/frontend_tests/node_tests/dispatch.js
+++ b/frontend_tests/node_tests/dispatch.js
@@ -344,8 +344,11 @@ run_test("realm settings", ({override}) => {
         assert.equal(page_params[parameter_name], 1);
     }
 
-    let event = event_fixtures.realm__update__create_stream_policy;
-    test_realm_integer(event, "realm_create_stream_policy");
+    let event = event_fixtures.realm__update__create_private_stream_policy;
+    test_realm_integer(event, "realm_create_private_stream_policy");
+
+    event = event_fixtures.realm__update__create_public_stream_policy;
+    test_realm_integer(event, "realm_create_public_stream_policy");
 
     event = event_fixtures.realm__update__invite_to_stream_policy;
     test_realm_integer(event, "realm_invite_to_stream_policy");
diff --git a/frontend_tests/node_tests/hotkey.js b/frontend_tests/node_tests/hotkey.js
index 7595e2e3d9..6f9dc58585 100644
--- a/frontend_tests/node_tests/hotkey.js
+++ b/frontend_tests/node_tests/hotkey.js
@@ -275,13 +275,15 @@ run_test("allow normal typing when processing text", ({override}) => {
 });
 
 run_test("streams", ({override}) => {
-    settings_data.user_can_create_streams = () => true;
+    settings_data.user_can_create_private_streams = () => true;
+    settings_data.user_can_create_public_streams = () => true;
     override(overlays, "streams_open", () => true);
     override(overlays, "is_active", () => true);
     assert_mapping("S", stream_settings_ui, "keyboard_sub");
     assert_mapping("V", stream_settings_ui, "view_stream");
     assert_mapping("n", stream_settings_ui, "open_create_stream");
-    settings_data.user_can_create_streams = () => false;
+    settings_data.user_can_create_private_streams = () => false;
+    settings_data.user_can_create_public_streams = () => false;
     assert_unmapped("n");
 });
 
diff --git a/frontend_tests/node_tests/lib/events.js b/frontend_tests/node_tests/lib/events.js
index cc59199414..177ad51451 100644
--- a/frontend_tests/node_tests/lib/events.js
+++ b/frontend_tests/node_tests/lib/events.js
@@ -240,10 +240,17 @@ exports.fixtures = {
         value: 1,
     },
 
-    realm__update__create_stream_policy: {
+    realm__update__create_private_stream_policy: {
         type: "realm",
         op: "update",
-        property: "create_stream_policy",
+        property: "create_private_stream_policy",
+        value: 2,
+    },
+
+    realm__update__create_public_stream_policy: {
+        type: "realm",
+        op: "update",
+        property: "create_public_stream_policy",
         value: 2,
     },
 
diff --git a/frontend_tests/node_tests/settings_data.js b/frontend_tests/node_tests/settings_data.js
index d28ac3c0fb..d32e704ce2 100644
--- a/frontend_tests/node_tests/settings_data.js
+++ b/frontend_tests/node_tests/settings_data.js
@@ -168,9 +168,14 @@ function test_policy(label, policy, validation_func) {
 }
 
 test_policy(
-    "user_can_create_streams",
-    "realm_create_stream_policy",
-    settings_data.user_can_create_streams,
+    "user_can_create_private_streams",
+    "realm_create_private_stream_policy",
+    settings_data.user_can_create_private_streams,
+);
+test_policy(
+    "user_can_create_public_streams",
+    "realm_create_public_stream_policy",
+    settings_data.user_can_create_public_streams,
 );
 test_policy(
     "user_can_subscribe_other_users",
diff --git a/frontend_tests/node_tests/settings_org.js b/frontend_tests/node_tests/settings_org.js
index 2e05efe694..787f0ebf84 100644
--- a/frontend_tests/node_tests/settings_org.js
+++ b/frontend_tests/node_tests/settings_org.js
@@ -166,11 +166,11 @@ function test_submit_settings_form(override, submit_form) {
         realm_email_address_visibility:
             settings_config.email_address_visibility_values.admins_only.code,
         realm_add_custom_emoji_policy: settings_config.common_policy_values.by_admins_only.code,
-        realm_create_stream_by_admins_only: true,
         realm_waiting_period_threshold: 1,
         realm_default_language: '"es"',
         realm_invite_to_stream_policy: settings_config.common_policy_values.by_admins_only.code,
-        realm_create_stream_policy: settings_config.common_policy_values.by_members.code,
+        realm_create_private_stream_policy: settings_config.common_policy_values.by_members.code,
+        realm_create_public_stream_policy: settings_config.common_policy_values.by_members.code,
         realm_invite_to_realm_policy: settings_config.common_policy_values.by_members.code,
     });
 
@@ -204,10 +204,15 @@ function test_submit_settings_form(override, submit_form) {
     invite_to_stream_policy_elem.attr("id", "id_realm_invite_to_stream_policy");
     invite_to_stream_policy_elem.data = () => "number";
 
-    const create_stream_policy_elem = $("#id_realm_create_stream_policy");
-    create_stream_policy_elem.val("2");
-    create_stream_policy_elem.attr("id", "id_realm_create_stream_policy");
-    create_stream_policy_elem.data = () => "number";
+    const create_public_stream_policy_elem = $("#id_realm_create_public_stream_policy");
+    create_public_stream_policy_elem.val("2");
+    create_public_stream_policy_elem.attr("id", "id_realm_create_public_stream_policy");
+    create_public_stream_policy_elem.data = () => "number";
+
+    const create_private_stream_policy_elem = $("#id_realm_create_private_stream_policy");
+    create_private_stream_policy_elem.val("2");
+    create_private_stream_policy_elem.attr("id", "id_realm_create_private_stream_policy");
+    create_private_stream_policy_elem.data = () => "number";
 
     const add_custom_emoji_policy_elem = $("#id_realm_add_custom_emoji_policy");
     add_custom_emoji_policy_elem.val("1");
@@ -234,7 +239,8 @@ function test_submit_settings_form(override, submit_form) {
         bot_creation_policy_elem,
         email_address_visibility_elem,
         add_custom_emoji_policy_elem,
-        create_stream_policy_elem,
+        create_public_stream_policy_elem,
+        create_private_stream_policy_elem,
         invite_to_stream_policy_elem,
     ]);
 
@@ -247,7 +253,8 @@ function test_submit_settings_form(override, submit_form) {
         invite_to_stream_policy: 1,
         email_address_visibility: 1,
         add_custom_emoji_policy: 1,
-        create_stream_policy: 2,
+        create_public_stream_policy: 2,
+        create_private_stream_policy: 2,
     };
     assert.deepEqual(data, expected_value);
 
@@ -457,7 +464,8 @@ function test_sync_realm_settings() {
         }
     }
 
-    test_common_policy("create_stream_policy");
+    test_common_policy("create_private_stream_policy");
+    test_common_policy("create_public_stream_policy");
     test_common_policy("invite_to_stream_policy");
     test_common_policy("invite_to_realm_policy");
 
@@ -467,7 +475,7 @@ function test_sync_realm_settings() {
         property_elem.length = 1;
         property_elem.attr("id", "id_realm_message_content_edit_limit_minutes");
 
-        page_params.realm_create_stream_policy = 1;
+        page_params.realm_create_public_stream_policy = 1;
         page_params.realm_message_content_edit_limit_seconds = 120;
 
         settings_org.sync_realm_settings("message_content_edit_limit_seconds");
@@ -502,7 +510,7 @@ function test_sync_realm_settings() {
         property_elem.length = 1;
         property_elem.attr("id", "id_realm_message_content_edit_limit_minutes");
 
-        page_params.realm_create_stream_policy = 1;
+        page_params.realm_create_public_stream_policy = 1;
         page_params.realm_message_content_edit_limit_seconds = 120;
 
         settings_org.sync_realm_settings("message_content_edit_limit_seconds");
diff --git a/frontend_tests/puppeteer_tests/admin.ts b/frontend_tests/puppeteer_tests/admin.ts
index 1296804567..284031fbee 100644
--- a/frontend_tests/puppeteer_tests/admin.ts
+++ b/frontend_tests/puppeteer_tests/admin.ts
@@ -103,7 +103,8 @@ async function test_changing_create_streams_and_invite_to_stream_policies(
     page: Page,
 ): Promise<void> {
     const policies = {
-        "create stream": "#id_realm_create_stream_policy",
+        "create private stream": "#id_realm_create_private_stream_policy",
+        "create public stream": "#id_realm_create_public_stream_policy",
         "invite to stream": "#id_realm_invite_to_stream_policy",
     };
     const policy_values = {
diff --git a/static/js/hotkey.js b/static/js/hotkey.js
index 55ae334f16..b457f9d8b9 100644
--- a/static/js/hotkey.js
+++ b/static/js/hotkey.js
@@ -738,7 +738,8 @@ export function process_hotkey(e, hotkey) {
         if (
             event_name === "n_key" &&
             overlays.streams_open() &&
-            settings_data.user_can_create_streams()
+            (settings_data.user_can_create_private_streams() ||
+                settings_data.user_can_create_public_streams())
         ) {
             stream_settings_ui.open_create_stream();
             return true;
diff --git a/static/js/page_params.ts b/static/js/page_params.ts
index 05fb418c3f..87af33abb7 100644
--- a/static/js/page_params.ts
+++ b/static/js/page_params.ts
@@ -15,7 +15,8 @@ export const page_params: {
     is_spectator: boolean;
     realm_add_custom_emoji_policy: number;
     realm_avatar_changes_disabled: boolean;
-    realm_create_stream_policy: number;
+    realm_create_private_stream_policy: number;
+    realm_create_public_stream_policy: number;
     realm_delete_own_message_policy: number;
     realm_edit_topic_policy: number;
     realm_email_address_visibility: number;
diff --git a/static/js/popover_menus.js b/static/js/popover_menus.js
index ce3eb97401..3478de8fc3 100644
--- a/static/js/popover_menus.js
+++ b/static/js/popover_menus.js
@@ -46,7 +46,9 @@ export function initialize() {
             popovers.hide_all_except_sidebars(instance);
             instance.setContent(
                 render_left_sidebar_stream_setting_popover({
-                    can_create_streams: settings_data.user_can_create_streams(),
+                    can_create_streams:
+                        settings_data.user_can_create_private_streams() ||
+                        settings_data.user_can_create_public_streams(),
                 }),
             );
             left_sidebar_stream_setting_popover_displayed = true;
diff --git a/static/js/server_events_dispatch.js b/static/js/server_events_dispatch.js
index fb388a2a30..f522cf3985 100644
--- a/static/js/server_events_dispatch.js
+++ b/static/js/server_events_dispatch.js
@@ -188,7 +188,8 @@ export function dispatch_normal_event(event) {
                 user_group_edit_policy: noop,
                 avatar_changes_disabled: settings_account.update_avatar_change_display,
                 bot_creation_policy: settings_bots.update_bot_permissions_ui,
-                create_stream_policy: noop,
+                create_public_stream_policy: noop,
+                create_private_stream_policy: noop,
                 invite_to_stream_policy: noop,
                 default_code_block_language: noop,
                 default_language: noop,
diff --git a/static/js/settings_data.ts b/static/js/settings_data.ts
index 44ab565837..394671591e 100644
--- a/static/js/settings_data.ts
+++ b/static/js/settings_data.ts
@@ -173,8 +173,12 @@ export function user_can_unsubscribe_other_users(): boolean {
     return page_params.is_admin;
 }
 
-export function user_can_create_streams(): boolean {
-    return user_has_permission(page_params.realm_create_stream_policy);
+export function user_can_create_private_streams(): boolean {
+    return user_has_permission(page_params.realm_create_private_stream_policy);
+}
+
+export function user_can_create_public_streams(): boolean {
+    return user_has_permission(page_params.realm_create_public_stream_policy);
 }
 
 export function user_can_move_messages_between_streams(): boolean {
diff --git a/static/js/settings_org.js b/static/js/settings_org.js
index 22b4d2bbbb..75a8c7f1c1 100644
--- a/static/js/settings_org.js
+++ b/static/js/settings_org.js
@@ -193,7 +193,8 @@ function get_subsection_property_elements(element) {
 }
 
 const simple_dropdown_properties = [
-    "realm_create_stream_policy",
+    "realm_create_private_stream_policy",
+    "realm_create_public_stream_policy",
     "realm_invite_to_stream_policy",
     "realm_user_group_edit_policy",
     "realm_private_message_policy",
diff --git a/static/js/stream_settings_ui.js b/static/js/stream_settings_ui.js
index 6db6bc9797..b9678bcd9b 100644
--- a/static/js/stream_settings_ui.js
+++ b/static/js/stream_settings_ui.js
@@ -601,13 +601,29 @@ export function setup_page(callback) {
     function populate_and_fill() {
         $("#subscriptions_table").empty();
 
+        // Show only stream types the user is allowed to create.
+        const stream_privacy_policy_values = _.pickBy(
+            stream_data.stream_privacy_policy_values,
+            (value, key) =>
+                (key === "public" && settings_data.user_can_create_public_streams()) ||
+                (key !== "public" && settings_data.user_can_create_private_streams()),
+        );
+
+        // Required to mark the first item in the list of stream types as checked in stream_types.hbs.
+        const stream_privacy_policy = settings_data.user_can_create_public_streams()
+            ? stream_privacy_policy_values.public.code
+            : stream_privacy_policy_values.private_with_public_history.code;
+
         const template_data = {
-            can_create_streams: settings_data.user_can_create_streams(),
+            can_create_streams:
+                settings_data.user_can_create_private_streams() ||
+                settings_data.user_can_create_public_streams(),
             hide_all_streams: !should_list_all_streams(),
             max_name_length: page_params.max_stream_name_length,
             max_description_length: page_params.max_stream_description_length,
             is_owner: page_params.is_owner,
-            stream_privacy_policy_values: stream_data.stream_privacy_policy_values,
+            stream_privacy_policy_values,
+            stream_privacy_policy,
             stream_post_policy_values: stream_data.stream_post_policy_values,
             zulip_plan_is_not_limited: page_params.zulip_plan_is_not_limited,
             org_level_message_retention_setting:
@@ -643,7 +659,8 @@ export function setup_page(callback) {
             }
 
             if (
-                settings_data.user_can_create_streams() ||
+                settings_data.user_can_create_private_streams() ||
+                settings_data.user_can_create_public_streams() ||
                 page_params.realm_is_zephyr_mirror_realm
             ) {
                 open_create_stream();
diff --git a/static/styles/settings.css b/static/styles/settings.css
index 25d6e5f18d..09fdb85b52 100644
--- a/static/styles/settings.css
+++ b/static/styles/settings.css
@@ -1559,7 +1559,8 @@ input[type="checkbox"] {
 /* These have enough space for all the options in German. */
 .setting_desktop_icon_count_display,
 #id_realm_waiting_period_setting,
-#id_realm_create_stream_policy,
+#id_realm_create_public_stream_policy,
+#id_realm_create_private_stream_policy,
 #id_realm_invite_to_stream_policy,
 #id_realm_private_message_policy,
 #id_realm_add_custom_emoji_policy,
diff --git a/static/templates/settings/organization_permissions_admin.hbs b/static/templates/settings/organization_permissions_admin.hbs
index ee81f18d73..ec4c069473 100644
--- a/static/templates/settings/organization_permissions_admin.hbs
+++ b/static/templates/settings/organization_permissions_admin.hbs
@@ -98,8 +98,14 @@
             </div>
             <div class="m-10 inline-block organization-permissions-parent">
                 <div class="input-group">
-                    <label for="realm_create_stream_policy" class="dropdown-title">{{t "Who can create streams" }}</label>
-                    <select name="realm_create_stream_policy" id="id_realm_create_stream_policy" class="prop-element" data-setting-widget-type="number">
+                    <label for="realm_create_public_stream_policy" class="dropdown-title">{{t "Who can create public streams" }}</label>
+                    <select name="realm_create_public_stream_policy" id="id_realm_create_public_stream_policy" class="prop-element" data-setting-widget-type="number">
+                        {{> dropdown_options_widget option_values=common_policy_values}}
+                    </select>
+                </div>
+                <div class="input-group">
+                    <label for="realm_create_private_stream_policy" class="dropdown-title">{{t "Who can create private streams" }}</label>
+                    <select name="realm_create_private_stream_policy" id="id_realm_create_private_stream_policy" class="prop-element" data-setting-widget-type="number">
                         {{> dropdown_options_widget option_values=common_policy_values}}
                     </select>
                 </div>
diff --git a/static/templates/stream_settings/stream_creation_form.hbs b/static/templates/stream_settings/stream_creation_form.hbs
index 7f5e720a42..4f5505bd9c 100644
--- a/static/templates/stream_settings/stream_creation_form.hbs
+++ b/static/templates/stream_settings/stream_creation_form.hbs
@@ -31,7 +31,6 @@
                 </div>
 
                 {{> stream_types
-                  stream_privacy_policy=stream_privacy_policy_values.public.code
                   stream_post_policy=stream_post_policy_values.everyone.code
                   is_stream_edit=false }}
 
diff --git a/templates/zerver/api/changelog.md b/templates/zerver/api/changelog.md
index 9aff225324..017cd4a4a9 100644
--- a/templates/zerver/api/changelog.md
+++ b/templates/zerver/api/changelog.md
@@ -11,6 +11,17 @@ below features are supported.
 
 ## Changes in Zulip 5.0
 
+**Feature level 102**
+
+* [`POST /register`](/api/register-queue), `PATCH /realm`: The
+  `create_stream_policy` setting was split into two settings for
+  different types of streams: `create_private_stream_policy` and
+  `create_public_stream_policy`.
+* [`POST /register`](/api/register-queue): The `create_stream_policy`
+  property was deprecated in favor of the
+  `create_private_stream_policy` and `create_public_stream_policy`
+  properties, but it still available for backwards-compatibility.
+
 **Feature level 101**
 
 * [`POST /register`](/api/register-queue), `PATCH /realm`: Replaced
diff --git a/version.py b/version.py
index 74f538e9fb..13cd497d9f 100644
--- a/version.py
+++ b/version.py
@@ -33,7 +33,7 @@ DESKTOP_WARNING_VERSION = "5.4.3"
 # Changes should be accompanied by documentation explaining what the
 # new level means in templates/zerver/api/changelog.md, as well as
 # "**Changes**" entries in the endpoint's documentation in `zulip.yaml`.
-API_FEATURE_LEVEL = 101
+API_FEATURE_LEVEL = 102
 
 # Bump the minor PROVISION_VERSION to indicate that folks should provision
 # only when going from an old version of the code to a newer version. Bump
diff --git a/zerver/lib/events.py b/zerver/lib/events.py
index 7194b81e71..678f209591 100644
--- a/zerver/lib/events.py
+++ b/zerver/lib/events.py
@@ -411,7 +411,14 @@ def fetch_initial_state_data(
             client_gravatar=False,
         )
 
-        state["can_create_streams"] = settings_user.can_create_streams()
+        state["can_create_private_streams"] = settings_user.can_create_private_streams()
+        state["can_create_public_streams"] = settings_user.can_create_public_streams()
+        # TODO/compatibility: Deprecated in Zulip 5.0 (feature level
+        # 102); we can remove this once we no longer need to support
+        # legacy mobile app versions that read the old property.
+        state["can_create_streams"] = (
+            settings_user.can_create_private_streams() or settings_user.can_create_public_streams()
+        )
         state["can_subscribe_other_users"] = settings_user.can_subscribe_other_users()
         state["can_invite_others_to_realm"] = settings_user.can_invite_others_to_realm()
         state["is_admin"] = settings_user.is_realm_admin
@@ -743,7 +750,11 @@ def apply_event(
                     state["is_moderator"] = person["role"] == UserProfile.ROLE_MODERATOR
                     state["is_guest"] = person["role"] == UserProfile.ROLE_GUEST
                     # Recompute properties based on is_admin/is_guest
-                    state["can_create_streams"] = user_profile.can_create_streams()
+                    state["can_create_private_streams"] = user_profile.can_create_private_streams()
+                    state["can_create_public_streams"] = user_profile.can_create_public_streams()
+                    state["can_create_streams"] = (
+                        state["can_create_private_streams"] or state["can_create_public_streams"]
+                    )
                     state["can_subscribe_other_users"] = user_profile.can_subscribe_other_users()
                     state["can_invite_others_to_realm"] = user_profile.can_invite_others_to_realm()
 
@@ -924,7 +935,8 @@ def apply_event(
                 state["realm_upload_quota_mib"] = event["extra_data"]["upload_quota"]
 
             policy_permission_dict = {
-                "create_stream_policy": "can_create_streams",
+                "create_public_stream_policy": "can_create_public_streams",
+                "create_private_stream_policy": "can_create_private_streams",
                 "invite_to_stream_policy": "can_subscribe_other_users",
                 "invite_to_realm_policy": "can_invite_others_to_realm",
             }
@@ -943,6 +955,10 @@ def apply_event(
                         event["property"]
                     )
 
+            # Finally, we need to recompute this value from its inputs.
+            state["can_create_streams"] = (
+                state["can_create_private_streams"] or state["can_create_public_streams"]
+            )
         elif event["op"] == "update_dict":
             for key, value in event["data"].items():
                 state["realm_" + key] = value
diff --git a/zerver/lib/streams.py b/zerver/lib/streams.py
index fd1265eec8..0038ef6111 100644
--- a/zerver/lib/streams.py
+++ b/zerver/lib/streams.py
@@ -149,10 +149,11 @@ def create_streams_if_needed(
     added_streams: List[Stream] = []
     existing_streams: List[Stream] = []
     for stream_dict in stream_dicts:
+        invite_only = stream_dict.get("invite_only", False)
         stream, created = create_stream_if_needed(
             realm,
             stream_dict["name"],
-            invite_only=stream_dict.get("invite_only", False),
+            invite_only=invite_only,
             is_web_public=stream_dict.get("is_web_public", False),
             stream_post_policy=stream_dict.get(
                 "stream_post_policy", Stream.STREAM_POST_POLICY_EVERYONE
@@ -671,10 +672,12 @@ def list_to_streams(
         created_streams: List[Stream] = []
     else:
         # autocreate=True path starts here
-        if not user_profile.can_create_streams():
-            # Guest users case will not be handled here as it will be
-            # handled by the decorator in add_subscriptions_backend.
-            raise JsonableError(_("Insufficient permission"))
+        for stream_dict in missing_stream_dicts:
+            invite_only = stream_dict.get("invite_only", False)
+            if invite_only and not user_profile.can_create_private_streams():
+                raise JsonableError(_("Insufficient permission"))
+            if not invite_only and not user_profile.can_create_public_streams():
+                raise JsonableError(_("Insufficient permission"))
 
         if not autocreate:
             raise JsonableError(
diff --git a/zerver/migrations/0358_split_create_stream_policy.py b/zerver/migrations/0358_split_create_stream_policy.py
new file mode 100644
index 0000000000..c420a7f875
--- /dev/null
+++ b/zerver/migrations/0358_split_create_stream_policy.py
@@ -0,0 +1,46 @@
+from django.db import migrations, models
+from django.db.backends.postgresql.schema import DatabaseSchemaEditor
+from django.db.migrations.state import StateApps
+from django.db.models import F
+
+
+def copy_stream_policy_field(apps: StateApps, schema_editor: DatabaseSchemaEditor) -> None:
+    Realm = apps.get_model("zerver", "Realm")
+    Realm.objects.all().update(create_public_stream_policy=F("create_stream_policy"))
+    Realm.objects.all().update(create_private_stream_policy=F("create_stream_policy"))
+
+
+# When reversing the migration, we have to pick one of the new fields
+# to store in the original field name. This does destroy information,
+# but in most cases downgrades that would reverse migrations happen
+# before any real usage, so it's very likely that both values are
+# identical.
+def reverse_code(apps: StateApps, schema_editor: DatabaseSchemaEditor) -> None:
+    Realm = apps.get_model("zerver", "Realm")
+    Realm.objects.all().update(create_stream_policy=F("create_public_stream_policy"))
+
+
+class Migration(migrations.Migration):
+    atomic = False
+
+    dependencies = [
+        ("zerver", "0357_remove_realm_allow_message_deleting"),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name="realm",
+            name="create_private_stream_policy",
+            field=models.PositiveSmallIntegerField(default=1),
+        ),
+        migrations.AddField(
+            model_name="realm",
+            name="create_public_stream_policy",
+            field=models.PositiveSmallIntegerField(default=1),
+        ),
+        migrations.RunPython(copy_stream_policy_field, reverse_code=reverse_code, elidable=True),
+        migrations.RemoveField(
+            model_name="realm",
+            name="create_stream_policy",
+        ),
+    ]
diff --git a/zerver/models.py b/zerver/models.py
index e92815d00b..f45dceb5b4 100644
--- a/zerver/models.py
+++ b/zerver/models.py
@@ -292,7 +292,10 @@ class Realm(models.Model):
     add_custom_emoji_policy: int = models.PositiveSmallIntegerField(default=POLICY_MEMBERS_ONLY)
 
     # Who in the organization is allowed to create streams.
-    create_stream_policy: int = models.PositiveSmallIntegerField(default=POLICY_MEMBERS_ONLY)
+    create_public_stream_policy: int = models.PositiveSmallIntegerField(default=POLICY_MEMBERS_ONLY)
+    create_private_stream_policy: int = models.PositiveSmallIntegerField(
+        default=POLICY_MEMBERS_ONLY
+    )
 
     # Who in the organization is allowed to delete messages they themselves sent.
     delete_own_message_policy: bool = models.PositiveSmallIntegerField(default=POLICY_ADMINS_ONLY)
@@ -605,7 +608,8 @@ class Realm(models.Model):
         add_custom_emoji_policy=int,
         allow_edit_history=bool,
         bot_creation_policy=int,
-        create_stream_policy=int,
+        create_public_stream_policy=int,
+        create_private_stream_policy=int,
         invite_to_stream_policy=int,
         move_messages_between_streams_policy=int,
         default_language=str,
@@ -1834,7 +1838,8 @@ class UserProfile(AbstractBaseUser, PermissionsMixin, UserBaseSettings):
     def has_permission(self, policy_name: str) -> bool:
         if policy_name not in [
             "add_custom_emoji_policy",
-            "create_stream_policy",
+            "create_private_stream_policy",
+            "create_public_stream_policy",
             "delete_own_message_policy",
             "edit_topic_policy",
             "invite_to_stream_policy",
@@ -1872,8 +1877,11 @@ class UserProfile(AbstractBaseUser, PermissionsMixin, UserBaseSettings):
         assert policy_value == Realm.POLICY_FULL_MEMBERS_ONLY
         return not self.is_provisional_member
 
-    def can_create_streams(self) -> bool:
-        return self.has_permission("create_stream_policy")
+    def can_create_public_streams(self) -> bool:
+        return self.has_permission("create_public_stream_policy")
+
+    def can_create_private_streams(self) -> bool:
+        return self.has_permission("create_private_stream_policy")
 
     def can_subscribe_other_users(self) -> bool:
         return self.has_permission("invite_to_stream_policy")
diff --git a/zerver/openapi/zulip.yaml b/zerver/openapi/zulip.yaml
index bfaa554558..3ea8929cee 100644
--- a/zerver/openapi/zulip.yaml
+++ b/zerver/openapi/zulip.yaml
@@ -10359,12 +10359,34 @@ paths:
                           Present if `realm` is present in `fetch_event_types`.
 
                           The policy for which users can create bot users in this organization.
-                      realm_create_stream_policy:
+                      realm_create_public_stream_policy:
                         type: integer
                         description: |
                           Present if `realm` is present in `fetch_event_types`.
 
-                          The policy for which users can create streams in this organization.
+                          The policy for which users can create public streams in this organization.
+
+                          - 1 = members only
+                          - 2 = admins only
+                          - 3 = full members only
+                          - 4 = admins and moderators only
+
+                          **Changes**: Before Zulip 5.0 (feature level 102), permission to
+                          create streams was controlled by the `realm_create_stream_policy` setting.
+                      realm_create_private_stream_policy:
+                        type: integer
+                        description: |
+                          Present if `realm` is present in `fetch_event_types`.
+
+                          The policy for which users can create private streams in this organization.
+
+                          - 1 = members only
+                          - 2 = admins only
+                          - 3 = full members only
+                          - 4 = admins and moderators only
+
+                          **Changes**: Before Zulip 5.0 (feature level 102), permission to
+                          create streams was controlled by the `realm_create_stream_policy` setting.
                       realm_invite_to_stream_policy:
                         type: integer
                         description: |
@@ -11366,11 +11388,43 @@ paths:
                           resolution. See also `avatar_url_medium`.
                       can_create_streams:
                         type: boolean
+                        deprecated: true
                         description: |
                           Present if `realm_user` is present in `fetch_event_types`.
 
-                          Whether the current user is allowed to create streams with
+                          Whether the current user is allowed to create at least one type
+                          of stream with the organization's [stream creation
+                          policy](/help/configure-who-can-create-streams). Its value will
+                          always equal `can_create_public_streams || can_create_private_streams`.
+
+                          **Changes**: Deprecated in Zulip 5.0 (feature level 102), when
+                          the new `create_private_stream_policy` and
+                          `create_public_stream_policy` properties introduced the
+                          possibility that a user could only create one type of stream.
+
+                          This field will be removed in a future release.
+                      can_create_public_streams:
+                        type: boolean
+                        description: |
+                          Present if `realm_user` is present in `fetch_event_types`.
+
+                          Whether the current user is allowed to create public streams with
                           the organization's [stream creation policy](/help/configure-who-can-create-streams).
+
+                          **Changes**: New in Zulip 5.0 (feature level 102). In older
+                          versions, the deprecated `can_create_streams` property should be
+                          used to determine whether the user can create public streams.
+                      can_create_private_streams:
+                        type: boolean
+                        description: |
+                          Present if `realm_user` is present in `fetch_event_types`.
+
+                          Whether the current user is allowed to create private streams with
+                          the organization's [stream creation policy](/help/configure-who-can-create-streams).
+
+                          **Changes**: New in Zulip 5.0 (feature level 102). In older
+                          versions, the deprecated `can_create_streams` property should be
+                          used to determine whether the user can create private streams.
                       can_subscribe_other_users:
                         type: boolean
                         description: |
diff --git a/zerver/tests/test_events.py b/zerver/tests/test_events.py
index d77776c178..b4d80454f4 100644
--- a/zerver/tests/test_events.py
+++ b/zerver/tests/test_events.py
@@ -2127,7 +2127,8 @@ class RealmPropertyActionTest(BaseAction):
             message_retention_days=[10, 20],
             name=["Zulip", "New Name"],
             waiting_period_threshold=[10, 20],
-            create_stream_policy=[4, 3, 2, 1],
+            create_public_stream_policy=[4, 3, 2, 1],
+            create_private_stream_policy=[4, 3, 2, 1],
             invite_to_stream_policy=[4, 3, 2, 1],
             private_message_policy=[2, 1],
             user_group_edit_policy=[1, 2, 3, 4],
diff --git a/zerver/tests/test_home.py b/zerver/tests/test_home.py
index 5712e084b5..ea1b148bbc 100644
--- a/zerver/tests/test_home.py
+++ b/zerver/tests/test_home.py
@@ -50,6 +50,8 @@ class HomeTest(ZulipTestCase):
         "avatar_url",
         "avatar_url_medium",
         "bot_types",
+        "can_create_private_streams",
+        "can_create_public_streams",
         "can_create_streams",
         "can_invite_others_to_realm",
         "can_subscribe_other_users",
@@ -112,7 +114,8 @@ class HomeTest(ZulipTestCase):
         "realm_bot_domain",
         "realm_bots",
         "realm_community_topic_editing_limit_seconds",
-        "realm_create_stream_policy",
+        "realm_create_private_stream_policy",
+        "realm_create_public_stream_policy",
         "realm_default_code_block_language",
         "realm_default_external_accounts",
         "realm_default_language",
diff --git a/zerver/tests/test_realm.py b/zerver/tests/test_realm.py
index 3d40998173..1d69f32d95 100644
--- a/zerver/tests/test_realm.py
+++ b/zerver/tests/test_realm.py
@@ -467,7 +467,8 @@ class RealmTest(ZulipTestCase):
 
         invalid_values = dict(
             bot_creation_policy=10,
-            create_stream_policy=10,
+            create_public_stream_policy=10,
+            create_private_stream_policy=10,
             invite_to_stream_policy=10,
             email_address_visibility=10,
             message_retention_days=10,
@@ -817,7 +818,8 @@ class RealmAPITest(ZulipTestCase):
             message_retention_days=[10, 20],
             name=["Zulip", "New Name"],
             waiting_period_threshold=[10, 20],
-            create_stream_policy=Realm.COMMON_POLICY_TYPES,
+            create_private_stream_policy=Realm.COMMON_POLICY_TYPES,
+            create_public_stream_policy=Realm.COMMON_POLICY_TYPES,
             user_group_edit_policy=Realm.COMMON_POLICY_TYPES,
             private_message_policy=Realm.PRIVATE_MESSAGE_POLICY_TYPES,
             invite_to_stream_policy=Realm.COMMON_POLICY_TYPES,
diff --git a/zerver/tests/test_subs.py b/zerver/tests/test_subs.py
index 1c770c2ce2..a4be7b4825 100644
--- a/zerver/tests/test_subs.py
+++ b/zerver/tests/test_subs.py
@@ -3226,25 +3226,35 @@ class SubscriptionAPITest(ZulipTestCase):
         )
 
     def _test_user_settings_for_adding_streams(self, stream_policy: str, invite_only: bool) -> None:
+        # TODO: This test makes excessive use of mocking and should be
+        # rewritten to be more similar to _test_user_settings_for_creating_streams.
+        method = "can_create_private_streams" if invite_only else "can_create_public_streams"
         do_set_realm_property(
             self.test_user.realm, stream_policy, Realm.POLICY_ADMINS_ONLY, acting_user=None
         )
 
-        with mock.patch("zerver.models.UserProfile.can_create_streams", return_value=False):
+        with mock.patch(f"zerver.models.UserProfile.{method}", return_value=False):
             result = self.common_subscribe_to_streams(
                 self.test_user, ["stream1"], invite_only=invite_only, allow_fail=True
             )
             self.assert_json_error(result, "Insufficient permission")
 
-        with mock.patch("zerver.models.UserProfile.can_create_streams", return_value=True):
+        with mock.patch(f"zerver.models.UserProfile.{method}", return_value=True):
             self.common_subscribe_to_streams(self.test_user, ["stream2"], invite_only=invite_only)
 
         # User should still be able to subscribe to an existing stream
-        with mock.patch("zerver.models.UserProfile.can_create_streams", return_value=False):
+        with mock.patch(f"zerver.models.UserProfile.{method}", return_value=False):
             self.common_subscribe_to_streams(self.test_user, ["stream2"], invite_only=invite_only)
 
-    def test_user_settings_for_adding_streams(self) -> None:
-        self._test_user_settings_for_adding_streams("create_stream_policy", invite_only=False)
+    def test_user_settings_for_adding_private_streams(self) -> None:
+        self._test_user_settings_for_adding_streams(
+            "create_private_stream_policy", invite_only=True
+        )
+
+    def test_user_settings_for_adding_public_streams(self) -> None:
+        self._test_user_settings_for_adding_streams(
+            "create_public_stream_policy", invite_only=False
+        )
 
     def _test_user_settings_for_creating_streams(
         self, stream_policy: str, invite_only: bool
@@ -3274,11 +3284,12 @@ class SubscriptionAPITest(ZulipTestCase):
             user_profile,
             ["new_stream2"],
             allow_fail=True,
+            invite_only=invite_only,
         )
         self.assert_json_error(result, "Insufficient permission")
 
         do_change_user_role(user_profile, UserProfile.ROLE_MODERATOR, acting_user=None)
-        self.common_subscribe_to_streams(user_profile, ["new_stream2"])
+        self.common_subscribe_to_streams(user_profile, ["new_stream2"], invite_only=invite_only)
 
         do_set_realm_property(realm, stream_policy, Realm.POLICY_MEMBERS_ONLY, acting_user=None)
         do_change_user_role(user_profile, UserProfile.ROLE_GUEST, acting_user=None)
@@ -3312,15 +3323,36 @@ class SubscriptionAPITest(ZulipTestCase):
         do_set_realm_property(realm, "waiting_period_threshold", 0, acting_user=None)
         self.common_subscribe_to_streams(user_profile, ["new_stream3"], invite_only=invite_only)
 
-    def test_user_settings_for_creating_streams(self) -> None:
-        self._test_user_settings_for_creating_streams("create_stream_policy", invite_only=False)
+    def test_user_settings_for_creating_private_streams(self) -> None:
+        self._test_user_settings_for_creating_streams(
+            "create_private_stream_policy", invite_only=True
+        )
 
-    def test_can_create_streams(self) -> None:
-        def validation_func(user_profile: UserProfile) -> bool:
-            user_profile.refresh_from_db()
-            return user_profile.can_create_streams()
+    def test_user_settings_for_creating_public_streams(self) -> None:
+        self._test_user_settings_for_creating_streams(
+            "create_public_stream_policy", invite_only=False
+        )
 
-        self.check_has_permission_policies("create_stream_policy", validation_func)
+    def _test_can_create_streams(self, stream_policy: str, invite_only: bool) -> None:
+        if invite_only:
+
+            def validation_func(user_profile: UserProfile) -> bool:
+                user_profile.refresh_from_db()
+                return user_profile.can_create_private_streams()
+
+        else:
+
+            def validation_func(user_profile: UserProfile) -> bool:
+                user_profile.refresh_from_db()
+                return user_profile.can_create_public_streams()
+
+        self.check_has_permission_policies(stream_policy, validation_func)
+
+    def test_can_create_private_streams(self) -> None:
+        self._test_can_create_streams("create_private_stream_policy", invite_only=True)
+
+    def test_can_create_public_streams(self) -> None:
+        self._test_can_create_streams("create_public_stream_policy", invite_only=False)
 
     def test_user_settings_for_subscribing_other_users(self) -> None:
         """
@@ -3332,7 +3364,7 @@ class SubscriptionAPITest(ZulipTestCase):
         realm = user_profile.realm
 
         do_set_realm_property(
-            realm, "create_stream_policy", Realm.POLICY_MEMBERS_ONLY, acting_user=None
+            realm, "create_public_stream_policy", Realm.POLICY_MEMBERS_ONLY, acting_user=None
         )
         do_set_realm_property(
             realm, "invite_to_stream_policy", Realm.POLICY_ADMINS_ONLY, acting_user=None
diff --git a/zerver/views/realm.py b/zerver/views/realm.py
index 5da4d8e7d8..5a704f37c3 100644
--- a/zerver/views/realm.py
+++ b/zerver/views/realm.py
@@ -100,7 +100,10 @@ def update_realm(
     bot_creation_policy: Optional[int] = REQ(
         json_validator=check_int_in(Realm.BOT_CREATION_POLICY_TYPES), default=None
     ),
-    create_stream_policy: Optional[int] = REQ(
+    create_public_stream_policy: Optional[int] = REQ(
+        json_validator=check_int_in(Realm.COMMON_POLICY_TYPES), default=None
+    ),
+    create_private_stream_policy: Optional[int] = REQ(
         json_validator=check_int_in(Realm.COMMON_POLICY_TYPES), default=None
     ),
     invite_to_stream_policy: Optional[int] = REQ(