diff --git a/releasenotes/notes/asynchronous_defined_retry_callbacks-254eecdc313c52f8.yaml b/releasenotes/notes/asynchronous_defined_retry_callbacks-254eecdc313c52f8.yaml
new file mode 100644
index 00000000..908ad38e
--- /dev/null
+++ b/releasenotes/notes/asynchronous_defined_retry_callbacks-254eecdc313c52f8.yaml
@@ -0,0 +1,16 @@
+---
+prelude: >
+    Example use cases:
+    - if we get logged out from the server
+    - if authentication tokens expire
+    We want to be able to automatically refresh our session by calling a specific
+    function. This function can be asynchronously defined.
+features:
+  - |
+    Asynchronous defined retry callbacks:
+    - retry
+    - retry_error_callback
+issues:
+  - |
+    #249
+
diff --git a/tenacity/_asyncio.py b/tenacity/_asyncio.py
index 979b6544..6991621d 100644
--- a/tenacity/_asyncio.py
+++ b/tenacity/_asyncio.py
@@ -15,10 +15,17 @@
 # WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
 # See the License for the specific language governing permissions and
 # limitations under the License.
+try:
+    from inspect import iscoroutinefunction
+except ImportError:
+    iscoroutinefunction = None
+
 import sys
 from asyncio import sleep
 
-from tenacity import AttemptManager
+import six
+
+from tenacity import AttemptManager, RetryAction, TryAgain
 from tenacity import BaseRetrying
 from tenacity import DoAttempt
 from tenacity import DoSleep
@@ -30,12 +37,58 @@ def __init__(self, sleep=sleep, **kwargs):
         super(AsyncRetrying, self).__init__(**kwargs)
         self.sleep = sleep
 
+    async def iter(self, retry_state):  # noqa
+        fut = retry_state.outcome
+        if fut is None:
+            if self.before is not None:
+                self.before(retry_state)
+            return DoAttempt()
+
+        is_explicit_retry = retry_state.outcome.failed and isinstance(
+            retry_state.outcome.exception(), TryAgain
+        )
+        if iscoroutinefunction(self.retry):
+            should_retry = await self.retry(retry_state=retry_state)
+        else:
+            should_retry = self.retry(retry_state=retry_state)
+        if not (is_explicit_retry or should_retry):
+            return fut.result()
+
+        if self.after is not None:
+            self.after(retry_state=retry_state)
+
+        self.statistics["delay_since_first_attempt"] = retry_state.seconds_since_start
+        if self.stop(retry_state=retry_state):
+            if self.retry_error_callback:
+                if iscoroutinefunction(self.retry_error_callback):
+                    return await self.retry_error_callback(retry_state=retry_state)
+                else:
+                    return self.retry_error_callback(retry_state=retry_state)
+            retry_exc = self.retry_error_cls(fut)
+            if self.reraise:
+                raise retry_exc.reraise()
+            six.raise_from(retry_exc, fut.exception())
+
+        if self.wait:
+            iteration_sleep = self.wait(retry_state=retry_state)
+        else:
+            iteration_sleep = 0.0
+        retry_state.next_action = RetryAction(iteration_sleep)
+        retry_state.idle_for += iteration_sleep
+        self.statistics["idle_for"] += iteration_sleep
+        self.statistics["attempt_number"] += 1
+
+        if self.before_sleep is not None:
+            self.before_sleep(retry_state=retry_state)
+
+        return DoSleep(iteration_sleep)
+
     async def __call__(self, fn, *args, **kwargs):
         self.begin(fn)
 
         retry_state = RetryCallState(retry_object=self, fn=fn, args=args, kwargs=kwargs)
         while True:
-            do = self.iter(retry_state=retry_state)
+            do = await self.iter(retry_state=retry_state)
             if isinstance(do, DoAttempt):
                 try:
                     result = await fn(*args, **kwargs)
@@ -56,7 +109,7 @@ def __aiter__(self):
 
     async def __anext__(self):
         while True:
-            do = self.iter(retry_state=self._retry_state)
+            do = await self.iter(retry_state=self._retry_state)
             if do is None:
                 raise StopAsyncIteration
             elif isinstance(do, DoAttempt):
@@ -69,6 +122,7 @@ async def __anext__(self):
 
     def wraps(self, fn):
         fn = super().wraps(fn)
+
         # Ensure wrapper is recognized as a coroutine function.
 
         async def async_wrapped(*args, **kwargs):
diff --git a/tenacity/tests/test_asyncio.py b/tenacity/tests/test_asyncio.py
index 2057fd2d..f954ec1d 100644
--- a/tenacity/tests/test_asyncio.py
+++ b/tenacity/tests/test_asyncio.py
@@ -124,6 +124,49 @@ def after(retry_state):
         assert len(set(things)) == 1
         assert list(attempt_nos2) == [1, 2, 3]
 
+    @asynctest
+    async def test_async_retry(self):
+        attempts = []
+
+        async def async_retry(retry_state):
+            if retry_state.outcome.failed:
+                attempts.append((retry_state.outcome, retry_state.attempt_number))
+                return True
+            else:
+                attempts.append((retry_state.outcome, retry_state.attempt_number))
+                return False
+
+        thing = NoIOErrorAfterCount(2)
+
+        await _retryable_coroutine.retry_with(retry=async_retry)(thing)
+
+        things, attempt_numbers = zip(*attempts)
+        assert len(attempts) == 3
+
+        for thing in things[:-1]:
+            with pytest.raises(IOError):
+                thing.result()
+
+        assert things[-1].result() is True
+
+    @asynctest
+    async def test_async_callback_error_retry(self):
+        async def async_return_text(retry_state):
+            await asyncio.sleep(0.00001)
+
+            return "Calling %s keeps raising errors after %s attempts" % (
+                retry_state.fn.__name__,
+                retry_state.attempt_number,
+            )
+
+        thing = NoIOErrorAfterCount(3)
+
+        result = await _retryable_coroutine_with_2_attempts.retry_with(
+            retry_error_callback=async_return_text
+        )(thing)
+        message = "Calling _retryable_coroutine_with_2_attempts keeps raising errors after 2 attempts"
+        assert result == message
+
 
 class TestContextManager(unittest.TestCase):
     @asynctest