diff --git a/IPython/nbconvert/writers/files.py b/IPython/nbconvert/writers/files.py
index 9ff499c..f6e1da5 100644
--- a/IPython/nbconvert/writers/files.py
+++ b/IPython/nbconvert/writers/files.py
@@ -16,10 +16,10 @@ Contains writer for writing nbconvert output to filesystem.
 
 import io
 import os
-import shutil
 import glob
 
 from IPython.utils.traitlets import Unicode
+from IPython.utils.path import link_or_copy
 
 from .base import WriterBase
 
@@ -90,7 +90,7 @@ class FilesWriter(WriterBase):
 
                         # Copy if destination is different.
                         if not os.path.normpath(dest) == os.path.normpath(matching_filename):
-                            shutil.copyfile(matching_filename, dest)
+                            link_or_copy(matching_filename, dest)
 
             # Determine where to write conversion results.
             dest = notebook_name + '.' + output_extension
diff --git a/IPython/utils/path.py b/IPython/utils/path.py
index 76e9377..f75af64 100644
--- a/IPython/utils/path.py
+++ b/IPython/utils/path.py
@@ -16,6 +16,9 @@ Utilities for path handling.
 
 import os
 import sys
+import errno
+import shutil
+import random
 import tempfile
 import warnings
 from hashlib import md5
@@ -510,3 +513,52 @@ def get_security_file(filename, profile='default'):
         raise IOError("Profile %r not found")
     return filefind(filename, ['.', pd.security_dir])
 
+
+ENOLINK = 1998
+
+def link(src, dst):
+    """Hard links ``src`` to ``dst``, returning 0 or errno.
+
+    Note that the special errno ``ENOLINK`` will be returned if ``os.link`` isn't
+    supported by the operating system.
+    """
+
+    if not hasattr(os, "link"):
+        return ENOLINK
+    link_errno = 0
+    try:
+        os.link(src, dst)
+    except OSError as e:
+        link_errno = e.errno
+    return link_errno
+
+
+def link_or_copy(src, dst):
+    """Attempts to hardlink ``src`` to ``dst``, copying if the link fails.
+
+    Attempts to maintain the semantics of ``shutil.copy``.
+
+    Because ``os.link`` does not overwrite files, a unique temporary file
+    will be used if the target already exists, then that file will be moved
+    into place.
+    """
+
+    if os.path.isdir(dst):
+        dst = os.path.join(dst, os.path.basename(src))
+
+    link_errno = link(src, dst)
+    if link_errno == errno.EEXIST:
+        new_dst = dst + "-temp-%04X" %(random.randint(1, 16**4), )
+        try:
+            link_or_copy(src, new_dst)
+        except:
+            try:
+                os.remove(new_dst)
+            except OSError:
+                pass
+            raise
+        os.rename(new_dst, dst)
+    elif link_errno != 0:
+        # Either link isn't supported, or the filesystem doesn't support
+        # linking, or 'src' and 'dst' are on different filesystems.
+        shutil.copy(src, dst)
diff --git a/IPython/utils/tests/test_path.py b/IPython/utils/tests/test_path.py
index 0273266..1452287 100644
--- a/IPython/utils/tests/test_path.py
+++ b/IPython/utils/tests/test_path.py
@@ -559,3 +559,69 @@ def test_unescape_glob():
     nt.assert_equals(path.unescape_glob(r'\\\*'), r'\*')
     nt.assert_equals(path.unescape_glob(r'\\a'), r'\a')
     nt.assert_equals(path.unescape_glob(r'\a'), r'\a')
+
+
+class TestLinkOrCopy(object):
+    def setUp(self):
+        self.tempdir = TemporaryDirectory()
+        self.src = self.dst("src")
+        with open(self.src, "w") as f:
+            f.write("Hello, world!")
+
+    def tearDown(self):
+        self.tempdir.cleanup()
+
+    def dst(self, *args):
+        return os.path.join(self.tempdir.name, *args)
+
+    def assert_inode_not_equal(self, a, b):
+        nt.assert_not_equals(os.stat(a).st_ino, os.stat(b).st_ino,
+                             "%r and %r do reference the same indoes" %(a, b))
+
+    def assert_inode_equal(self, a, b):
+        nt.assert_equals(os.stat(a).st_ino, os.stat(b).st_ino,
+                         "%r and %r do not reference the same indoes" %(a, b))
+
+    def assert_content_equal(self, a, b):
+        with open(a) as a_f:
+            with open(b) as b_f:
+                nt.assert_equals(a_f.read(), b_f.read())
+
+    @skip_win32
+    def test_link_successful(self):
+        dst = self.dst("target")
+        path.link_or_copy(self.src, dst)
+        self.assert_inode_equal(self.src, dst)
+
+    @skip_win32
+    def test_link_into_dir(self):
+        dst = self.dst("some_dir")
+        os.mkdir(dst)
+        path.link_or_copy(self.src, dst)
+        expected_dst = self.dst("some_dir", os.path.basename(self.src))
+        self.assert_inode_equal(self.src, expected_dst)
+
+    @skip_win32
+    def test_target_exists(self):
+        dst = self.dst("target")
+        open(dst, "w").close()
+        path.link_or_copy(self.src, dst)
+        self.assert_inode_equal(self.src, dst)
+
+    @skip_win32
+    def test_no_link(self):
+        real_link = os.link
+        try:
+            del os.link
+            dst = self.dst("target")
+            path.link_or_copy(self.src, dst)
+            self.assert_content_equal(self.src, dst)
+            self.assert_inode_not_equal(self.src, dst)
+        finally:
+            os.link = real_link
+
+    @skip_if_not_win32
+    def test_windows(self):
+        dst = self.dst("target")
+        path.link_or_copy(self.src, dst)
+        self.assert_content_equal(self.src, dst)