diff --git a/src/webassets/bundle.py b/src/webassets/bundle.py
index d4322083..c1bdaa98 100644
--- a/src/webassets/bundle.py
+++ b/src/webassets/bundle.py
@@ -713,7 +713,7 @@ def _make_output_url(self, ctx):
             url = "%s?%s" % (url, version)
         return url
 
-    def _urls(self, ctx, extra_filters, *args, **kwargs):
+    def _urls(self, ctx, extra_filters, with_bodies,  *args, **kwargs):
         """Return a list of urls for this bundle, and all subbundles,
         and, when it becomes necessary, start a build process.
         """
@@ -744,7 +744,13 @@ def _urls(self, ctx, extra_filters, *args, **kwargs):
             if ctx.auto_build:
                 self._build(ctx, extra_filters=extra_filters, force=False,
                             *args, **kwargs)
-            return [self._make_output_url(ctx)]
+            if with_bodies:
+                # The hunks returned by the _build() method aren't useful as
+                # they sometimes have %(version)s in them. Can this be changed?
+                hunk = FileHunk(self.resolve_output(ctx))
+                return [(self._make_output_url(ctx), hunk.data())]
+            else:
+                return [self._make_output_url(ctx)]
         else:
             # We either have no files (nothing to build), or we are
             # in debug mode: Instead of building the bundle, we
@@ -755,10 +761,15 @@ def _urls(self, ctx, extra_filters, *args, **kwargs):
                     urls.extend(org._urls(
                         wrap(ctx, cnt),
                         merge_filters(extra_filters, self.filters),
+                        with_bodies,
                         *args, **kwargs))
                 elif is_url(cnt):
-                    urls.append(cnt)
+                    if with_bodies:
+                        urls.append((cnt, UrlHunk(cnt, ctx).data()))
+                    else:
+                        urls.append(cnt)
                 else:
+                    external = None
                     try:
                         url = ctx.resolver.resolve_source_to_url(ctx, cnt, org)
                     except ValueError:
@@ -768,7 +779,10 @@ def _urls(self, ctx, extra_filters, *args, **kwargs):
                         external = pull_external(ctx, cnt)
                         url = ctx.resolver.resolve_source_to_url(ctx, external, org)
 
-                    urls.append(url)
+                    if with_bodies:
+                        urls.append((url, FileHunk(external or cnt).data()))
+                    else:
+                        urls.append(url)
             return urls
 
     def urls(self, *args, **kwargs):
@@ -784,9 +798,21 @@ def urls(self, *args, **kwargs):
         ctx = wrap(self.env, self)
         urls = []
         for bundle, extra_filters, new_ctx in self.iterbuild(ctx):
-            urls.extend(bundle._urls(new_ctx, extra_filters, *args, **kwargs))
+            urls.extend(bundle._urls(new_ctx, extra_filters, False, *args, **kwargs))
         return urls
 
+    def urls_with_bodies(self, *args, **kwargs):
+        """Returns a list of tuples containing urls and their content.
+
+        Works just like urls() except that it returns tuples of the urls
+        and their respective content.
+        """
+        ctx = wrap(self.env, self)
+        urls_contents = []
+        for bundle, extra_filters, new_ctx in self.iterbuild(ctx):
+            urls_contents.extend(bundle._urls(new_ctx, extra_filters, True, *args, **kwargs))
+        return urls_contents
+
 
 def pull_external(ctx, filename):
     """Helper which will pull ``filename`` into
diff --git a/src/webassets/ext/jinja2.py b/src/webassets/ext/jinja2.py
index fcfb321d..2d9e8e8a 100644
--- a/src/webassets/ext/jinja2.py
+++ b/src/webassets/ext/jinja2.py
@@ -142,6 +142,7 @@ def parse(self, parser):
         #
         # Summary: We have to be satisfied with a single EXTRA variable.
         args = [nodes.Name('ASSET_URL', 'store'),
+                nodes.Name('ASSET_CONTENTS', 'store'),
                 nodes.Name('EXTRA', 'store')]
 
         # Return a ``CallBlock``, which means Jinja2 will call a Python method
@@ -183,13 +184,13 @@ def _render_assets(self, filter, output, dbg, depends, files, caller=None):
 
         # Retrieve urls (this may or may not cause a build)
         with bundle.bind(env):
-            urls = bundle.urls()
+            urls = bundle.urls_with_bodies()
 
         # For each url, execute the content of this template tag (represented
         # by the macro ```caller`` given to use by Jinja2).
         result = u""
-        for url in urls:
-            result += caller(url, bundle.extra)
+        for url, body in urls:
+            result += caller(url, body, bundle.extra)
         return result
 
 
diff --git a/tests/test_ext/test_jinja2.py b/tests/test_ext/test_jinja2.py
index 69877f7e..4fffe1ea 100644
--- a/tests/test_ext/test_jinja2.py
+++ b/tests/test_ext/test_jinja2.py
@@ -27,6 +27,7 @@ def setup(self):
         test_instance = self
         class MockBundle(Bundle):
             urls_to_fake = ['foo']
+            content_to_fake = ['bar']
             def __init__(self, *a, **kw):
                 Bundle.__init__(self, *a, **kw)
                 self.env = assets_env
@@ -38,6 +39,9 @@ def __init__(self, *a, **kw):
                 test_instance.the_bundle = self
             def urls(self, *a, **kw):
                 return self.urls_to_fake
+            def urls_with_bodies(self, *a, **kw):
+                return zip(self.urls_to_fake, self.content_to_fake)
+
         self._old_bundle_class = AssetsExtension.BundleClass
         AssetsExtension.BundleClass = self.BundleClass = MockBundle
 
@@ -87,8 +91,14 @@ def test_output_urls(self):
         """Ensure the tag correctly spits out the urls the bundle returns.
         """
         self.BundleClass.urls_to_fake = ['foo', 'bar']
+        self.BundleClass.content_to_fake = ['as', 'df']
         assert self.render_template('"file1" "file2" "file3"') == 'foo;bar;'
 
+    def test_asset_contents(self):
+        output = self.jinja_env.from_string(
+            '{% assets "bundle" %}{{ ASSET_CONTENTS }}{% endassets %}').render({})
+        assert output == 'bar'
+
     def test_debug_on_tag(self):
         content = self.jinja_env.from_string(
             '{% assets debug="True", "debug1.txt" %}{{ ASSET_URL }};{% endassets %}').render({})