diff --git a/assets/keymaps/default-linux.json b/assets/keymaps/default-linux.json
index 44234b819abdf10231e4cb4e4fb7dfe335d19778..70a002cf081deaf5df66a2173dc17e7f02ce3aeb 100644
--- a/assets/keymaps/default-linux.json
+++ b/assets/keymaps/default-linux.json
@@ -583,7 +583,7 @@
       "ctrl-n": "workspace::NewFile",
       "shift-new": "workspace::NewWindow",
       "ctrl-shift-n": "workspace::NewWindow",
-      "ctrl-`": "terminal_panel::ToggleFocus",
+      "ctrl-`": "terminal_panel::Toggle",
       "f10": ["app_menu::OpenApplicationMenu", "Zed"],
       "alt-1": ["workspace::ActivatePane", 0],
       "alt-2": ["workspace::ActivatePane", 1],
diff --git a/assets/keymaps/default-macos.json b/assets/keymaps/default-macos.json
index 954684c826b18828857c6411e2413aa514aeec45..21504c7e623583017459baaac7d25191d7a08b68 100644
--- a/assets/keymaps/default-macos.json
+++ b/assets/keymaps/default-macos.json
@@ -649,7 +649,7 @@
       "alt-shift-enter": "toast::RunAction",
       "cmd-shift-s": "workspace::SaveAs",
       "cmd-shift-n": "workspace::NewWindow",
-      "ctrl-`": "terminal_panel::ToggleFocus",
+      "ctrl-`": "terminal_panel::Toggle",
       "cmd-1": ["workspace::ActivatePane", 0],
       "cmd-2": ["workspace::ActivatePane", 1],
       "cmd-3": ["workspace::ActivatePane", 2],
diff --git a/assets/keymaps/default-windows.json b/assets/keymaps/default-windows.json
index 728907e60ca3361270f15b20f66aaf7571be6ac2..1c9f1281882dc136daa7a3912d3d92b3516a4441 100644
--- a/assets/keymaps/default-windows.json
+++ b/assets/keymaps/default-windows.json
@@ -599,7 +599,7 @@
       "ctrl-n": "workspace::NewFile",
       "shift-new": "workspace::NewWindow",
       "ctrl-shift-n": "workspace::NewWindow",
-      "ctrl-`": "terminal_panel::ToggleFocus",
+      "ctrl-`": "terminal_panel::Toggle",
       "f10": ["app_menu::OpenApplicationMenu", "Zed"],
       "alt-1": ["workspace::ActivatePane", 0],
       "alt-2": ["workspace::ActivatePane", 1],
diff --git a/assets/keymaps/linux/jetbrains.json b/assets/keymaps/linux/jetbrains.json
index 3df1243feda88680a4ce03cd0b25ab9ea9a36edd..59a182a968a849edb3359927e7647f611bcd44da 100644
--- a/assets/keymaps/linux/jetbrains.json
+++ b/assets/keymaps/linux/jetbrains.json
@@ -125,7 +125,7 @@
   {
     "context": "Workspace || Editor",
     "bindings": {
-      "alt-f12": "terminal_panel::ToggleFocus",
+      "alt-f12": "terminal_panel::Toggle",
       "ctrl-shift-k": "git::Push"
     }
   },
diff --git a/assets/keymaps/macos/jetbrains.json b/assets/keymaps/macos/jetbrains.json
index 66962811f48a429f2f5d036241c64d6549f60334..2c757c3a30a08eb55e8344945ab66baf91ce0c6b 100644
--- a/assets/keymaps/macos/jetbrains.json
+++ b/assets/keymaps/macos/jetbrains.json
@@ -127,7 +127,7 @@
   {
     "context": "Workspace || Editor",
     "bindings": {
-      "alt-f12": "terminal_panel::ToggleFocus",
+      "alt-f12": "terminal_panel::Toggle",
       "cmd-shift-k": "git::Push"
     }
   },
diff --git a/crates/terminal_view/src/terminal_panel.rs b/crates/terminal_view/src/terminal_panel.rs
index 2ba7f617bf407299b2b0e670f66432ce053718be..44d64c5fe3351d4c3e2a9342bfaf818445d78736 100644
--- a/crates/terminal_view/src/terminal_panel.rs
+++ b/crates/terminal_view/src/terminal_panel.rs
@@ -49,6 +49,8 @@ const TERMINAL_PANEL_KEY: &str = "TerminalPanel";
 actions!(
     terminal_panel,
     [
+        /// Toggles the terminal panel.
+        Toggle,
         /// Toggles focus on the terminal panel.
         ToggleFocus
     ]
@@ -64,6 +66,13 @@ pub fn init(cx: &mut App) {
                     workspace.toggle_panel_focus::<TerminalPanel>(window, cx);
                 }
             });
+            workspace.register_action(|workspace, _: &Toggle, window, cx| {
+                if is_enabled_in_workspace(workspace, cx) {
+                    if !workspace.toggle_panel_focus::<TerminalPanel>(window, cx) {
+                        workspace.close_panel::<TerminalPanel>(window, cx);
+                    }
+                }
+            });
         },
     )
     .detach();
diff --git a/crates/vim/src/command.rs b/crates/vim/src/command.rs
index 29fe6aae0252bcc1ca5767f71b7c668ecae1b9a8..eda483988b4e8a01affa9c85d0cad7657def61eb 100644
--- a/crates/vim/src/command.rs
+++ b/crates/vim/src/command.rs
@@ -1265,8 +1265,8 @@ fn generate_commands(_: &App) -> Vec<VimCommand> {
         VimCommand::str(("L", "explore"), "project_panel::ToggleFocus"),
         VimCommand::str(("S", "explore"), "project_panel::ToggleFocus"),
         VimCommand::str(("Ve", "xplore"), "project_panel::ToggleFocus"),
-        VimCommand::str(("te", "rm"), "terminal_panel::ToggleFocus"),
-        VimCommand::str(("T", "erm"), "terminal_panel::ToggleFocus"),
+        VimCommand::str(("te", "rm"), "terminal_panel::Toggle"),
+        VimCommand::str(("T", "erm"), "terminal_panel::Toggle"),
         VimCommand::str(("C", "ollab"), "collab_panel::ToggleFocus"),
         VimCommand::str(("Ch", "at"), "chat_panel::ToggleFocus"),
         VimCommand::str(("No", "tifications"), "notification_panel::ToggleFocus"),
diff --git a/crates/workspace/src/workspace.rs b/crates/workspace/src/workspace.rs
index 0bfcaaf593eca73baa2a6a57def5af17b6ee93b3..6b4e7c1731b23e2e35086431d4d83bda4958d33f 100644
--- a/crates/workspace/src/workspace.rs
+++ b/crates/workspace/src/workspace.rs
@@ -3093,6 +3093,16 @@ impl Workspace {
         }
     }
 
+    pub fn close_panel<T: Panel>(&self, window: &mut Window, cx: &mut Context<Self>) {
+        for dock in self.all_docks().iter() {
+            dock.update(cx, |dock, cx| {
+                if dock.panel::<T>().is_some() {
+                    dock.set_open(false, window, cx)
+                }
+            })
+        }
+    }
+
     pub fn panel<T: Panel>(&self, cx: &App) -> Option<Entity<T>> {
         self.all_docks()
             .iter()