diff --git a/pydantic/generics.py b/pydantic/generics.py
--- a/pydantic/generics.py
+++ b/pydantic/generics.py
@@ -1,4 +1,19 @@
-from typing import TYPE_CHECKING, Any, ClassVar, Dict, Tuple, Type, TypeVar, Union, cast, get_type_hints
+import sys
+from types import FrameType, ModuleType
+from typing import (
+    TYPE_CHECKING,
+    Any,
+    Callable,
+    ClassVar,
+    Dict,
+    Optional,
+    Tuple,
+    Type,
+    TypeVar,
+    Union,
+    cast,
+    get_type_hints,
+)
 
 from .class_validators import gather_all_validators
 from .fields import FieldInfo, ModelField
@@ -45,17 +60,27 @@ def __class_getitem__(cls: Type[GenericModelT], params: Union[Type[Any], Tuple[T
         model_name = cls.__concrete_name__(params)
         validators = gather_all_validators(cls)
         fields = _build_generic_fields(cls.__fields__, concrete_type_hints, typevars_map)
+        model_module = get_caller_module_name() or cls.__module__
         created_model = cast(
             Type[GenericModel],  # casting ensures mypy is aware of the __concrete__ and __parameters__ attributes
             create_model(
                 model_name,
-                __module__=cls.__module__,
+                __module__=model_module,
                 __base__=cls,
                 __config__=None,
                 __validators__=validators,
                 **fields,
             ),
         )
+
+        if is_call_from_module():  # create global reference and therefore allow pickling
+            object_in_module = sys.modules[model_module].__dict__.setdefault(model_name, created_model)
+            if object_in_module is not created_model:
+                # this should not ever happen because of _generic_types_cache, but just in case
+                raise TypeError(f'{model_name!r} already defined above, please consider reusing it') from NameError(
+                    f'Name conflict: {model_name!r} in {model_module!r} is already used by {object_in_module!r}'
+                )
+
         created_model.Config = cls.Config
         concrete = all(not _is_typevar(v) for v in concrete_type_hints.values())
         created_model.__concrete__ = concrete
@@ -114,3 +139,36 @@ def _parameterize_generic_field(field_type: Type[Any], typevars_map: Dict[TypeVa
 
 def _is_typevar(v: Any) -> bool:
     return isinstance(v, TypeVar)
+
+
+def get_caller_module_name() -> Optional[str]:
+    """
+    Used inside a function to get its caller module name
+
+    Will only work against non-compiled code, therefore used only in pydantic.generics
+    """
+    import inspect
+
+    try:
+        previous_caller_frame = inspect.stack()[2].frame
+    except IndexError as e:
+        raise RuntimeError('This function must be used inside another function') from e
+
+    getmodule = cast(Callable[[FrameType, str], Optional[ModuleType]], inspect.getmodule)
+    previous_caller_module = getmodule(previous_caller_frame, previous_caller_frame.f_code.co_filename)
+    return previous_caller_module.__name__ if previous_caller_module is not None else None
+
+
+def is_call_from_module() -> bool:
+    """
+    Used inside a function to check whether it was called globally
+
+    Will only work against non-compiled code, therefore used only in pydantic.generics
+    """
+    import inspect
+
+    try:
+        previous_caller_frame = inspect.stack()[2].frame
+    except IndexError as e:
+        raise RuntimeError('This function must be used inside another function') from e
+    return previous_caller_frame.f_locals is previous_caller_frame.f_globals
diff --git a/pydantic/main.py b/pydantic/main.py
--- a/pydantic/main.py
+++ b/pydantic/main.py
@@ -803,7 +803,7 @@ def create_model(
     *,
     __config__: Type[BaseConfig] = None,
     __base__: Type[BaseModel] = None,
-    __module__: Optional[str] = None,
+    __module__: str = __name__,
     __validators__: Dict[str, classmethod] = None,
     **field_definitions: Any,
 ) -> Type[BaseModel]:
@@ -812,8 +812,9 @@ def create_model(
     :param __model_name: name of the created model
     :param __config__: config class to use for the new model
     :param __base__: base class for the new model to inherit from
+    :param __module__: module of the created model
     :param __validators__: a dict of method names and @validator class methods
-    :param **field_definitions: fields of the model (or extra fields if a base is supplied)
+    :param field_definitions: fields of the model (or extra fields if a base is supplied)
         in the format `<name>=(<type>, <default default>)` or `<name>=<default value>, e.g.
         `foobar=(str, ...)` or `foobar=123`, or, for complex use-cases, in the format
         `<name>=<FieldInfo>`, e.g. `foo=Field(default_factory=datetime.utcnow, alias='bar')`

diff --git a/tests/conftest.py b/tests/conftest.py
--- a/tests/conftest.py
+++ b/tests/conftest.py
@@ -1,10 +1,38 @@
+import inspect
 import os
 import secrets
+import subprocess
+import sys
+import textwrap
 from importlib.machinery import SourceFileLoader
+from types import FunctionType
 
 import pytest
 
 
+def _extract_source_code_from_function(function):
+    if function.__code__.co_argcount:
+        raise RuntimeError(f'function {function.__qualname__} cannot have any arguments')
+
+    code_lines = ''
+    body_started = False
+    for line in textwrap.dedent(inspect.getsource(function)).split('\n'):
+        if line.startswith('def '):
+            body_started = True
+            continue
+        elif body_started:
+            code_lines += f'{line}\n'
+
+    return textwrap.dedent(code_lines)
+
+
+def _create_module(code, tmp_path, name):
+    name = f'{name}_{secrets.token_hex(5)}'
+    path = tmp_path / f'{name}.py'
+    path.write_text(code)
+    return name, path
+
+
 class SetEnv:
     def __init__(self):
         self.envars = set()
@@ -28,11 +56,37 @@ def env():
 
 
 @pytest.fixture
-def create_module(tmp_path):
-    def run(code):
-        name = f'test_code_{secrets.token_hex(5)}'
-        path = tmp_path / f'{name}.py'
-        path.write_text(code)
+def create_module(tmp_path, request):
+    def run(module_source_code=None):
+        """
+        Creates module and loads it with SourceFileLoader().load_module()
+        """
+        if isinstance(module_source_code, FunctionType):
+            module_source_code = _extract_source_code_from_function(module_source_code)
+        name, path = _create_module(module_source_code, tmp_path, request.node.name)
         return SourceFileLoader(name, str(path)).load_module()
 
     return run
+
+
+@pytest.fixture
+def run_as_module(tmp_path, request):
+    def run(module_source_code=None):
+        """
+        Creates module source and runs it in subprocess
+
+        This way is much slower than SourceFileLoader().load_module(),
+        but executes module as __main__ with a clear stack (https://docs.python.org/3/library/__main__.html)
+        """
+        if isinstance(module_source_code, FunctionType):
+            module_source_code = _extract_source_code_from_function(module_source_code)
+        _, path = _create_module(module_source_code, tmp_path, request.node.name)
+        result = subprocess.run([sys.executable, str(path)], stdout=subprocess.PIPE, stderr=subprocess.PIPE, timeout=5)
+        if result.returncode != 0:
+            pytest.fail(
+                f'Running {path} failed with non-zero return code: {result.returncode}\n'
+                f'Captured stdout:\n{result.stdout.decode()}\n'
+                f'Captured stderr:\n{result.stderr.decode()}'
+            )
+
+    return run
diff --git a/tests/test_create_model.py b/tests/test_create_model.py
--- a/tests/test_create_model.py
+++ b/tests/test_create_model.py
@@ -11,6 +11,7 @@ def test_create_model():
     assert model.__fields__.keys() == {'foo', 'bar'}
     assert model.__validators__ == {}
     assert model.__config__.__name__ == 'Config'
+    assert model.__module__ == 'pydantic.main'
 
 
 def test_create_model_usage():
@@ -24,6 +25,29 @@ def test_create_model_usage():
         model(foo='hello', bar='xxx')
 
 
+def test_create_model_pickle(create_module):
+    """
+    Pickle will work for dynamically created model only if it was defined globally with its class name
+    and module where it's defined was specified
+    """
+
+    @create_module
+    def module():
+        import pickle
+
+        from pydantic import create_model
+
+        FooModel = create_model('FooModel', foo=(str, ...), bar=123, __module__=__name__)
+
+        m = FooModel(foo='hello')
+        d = pickle.dumps(m)
+        m2 = pickle.loads(d)
+        assert m2.foo == m.foo == 'hello'
+        assert m2.bar == m.bar == 123
+        assert m2 == m
+        assert m2 is not m
+
+
 def test_invalid_name():
     with pytest.warns(RuntimeWarning):
         model = create_model('FooModel', _foo=(str, ...))
diff --git a/tests/test_forward_ref.py b/tests/test_forward_ref.py
--- a/tests/test_forward_ref.py
+++ b/tests/test_forward_ref.py
@@ -472,3 +472,15 @@ class Filter(BaseModel):
     )
     Filter = module.Filter
     assert isinstance(Filter(p={'sort': 'some_field:asc', 'fields': []}), Filter)
+
+
+def test_forward_ref_with_create_model(create_module):
+    @create_module
+    def module():
+        import pydantic
+
+        Sub = pydantic.create_model('Sub', foo='bar', __module__=__name__)
+        assert Sub  # get rid of "local variable 'Sub' is assigned to but never used"
+        Main = pydantic.create_model('Main', sub=('Sub', ...), __module__=__name__)
+        instance = Main(sub={})
+        assert instance.sub.dict() == {'foo': 'bar'}
diff --git a/tests/test_generics.py b/tests/test_generics.py
--- a/tests/test_generics.py
+++ b/tests/test_generics.py
@@ -5,7 +5,7 @@
 import pytest
 
 from pydantic import BaseModel, Field, ValidationError, root_validator, validator
-from pydantic.generics import GenericModel, _generic_types_cache
+from pydantic.generics import GenericModel, _generic_types_cache, get_caller_module_name
 
 skip_36 = pytest.mark.skipif(sys.version_info < (3, 7), reason='generics only supported for python 3.7 and above')
 
@@ -412,7 +412,6 @@ class MyModel(GenericModel, Generic[T]):
 
 @skip_36
 def test_child_schema():
-
     T = TypeVar('T')
 
     class Model(GenericModel, Generic[T]):
@@ -599,3 +598,168 @@ class Model(GenericModel, Generic[AT, BT]):
         {'loc': ('a',), 'msg': 'none is not an allowed value', 'type': 'type_error.none.not_allowed'},
         {'loc': ('b',), 'msg': 'none is not an allowed value', 'type': 'type_error.none.not_allowed'},
     ]
+
+
+@skip_36
+def test_generic_model_pickle(create_module):
+    # Using create_module because pickle doesn't support
+    # objects with <locals> in their __qualname__  (e. g. defined in function)
+    @create_module
+    def module():
+        import pickle
+        from typing import Generic, TypeVar
+
+        from pydantic import BaseModel
+        from pydantic.generics import GenericModel
+
+        t = TypeVar('t')
+
+        class Model(BaseModel):
+            a: float
+            b: int = 10
+
+        class MyGeneric(GenericModel, Generic[t]):
+            value: t
+
+        original = MyGeneric[Model](value=Model(a='24'))
+        dumped = pickle.dumps(original)
+        loaded = pickle.loads(dumped)
+        assert loaded.value.a == original.value.a == 24
+        assert loaded.value.b == original.value.b == 10
+        assert loaded == original
+
+
+@skip_36
+def test_generic_model_from_function_pickle_fail(create_module):
+    @create_module
+    def module():
+        import pickle
+        from typing import Generic, TypeVar
+
+        import pytest
+
+        from pydantic import BaseModel
+        from pydantic.generics import GenericModel
+
+        t = TypeVar('t')
+
+        class Model(BaseModel):
+            a: float
+            b: int = 10
+
+        class MyGeneric(GenericModel, Generic[t]):
+            value: t
+
+        def get_generic(t):
+            return MyGeneric[t]
+
+        original = get_generic(Model)(value=Model(a='24'))
+        with pytest.raises(pickle.PicklingError):
+            pickle.dumps(original)
+
+
+@skip_36
+def test_generic_model_redefined_without_cache_fail(create_module):
+    @create_module
+    def module():
+        from typing import Generic, TypeVar
+
+        import pytest
+
+        from pydantic.generics import GenericModel, _generic_types_cache
+
+        t = TypeVar('t')
+
+        class MyGeneric(GenericModel, Generic[t]):
+            value: t
+
+        concrete = MyGeneric[t]
+        _generic_types_cache.clear()
+        with pytest.raises(
+            TypeError, match=r"'MyGeneric\[t\]' already defined above, please consider reusing it"
+        ) as exc_info:
+            MyGeneric[t]
+
+        cause = exc_info.value.__cause__
+        assert isinstance(cause, NameError), cause
+        expected_message = f"Name conflict: 'MyGeneric[t]' in {__name__!r} is already used by {concrete!r}"
+        assert cause.args[0] == expected_message, f'{cause.args[0]} != {expected_message}'
+
+
+def test_get_caller_module_name_from_function():
+    def get_current_module_name():
+        return get_caller_module_name()
+
+    assert get_current_module_name() == __name__
+
+
+def test_get_caller_module_name_from_module(create_module):
+    @create_module
+    def module():
+        from pydantic.generics import get_caller_module_name
+
+        def get_current_module_name():
+            return get_caller_module_name()
+
+        module_name = get_current_module_name()
+        assert module_name == __name__, f'{module_name} != {__name__}'
+
+        def get_current_module_name():
+            return get_caller_module_name()
+
+        assert get_current_module_name() == __name__
+
+
+def test_get_caller_module_name_not_found(mocker):
+    mocker.patch('inspect.getmodule', return_value=None)
+    assert get_caller_module_name() is None
+
+
+def test_is_call_from_module(create_module):
+    @create_module
+    def module():
+        from pydantic.generics import is_call_from_module
+
+        def function():
+            assert is_call_from_module()
+
+            another_function()
+
+        def another_function():
+            assert not is_call_from_module()
+            third_function()
+
+        def third_function():
+            assert not is_call_from_module()
+
+        function()
+
+
+def test_is_call_from_module_called_in_module(run_as_module):
+    @run_as_module
+    def module():
+        import pytest
+
+        from pydantic.generics import is_call_from_module
+
+        with pytest.raises(RuntimeError, match='This function must be used inside another function') as exc_info:
+            is_call_from_module()
+
+        e = exc_info.value
+        assert isinstance(e.__cause__, IndexError), e.__cause__
+        assert isinstance(e.__context__, IndexError), e.__context__
+
+
+def test_get_caller_module_called_from_module(run_as_module):
+    @run_as_module
+    def module():
+        import pytest
+
+        from pydantic.generics import get_caller_module_name
+
+        with pytest.raises(RuntimeError, match='This function must be used inside another function') as exc_info:
+            get_caller_module_name()
+
+        e = exc_info.value
+        assert isinstance(e.__cause__, IndexError), e.__cause__
+        assert isinstance(e.__context__, IndexError), e.__context__

Dynamically create_model that contains forward refs
# Question

Hi, I am asking this as a question but I feel it could be a bug. 

In my usecase I actually get type declarations (potentially with cycle deplendencies, optional, ...) dynamically at runtime.
I am building a static dict of those types and when it is ready, I will create the models with `create_model()` and apply `update_froward_refs()`.

Output of `python -c "import pydantic.utils; print(pydantic.utils.version_info())"`:
```
python -c "import pydantic.utils; print(pydantic.utils.version_info())"
             pydantic version: 1.5.1
            pydantic compiled: True
                 install path: /Users/A492YC/.virtualenvs/sam-quote-ujUy7lE3/lib/python3.7/site-packages/pydantic
               python version: 3.7.4 (default, Feb 17 2020, 12:06:24)  [Clang 11.0.0 (clang-1100.0.33.17)]
                     platform: Darwin-19.4.0-x86_64-i386-64bit
     optional deps. installed: ['typing-extensions']
```
<!-- or if you're using pydantic prior to v1.3, manually include: OS, python version and pydantic version -->

<!-- Please read the [docs](https://pydantic-docs.helpmanual.io/) and search through issues to
confirm your question hasn't already been answered. -->

<!-- Where possible please include a self-contained code snippet describing your question: -->



I think that this type dict would be enough to play the role of localns.
But apparently, the function call `update_froward_refs()` fails because such models do not have `cls.__module__`

A simplified implementation:

```py
import pydantic

test_types = {
    'Sub': {
        "name": (str, ...),
        "param": (str, ...)
    },

    'Main': {
        "name": (str, ...),
        "male": (bool, ...),
        "sub": ("Sub", ...)
    }
}


sub = test_types["Sub"]
sub_model = pydantic.create_model("Sub", **sub)
sub_instance = sub_model(**{
    "name": "hello",
    "param": "there"
})

main = test_types["Main"]
main_model = pydantic.create_model("Main", **main)
main_instance = main_model(**{
    "name": "world",
    "male": True,
    "sub": {
        "name": "hello",
        "param": "there"
    }
})

# Traceback (most recent call last):
#  File "<input>", line 31, in <module>
#   File "pydantic/main.py", line 336, in pydantic.main.BaseModel.__init__
#   File "pydantic/main.py", line 861, in pydantic.main.validate_model
# pydantic.errors.ConfigError: field "sub" not yet prepared so type is still a ForwardRef, you might need to call Main.update_forward_refs().
```

Because of the error above, I instead try to update_forward_refs on my dynamic model

```py
main_model.update_forward_refs(Sub=sub_model)

# Traceback (most recent call last):
#   File "<input>", line 1, in <module>
#   File "pydantic/main.py", line 663, in pydantic.main.BaseModel.update_forward_refs
# KeyError: None
```

Could you provide a way to implement this if I am missing something?

tests/test_create_model.py::test_create_model tests/test_create_model.py::test_create_model_usage tests/test_create_model.py::test_create_model_pickle tests/test_create_model.py::test_invalid_name tests/test_create_model.py::test_field_wrong_tuple tests/test_create_model.py::test_config_and_base tests/test_create_model.py::test_inheritance tests/test_create_model.py::test_custom_config tests/test_create_model.py::test_custom_config_inherits tests/test_create_model.py::test_custom_config_extras tests/test_create_model.py::test_inheritance_validators tests/test_create_model.py::test_inheritance_validators_always tests/test_create_model.py::test_inheritance_validators_all tests/test_create_model.py::test_funky_name tests/test_create_model.py::test_repeat_base_usage tests/test_forward_ref.py::test_postponed_annotations tests/test_forward_ref.py::test_postponed_annotations_optional tests/test_forward_ref.py::test_basic_forward_ref tests/test_forward_ref.py::test_missing_update_forward_refs tests/test_forward_ref.py::test_forward_ref_dataclass tests/test_forward_ref.py::test_forward_ref_dataclass_with_future_annotations tests/test_forward_ref.py::test_forward_ref_with_field tests/test_forward_ref.py::test_forward_ref_with_create_model tests/test_generics.py::test_generic_name tests/test_generics.py::test_double_parameterize_error tests/test_generics.py::test_value_validation tests/test_generics.py::test_methods_are_inherited tests/test_generics.py::test_config_is_inherited tests/test_generics.py::test_default_argument tests/test_generics.py::test_default_argument_for_typevar tests/test_generics.py::test_classvar tests/test_generics.py::test_non_annotated_field tests/test_generics.py::test_must_inherit_from_generic tests/test_generics.py::test_parameters_placed_on_generic tests/test_generics.py::test_parameters_must_be_typevar tests/test_generics.py::test_subclass_can_be_genericized tests/test_generics.py::test_parameter_count tests/test_generics.py::test_cover_cache tests/test_generics.py::test_generic_config tests/test_generics.py::test_deep_generic tests/test_generics.py::test_enum_generic tests/test_generics.py::test_generic tests/test_generics.py::test_alongside_concrete_generics tests/test_generics.py::test_complex_nesting tests/test_generics.py::test_required_value tests/test_generics.py::test_optional_value tests/test_generics.py::test_custom_schema tests/test_generics.py::test_child_schema tests/test_generics.py::test_custom_generic_naming tests/test_generics.py::test_nested tests/test_generics.py::test_partial_specification tests/test_generics.py::test_partial_specification_name tests/test_generics.py::test_partial_specification_instantiation tests/test_generics.py::test_partial_specification_instantiation_bounded tests/test_generics.py::test_typevar_parametrization tests/test_generics.py::test_multiple_specification tests/test_generics.py::test_generic_model_pickle tests/test_generics.py::test_generic_model_from_function_pickle_fail tests/test_generics.py::test_generic_model_redefined_without_cache_fail tests/test_generics.py::test_get_caller_module_name_from_function tests/test_generics.py::test_get_caller_module_name_from_module tests/test_generics.py::test_get_caller_module_name_not_found tests/test_generics.py::test_is_call_from_module