Masking tokens uniformly at random constitutes a common flaw in the pretraining of Masked Language Models (MLMs) such as BERT. We show that such uniform masking allows an MLM to minimize its training objective by latching onto shallow local signals, leading to pretraining inefficiency and suboptimal downstream performance. To address this flaw, we propose PMI-Masking, a principled masking strategy based on the concept of Pointwise Mutual Information (PMI), which jointly masks a token n-gram if it exhibits high collocation over the corpus. PMI-Masking motivates, unifies, and improves upon prior more heuristic approaches that attempt to address the drawback of random uniform token masking, such as whole-word masking, entity/phrase masking, and random-span masking. Specifically, we show experimentally that PMI-Masking reaches the performance of prior masking approaches in half the training time, and consistently improves performance at the end of training. In the couple of years since BERT was introduced in a seminal paper by Devlin et al. (2019a), Masked Language Models (MLMs) have rapidly advanced the NLP frontier (Sun et al., 2019; Liu et al., 2019; Joshi et al., 2020; Raffel et al., 2019). At the heart of the MLM approach is the task of predicting a masked subset of the text given the remaining, unmasked text. The text itself is broken up into tokens, each token consisting of a word or part of a word; thus "chair" constitutes a single token, but out-of-vocabulary words like "eigen-value" are broken up into several sub-word tokens.