diff --git a/lms/djangoapps/courseware/tests/test_discussion_xblock.py b/lms/djangoapps/courseware/tests/test_discussion_xblock.py
index bbe0e68bdcd1..573dbf6fce6f 100644
--- a/lms/djangoapps/courseware/tests/test_discussion_xblock.py
+++ b/lms/djangoapps/courseware/tests/test_discussion_xblock.py
@@ -221,7 +221,7 @@ def test_has_permission(self):
         """
         permission_canary = object()
         with mock.patch(
-            'xmodule.discussion_block.has_permission',
+            'lms.djangoapps.discussion.django_comment_client.permissions.has_permission',
             return_value=permission_canary,
         ) as has_perm:
             actual_permission = self.block.has_permission("test_permission")
diff --git a/pavelib/assets.py b/pavelib/assets.py
index 8f950fe3f647..566092a2666e 100644
--- a/pavelib/assets.py
+++ b/pavelib/assets.py
@@ -323,6 +323,7 @@ class SassWatcher(PatternMatchingEventHandler):
     """
     ignore_directories = True
     patterns = ['*.scss']
+    ignore_patterns = ['common/static/xmodule/*']
 
     def register(self, observer, directories):
         """
@@ -351,6 +352,47 @@ def on_any_event(self, event):
             traceback.print_exc()
 
 
+class XModuleSassWatcher(SassWatcher):
+    """
+    Watches for sass file changes
+    """
+    ignore_directories = True
+    ignore_patterns = []
+
+    @debounce()
+    def on_any_event(self, event):
+        print('\tCHANGED:', event.src_path)
+        try:
+            process_xmodule_assets()
+        except Exception:  # pylint: disable=broad-except
+            traceback.print_exc()
+
+
+class XModuleAssetsWatcher(PatternMatchingEventHandler):
+    """
+    Watches for css and js file changes
+    """
+    ignore_directories = True
+    patterns = ['*.css', '*.js']
+
+    def register(self, observer):
+        """
+        Register files with observer
+        """
+        observer.schedule(self, 'xmodule/', recursive=True)
+
+    @debounce()
+    def on_any_event(self, event):
+        print('\tCHANGED:', event.src_path)
+        try:
+            process_xmodule_assets()
+        except Exception:  # pylint: disable=broad-except
+            traceback.print_exc()
+
+        # To refresh the hash values of static xmodule content
+        restart_django_servers()
+
+
 @task
 @no_help
 @cmdopts([
@@ -573,13 +615,16 @@ def process_npm_assets():
 
 
 @task
+@needs(
+    'pavelib.prereqs.install_python_prereqs',
+)
 @no_help
 def process_xmodule_assets():
     """
     Process XModule static assets.
     """
-    print("\t\tProcessing xmodule assets is no longer needed. This task is now a no-op.")
-    print("\t\tWhen paver is removed from edx-platform, this step will not replaced.")
+    sh('xmodule_assets common/static/xmodule')
+    print("\t\tFinished processing xmodule assets.")
 
 
 def restart_django_servers():
@@ -777,6 +822,8 @@ def watch_assets(options):
     observer = Observer(timeout=wait)
 
     SassWatcher().register(observer, sass_directories)
+    XModuleSassWatcher().register(observer, ['xmodule/'])
+    XModuleAssetsWatcher().register(observer)
 
     print("Starting asset watcher...")
     observer.start()
@@ -798,7 +845,6 @@ def watch_assets(options):
 @task
 @needs(
     'pavelib.prereqs.install_node_prereqs',
-    'pavelib.prereqs.install_python_prereqs',
 )
 @consume_args
 @timed
@@ -850,6 +896,8 @@ def update_assets(args):
     args = parser.parse_args(args)
     collect_log_args = {}
 
+    process_xmodule_assets()
+
     # Build Webpack
     call_task('pavelib.assets.webpack', options={'settings': args.settings})
 
diff --git a/pavelib/js_test.py b/pavelib/js_test.py
index 3f84a3361dba..fed1f0fe102f 100644
--- a/pavelib/js_test.py
+++ b/pavelib/js_test.py
@@ -26,6 +26,7 @@
 @needs(
     'pavelib.prereqs.install_node_prereqs',
     'pavelib.utils.test.utils.clean_reports_dir',
+    'pavelib.assets.process_xmodule_assets',
 )
 @cmdopts([
     ("suite=", "s", "Test suite to run"),
diff --git a/pavelib/paver_tests/test_servers.py b/pavelib/paver_tests/test_servers.py
index e9a07b94f0c6..dbbab3b00b6b 100644
--- a/pavelib/paver_tests/test_servers.py
+++ b/pavelib/paver_tests/test_servers.py
@@ -214,6 +214,7 @@ def verify_server_task(self, task_name, options):
             expected_asset_settings = "test_static_optimized"
         expected_collect_static = not is_fast and expected_settings != Env.DEVSTACK_SETTINGS
         if not is_fast:
+            expected_messages.append("xmodule_assets common/static/xmodule")
             expected_messages.append("install npm_assets")
             expected_messages.extend(
                 [c.format(settings=expected_asset_settings,
@@ -258,6 +259,7 @@ def verify_run_all_servers_task(self, options):
         expected_collect_static = not is_fast and expected_settings != Env.DEVSTACK_SETTINGS
         expected_messages = []
         if not is_fast:
+            expected_messages.append("xmodule_assets common/static/xmodule")
             expected_messages.append("install npm_assets")
             expected_messages.extend(
                 [c.format(settings=expected_asset_settings,
diff --git a/webpack.builtinblocks.config.js b/webpack.builtinblocks.config.js
deleted file mode 100644
index 30f5bdb2a507..000000000000
--- a/webpack.builtinblocks.config.js
+++ /dev/null
@@ -1,136 +0,0 @@
-module.exports = {
-    "entry": {
-        "AboutBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js",
-            "./xmodule/js/src/html/imageModal.js",
-            "./xmodule/js/common_static/js/vendor/draggabilly.js"
-        ],
-        "AboutBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/edit.js"
-        ],
-        "AnnotatableBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/display.js",
-            "./xmodule/js/src/annotatable/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js"
-        ],
-        "AnnotatableBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/raw/edit/xml.js"
-        ],
-        "ConditionalBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/conditional/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js"
-        ],
-        "ConditionalBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/sequence/edit.js"
-        ],
-        "CourseInfoBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js",
-            "./xmodule/js/src/html/imageModal.js",
-            "./xmodule/js/common_static/js/vendor/draggabilly.js"
-        ],
-        "CourseInfoBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/edit.js"
-        ],
-        "CustomTagBlockDisplay": "./xmodule/js/src/xmodule.js",
-        "CustomTagBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/raw/edit/xml.js"
-        ],
-        "HtmlBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js",
-            "./xmodule/js/src/html/imageModal.js",
-            "./xmodule/js/common_static/js/vendor/draggabilly.js"
-        ],
-        "HtmlBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/edit.js"
-        ],
-        "LTIBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/lti/lti.js"
-        ],
-        "LTIBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/raw/edit/metadata-only.js"
-        ],
-        "LibraryContentBlockDisplay": "./xmodule/js/src/xmodule.js",
-        "LibraryContentBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/vertical/edit.js"
-        ],
-        "PollBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/poll/poll.js",
-            "./xmodule/js/src/poll/poll_main.js"
-        ],
-        "PollBlockEditor": "./xmodule/js/src/xmodule.js",
-        "ProblemBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/capa/display.js",
-            "./xmodule/js/src/collapsible.js",
-            "./xmodule/js/src/capa/imageinput.js",
-            "./xmodule/js/src/capa/schematic.js"
-        ],
-        "ProblemBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/problem/edit.js"
-        ],
-        "SequenceBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/sequence/display.js"
-        ],
-        "SequenceBlockEditor": "./xmodule/js/src/xmodule.js",
-        "SplitTestBlockDisplay": "./xmodule/js/src/xmodule.js",
-        "SplitTestBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/sequence/edit.js"
-        ],
-        "StaticTabBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/display.js",
-            "./xmodule/js/src/javascript_loader.js",
-            "./xmodule/js/src/collapsible.js",
-            "./xmodule/js/src/html/imageModal.js",
-            "./xmodule/js/common_static/js/vendor/draggabilly.js"
-        ],
-        "StaticTabBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/html/edit.js"
-        ],
-        "VideoBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/video/10_main.js"
-        ],
-        "VideoBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/tabs/tabs-aggregator.js"
-        ],
-        "WordCloudBlockDisplay": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/assets/word_cloud/src/js/word_cloud.js"
-        ],
-        "WordCloudBlockEditor": [
-            "./xmodule/js/src/xmodule.js",
-            "./xmodule/js/src/raw/edit/metadata-only.js"
-        ]
-    }
-};
diff --git a/webpack.common.config.js b/webpack.common.config.js
index d81a36b28777..1f84d78cd8e9 100644
--- a/webpack.common.config.js
+++ b/webpack.common.config.js
@@ -9,7 +9,7 @@ var StringReplace = require('string-replace-webpack-plugin');
 var Merge = require('webpack-merge');
 
 var files = require('./webpack-config/file-lists.js');
-var builtinBlocksJS = require('./webpack.builtinblocks.config.js');
+var xmoduleJS = require('./common/static/xmodule/webpack.xmodule.config.js');
 
 var filesWithRequireJSBlocks = [
     path.resolve(__dirname, 'common/static/common/js/components/utils/view_utils.js'),
@@ -553,4 +553,4 @@ module.exports = Merge.smart({
         }
 
     }
-}, {web: builtinBlocksJS}, workerConfig());
+}, {web: xmoduleJS}, workerConfig());
diff --git a/xmodule/annotatable_block.py b/xmodule/annotatable_block.py
index 95f68d4370b6..3c78a3b7c0e7 100644
--- a/xmodule/annotatable_block.py
+++ b/xmodule/annotatable_block.py
@@ -4,6 +4,7 @@
 import textwrap
 
 from lxml import etree
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 from xblock.core import XBlock
 from xblock.fields import Scope, String
@@ -14,6 +15,7 @@
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -33,6 +35,7 @@ class AnnotatableBlock(
     XmlMixin,
     EditingMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
@@ -70,6 +73,22 @@ class AnnotatableBlock(
 
     uses_xmodule_styles_setup = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/html/display.js'),
+            resource_filename(__name__, 'js/src/annotatable/display.js'),
+            resource_filename(__name__, 'js/src/javascript_loader.js'),
+            resource_filename(__name__, 'js/src/collapsible.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/raw/edit/xml.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
     studio_js_module_name = "XMLEditingDescriptor"
     mako_template = "widgets/raw-edit.html"
 
diff --git a/xmodule/assets/README.rst b/xmodule/assets/README.rst
index a39b389a357a..54ed8a92a078 100644
--- a/xmodule/assets/README.rst
+++ b/xmodule/assets/README.rst
@@ -41,8 +41,8 @@ the corresponding folders in any enabled themes, as part of the edx-platform bui
 It is collected into the static root, and then linked to from XBlock fragments by the
 ``add_sass_to_fragment`` function in `builtin_assets.py`_.
 
-.. _AnnotatableBlockDisplay.scss: https://github.com/openedx/edx-platform/tree/master/xmodule/assets/AnnotatableBlockDisplay.scss
-.. _AnnotatableBlockEditor.scss: https://github.com/openedx/edx-platform/tree/master/xmodule/assets/AnnotatableBlockEditor.scss
+.. _AnnotatableBlockDisplay: https://github.com/openedx/edx-platform/tree/master/xmodule/assets/AnnotatableBlockDisplay.scss
+.. _AnnotatableBlockEditor: https://github.com/openedx/edx-platform/tree/master/xmodule/assets/AnnotatableBlockEditor.scss
 .. _annotatable/_display.scss: https://github.com/openedx/edx-platform/tree/master/xmodule/assets/annotatable/_display.scss
 .. _simplify things: https://github.com/openedx/edx-platform/issues/32621
 
@@ -59,7 +59,7 @@ Currently, edx-platform XBlock JS is defined both here in `xmodule/assets`_ and
 
 * For many older blocks, their JS is:
 
-  * bundled using a `webpack.builtinblocks.config.js`_,
+  * bundled using a generated Webpack config at ``common/static/xmodule/webpack.xmodule.config.js``,
   * which is included into `webpack.common.config.js`_,
   * allowing it to be included into XBlock fragments using ``add_webpack_js_to_fragment`` from `builtin_assets.py`_.
 
@@ -74,7 +74,11 @@ Currently, edx-platform XBlock JS is defined both here in `xmodule/assets`_ and
   * `VerticalBlock`_
   * `LibrarySourcedBlock`_
 
-As part of an `active build refactoring`_, we will soon consolidate all edx-platform XBlock JS here in `xmodule/assets`_.
+As part of an `active build refactoring`_:
+
+* We will move ``webpack.xmodule.config.js`` here instead of generating it.
+* We will consolidate all edx-platform XBlock JS here in `xmodule/assets`_.
+* We will delete the ``xmodule_assets`` script.
 
 .. _xmodule/assets: https://github.com/openedx/edx-platform/tree/master/xmodule/assets
 .. _xmodule/js: https://github.com/openedx/edx-platform/tree/master/xmodule/js
@@ -87,5 +91,4 @@ As part of an `active build refactoring`_, we will soon consolidate all edx-plat
 .. _builtin_assets.py: https://github.com/openedx/edx-platform/tree/master/xmodule/util/builtin_assets.py
 .. _static_content.py: https://github.com/openedx/edx-platform/blob/master/xmodule/static_content.py
 .. _library_source_block/style.css: https://github.com/openedx/edx-platform/blob/master/xmodule/assets/library_source_block/style.css
-.. _webpack.builtinblocks.config.js: https://github.com/openedx/edx-platform/blob/master/webpack.builtinblocks.config.js
 .. _webpack.common.config.js: https://github.com/openedx/edx-platform/blob/master/webpack.common.config.js
diff --git a/xmodule/capa_block.py b/xmodule/capa_block.py
index 9b69556e505d..43b5bb3efa42 100644
--- a/xmodule/capa_block.py
+++ b/xmodule/capa_block.py
@@ -19,6 +19,7 @@
 from django.utils.encoding import smart_str
 from django.utils.functional import cached_property
 from lxml import etree
+from pkg_resources import resource_filename
 from pytz import utc
 from web_fragments.fragment import Fragment
 from xblock.core import XBlock
@@ -38,6 +39,7 @@
 from xmodule.util.sandboxing import SandboxService
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
     XModuleToXBlockMixin,
@@ -129,6 +131,7 @@ class ProblemBlock(
     XmlMixin,
     EditingMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
@@ -162,6 +165,24 @@ class ProblemBlock(
 
     uses_xmodule_styles_setup = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/javascript_loader.js'),
+            resource_filename(__name__, 'js/src/capa/display.js'),
+            resource_filename(__name__, 'js/src/collapsible.js'),
+            resource_filename(__name__, 'js/src/capa/imageinput.js'),
+            resource_filename(__name__, 'js/src/capa/schematic.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js')
+    }
+
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/problem/edit.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     display_name = String(
         display_name=_("Display Name"),
         help=_("The display name for this component."),
diff --git a/xmodule/conditional_block.py b/xmodule/conditional_block.py
index 03662deb01e9..5f484050d438 100644
--- a/xmodule/conditional_block.py
+++ b/xmodule/conditional_block.py
@@ -9,6 +9,7 @@
 from lazy import lazy
 from lxml import etree
 from opaque_keys.edx.locator import BlockUsageLocator
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 from xblock.core import XBlock
 from xblock.fields import ReferenceList, Scope, String
@@ -22,6 +23,7 @@
 from xmodule.validation import StudioValidation, StudioValidationMessage
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     STUDENT_VIEW,
@@ -42,6 +44,7 @@ class ConditionalBlock(
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
     StudioEditableBlock,
@@ -143,8 +146,21 @@ class ConditionalBlock(
 
     show_in_read_only_mode = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/conditional/display.js'),
+            resource_filename(__name__, 'js/src/javascript_loader.js'),
+            resource_filename(__name__, 'js/src/collapsible.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     mako_template = 'widgets/metadata-edit.html'
     studio_js_module_name = 'SequenceDescriptor'
+    studio_view_js = {
+        'js': [resource_filename(__name__, 'js/src/sequence/edit.js')],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
 
     # Map
     # key: <tag attribute in xml>
diff --git a/xmodule/discussion_block.py b/xmodule/discussion_block.py
index 7433b51c9f94..2df7818157b2 100644
--- a/xmodule/discussion_block.py
+++ b/xmodule/discussion_block.py
@@ -15,13 +15,11 @@
 from xblockutils.resources import ResourceLoader
 from xblockutils.studio_editable import StudioEditableXBlockMixin
 
-from lms.djangoapps.discussion.django_comment_client.permissions import has_permission
 from openedx.core.djangoapps.discussions.models import DiscussionsConfiguration, Provider
 from openedx.core.djangolib.markup import HTML, Text
 from openedx.core.lib.xblock_utils import get_css_dependencies, get_js_dependencies
 from xmodule.xml_block import XmlMixin
 
-
 log = logging.getLogger(__name__)
 loader = ResourceLoader(__name__)  # pylint: disable=invalid-name
 
@@ -156,6 +154,9 @@ def has_permission(self, permission):
         :param str permission: Permission
         :rtype: bool
         """
+        # normal import causes the xmodule_assets command to fail due to circular import - hence importing locally
+        from lms.djangoapps.discussion.django_comment_client.permissions import has_permission
+
         return has_permission(self.django_user, permission, self.course_key)
 
     def student_view(self, context=None):
diff --git a/xmodule/error_block.py b/xmodule/error_block.py
index a3379007e19f..fcebf8f744ff 100644
--- a/xmodule/error_block.py
+++ b/xmodule/error_block.py
@@ -18,6 +18,7 @@
 from xmodule.errortracker import exc_info_to_str
 from xmodule.modulestore import EdxJSONEncoder
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
     XModuleToXBlockMixin,
@@ -46,6 +47,7 @@ class ErrorFields:
 class ErrorBlock(
     ErrorFields,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):  # pylint: disable=abstract-method
diff --git a/xmodule/html_block.py b/xmodule/html_block.py
index 688e515c80e9..3027c24b2ba8 100644
--- a/xmodule/html_block.py
+++ b/xmodule/html_block.py
@@ -8,6 +8,8 @@
 import textwrap
 from datetime import datetime
 
+from pkg_resources import resource_filename
+
 from django.conf import settings
 from fs.errors import ResourceNotFound
 from lxml import etree
@@ -25,6 +27,7 @@
 from xmodule.util.misc import escape_html_characters
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -44,7 +47,7 @@
 @XBlock.needs("user")
 class HtmlBlockMixin(  # lint-amnesty, pylint: disable=abstract-method
     XmlMixin, EditingMixin,
-    XModuleToXBlockMixin, ResourceTemplates, XModuleMixin,
+    XModuleToXBlockMixin, HTMLSnippet, ResourceTemplates, XModuleMixin,
 ):
     """
     The HTML XBlock mixin.
@@ -141,6 +144,17 @@ def studio_view(self, _context):
         shim_xmodule_js(fragment, 'HTMLEditingDescriptor')
         return fragment
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/html/display.js'),
+            resource_filename(__name__, 'js/src/javascript_loader.js'),
+            resource_filename(__name__, 'js/src/collapsible.js'),
+            resource_filename(__name__, 'js/src/html/imageModal.js'),
+            resource_filename(__name__, 'js/common_static/js/vendor/draggabilly.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     uses_xmodule_styles_setup = True
 
     mako_template = "widgets/html-edit.html"
@@ -149,6 +163,13 @@ def studio_view(self, _context):
     template_dir_name = "html"
     show_in_read_only_mode = True
 
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/html/edit.js')
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     # VS[compat] TODO (cpennington): Delete this method once all fall 2012 course
     # are being edited in the cms
     @classmethod
diff --git a/xmodule/library_content_block.py b/xmodule/library_content_block.py
index 047d36abca52..74ab77630626 100644
--- a/xmodule/library_content_block.py
+++ b/xmodule/library_content_block.py
@@ -17,6 +17,7 @@
 from lxml import etree
 from lxml.etree import XMLSyntaxError
 from opaque_keys.edx.locator import LibraryLocator
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 from webob import Response
 from xblock.completable import XBlockCompletionMode
@@ -30,6 +31,7 @@
 from xmodule.validation import StudioValidation, StudioValidationMessage
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     STUDENT_VIEW,
@@ -74,6 +76,7 @@ class LibraryContentBlock(
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
     StudioEditableBlock,
@@ -92,8 +95,19 @@ class LibraryContentBlock(
 
     resources_dir = 'assets/library_content'
 
+    preview_view_js = {
+        'js': [],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     mako_template = 'widgets/metadata-edit.html'
     studio_js_module_name = "VerticalDescriptor"
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/vertical/edit.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
 
     show_in_read_only_mode = True
 
diff --git a/xmodule/lti_block.py b/xmodule/lti_block.py
index 4228aec74393..80afed7a0887 100644
--- a/xmodule/lti_block.py
+++ b/xmodule/lti_block.py
@@ -68,6 +68,7 @@
 from django.conf import settings
 from lxml import etree
 from oauthlib.oauth1.rfc5849 import signature
+from pkg_resources import resource_filename
 from pytz import UTC
 from webob import Response
 from web_fragments.fragment import Fragment
@@ -87,6 +88,7 @@
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -282,6 +284,7 @@ class LTIBlock(
     EditingMixin,
     MakoTemplateBlockBase,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):  # pylint: disable=abstract-method
@@ -369,9 +372,22 @@ class LTIBlock(
     resources_dir = None
     uses_xmodule_styles_setup = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/lti/lti.js')
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     mako_template = 'widgets/metadata-only-edit.html'
 
     studio_js_module_name = 'MetadataOnlyEditingDescriptor'
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/raw/edit/metadata-only.js')
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
 
     def studio_view(self, _context):
         """
diff --git a/xmodule/poll_block.py b/xmodule/poll_block.py
index c4d9372883ee..6093237fa3c5 100644
--- a/xmodule/poll_block.py
+++ b/xmodule/poll_block.py
@@ -13,6 +13,7 @@
 from collections import OrderedDict
 from copy import deepcopy
 
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 
 from lxml import etree
@@ -23,6 +24,7 @@
 from xmodule.stringify import stringify_children
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -40,6 +42,7 @@ class PollBlock(
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):  # pylint: disable=abstract-method
@@ -81,6 +84,22 @@ class PollBlock(
     resources_dir = None
     uses_xmodule_styles_setup = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/javascript_loader.js'),
+            resource_filename(__name__, 'js/src/poll/poll.js'),
+            resource_filename(__name__, 'js/src/poll/poll_main.js')
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
+    # There is no studio_view() for this XBlock but this is needed to make the
+    # the static_content command happy.
+    studio_view_js = {
+        'js': [],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js')
+    }
+
     def handle_ajax(self, dispatch, data):  # lint-amnesty, pylint: disable=unused-argument
         """Ajax handler.
 
diff --git a/xmodule/randomize_block.py b/xmodule/randomize_block.py
index b8a1432ff311..c5e1f2c4747f 100644
--- a/xmodule/randomize_block.py
+++ b/xmodule/randomize_block.py
@@ -11,6 +11,7 @@
 from xmodule.seq_block import SequenceMixin
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     STUDENT_VIEW,
     XModuleMixin,
@@ -25,6 +26,7 @@ class RandomizeBlock(
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
diff --git a/xmodule/seq_block.py b/xmodule/seq_block.py
index 5561d034da87..b0a2789fd273 100644
--- a/xmodule/seq_block.py
+++ b/xmodule/seq_block.py
@@ -14,6 +14,7 @@
 
 from lxml import etree
 from opaque_keys.edx.keys import UsageKey
+from pkg_resources import resource_filename
 from pytz import UTC
 from web_fragments.fragment import Fragment
 from xblock.completable import XBlockCompletionMode
@@ -24,6 +25,7 @@
 from edx_toggles.toggles import WaffleFlag, SettingDictToggle
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     STUDENT_VIEW,
@@ -256,6 +258,7 @@ class SequenceBlock(
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
@@ -268,6 +271,20 @@ class SequenceBlock(
     show_in_read_only_mode = True
     uses_xmodule_styles_setup = True
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/sequence/display.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js')
+    }
+
+    # There is no studio_view() for this XBlock but this is needed to make the
+    # the static_content command happy.
+    studio_view_js = {
+        'js': [],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js')
+    }
+
     def __init__(self, *args, **kwargs):
         super().__init__(*args, **kwargs)
 
diff --git a/xmodule/split_test_block.py b/xmodule/split_test_block.py
index 8984dc62dbb5..5984ae531efc 100644
--- a/xmodule/split_test_block.py
+++ b/xmodule/split_test_block.py
@@ -12,6 +12,7 @@
 
 from django.utils.functional import cached_property
 from lxml import etree
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 from webob import Response
 from xblock.core import XBlock
@@ -25,6 +26,7 @@
 from xmodule.validation import StudioValidation, StudioValidationMessage
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     STUDENT_VIEW,
@@ -130,6 +132,7 @@ class SplitTestBlock(  # lint-amnesty, pylint: disable=abstract-method
     MakoTemplateBlockBase,
     XmlMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
     StudioEditableBlock,
@@ -155,8 +158,17 @@ class SplitTestBlock(  # lint-amnesty, pylint: disable=abstract-method
 
     show_in_read_only_mode = True
 
+    preview_view_js = {
+        'js': [],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     mako_template = "widgets/metadata-only-edit.html"
     studio_js_module_name = 'SequenceDescriptor'
+    studio_view_js = {
+        'js': [resource_filename(__name__, 'js/src/sequence/edit.js')],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
 
     @cached_property
     def child_block(self):
diff --git a/xmodule/static_content.py b/xmodule/static_content.py
index e6c1aed23530..ec2a6b2524a6 100755
--- a/xmodule/static_content.py
+++ b/xmodule/static_content.py
@@ -1,25 +1,204 @@
 # /usr/bin/env python
 """
-This module used to hold a CLI utility for gathering up the JS and Sass used by several built-in XBlocks.
+Generate <output_root>/webpack.xmodule.config.js, with a display & editor Webpack bundle for each builtin block.
 
-It now remains as a stub, just for backwards compatibility.
+It looks like this:
 
-It will soon be removed as part of https://github.com/openedx/edx-platform/issues/31798.
+  module.exports = {
+      "entry": {
+          "AboutBlockDisplay": [
+              "./xmodule/js/src/xmodule.js",
+              "./xmodule/js/src/html/display.js",
+              "./xmodule/js/src/javascript_loader.js",
+              "./xmodule/js/src/collapsible.js",
+              "./xmodule/js/src/html/imageModal.js",
+              "./xmodule/js/common_static/js/vendor/draggabilly.js"
+          ],
+          "AboutBlockEditor": [
+              "./xmodule/js/src/xmodule.js",
+              "./xmodule/js/src/html/edit.js"
+          ],
+          "AnnotatableBlockDisplay": [
+              "./xmodule/js/src/xmodule.js",
+              "./xmodule/js/src/html/display.js",
+              "./xmodule/js/src/annotatable/display.js",
+              "./xmodule/js/src/javascript_loader.js",
+              "./xmodule/js/src/collapsible.js"
+          ],
+          ... etc.
+      }
+  }
+
+Don't add to this! It will soon be removed as part of: https://github.com/openedx/edx-platform/issues/32481
 """
+
+
+import errno
+import json
 import logging
+import os
 import sys
+import textwrap
+from pkg_resources import resource_filename
+
+import django
+from pathlib import Path as path
+
+from xmodule.annotatable_block import AnnotatableBlock
+from xmodule.capa_block import ProblemBlock
+from xmodule.conditional_block import ConditionalBlock
+from xmodule.html_block import AboutBlock, CourseInfoBlock, HtmlBlock, StaticTabBlock
+from xmodule.library_content_block import LibraryContentBlock
+from xmodule.lti_block import LTIBlock
+from xmodule.poll_block import PollBlock
+from xmodule.seq_block import SequenceBlock
+from xmodule.split_test_block import SplitTestBlock
+from xmodule.template_block import CustomTagBlock
+from xmodule.word_cloud_block import WordCloudBlock
+from xmodule.x_module import HTMLSnippet
+
+LOG = logging.getLogger(__name__)
+
+
+class VideoBlock(HTMLSnippet):  # lint-amnesty, pylint: disable=abstract-method
+    """
+    Static assets for VideoBlock.
+    Kept here because importing VideoBlock code requires Django to be setup.
+    """
+
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/video/10_main.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js')
+    }
+
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/tabs/tabs-aggregator.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
+
+# List of XBlocks which use this static content setup.
+# Should only be used for XModules being converted to XBlocks.
+XBLOCK_CLASSES = [
+    AboutBlock,
+    AnnotatableBlock,
+    ConditionalBlock,
+    CourseInfoBlock,
+    CustomTagBlock,
+    HtmlBlock,
+    LibraryContentBlock,
+    LTIBlock,
+    PollBlock,
+    ProblemBlock,
+    SequenceBlock,
+    SplitTestBlock,
+    StaticTabBlock,
+    VideoBlock,
+    WordCloudBlock,
+]
+
+
+def _ensure_dir(directory):
+    """Ensure that `directory` exists."""
+    try:
+        os.makedirs(directory)
+    except OSError as exc:
+        if exc.errno == errno.EEXIST:
+            pass
+        else:
+            raise
+
+
+def write_webpack(output_file, module_files, descriptor_files):
+    """
+    Write all xmodule and xmodule descriptor javascript into module-specific bundles.
+
+    The output format should be suitable for smart-merging into an existing webpack configuration.
+    """
+    _ensure_dir(output_file.parent)
+
+    config = {
+        'entry': {}
+    }
+    for (owner, unique_files) in list(module_files.items()) + list(descriptor_files.items()):
+        if len(unique_files) == 1:
+            unique_files = unique_files[0]
+        config['entry'][owner] = unique_files
+    with output_file.open('w') as outfile:
+        outfile.write(
+            textwrap.dedent("""\
+                module.exports = {config_json};
+            """).format(
+                config_json=json.dumps(
+                    config,
+                    indent=4,
+                    sort_keys=True,
+                )
+            )
+        )
 
 
 def main():
     """
-    Warn that this script is now a stub, and return success (zero).
+    Generate the weback config.
+
+    Usage: static_content.py <output_root>
     """
-    logging.warning(
-        "xmodule/static_content.py, aka xmodule_assets, is now a no-op. "
-        "Please remove calls to it from your build pipeline. It will soon be deleted.",
+    from django.conf import settings
+    # Install only the apps whose models are imported when this runs
+    installed_apps = (
+        'django.contrib.auth',
+        'django.contrib.contenttypes',
+        'config_models',
+        'openedx.core.djangoapps.video_config',
+        'openedx.core.djangoapps.video_pipeline',
     )
-    return 0
+    try:
+        import edxval  # lint-amnesty, pylint: disable=unused-import
+        installed_apps += ('edxval',)
+    except ImportError:
+        pass
+    if not settings.configured:
+        settings.configure(
+            INSTALLED_APPS=installed_apps,
+        )
+    django.setup()
+
+    try:
+        root = path(sys.argv[1])
+    except IndexError:
+        sys.exit(main.__doc__)
+
+    # We assume this module is located at edx-platform/xmodule/static_content.py.
+    # Not the most robust assumption, but this script will be gone soon.
+    repo_root = path(__file__).parent.parent
+
+    module_files = {
+        class_.get_preview_view_js_bundle_name(): [
+            "./" + str(path(fragment_path).relative_to(repo_root))
+            for fragment_path in [
+                class_.get_preview_view_js()['xmodule_js'],
+                *class_.get_preview_view_js().get('js', []),
+            ]
+        ]
+        for class_ in XBLOCK_CLASSES
+    }
+    descriptor_files = {
+        class_.get_studio_view_js_bundle_name(): [
+            "./" + str(path(fragment_path).relative_to(repo_root))
+            for fragment_path in [
+                class_.get_studio_view_js()['xmodule_js'],
+                *class_.get_studio_view_js().get('js', []),
+            ]
+        ]
+        for class_ in XBLOCK_CLASSES
+    }
+    write_webpack(root / 'webpack.xmodule.config.js', module_files, descriptor_files)
 
 
-if __name__ == "__main__":
+if __name__ == '__main__':
     sys.exit(main())
diff --git a/xmodule/template_block.py b/xmodule/template_block.py
index fd5373386061..a27b92cb2c7e 100644
--- a/xmodule/template_block.py
+++ b/xmodule/template_block.py
@@ -6,11 +6,13 @@
 from xblock.core import XBlock
 
 from lxml import etree
+from pkg_resources import resource_filename
 from web_fragments.fragment import Fragment
 from xmodule.editing_block import EditingMixin
 from xmodule.raw_block import RawMixin
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -26,6 +28,7 @@ class CustomTagTemplateBlock(  # pylint: disable=abstract-method
     XmlMixin,
     EditingMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
@@ -62,6 +65,15 @@ class CustomTagBlock(CustomTagTemplateBlock):  # pylint: disable=abstract-method
     resources_dir = None
     template_dir_name = 'customtag'
 
+    preview_view_js = {
+        'js': [],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+    studio_view_js = {
+        'js': [resource_filename(__name__, 'js/src/raw/edit/xml.js')],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
     def studio_view(self, _context):
         """
         Return the studio view.
diff --git a/xmodule/video_block/video_block.py b/xmodule/video_block/video_block.py
index 5bf2b3c28cf1..97c41c2f6412 100644
--- a/xmodule/video_block/video_block.py
+++ b/xmodule/video_block/video_block.py
@@ -52,7 +52,7 @@
 from xmodule.video_block import manage_video_subtitles_save
 from xmodule.x_module import (
     PUBLIC_VIEW, STUDENT_VIEW,
-    ResourceTemplates, shim_xmodule_js,
+    HTMLSnippet, ResourceTemplates, shim_xmodule_js,
     XModuleMixin, XModuleToXBlockMixin,
 )
 from xmodule.xml_block import XmlMixin, deserialize_field, is_pointer_tag, name_to_pathname
@@ -121,7 +121,7 @@
 @XBlock.needs('mako', 'user')
 class VideoBlock(
         VideoFields, VideoTranscriptsMixin, VideoStudioViewHandlers, VideoStudentViewHandlers,
-        EmptyDataRawMixin, XmlMixin, EditingMixin, XModuleToXBlockMixin,
+        EmptyDataRawMixin, XmlMixin, EditingMixin, XModuleToXBlockMixin, HTMLSnippet,
         ResourceTemplates, XModuleMixin, LicenseMixin):
     """
     XML source example:
@@ -282,9 +282,6 @@ def public_view(self, context):
         return fragment
 
     def get_html(self, view=STUDENT_VIEW, context=None):  # lint-amnesty, pylint: disable=arguments-differ, too-many-statements
-        """
-        Return html for a given view of this block.
-        """
         context = context or {}
         track_status = (self.download_track and self.track)
         transcript_download_format = self.transcript_download_format if not track_status else None
diff --git a/xmodule/word_cloud_block.py b/xmodule/word_cloud_block.py
index 6a31da5ef811..8be08242dbae 100644
--- a/xmodule/word_cloud_block.py
+++ b/xmodule/word_cloud_block.py
@@ -10,6 +10,8 @@
 import json
 import logging
 
+from pkg_resources import resource_filename
+
 from web_fragments.fragment import Fragment
 from xblock.core import XBlock
 from xblock.fields import Boolean, Dict, Integer, List, Scope, String
@@ -18,6 +20,7 @@
 from xmodule.util.builtin_assets import add_webpack_js_to_fragment, add_sass_to_fragment
 from xmodule.xml_block import XmlMixin
 from xmodule.x_module import (
+    HTMLSnippet,
     ResourceTemplates,
     shim_xmodule_js,
     XModuleMixin,
@@ -46,6 +49,7 @@ class WordCloudBlock(  # pylint: disable=abstract-method
     XmlMixin,
     EditingMixin,
     XModuleToXBlockMixin,
+    HTMLSnippet,
     ResourceTemplates,
     XModuleMixin,
 ):
@@ -108,6 +112,19 @@ class WordCloudBlock(  # pylint: disable=abstract-method
     resources_dir = 'assets/word_cloud'
     template_dir_name = 'word_cloud'
 
+    preview_view_js = {
+        'js': [
+            resource_filename(__name__, 'assets/word_cloud/src/js/word_cloud.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
+
+    studio_view_js = {
+        'js': [
+            resource_filename(__name__, 'js/src/raw/edit/metadata-only.js'),
+        ],
+        'xmodule_js': resource_filename(__name__, 'js/src/xmodule.js'),
+    }
     studio_js_module_name = "MetadataOnlyEditingDescriptor"
     mako_template = "widgets/metadata-only-edit.html"
 
diff --git a/xmodule/x_module.py b/xmodule/x_module.py
index fd974c6928f8..1c44b2cc0b8d 100644
--- a/xmodule/x_module.py
+++ b/xmodule/x_module.py
@@ -206,6 +206,40 @@ def create_definition(self, block_type, slug=None):
         raise NotImplementedError("Specific Modulestores must provide implementations of create_definition")
 
 
+class HTMLSnippet:
+    """
+    A base class defining an interface for an object that is able to present an
+    html snippet, along with associated javascript and css
+    """
+
+    preview_view_js = {}
+    studio_view_js = {}
+
+    @classmethod
+    def get_preview_view_js(cls):
+        return cls.preview_view_js
+
+    @classmethod
+    def get_preview_view_js_bundle_name(cls):
+        return cls.__name__ + 'Display'
+
+    @classmethod
+    def get_studio_view_js(cls):
+        return cls.studio_view_js
+
+    @classmethod
+    def get_studio_view_js_bundle_name(cls):
+        return cls.__name__ + 'Editor'
+
+    def get_html(self):
+        """
+        Return the html used to display this snippet
+        """
+        raise NotImplementedError(
+            "get_html() must be provided by specific modules - not present in {}"
+            .format(self.__class__))
+
+
 def shim_xmodule_js(fragment, js_module_name):
     """
     Set up the XBlock -> XModule shim on the supplied :class:`web_fragments.fragment.Fragment`