<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-08-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001393311</issuerCik>
        <issuerName>Public Storage</issuerName>
        <issuerTradingSymbol>PSA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001322750</rptOwnerCik>
            <rptOwnerName>GUSTAVSON TAMARA HUGHES</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PUBLIC STORAGE</rptOwnerStreet1>
            <rptOwnerStreet2>701 WESTERN AVENUE</rptOwnerStreet2>
            <rptOwnerCity>GLENDALE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <value>Common Stock</value>
            </securityTitle>
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            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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            </transactionCoding>
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                </transactionPricePerShare>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
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                </natureOfOwnership>
            </ownershipNature>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1430</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By BWH Investments 2019, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14114476</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11348</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F21"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F22"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2785000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27343</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By IRA</value>
                    <footnoteId id="F23"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1300</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Husband</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>295000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLC</value>
                    <footnoteId id="F24"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents the reporting person's beneficial interest in shares sold by BWH Investments 2019, LLC.</footnote>
        <footnote id="F2">Represents weighted average price. These shares were sold at prices ranging between $351.11 and $352.09. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F3">Represents weighted average price. These shares were sold at prices ranging between $352.11 and $353.10. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F4">Represents weighted average price. These shares were sold at prices ranging between $353.11 and $354.10. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F5">Represents weighted average price. These shares were sold at prices ranging between $354.115 and $355.08. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F6">Represents weighted average price. These shares were sold at prices ranging between $355.13 and $355.525. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F7">Represents weighted average price. These shares were sold at prices ranging between $350.00 and $350.98. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F8">Represents weighted average price. These shares were sold at prices ranging between $351.10 and $351.99. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F9">Represents weighted average price. These shares were sold at prices ranging between $352.01 and $352.995. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F10">Represents weighted average price. These shares were sold at prices ranging between $353.00 and $353.975. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F11">Represents weighted average price. These shares were sold at prices ranging between $354.005 and $354.99. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F12">Represents weighted average price. These shares were sold at prices ranging between $355.00 and $355.88. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F13">Represents weighted average price. These shares were sold at prices ranging between $356.075 and $356.34. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F14">Represents weighted average price. These shares were sold at prices ranging between $350.62 and $351.61. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F15">Represents weighted average price. These shares were sold at prices ranging between $351.62 and $352.615. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F16">Represents weighted average price. These shares were sold at prices ranging between $352.62 and $353.60. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F17">Represents weighted average price. These shares were sold at prices ranging between $353.66 and $354.63. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F18">Represents weighted average price. These shares were sold at prices ranging between $354.73 and $355.62. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F19">Represents weighted average price. These shares were sold at prices ranging between $355.76 and $356.75. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F20">Represents weighted average price. These shares were sold at prices ranging between $356.76 and $357.15. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.</footnote>
        <footnote id="F21">By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.</footnote>
        <footnote id="F22">By reporting person and husband.</footnote>
        <footnote id="F23">By custodian of an IRA for benefit of reporting person.</footnote>
        <footnote id="F24">By LLC of which reporting person is a member and manager.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Nathaniel A. Vitan, Attorney-in-Fact</signatureName>
        <signatureDate>2022-08-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
