How to save a web page as MHT in chrome?

Viewing and creating MHTML files in current versions of Google Chrome is supported by toggling the "Save Page as MHTML" option on the chrome://flags page.

However, enabling this experimental option disables saving pages as HTML-only or HTML Complete files. From the chrome://flags page:

Save Page as MHTML Mac, Windows, Linux
Disables saving pages as HTML-only or HTML Complete; enables saving pages only as MHTML: a single text file containing HTML and all sub-resources.

You can save it as MHTML file by using "SAVE AS MHTML" extension available in chrome web store which will capture the entire site to a compressed file.

Supported by Firefox, Internet Explorer and Chrome.

Starting June 2019, the Save Page as MHTML flag has been removed from Chrome. A solution that still works (for now?) is adding the --save-page-as-mhtml argument to Chrome's command line.