Check out collections.deque. From the docs:

Deques support thread-safe, memory efficient appends and pops from either side of the deque with approximately the same O(1) performance in either direction.

Though list objects support similar operations, they are optimized for fast fixed-length operations and incur O(n) memory movement costs for pop(0) and insert(0, v) operations which change both the size and position of the underlying data representation.

Just as it says, using pop(0) or insert(0, v) incur large penalties with list objects. You can't use slice/index operations on a deque, but you can use popleft/appendleft, which are operations deque is optimized for. Here is a simple benchmark to demonstrate this:

import time
from collections import deque

num = 100000

def append(c):
    for i in range(num):
        c.append(i)

def appendleft(c):
    if isinstance(c, deque):
        for i in range(num):
            c.appendleft(i)
    else:
        for i in range(num):
            c.insert(0, i)
def pop(c):
    for i in range(num):
        c.pop()

def popleft(c):
    if isinstance(c, deque):
        for i in range(num):
            c.popleft()
    else:
        for i in range(num):
            c.pop(0)

for container in [deque, list]:
    for operation in [append, appendleft, pop, popleft]:
        c = container(range(num))
        start = time.time()
        operation(c)
        elapsed = time.time() - start
        print "Completed %s/%s in %.2f seconds: %.1f ops/sec" % (container.__name__, operation.__name__, elapsed, num / elapsed)

Results on my machine:

Completed deque/append in 0.02 seconds: 5582877.2 ops/sec
Completed deque/appendleft in 0.02 seconds: 6406549.7 ops/sec
Completed deque/pop in 0.01 seconds: 7146417.7 ops/sec
Completed deque/popleft in 0.01 seconds: 7271174.0 ops/sec
Completed list/append in 0.01 seconds: 6761407.6 ops/sec
Completed list/appendleft in 16.55 seconds: 6042.7 ops/sec
Completed list/pop in 0.02 seconds: 4394057.9 ops/sec
Completed list/popleft in 3.23 seconds: 30983.3 ops/sec

I'll add my two cents as I was searching for this exact question but more from the time complexity involved and what should be the preferred choice for a queue implementation in Python.

As per the docs:

Deques support thread-safe, memory efficient appends and pops from either side of the deque with approximately the same O(1) performance in either direction.

This means you can use dequeues as a stack(Last in First out) and queue(First in First out) implementation with pop() or popleft() operation in O(1).

Again from docs

Though list objects support similar operations, they are optimized for fast fixed-length operations and incur O(n) memory movement costs for pop(0) and insert(0, v) operations which change both the size and position of the underlying data representation.

However, using the list as a queue requires popping from the 0th index which will cause data to be shifted resulting in O(N) operation. So if you want to use a queue for a time sensitive operation (production code or competitive programming) always use dequeue for queue implementation.