diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7f7634978..5876b9a8c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Added
 
+- Added options to TimeRemainingColumn to render a compact time format and render elapsed time when a task is
+  finished. https://github.com/Textualize/rich/pull/1992
 - Added ProgressColumn `MofNCompleteColumn` to display raw `completed/total` column (similar to DownloadColumn,
   but displays values as ints, does not convert to floats or add bit/bytes units).
   https://github.com/Textualize/rich/pull/1941
diff --git a/CONTRIBUTORS.md b/CONTRIBUTORS.md
index 5d53b6967..de92cbd18 100644
--- a/CONTRIBUTORS.md
+++ b/CONTRIBUTORS.md
@@ -33,4 +33,4 @@ The following people have contributed to the development of Rich:
 - [Dennis Brakhane](https://github.com/brakhane)
 - [Michał Górny](https://github.com/mgorny)
 - [Arian Mollik Wasi](https://github.com/wasi-master)
-
+- [Brian Rutledge](https://github.com/bhrutledge)
diff --git a/rich/progress.py b/rich/progress.py
index e904b8b24..e4abbdb66 100644
--- a/rich/progress.py
+++ b/rich/progress.py
@@ -343,18 +343,48 @@ def render(self, task: "Task") -> Text:
 
 
 class TimeRemainingColumn(ProgressColumn):
-    """Renders estimated time remaining."""
+    """Renders estimated time remaining.
+
+    Args:
+        compact (bool, optional): Render MM:SS when time remaining is less than an hour. Defaults to False.
+        elapsed_when_finished (bool, optional): Render time elapsed when the task is finished. Defaults to False.
+    """
 
     # Only refresh twice a second to prevent jitter
     max_refresh = 0.5
 
+    def __init__(
+        self,
+        compact: bool = False,
+        elapsed_when_finished: bool = False,
+        table_column: Optional[Column] = None,
+    ):
+        self.compact = compact
+        self.elapsed_when_finished = elapsed_when_finished
+        super().__init__(table_column=table_column)
+
     def render(self, task: "Task") -> Text:
         """Show time remaining."""
-        remaining = task.time_remaining
-        if remaining is None:
-            return Text("-:--:--", style="progress.remaining")
-        remaining_delta = timedelta(seconds=int(remaining))
-        return Text(str(remaining_delta), style="progress.remaining")
+        if self.elapsed_when_finished and task.finished:
+            task_time = task.finished_time
+            style = "progress.elapsed"
+        else:
+            task_time = task.time_remaining
+            style = "progress.remaining"
+
+        if task_time is None:
+            return Text("--:--" if self.compact else "-:--:--", style=style)
+
+        # Based on https://github.com/tqdm/tqdm/blob/master/tqdm/std.py
+        minutes, seconds = divmod(int(task_time), 60)
+        hours, minutes = divmod(minutes, 60)
+
+        if self.compact and not hours:
+            formatted = f"{minutes:02d}:{seconds:02d}"
+        else:
+            formatted = f"{hours:d}:{minutes:02d}:{seconds:02d}"
+
+        return Text(formatted, style=style)
 
 
 class FileSizeColumn(ProgressColumn):
diff --git a/tests/test_progress.py b/tests/test_progress.py
index 1941448d9..db2e825d3 100644
--- a/tests/test_progress.py
+++ b/tests/test_progress.py
@@ -2,6 +2,7 @@
 
 import io
 from time import sleep
+from types import SimpleNamespace
 
 import pytest
 
@@ -89,6 +90,33 @@ class FakeTask(Task):
     assert str(text) == "0:01:00"
 
 
+@pytest.mark.parametrize(
+    "task_time, formatted",
+    [
+        (None, "--:--"),
+        (0, "00:00"),
+        (59, "00:59"),
+        (71, "01:11"),
+        (4210, "1:10:10"),
+    ],
+)
+def test_compact_time_remaining_column(task_time, formatted):
+    task = SimpleNamespace(finished=False, time_remaining=task_time)
+    column = TimeRemainingColumn(compact=True)
+
+    assert str(column.render(task)) == formatted
+
+
+def test_time_remaining_column_elapsed_when_finished():
+    task_time = 71
+    formatted = "0:01:11"
+
+    task = SimpleNamespace(finished=True, finished_time=task_time)
+    column = TimeRemainingColumn(elapsed_when_finished=True)
+
+    assert str(column.render(task)) == formatted
+
+
 def test_renderable_column():
     column = RenderableColumn("foo")
     task = Task(1, "test", 100, 20, _get_time=lambda: 1.0)