diff --git a/examples/ecdsa-psbt.rs b/examples/ecdsa-psbt.rs
index c685037681..4522406e60 100644
--- a/examples/ecdsa-psbt.rs
+++ b/examples/ecdsa-psbt.rs
@@ -43,8 +43,8 @@ use bitcoin::util::bip32::{
 };
 use bitcoin::util::psbt::{self, Input, Psbt, PsbtSighashType};
 use bitcoin::{
-    Address, Amount, Network, OutPoint, PrivateKey, PublicKey, Script, Sequence, Transaction, TxIn,
-    TxOut, Txid, Witness,
+    Address, Amount, Network, OutPoint, PackedLockTime, PrivateKey, PublicKey, Script, Sequence,
+    Transaction, TxIn, TxOut, Txid, Witness,
 };
 
 use self::psbt_sign::*;
@@ -207,7 +207,7 @@ impl WatchOnly {
 
         let tx = Transaction {
             version: 2,
-            lock_time: 0,
+            lock_time: PackedLockTime::ZERO,
             input: vec![TxIn {
                 previous_output: OutPoint {
                     txid: Txid::from_hex(INPUT_UTXO_TXID)?,
diff --git a/src/blockdata/constants.rs b/src/blockdata/constants.rs
index 0e03ae5afd..3b6219f010 100644
--- a/src/blockdata/constants.rs
+++ b/src/blockdata/constants.rs
@@ -16,6 +16,7 @@ use crate::hashes::hex::{self, HexIterator};
 use crate::hashes::{Hash, sha256d};
 use crate::blockdata::opcodes;
 use crate::blockdata::script;
+use crate::blockdata::locktime::PackedLockTime;
 use crate::blockdata::transaction::{OutPoint, Transaction, TxOut, TxIn, Sequence};
 use crate::blockdata::block::{Block, BlockHeader};
 use crate::blockdata::witness::Witness;
@@ -53,6 +54,8 @@ pub const SCRIPT_ADDRESS_PREFIX_TEST: u8 = 196; // 0xc4
 pub const MAX_SCRIPT_ELEMENT_SIZE: usize = 520;
 /// How may blocks between halvings.
 pub const SUBSIDY_HALVING_INTERVAL: u32 = 210_000;
+/// Maximum allowed value for an integer in Script.
+pub const MAX_SCRIPTNUM_VALUE: u32 = 0x80000000; // 2^31
 
 /// In Bitcoind this is insanely described as ~((u256)0 >> 32)
 pub fn max_target(_: Network) -> Uint256 {
@@ -71,7 +74,7 @@ fn bitcoin_genesis_tx() -> Transaction {
     // Base
     let mut ret = Transaction {
         version: 1,
-        lock_time: 0,
+        lock_time: PackedLockTime::ZERO,
         input: vec![],
         output: vec![],
     };
@@ -199,6 +202,7 @@ mod test {
     use crate::hashes::hex::{ToHex, FromHex};
     use crate::network::constants::Network;
     use crate::consensus::encode::serialize;
+    use crate::blockdata::locktime::PackedLockTime;
 
     #[test]
     fn bitcoin_genesis_first_transaction() {
@@ -216,7 +220,7 @@ mod test {
         assert_eq!(serialize(&gen.output[0].script_pubkey),
                    Vec::from_hex("434104678afdb0fe5548271967f1a67130b7105cd6a828e03909a67962e0ea1f61deb649f6bc3f4cef38c4f35504e51ec112de5c384df7ba0b8d578a4c702b6bf11d5fac").unwrap());
         assert_eq!(gen.output[0].value, 50 * COIN_VALUE);
-        assert_eq!(gen.lock_time, 0);
+        assert_eq!(gen.lock_time, PackedLockTime::ZERO);
 
         assert_eq!(gen.wtxid().to_hex(), "4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b");
     }
diff --git a/src/blockdata/locktime.rs b/src/blockdata/locktime.rs
new file mode 100644
index 0000000000..440006b109
--- /dev/null
+++ b/src/blockdata/locktime.rs
@@ -0,0 +1,762 @@
+// Rust Bitcoin Library
+// Written in 2022 by
+//     Tobin C. Harding <me@tobin.cc>
+// To the extent possible under law, the author(s) have dedicated all
+// copyright and related and neighboring rights to this software to
+// the public domain worldwide. This software is distributed without
+// any warranty.
+//
+// You should have received a copy of the CC0 Public Domain Dedication
+// along with this software.
+// If not, see <http://creativecommons.org/publicdomain/zero/1.0/>.
+//
+
+//! Provides type [`LockTime`] that implements the logic around nLockTime/OP_CHECKLOCKTIMEVERIFY.
+//!
+//! There are two types of lock time: lock-by-blockheight and lock-by-blocktime, distinguished by
+//! whether `LockTime < LOCKTIME_THRESHOLD`.
+//!
+
+use core::{mem, fmt};
+use core::cmp::{PartialOrd, Ordering};
+use core::convert::TryFrom;
+use core::str::FromStr;
+use core::num::ParseIntError;
+
+use crate::consensus::encode::{self, Decodable, Encodable};
+use crate::io::{self, Read, Write};
+use crate::prelude::*;
+use crate::internal_macros::write_err;
+
+/// The Threshold for deciding whether a lock time value is a height or a time (see [Bitcoin Core]).
+///
+/// `LockTime` values _below_ the threshold are interpreted as block heights, values _above_ (or
+/// equal to) the threshold are interpreted as block times (UNIX timestamp, seconds since epoch).
+///
+/// Bitcoin is able to safely use this value because a block height greater than 500,000,000 would
+/// never occur because it would represent a height in approximately 9500 years. Conversely, block
+/// times under 500,000,000 will never happen because they would represent times before 1986 which
+/// are, for obvious reasons, not useful within the Bitcoin network.
+///
+/// [Bitcoin Core]: https://github.com/bitcoin/bitcoin/blob/9ccaee1d5e2e4b79b0a7c29aadb41b97e4741332/src/script/script.h#L39
+pub const LOCK_TIME_THRESHOLD: u32 = 500_000_000;
+
+/// Packed lock time wraps a [`LockTime`] consensus value i.e., the raw `u32` used by the network.
+///
+/// This struct may be preferred in performance-critical applications because it's slightly smaller
+/// than [`LockTime`] and has a bit more performant (de)serialization. In particular, this may be
+/// relevant when the value is not processed, just passed around. Note however that the difference
+/// is super-small, so unless you do something extreme you shouldn't worry about it.
+///
+/// This type implements a naive ordering based on the `u32`, this is _not_ a semantically correct
+/// ordering for a lock time, hence [`LockTime`] does not implement `Ord`. This type is useful if
+/// you want to use a lock time as part of a struct and wish to derive `Ord`. For all other uses,
+/// consider using [`LockTime`] directly.
+///
+/// # Examples
+/// ```
+/// # use bitcoin::{Amount, PackedLockTime, LockTime};
+/// #[derive(Copy, Clone, PartialEq, Eq, PartialOrd, Ord, Debug, Hash)]
+/// struct S {
+///     lock_time: PackedLockTime,
+///     amount: Amount,
+/// }
+///
+/// let _ = S {
+///     lock_time: LockTime::from_consensus(741521).into(),
+///     amount: Amount::from_sat(10_000_000),
+/// };
+/// ```
+#[derive(Copy, Clone, PartialEq, Eq, PartialOrd, Ord, Debug, Hash)]
+#[cfg_attr(feature = "serde", derive(Serialize, Deserialize))]
+#[cfg_attr(feature = "serde", serde(crate = "actual_serde"))]
+pub struct PackedLockTime(pub u32);
+
+impl PackedLockTime {
+    /// If [`crate::Transaction::lock_time`] is set to zero it is ignored, in other words a
+    /// transaction with nLocktime==0 is able to be included immediately in any block.
+    pub const ZERO: PackedLockTime = PackedLockTime(0);
+
+    /// Returns the inner `u32`.
+    #[inline]
+    pub fn to_u32(&self) -> u32 {
+        self.0
+    }
+}
+
+impl fmt::Display for PackedLockTime {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        fmt::Display::fmt(&self.0, f)
+    }
+}
+
+impl Encodable for PackedLockTime {
+    #[inline]
+    fn consensus_encode<W: Write + ?Sized>(&self, w: &mut W) -> Result<usize, io::Error> {
+        self.0.consensus_encode(w)
+    }
+}
+
+impl Decodable for PackedLockTime {
+    #[inline]
+    fn consensus_decode<R: Read + ?Sized>(r: &mut R) -> Result<Self, encode::Error> {
+        u32::consensus_decode(r).map(PackedLockTime)
+    }
+}
+
+impl From<LockTime> for PackedLockTime {
+    fn from(n: LockTime) -> Self {
+        PackedLockTime(n.to_consensus_u32())
+    }
+}
+
+impl From<PackedLockTime> for LockTime {
+    fn from(n: PackedLockTime) -> Self {
+        LockTime::from_consensus(n.0)
+    }
+}
+
+impl From<&LockTime> for PackedLockTime {
+    fn from(n: &LockTime) -> Self {
+        PackedLockTime(n.to_consensus_u32())
+    }
+}
+
+impl From<&PackedLockTime> for LockTime {
+    fn from(n: &PackedLockTime) -> Self {
+        LockTime::from_consensus(n.0)
+    }
+}
+
+impl From<PackedLockTime> for u32 {
+    fn from(p: PackedLockTime) -> Self {
+        p.0
+    }
+}
+
+impl FromStr for PackedLockTime {
+    type Err = ParseIntError;
+
+    fn from_str(s: &str) -> Result<Self, Self::Err> {
+        s.parse().map(PackedLockTime)
+    }
+}
+
+impl TryFrom<&str> for PackedLockTime {
+    type Error = ParseIntError;
+
+    fn try_from(s: &str) -> Result<Self, Self::Error> {
+        PackedLockTime::from_str(s)
+    }
+}
+
+impl TryFrom<String> for PackedLockTime {
+    type Error = ParseIntError;
+
+    fn try_from(s: String) -> Result<Self, Self::Error> {
+        PackedLockTime::from_str(&s)
+    }
+}
+
+impl fmt::LowerHex for PackedLockTime {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        write!(f, "{:x}", self.0)
+    }
+}
+
+impl fmt::UpperHex for PackedLockTime {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        write!(f, "{:X}", self.0)
+    }
+}
+
+/// A lock time value, representing either a block height or a UNIX timestamp (seconds since epoch).
+///
+/// Used for transaction lock time (`nLockTime` in Bitcoin Core and [`crate::Transaction::lock_time`]
+/// in this library) and also for the argument to opcode 'OP_CHECKLOCKTIMEVERIFY`.
+///
+/// ### Relevant BIPs
+///
+/// * [BIP-65 OP_CHECKLOCKTIMEVERIFY](https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki)
+/// * [BIP-113 Median time-past as endpoint for lock-time calculations](https://github.com/bitcoin/bips/blob/master/bip-0113.mediawiki)
+///
+/// # Examples
+/// ```
+/// # use bitcoin::{LockTime, LockTime::*};
+/// # let n = LockTime::from_consensus(100);          // n OP_CHECKLOCKTIMEVERIFY
+/// # let lock_time = LockTime::from_consensus(100);  // nLockTime
+/// // To compare lock times there are various `is_satisfied_*` methods, you may also use:
+/// let is_satisfied = match (n, lock_time) {
+///     (Blocks(n), Blocks(lock_time)) => n <= lock_time,
+///     (Seconds(n), Seconds(lock_time)) => n <= lock_time,
+///     _ => panic!("handle invalid comparison error"),
+/// };
+/// ```
+#[allow(clippy::derive_ord_xor_partial_ord)]
+#[derive(Debug, Clone, Copy, PartialEq, Eq, Hash)]
+#[cfg_attr(feature = "serde", derive(Serialize, Deserialize))]
+#[cfg_attr(feature = "serde", serde(crate = "actual_serde"))]
+pub enum LockTime {
+    /// A block height lock time value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::LockTime;
+    ///
+    /// let block: u32 = 741521;
+    /// let n = LockTime::from_height(block).expect("valid height");
+    /// assert!(n.is_block_height());
+    /// assert_eq!(n.to_consensus_u32(), block);
+    /// ```
+    Blocks(Height),
+    /// A UNIX timestamp lock time value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::LockTime;
+    ///
+    /// let seconds: u32 = 1653195600; // May 22nd, 5am UTC.
+    /// let n = LockTime::from_time(seconds).expect("valid time");
+    /// assert!(n.is_block_time());
+    /// assert_eq!(n.to_consensus_u32(), seconds);
+    /// ```
+    Seconds(Time),
+}
+
+impl LockTime {
+    /// If [`crate::Transaction::lock_time`] is set to zero it is ignored, in other words a
+    /// transaction with nLocktime==0 is able to be included immediately in any block.
+    pub const ZERO: LockTime = LockTime::Blocks(Height(0));
+
+    /// Constructs a `LockTime` from an nLockTime value or the argument to OP_CHEKCLOCKTIMEVERIFY.
+    ///
+    /// # Examples
+    ///
+    /// ```rust
+    /// # use bitcoin::LockTime;
+    /// # let n = LockTime::from_consensus(741521); // n OP_CHECKLOCKTIMEVERIFY
+    ///
+    /// // `from_consensus` roundtrips as expected with `to_consensus_u32`.
+    /// let n_lock_time: u32 = 741521;
+    /// let lock_time = LockTime::from_consensus(n_lock_time);
+    /// assert_eq!(lock_time.to_consensus_u32(), n_lock_time);
+    #[inline]
+    pub fn from_consensus(n: u32) -> Self {
+        if is_block_height(n) {
+            Self::Blocks(Height::from_consensus(n).expect("n is valid"))
+        } else {
+            Self::Seconds(Time::from_consensus(n).expect("n is valid"))
+        }
+    }
+
+    /// Constructs a `LockTime` from `n`, expecting `n` to be a valid block height.
+    ///
+    /// See [`LOCK_TIME_THRESHOLD`] for definition of a valid height value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// # use bitcoin::LockTime;
+    /// assert!(LockTime::from_height(741521).is_ok());
+    /// assert!(LockTime::from_height(1653195600).is_err());
+    /// ```
+    #[inline]
+    pub fn from_height(n: u32) -> Result<Self, Error> {
+        let height = Height::from_consensus(n)?;
+        Ok(LockTime::Blocks(height))
+    }
+
+    /// Constructs a `LockTime` from `n`, expecting `n` to be a valid block time.
+    ///
+    /// See [`LOCK_TIME_THRESHOLD`] for definition of a valid time value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// # use bitcoin::LockTime;
+    /// assert!(LockTime::from_time(1653195600).is_ok());
+    /// assert!(LockTime::from_time(741521).is_err());
+    /// ```
+    #[inline]
+    pub fn from_time(n: u32) -> Result<Self, Error> {
+        let time = Time::from_consensus(n)?;
+        Ok(LockTime::Seconds(time))
+    }
+
+    /// Returns true if both lock times use the same unit i.e., both height based or both time based.
+    #[inline]
+    pub fn is_same_unit(&self, other: LockTime) -> bool {
+        mem::discriminant(self) == mem::discriminant(&other)
+    }
+
+    /// Returns true if this lock time value is a block height.
+    #[inline]
+    pub fn is_block_height(&self) -> bool {
+        match *self {
+            LockTime::Blocks(_) => true,
+            LockTime::Seconds(_) => false,
+        }
+    }
+
+    /// Returns true if this lock time value is a block time (UNIX timestamp).
+    #[inline]
+    pub fn is_block_time(&self) -> bool {
+        !self.is_block_height()
+    }
+
+    /// Returns true if this timelock constraint is satisfied by the respective `height`/`time`.
+    ///
+    /// If `self` is a blockheight based lock then it is checked against `height` and if `self` is a
+    /// blocktime based lock it is checked against `time`.
+    ///
+    /// A 'timelock constraint' refers to the `n` from `n OP_CHEKCLOCKTIMEVERIFY`, this constraint
+    /// is satisfied if a transaction with nLockTime ([`crate::Transaction::lock_time`]) set to
+    /// `height`/`time` is valid.
+    ///
+    /// # Examples
+    /// ```no_run
+    /// # use bitcoin::blockdata::locktime::{LockTime, Height, Time};
+    /// // Can be implemented if block chain data is available.
+    /// fn get_height() -> Height { todo!("return the current block height") }
+    /// fn get_time() -> Time { todo!("return the current block time") }
+    ///
+    /// let n = LockTime::from_consensus(741521); // `n OP_CHEKCLOCKTIMEVERIFY`.
+    /// if n.is_satisfied_by(get_height(), get_time()) {
+    ///     // Can create and mine a transaction that satisfies the OP_CLTV timelock constraint.
+    /// }
+    /// ````
+    #[inline]
+    pub fn is_satisfied_by(&self, height: Height, time: Time) -> bool {
+        use LockTime::*;
+
+        match *self {
+            Blocks(n) => n <= height,
+            Seconds(n) => n <= time,
+        }
+    }
+
+    /// Returns the inner `u32` value. This is the value used when creating this `LockTime`
+    /// i.e., `n OP_CHECKLOCKTIMEVERIFY` or nLockTime.
+    ///
+    /// # Warning
+    ///
+    /// Do not compare values return by this method. The whole point of the `LockTime` type is to
+    /// assist in doing correct comparisons. Either use `is_satisfied_by` or use the pattern below:
+    ///
+    /// # Examples
+    ///
+    /// ```rust
+    /// # use bitcoin::{LockTime, LockTime::*};
+    /// # let n = LockTime::from_consensus(100);          // n OP_CHECKLOCKTIMEVERIFY
+    /// # let lock_time = LockTime::from_consensus(100);  // nLockTime
+    ///
+    /// let is_satisfied = match (n, lock_time) {
+    ///     (Blocks(n), Blocks(lock_time)) => n <= lock_time,
+    ///     (Seconds(n), Seconds(lock_time)) => n <= lock_time,
+    ///     _ => panic!("invalid comparison"),
+    /// };
+    ///
+    /// // Or, if you have Rust 1.53 or greater
+    /// // let is_satisfied = n.partial_cmp(&lock_time).expect("invalid comparison").is_le();
+    /// ```
+    #[inline]
+    pub fn to_consensus_u32(&self) -> u32 {
+        match *self {
+            LockTime::Blocks(ref h) => h.to_consensus_u32(),
+            LockTime::Seconds(ref t) => t.to_consensus_u32(),
+        }
+    }
+}
+
+impl FromStr for LockTime {
+    type Err = ParseIntError;
+
+    fn from_str(s: &str) -> Result<Self, Self::Err> {
+        s.parse().map(LockTime::from_consensus)
+    }
+}
+
+impl TryFrom<&str> for LockTime {
+    type Error = ParseIntError;
+
+    fn try_from(s: &str) -> Result<Self, Self::Error> {
+        LockTime::from_str(s)
+    }
+}
+
+impl TryFrom<String> for LockTime {
+    type Error = ParseIntError;
+
+    fn try_from(s: String) -> Result<Self, Self::Error> {
+        LockTime::from_str(&s)
+    }
+}
+
+impl From<Height> for LockTime {
+    fn from(h: Height) -> Self {
+        LockTime::Blocks(h)
+    }
+}
+
+impl From<Time> for LockTime {
+    fn from(t: Time) -> Self {
+        LockTime::Seconds(t)
+    }
+}
+
+impl PartialOrd for LockTime {
+    fn partial_cmp(&self, other: &LockTime) -> Option<Ordering> {
+        use LockTime::*;
+
+        match (*self, *other) {
+            (Blocks(ref a), Blocks(ref b)) => a.partial_cmp(b),
+            (Seconds(ref a), Seconds(ref b)) => a.partial_cmp(b),
+            (_, _) => None,
+        }
+    }
+}
+
+impl fmt::Display for LockTime {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        use LockTime::*;
+
+        if f.alternate() {
+            match *self {
+                Blocks(ref h) => write!(f, "block-height {}", h),
+                Seconds(ref t) => write!(f, "block-time {} (seconds since epoch)", t),
+            }
+        } else {
+            match *self {
+                Blocks(ref h) => fmt::Display::fmt(h, f),
+                Seconds(ref t) => fmt::Display::fmt(t, f),
+            }
+        }
+    }
+}
+
+impl Encodable for LockTime {
+    #[inline]
+    fn consensus_encode<W: Write + ?Sized>(&self, w: &mut W) -> Result<usize, io::Error> {
+        let v = self.to_consensus_u32();
+        v.consensus_encode(w)
+    }
+}
+
+impl Decodable for LockTime {
+    #[inline]
+    fn consensus_decode<R: Read + ?Sized>(r: &mut R) -> Result<Self, encode::Error> {
+        u32::consensus_decode(r).map(LockTime::from_consensus)
+    }
+}
+
+/// An absolute block height, guaranteed to always contain a valid height value.
+#[derive(Debug, Clone, Copy, PartialEq, Eq, PartialOrd, Ord, Hash)]
+#[cfg_attr(feature = "serde", derive(Serialize, Deserialize))]
+#[cfg_attr(feature = "serde", serde(crate = "actual_serde"))]
+pub struct Height(u32);
+
+impl Height {
+    /// Constructs a new block height.
+    ///
+    /// # Errors
+    ///
+    /// If `n` does not represent a block height value (see documentation on [`LockTime`]).
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::blockdata::locktime::Height;
+    ///
+    /// let h: u32 = 741521;
+    /// let height = Height::from_consensus(h).expect("invalid height value");
+    /// assert_eq!(height.to_consensus_u32(), h);
+    /// ```
+    #[inline]
+    pub fn from_consensus(n: u32) -> Result<Height, Error> {
+        if is_block_height(n) {
+            Ok(Self(n))
+        } else {
+            Err(ConversionError::invalid_height(n).into())
+        }
+    }
+
+    /// Converts this `Height` to its inner `u32` value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::LockTime;
+    ///
+    /// let n_lock_time: u32 = 741521;
+    /// let lock_time = LockTime::from_consensus(n_lock_time);
+    /// assert!(lock_time.is_block_height());
+    /// assert_eq!(lock_time.to_consensus_u32(), n_lock_time);
+    #[inline]
+    pub fn to_consensus_u32(&self) -> u32 {
+        self.0
+    }
+}
+
+impl fmt::Display for Height {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        fmt::Display::fmt(&self.0, f)
+    }
+}
+
+impl FromStr for Height {
+    type Err = Error;
+
+    fn from_str(s: &str) -> Result<Self, Self::Err> {
+        let n = s.parse::<u32>().map_err(|e| Error::Parse(e, s.to_owned()))?;
+        Height::from_consensus(n)
+    }
+}
+
+impl TryFrom<&str> for Height {
+    type Error = Error;
+
+    fn try_from(s: &str) -> Result<Self, Self::Error> {
+        Height::from_str(s)
+    }
+}
+
+impl TryFrom<String> for Height {
+    type Error = Error;
+
+    fn try_from(s: String) -> Result<Self, Self::Error> {
+        let n = s.parse::<u32>().map_err(|e| Error::Parse(e, s))?;
+        Height::from_consensus(n)
+    }
+}
+
+/// A UNIX timestamp, seconds since epoch, guaranteed to always contain a valid time value.
+///
+/// Note that there is no manipulation of the inner value during construction or when using
+/// `to_consensus_u32()`. Said another way, `Time(x)` means 'x seconds since epoch' _not_ '(x -
+/// threshold) seconds since epoch'.
+#[derive(Debug, Clone, Copy, PartialEq, Eq, PartialOrd, Ord, Hash)]
+#[cfg_attr(feature = "serde", derive(Serialize, Deserialize))]
+#[cfg_attr(feature = "serde", serde(crate = "actual_serde"))]
+pub struct Time(u32);
+
+impl Time {
+    /// Constructs a new block time.
+    ///
+    /// # Errors
+    ///
+    /// If `n` does not encode a UNIX time stamp (see documentation on [`LockTime`]).
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::blockdata::locktime::Time;
+    ///
+    /// let t: u32 = 1653195600; // May 22nd, 5am UTC.
+    /// let time = Time::from_consensus(t).expect("invalid time value");
+    /// assert_eq!(time.to_consensus_u32(), t);
+    /// ```
+    #[inline]
+    pub fn from_consensus(n: u32) -> Result<Time, Error> {
+        if is_block_time(n) {
+            Ok(Self(n))
+        } else {
+            Err(ConversionError::invalid_time(n).into())
+        }
+    }
+
+    /// Converts this `Time` to its inner `u32` value.
+    ///
+    /// # Examples
+    /// ```rust
+    /// use bitcoin::LockTime;
+    ///
+    /// let n_lock_time: u32 = 1653195600; // May 22nd, 5am UTC.
+    /// let lock_time = LockTime::from_consensus(n_lock_time);
+    /// assert_eq!(lock_time.to_consensus_u32(), n_lock_time);
+    /// ```
+    #[inline]
+    pub fn to_consensus_u32(&self) -> u32 {
+        self.0
+    }
+}
+
+impl fmt::Display for Time {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        fmt::Display::fmt(&self.0, f)
+    }
+}
+
+impl FromStr for Time {
+    type Err = Error;
+
+    fn from_str(s: &str) -> Result<Self, Self::Err> {
+        let n = s.parse::<u32>().map_err(|e| Error::Parse(e, s.to_owned()))?;
+        Time::from_consensus(n)
+    }
+}
+
+impl TryFrom<&str> for Time {
+    type Error = Error;
+
+    fn try_from(s: &str) -> Result<Self, Self::Error> {
+        Time::from_str(s)
+    }
+}
+
+impl TryFrom<String> for Time {
+    type Error = Error;
+
+    fn try_from(s: String) -> Result<Self, Self::Error> {
+        let n = s.parse::<u32>().map_err(|e| Error::Parse(e, s))?;
+        Time::from_consensus(n)
+    }
+}
+
+/// Returns true if `n` is a block height i.e., less than 500,000,000.
+fn is_block_height(n: u32) -> bool {
+    n < LOCK_TIME_THRESHOLD
+}
+
+/// Returns true if `n` is a UNIX timestamp i.e., greater than or equal to 500,000,000.
+fn is_block_time(n: u32) -> bool {
+    n >= LOCK_TIME_THRESHOLD
+}
+
+/// Catchall type for errors that relate to time locks.
+#[derive(Debug, Clone, PartialEq, Eq)]
+#[non_exhaustive]
+pub enum Error {
+    /// An error occurred while converting a `u32` to a lock time variant.
+    Conversion(ConversionError),
+    /// An error occurred while operating on lock times.
+    Operation(OperationError),
+    /// An error occurred while parsing a string into an `u32`.
+    Parse(ParseIntError, String),
+}
+
+impl fmt::Display for Error {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        use self::Error::*;
+
+        match *self {
+            Conversion(ref e) => write_err!(f, "error converting lock time value"; e),
+            Operation(ref e) => write_err!(f, "error during lock time operation"; e),
+            Parse(ref e, ref s) => write_err!(f, "error parsing string: {}", s; e),
+        }
+    }
+}
+
+#[cfg(feature = "std")]
+#[cfg_attr(docsrs, doc(cfg(feature = "std")))]
+impl std::error::Error for Error {
+    fn source(&self) -> Option<&(dyn std::error::Error + 'static)> {
+        use self::Error::*;
+
+        match *self {
+            Conversion(ref e) => Some(e),
+            Operation(ref e) => Some(e),
+            Parse(ref e, _) => Some(e),
+        }
+    }
+}
+
+impl From<ConversionError> for Error {
+    fn from(e: ConversionError) -> Self {
+        Error::Conversion(e)
+    }
+}
+
+impl From<OperationError> for Error {
+    fn from(e: OperationError) -> Self {
+        Error::Operation(e)
+    }
+}
+
+/// An error that occurs when converting a `u32` to a lock time variant.
+#[derive(Debug, Clone, Eq, PartialEq, Hash)]
+pub struct ConversionError {
+    /// The expected timelock unit, height (blocks) or time (seconds).
+    unit: LockTimeUnit,
+    /// The invalid input value.
+    input: u32,
+}
+
+impl ConversionError {
+    /// Constructs a `ConversionError` from an invalid `n` when expecting a height value.
+    fn invalid_height(n: u32) -> Self {
+        Self {
+            unit: LockTimeUnit::Blocks,
+            input: n,
+        }
+    }
+
+    /// Constructs a `ConversionError` from an invalid `n` when expecting a time value.
+    fn invalid_time(n: u32) -> Self {
+        Self {
+            unit: LockTimeUnit::Seconds,
+            input: n,
+        }
+    }
+}
+
+impl fmt::Display for ConversionError {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        write!(f, "invalid lock time value {}, {}", self.input, self.unit)
+    }
+}
+
+#[cfg(feature = "std")]
+#[cfg_attr(docsrs, doc(cfg(feature = "std")))]
+impl std::error::Error for ConversionError {}
+
+/// Describes the two types of locking, lock-by-blockheight and lock-by-blocktime.
+#[derive(Debug, Clone, Copy, Eq, PartialEq, Hash)]
+enum LockTimeUnit {
+    /// Lock by blockheight.
+    Blocks,
+    /// Lock by blocktime.
+    Seconds,
+}
+
+impl fmt::Display for LockTimeUnit {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        use LockTimeUnit::*;
+
+        match *self {
+            Blocks => write!(f, "expected lock-by-blockheight (must be < {})", LOCK_TIME_THRESHOLD),
+            Seconds => write!(f, "expected lock-by-blocktime (must be >= {})", LOCK_TIME_THRESHOLD),
+        }
+    }
+}
+
+/// Errors than occur when operating on lock times.
+#[derive(Debug, Clone, Copy, PartialEq, Eq, PartialOrd, Ord, Hash)]
+#[non_exhaustive]
+pub enum OperationError {
+    /// Cannot compare different lock time units (height vs time).
+    InvalidComparison,
+}
+
+impl fmt::Display for OperationError {
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        use self::OperationError::*;
+
+        match *self {
+            InvalidComparison => f.write_str("cannot compare different lock units (height vs time)"),
+        }
+    }
+}
+
+#[cfg(feature = "std")]
+#[cfg_attr(docsrs, doc(cfg(feature = "std")))]
+impl std::error::Error for OperationError {}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    #[test]
+    fn display_and_alternate() {
+        let n = LockTime::from_consensus(100);
+        let s = format!("{}", n);
+        assert_eq!(&s, "100");
+
+        let got = format!("{:#}", n);
+        assert_eq!(got, "block-height 100");
+    }
+}
diff --git a/src/blockdata/mod.rs b/src/blockdata/mod.rs
index 8e07ddca56..15d44c2434 100644
--- a/src/blockdata/mod.rs
+++ b/src/blockdata/mod.rs
@@ -8,6 +8,7 @@
 //!
 
 pub mod constants;
+pub mod locktime;
 pub mod opcodes;
 pub mod script;
 pub mod transaction;
diff --git a/src/blockdata/transaction.rs b/src/blockdata/transaction.rs
index 0ea316d239..c4cb483716 100644
--- a/src/blockdata/transaction.rs
+++ b/src/blockdata/transaction.rs
@@ -26,6 +26,7 @@ use crate::blockdata::constants::{WITNESS_SCALE_FACTOR, MAX_SEQUENCE};
 #[cfg(feature="bitcoinconsensus")] use crate::blockdata::script;
 use crate::blockdata::script::Script;
 use crate::blockdata::witness::Witness;
+use crate::blockdata::locktime::{LockTime, PackedLockTime, Height, Time};
 use crate::consensus::{encode, Decodable, Encodable};
 use crate::hash_types::{Sighash, Txid, Wtxid};
 use crate::VarInt;
@@ -206,6 +207,20 @@ pub struct TxIn {
     pub witness: Witness
 }
 
+impl TxIn {
+    /// Returns true if this input enables the [`LockTime`]  (aka `nLockTime`) of its [`Transaction`].
+    ///
+    /// `nLockTime` is enabled if *any* input enables it. See [`Transaction::is_lock_time_enabled`]
+    ///  to check the overall state. If none of the inputs enables it, the lock time value is simply
+    ///  ignored. If this returns false and OP_CHECKLOCKTIMEVERIFY is used in the redeem script with
+    ///  this input then the script execution will fail [BIP-0065].
+    ///
+    /// [BIP-65](https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki)
+    pub fn enables_lock_time(&self) -> bool {
+        self.sequence != Sequence::MAX
+    }
+}
+
 impl Default for TxIn {
     fn default() -> TxIn {
         TxIn {
@@ -554,8 +569,13 @@ impl<E> EncodeSigningDataResult<E> {
 pub struct Transaction {
     /// The protocol version, is currently expected to be 1 or 2 (BIP 68).
     pub version: i32,
-    /// Block number before which this transaction is valid, or 0 for valid immediately.
-    pub lock_time: u32,
+    /// Block height or timestamp. Transaction cannot be included in a block until this height/time.
+    ///
+    /// ### Relevant BIPs
+    ///
+    /// * [BIP-65 OP_CHECKLOCKTIMEVERIFY](https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki)
+    /// * [BIP-113 Median time-past as endpoint for lock-time calculations](https://github.com/bitcoin/bips/blob/master/bip-0113.mediawiki)
+    pub lock_time: PackedLockTime,
     /// List of transaction inputs.
     pub input: Vec<TxIn>,
     /// List of transaction outputs.
@@ -916,6 +936,27 @@ impl Transaction {
     pub fn is_explicitly_rbf(&self) -> bool {
         self.input.iter().any(|input| input.sequence.is_rbf())
     }
+
+    /// Returns true if this [`Transaction`]'s absolute timelock is satisfied at `height`/`time`.
+    ///
+    /// # Returns
+    ///
+    /// By definition if the lock time is not enabled the transaction's absolute timelock is
+    /// considered to be satisfied i.e., there are no timelock constraints restricting this
+    /// transaction from being mined immediately.
+    pub fn is_absolute_timelock_satisfied(&self, height: Height, time: Time) -> bool {
+        if !self.is_lock_time_enabled() {
+            return true;
+        }
+        LockTime::from(self.lock_time).is_satisfied_by(height, time)
+    }
+
+    /// Returns `true` if this transactions nLockTime is enabled ([BIP-65]).
+    ///
+    /// [BIP-65]: https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki
+    pub fn is_lock_time_enabled(&self) -> bool {
+        self.input.iter().any(|i| i.enables_lock_time())
+    }
 }
 
 impl_consensus_encoding!(TxOut, value, script_pubkey);
@@ -1224,6 +1265,7 @@ mod tests {
     use core::str::FromStr;
     use crate::blockdata::constants::WITNESS_SCALE_FACTOR;
     use crate::blockdata::script::Script;
+    use crate::blockdata::locktime::PackedLockTime;
     use crate::consensus::encode::serialize;
     use crate::consensus::encode::deserialize;
 
@@ -1324,7 +1366,7 @@ mod tests {
                    "ce9ea9f6f5e422c6a9dbcddb3b9a14d1c78fab9ab520cb281aa2a74a09575da1".to_string());
         assert_eq!(realtx.input[0].previous_output.vout, 1);
         assert_eq!(realtx.output.len(), 1);
-        assert_eq!(realtx.lock_time, 0);
+        assert_eq!(realtx.lock_time, PackedLockTime::ZERO);
 
         assert_eq!(format!("{:x}", realtx.txid()),
                    "a6eab3c14ab5272a58a5ba91505ba1a4b6d7a3a9fcbd187b6cd99a7b6d548cb7".to_string());
@@ -1358,7 +1400,7 @@ mod tests {
                    "7cac3cf9a112cf04901a51d605058615d56ffe6d04b45270e89d1720ea955859".to_string());
         assert_eq!(realtx.input[0].previous_output.vout, 1);
         assert_eq!(realtx.output.len(), 1);
-        assert_eq!(realtx.lock_time, 0);
+        assert_eq!(realtx.lock_time, PackedLockTime::ZERO);
 
         assert_eq!(format!("{:x}", realtx.txid()),
                    "f5864806e3565c34d1b41e716f72609d00b55ea5eac5b924c9719a842ef42206".to_string());
@@ -1552,7 +1594,7 @@ mod tests {
         // We need a tx with more inputs than outputs.
         let tx = Transaction {
             version: 1,
-            lock_time: 0,
+            lock_time: PackedLockTime::ZERO,
             input: vec![TxIn::default(), TxIn::default()],
             output: vec![TxOut::default()],
         };
diff --git a/src/lib.rs b/src/lib.rs
index 1ac8d1c7be..fa44570a4d 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -94,6 +94,7 @@ use std::io;
 use core2::io;
 
 pub use crate::blockdata::block::{Block, BlockHeader};
+pub use crate::blockdata::locktime::{self, LockTime, PackedLockTime};
 pub use crate::blockdata::script::Script;
 #[allow(deprecated)]
 pub use crate::blockdata::transaction::SigHashType;
diff --git a/src/util/bip143.rs b/src/util/bip143.rs
index 7ebc148089..f20a67eac9 100644
--- a/src/util/bip143.rs
+++ b/src/util/bip143.rs
@@ -14,6 +14,7 @@ use crate::hash_types::Sighash;
 use crate::blockdata::script::Script;
 use crate::blockdata::witness::Witness;
 use crate::blockdata::transaction::{Transaction, TxIn, EcdsaSighashType};
+use crate::blockdata::locktime::LockTime;
 use crate::consensus::{encode, Encodable};
 
 use crate::io;
@@ -26,7 +27,7 @@ use crate::util::sighash;
 #[deprecated(since = "0.24.0", note = "please use [sighash::SighashCache] instead")]
 pub struct SighashComponents {
     tx_version: i32,
-    tx_locktime: u32,
+    tx_locktime: LockTime,
     /// Hash of all the previous outputs
     pub hash_prevouts: Sighash,
     /// Hash of all the input sequence nos
@@ -68,7 +69,7 @@ impl SighashComponents {
 
         SighashComponents {
             tx_version: tx.version,
-            tx_locktime: tx.lock_time,
+            tx_locktime: tx.lock_time.into(),
             hash_prevouts,
             hash_sequence,
             hash_outputs,
@@ -156,9 +157,9 @@ impl<R: DerefMut<Target = Transaction>> SigHashCache<R> {
     /// ```
     /// use bitcoin::blockdata::transaction::{Transaction, EcdsaSighashType};
     /// use bitcoin::util::bip143::SigHashCache;
-    /// use bitcoin::Script;
+    /// use bitcoin::{PackedLockTime, Script};
     ///
-    /// let mut tx_to_sign = Transaction { version: 2, lock_time: 0, input: Vec::new(), output: Vec::new() };
+    /// let mut tx_to_sign = Transaction { version: 2, lock_time: PackedLockTime::ZERO, input: Vec::new(), output: Vec::new() };
     /// let input_count = tx_to_sign.input.len();
     ///
     /// let mut sig_hasher = SigHashCache::new(&mut tx_to_sign);
@@ -181,6 +182,7 @@ mod tests {
     use crate::hash_types::Sighash;
     use crate::blockdata::script::Script;
     use crate::blockdata::transaction::Transaction;
+    use crate::blockdata::locktime::LockTime;
     use crate::consensus::encode::deserialize;
     use crate::network::constants::Network;
     use crate::util::address::Address;
@@ -225,7 +227,7 @@ mod tests {
             comp,
             SighashComponents {
                 tx_version: 1,
-                tx_locktime: 17,
+                tx_locktime: LockTime::from_consensus(17),
                 hash_prevouts: hex_hash!(
                     Sighash, "96b827c8483d4e9b96712b6713a7b68d6e8003a781feba36c31143470b4efd37"
                 ),
@@ -261,7 +263,7 @@ mod tests {
             comp,
             SighashComponents {
                 tx_version: 1,
-                tx_locktime: 1170,
+                tx_locktime: LockTime::from_consensus(1170),
                 hash_prevouts: hex_hash!(
                     Sighash, "b0287b4a252ac05af83d2dcef00ba313af78a3e9c329afa216eb3aa2a7b4613a"
                 ),
@@ -304,7 +306,7 @@ mod tests {
             comp,
             SighashComponents {
                 tx_version: 1,
-                tx_locktime: 0,
+                tx_locktime: LockTime::ZERO,
                 hash_prevouts: hex_hash!(
                     Sighash, "74afdc312af5183c4198a40ca3c1a275b485496dd3929bca388c4b5e31f7aaa0"
                 ),
diff --git a/src/util/bip152.rs b/src/util/bip152.rs
index 09c5b67533..1734bfb197 100644
--- a/src/util/bip152.rs
+++ b/src/util/bip152.rs
@@ -366,13 +366,13 @@ mod test {
     use crate::hashes::hex::FromHex;
     use crate::{
         Block, BlockHash, BlockHeader, OutPoint, Script, Sequence, Transaction, TxIn, TxMerkleNode,
-        TxOut, Txid, Witness,
+        TxOut, Txid, Witness, LockTime,
     };
 
     fn dummy_tx(nonce: &[u8]) -> Transaction {
         Transaction {
             version: 1,
-            lock_time: 2,
+            lock_time: LockTime::from_consensus(2).into(),
             input: vec![TxIn {
                 previous_output: OutPoint::new(Txid::hash(nonce), 0),
                 script_sig: Script::new(),
diff --git a/src/util/psbt/mod.rs b/src/util/psbt/mod.rs
index a2049145dd..2cb7e6e7e4 100644
--- a/src/util/psbt/mod.rs
+++ b/src/util/psbt/mod.rs
@@ -335,6 +335,7 @@ impl Decodable for PartiallySignedTransaction {
 mod tests {
     use super::*;
 
+    use crate::blockdata::locktime::PackedLockTime;
     use crate::hashes::hex::FromHex;
     use crate::hashes::{sha256, hash160, Hash, ripemd160};
     use crate::hash_types::Txid;
@@ -358,7 +359,7 @@ mod tests {
         let psbt = PartiallySignedTransaction {
             unsigned_tx: Transaction {
                 version: 2,
-                lock_time: 0,
+                lock_time: PackedLockTime::ZERO,
                 input: vec![],
                 output: vec![],
             },
@@ -428,7 +429,7 @@ mod tests {
         let expected = PartiallySignedTransaction {
             unsigned_tx: Transaction {
                 version: 2,
-                lock_time: 1257139,
+                lock_time: PackedLockTime(1257139),
                 input: vec![TxIn {
                     previous_output: OutPoint {
                         txid: Txid::from_hex(
@@ -501,7 +502,7 @@ mod tests {
         // create some values to use in the PSBT
         let tx = Transaction {
             version: 1,
-            lock_time: 0,
+            lock_time: PackedLockTime::ZERO,
             input: vec![TxIn {
                 previous_output: OutPoint {
                     txid: Txid::from_hex("e567952fb6cc33857f392efa3a46c995a28f69cca4bb1b37e0204dab1ec7a389").unwrap(),
@@ -599,6 +600,7 @@ mod tests {
         use crate::blockdata::script::Script;
         use crate::blockdata::transaction::{EcdsaSighashType, Transaction, TxIn, TxOut, OutPoint, Sequence};
         use crate::consensus::encode::serialize_hex;
+        use crate::blockdata::locktime::PackedLockTime;
         use crate::util::psbt::map::{Map, Input, Output};
         use crate::util::psbt::raw;
         use crate::util::psbt::{PartiallySignedTransaction, Error};
@@ -687,7 +689,7 @@ mod tests {
             let unserialized = PartiallySignedTransaction {
                 unsigned_tx: Transaction {
                     version: 2,
-                    lock_time: 1257139,
+                    lock_time: PackedLockTime(1257139),
                     input: vec![TxIn {
                         previous_output: OutPoint {
                             txid: Txid::from_hex(
@@ -718,7 +720,7 @@ mod tests {
                 inputs: vec![Input {
                     non_witness_utxo: Some(Transaction {
                         version: 1,
-                        lock_time: 0,
+                        lock_time: PackedLockTime::ZERO,
                         input: vec![TxIn {
                             previous_output: OutPoint {
                                 txid: Txid::from_hex(
@@ -999,7 +1001,7 @@ mod tests {
         let mut unserialized = PartiallySignedTransaction {
             unsigned_tx: Transaction {
                 version: 2,
-                lock_time: 1257139,
+                lock_time: PackedLockTime(1257139),
                 input: vec![TxIn {
                     previous_output: OutPoint {
                         txid: Txid::from_hex(
@@ -1030,7 +1032,7 @@ mod tests {
             inputs: vec![Input {
                 non_witness_utxo: Some(Transaction {
                     version: 1,
-                    lock_time: 0,
+                    lock_time: PackedLockTime::ZERO,
                     input: vec![TxIn {
                         previous_output: OutPoint {
                             txid: Txid::from_hex(
diff --git a/src/util/sighash.rs b/src/util/sighash.rs
index 95b2cf6ec6..b82b33d766 100644
--- a/src/util/sighash.rs
+++ b/src/util/sighash.rs
@@ -759,9 +759,9 @@ impl<R: DerefMut<Target=Transaction>> SighashCache<R> {
     /// ```
     /// use bitcoin::blockdata::transaction::{Transaction, EcdsaSighashType};
     /// use bitcoin::util::sighash::SighashCache;
-    /// use bitcoin::Script;
+    /// use bitcoin::{PackedLockTime, Script};
     ///
-    /// let mut tx_to_sign = Transaction { version: 2, lock_time: 0, input: Vec::new(), output: Vec::new() };
+    /// let mut tx_to_sign = Transaction { version: 2, lock_time: PackedLockTime::ZERO, input: Vec::new(), output: Vec::new() };
     /// let input_count = tx_to_sign.input.len();
     ///
     /// let mut sig_hasher = SighashCache::new(&mut tx_to_sign);
@@ -812,6 +812,7 @@ impl<'a> Encodable for Annex<'a> {
 #[cfg(test)]
 mod tests {
     use super::*;
+    use crate::blockdata::locktime::PackedLockTime;
     use crate::consensus::deserialize;
     use crate::hashes::hex::FromHex;
     use crate::hashes::{Hash, HashEngine};
@@ -958,7 +959,7 @@ mod tests {
     fn test_sighash_errors() {
         let dumb_tx = Transaction {
             version: 0,
-            lock_time: 0,
+            lock_time: PackedLockTime::ZERO,
             input: vec![TxIn::default()],
             output: vec![],
         };