diff --git a/readme.md b/readme.md
index 034b4521..0fd86cb6 100644
--- a/readme.md
+++ b/readme.md
@@ -50,19 +50,20 @@ $ np --help
       patch | minor | major | prepatch | preminor | premajor | prerelease | 1.2.3
 
   Options
-    --any-branch        Allow publishing from any branch
-    --branch            Name of the release branch (default: master)
-    --no-cleanup        Skips cleanup of node_modules
-    --no-tests          Skips tests
-    --yolo              Skips cleanup and testing
-    --no-publish        Skips publishing
-    --preview           Show tasks without actually executing them
-    --tag               Publish under a given dist-tag
-    --no-yarn           Don't use Yarn
-    --contents          Subdirectory to publish
-    --no-release-draft  Skips opening a GitHub release draft
-    --test-script       Name of npm run script to run tests before publishing (default: test)
-    --no-2fa            Don't enable 2FA on new packages (not recommended)
+    --any-branch            Allow publishing from any branch
+    --branch                Name of the release branch (default: master)
+    --no-cleanup            Skips cleanup of node_modules
+    --no-tests              Skips tests
+    --yolo                  Skips cleanup and testing
+    --no-publish            Skips publishing
+    --preview               Show tasks without actually executing them
+    --tag                   Publish under a given dist-tag
+    --no-yarn               Don't use Yarn
+    --contents              Subdirectory to publish
+    --no-release-draft      Skips opening a GitHub release draft
+    --release-draft-only    Only opens a GitHub release draft
+    --test-script           Name of npm run script to run tests before publishing (default: test)
+    --no-2fa                Don't enable 2FA on new packages (not recommended)
 
   Examples
     $ np
diff --git a/source/cli-implementation.js b/source/cli-implementation.js
index eb9e0190..f5ded4b1 100755
--- a/source/cli-implementation.js
+++ b/source/cli-implementation.js
@@ -21,19 +21,20 @@ const cli = meow(`
 	    ${version.SEMVER_INCREMENTS.join(' | ')} | 1.2.3
 
 	Options
-	  --any-branch        Allow publishing from any branch
-	  --branch            Name of the release branch (default: master)
-	  --no-cleanup        Skips cleanup of node_modules
-	  --no-tests          Skips tests
-	  --yolo              Skips cleanup and testing
-	  --no-publish        Skips publishing
-	  --preview           Show tasks without actually executing them
-	  --tag               Publish under a given dist-tag
-	  --no-yarn           Don't use Yarn
-	  --contents          Subdirectory to publish
-	  --no-release-draft  Skips opening a GitHub release draft
-	  --test-script       Name of npm run script to run tests before publishing (default: test)
-	  --no-2fa            Don't enable 2FA on new packages (not recommended)
+	  --any-branch           Allow publishing from any branch
+	  --branch               Name of the release branch (default: master)
+	  --no-cleanup           Skips cleanup of node_modules
+	  --no-tests             Skips tests
+	  --yolo                 Skips cleanup and testing
+	  --no-publish           Skips publishing
+	  --preview              Show tasks without actually executing them
+	  --tag                  Publish under a given dist-tag
+	  --no-yarn              Don't use Yarn
+	  --contents             Subdirectory to publish
+	  --no-release-draft     Skips opening a GitHub release draft
+	  --release-draft-only   Only opens a GitHub release draft for the latest published version
+	  --test-script          Name of npm run script to run tests before publishing (default: test)
+	  --no-2fa               Don't enable 2FA on new packages (not recommended)
 
 	Examples
 	  $ np
@@ -65,6 +66,9 @@ const cli = meow(`
 		releaseDraft: {
 			type: 'boolean'
 		},
+		releaseDraftOnly: {
+			type: 'boolean'
+		},
 		tag: {
 			type: 'string'
 		},
@@ -113,14 +117,15 @@ updateNotifier({pkg: cli.pkg}).notify();
 		flags['2fa'] = flags['2Fa'];
 	}
 
-	const runPublish = flags.publish && !pkg.private;
+	const runPublish = !flags.releaseDraftOnly && flags.publish && !pkg.private;
 
 	const availability = flags.publish ? await isPackageNameAvailable(pkg) : {
 		isAvailable: false,
 		isUnknown: false
 	};
 
-	const version = cli.input.length > 0 ? cli.input[0] : false;
+	// Use current (latest) version when 'releaseDraftOnly', otherwise use the first argument.
+	const version = flags.releaseDraftOnly ? pkg.version : (cli.input.length > 0 ? cli.input[0] : false);
 
 	const options = await ui({
 		...flags,
@@ -136,7 +141,7 @@ updateNotifier({pkg: cli.pkg}).notify();
 	console.log(); // Prints a newline for readability
 	const newPkg = await np(options.version, options);
 
-	if (options.preview) {
+	if (options.preview || options.releaseDraftOnly) {
 		return;
 	}
 
diff --git a/source/git-util.js b/source/git-util.js
index e3bd672d..50d639cc 100644
--- a/source/git-util.js
+++ b/source/git-util.js
@@ -29,6 +29,21 @@ const firstCommit = async () => {
 	return stdout;
 };
 
+exports.previousTagOrFirstCommit = async () => {
+	const {stdout} = await execa('git', ['tag']);
+	const tags = stdout.split('\n');
+
+	if (tags.length === 0) {
+		return;
+	}
+
+	if (tags.length === 1) {
+		return firstCommit();
+	}
+
+	return tags[tags.length - 2];
+};
+
 exports.latestTagOrFirstCommit = async () => {
 	let latest;
 	try {
diff --git a/source/index.js b/source/index.js
index bc629844..5aaca744 100644
--- a/source/index.js
+++ b/source/index.js
@@ -58,6 +58,11 @@ module.exports = async (input = 'patch', options) => {
 	const testScript = options.testScript || 'test';
 	const testCommand = options.testScript ? ['run', testScript] : [testScript];
 
+	if (options.releaseDraftOnly) {
+		await releaseTaskHelper(options, pkg);
+		return pkg;
+	}
+
 	let publishStatus = 'UNKNOWN';
 	let pushedObjects;
 
diff --git a/source/ui.js b/source/ui.js
index 7c5f6ad8..b9e6333e 100644
--- a/source/ui.js
+++ b/source/ui.js
@@ -11,18 +11,26 @@ const {prereleaseTags, checkIgnoreStrategy, getRegistryUrl, isExternalRegistry}
 const version = require('./version');
 const prettyVersionDiff = require('./pretty-version-diff');
 
-const printCommitLog = async (repoUrl, registryUrl) => {
-	const latest = await git.latestTagOrFirstCommit();
-	const log = await git.commitLogFromRevision(latest);
+const printCommitLog = async (repoUrl, registryUrl, fromLatestTag) => {
+	const revision = fromLatestTag ? await git.latestTagOrFirstCommit() : await git.previousTagOrFirstCommit();
+	if (!revision) {
+		throw new Error('The package has not been published yet.');
+	}
+
+	const log = await git.commitLogFromRevision(revision);
 
 	if (!log) {
 		return {
 			hasCommits: false,
+			hasUnreleasedCommits: false,
 			releaseNotes: () => {}
 		};
 	}
 
-	const commits = log.split('\n')
+	let hasUnreleasedCommits = false;
+	let commitRangeText = `${revision}...master`;
+
+	let commits = log.split('\n')
 		.map(commit => {
 			const splitIndex = commit.lastIndexOf(' ');
 			return {
@@ -31,6 +39,20 @@ const printCommitLog = async (repoUrl, registryUrl) => {
 			};
 		});
 
+	if (!fromLatestTag) {
+		const latestTag = await git.latestTag();
+		const versionBumpCommitName = latestTag.slice(1); // Name v1.0.1 becomes 1.0.1
+		const versionBumpCommitIndex = commits.findIndex(commit => commit.message === versionBumpCommitName);
+
+		if (versionBumpCommitIndex > 0) {
+			commitRangeText = `${revision}...${latestTag}`;
+			hasUnreleasedCommits = true;
+		}
+
+		// Get rid of unreleased commits and of the version bump commit.
+		commits = commits.slice(versionBumpCommitIndex + 1);
+	}
+
 	const history = commits.map(commit => {
 		const commitMessage = util.linkifyIssues(repoUrl, commit.message);
 		const commitId = util.linkifyCommit(repoUrl, commit.id);
@@ -39,14 +61,15 @@ const printCommitLog = async (repoUrl, registryUrl) => {
 
 	const releaseNotes = nextTag => commits.map(commit =>
 		`- ${htmlEscape(commit.message)}  ${commit.id}`
-	).join('\n') + `\n\n${repoUrl}/compare/${latest}...${nextTag}`;
+	).join('\n') + `\n\n${repoUrl}/compare/${revision}...${nextTag}`;
 
-	const commitRange = util.linkifyCommitRange(repoUrl, `${latest}...master`);
+	const commitRange = util.linkifyCommitRange(repoUrl, commitRangeText);
 
 	console.log(`${chalk.bold('Commits:')}\n${history}\n\n${chalk.bold('Commit Range:')}\n${commitRange}\n\n${chalk.bold('Registry:')}\n${registryUrl}\n`);
 
 	return {
 		hasCommits: true,
+		hasUnreleasedCommits,
 		releaseNotes
 	};
 };
@@ -92,7 +115,11 @@ module.exports = async (options, pkg) => {
 		}
 	}
 
-	console.log(`\nPublish a new version of ${chalk.bold.magenta(pkg.name)} ${chalk.dim(`(current: ${oldVersion})`)}\n`);
+	if (options.releaseDraftOnly) {
+		console.log(`\nCreate a release draft on GitHub for ${chalk.bold.magenta(pkg.name)} ${chalk.dim(`(current: ${oldVersion})`)}\n`);
+	} else {
+		console.log(`\nPublish a new version of ${chalk.bold.magenta(pkg.name)} ${chalk.dim(`(current: ${oldVersion})`)}\n`);
+	}
 
 	const prompts = [
 		{
@@ -176,7 +203,24 @@ module.exports = async (options, pkg) => {
 		}
 	];
 
-	const {hasCommits, releaseNotes} = await printCommitLog(repoUrl, registryUrl);
+	const useLatestTag = !options.releaseDraftOnly;
+	const {hasCommits, hasUnreleasedCommits, releaseNotes} = await printCommitLog(repoUrl, registryUrl, useLatestTag);
+
+	if (hasUnreleasedCommits && options.releaseDraftOnly) {
+		const answers = await inquirer.prompt([{
+			type: 'confirm',
+			name: 'confirm',
+			message: 'Unreleased commits found. They won\'t be included in the release draft. Continue?',
+			default: false
+		}]);
+
+		if (!answers.confirm) {
+			return {
+				...options,
+				...answers
+			};
+		}
+	}
 
 	if (options.version) {
 		return {