diff --git a/scripts/bump-version.sh b/scripts/bump-version.sh
index 312f68e10..9648b5722 100644
--- a/scripts/bump-version.sh
+++ b/scripts/bump-version.sh
@@ -12,4 +12,5 @@ export npm_config_git_tag_version=false
 
 NPM_VERSION=$(npm version $NEW_VERSION)
 VERSION=${NPM_VERSION:1}
+echo "Previous version: $OLD_VERSION"
 echo "New version: $VERSION"
diff --git a/src/commands/__tests__/prepare.test.ts b/src/commands/__tests__/prepare.test.ts
index 58a248e53..d05f29da2 100644
--- a/src/commands/__tests__/prepare.test.ts
+++ b/src/commands/__tests__/prepare.test.ts
@@ -5,6 +5,7 @@ import { runPreReleaseCommand } from '../prepare';
 jest.mock('../../utils/system');
 
 describe('runPreReleaseCommand', () => {
+  const oldVersion = '2.3.3';
   const newVersion = '2.3.4';
   const mockedSpawnProcess = spawnProcess as jest.Mock;
 
@@ -15,16 +16,16 @@ describe('runPreReleaseCommand', () => {
   test('runs with default command', async () => {
     expect.assertions(1);
 
-    await runPreReleaseCommand(newVersion);
+    await runPreReleaseCommand(oldVersion, newVersion);
 
     expect(mockedSpawnProcess).toBeCalledWith(
       '/bin/bash',
-      [pathJoin('scripts', 'bump-version.sh'), '', newVersion],
+      [pathJoin('scripts', 'bump-version.sh'), oldVersion, newVersion],
       {
         env: {
           ...process.env,
           CRAFT_NEW_VERSION: newVersion,
-          CRAFT_OLD_VERSION: '',
+          CRAFT_OLD_VERSION: oldVersion,
         },
       }
     );
@@ -34,18 +35,19 @@ describe('runPreReleaseCommand', () => {
     expect.assertions(1);
 
     await runPreReleaseCommand(
+      oldVersion,
       newVersion,
       'python ./increase_version.py "argument 1"'
     );
 
     expect(mockedSpawnProcess).toBeCalledWith(
       'python',
-      ['./increase_version.py', 'argument 1', '', newVersion],
+      ['./increase_version.py', 'argument 1', oldVersion, newVersion],
       {
         env: {
           ...process.env,
           CRAFT_NEW_VERSION: newVersion,
-          CRAFT_OLD_VERSION: '',
+          CRAFT_OLD_VERSION: oldVersion,
         },
       }
     );
diff --git a/src/commands/prepare.ts b/src/commands/prepare.ts
index 33f3b9b58..743e9ee06 100644
--- a/src/commands/prepare.ts
+++ b/src/commands/prepare.ts
@@ -24,7 +24,7 @@ import {
   handleGlobalError,
   reportError,
 } from '../utils/errors';
-import { getGitClient, getDefaultBranch } from '../utils/git';
+import { getGitClient, getDefaultBranch, getLatestTag } from '../utils/git';
 import { isDryRun, promptConfirmation } from '../utils/helpers';
 import { formatJson } from '../utils/strings';
 import { spawnProcess } from '../utils/system';
@@ -141,7 +141,7 @@ async function createReleaseBranch(
   const branchPrefix = releaseBranchPrefix || DEFAULT_RELEASE_BRANCH_NAME;
   const branchName = `${branchPrefix}/${newVersion}`;
 
-  const branchHead = await git.raw(['show-ref', '--heads', branchName]);
+  const branchHead = await git.raw('show-ref', '--heads', branchName);
 
   // in case `show-ref` can't find a branch it returns `null`
   if (branchHead) {
@@ -227,6 +227,7 @@ async function commitNewVersion(
  * @param preReleaseCommand Custom pre-release command
  */
 export async function runPreReleaseCommand(
+  oldVersion: string,
   newVersion: string,
   preReleaseCommand?: string
 ): Promise<boolean> {
@@ -242,11 +243,11 @@ export async function runPreReleaseCommand(
     sysCommand = '/bin/bash';
     args = [DEFAULT_BUMP_VERSION_PATH];
   }
-  args = [...args, '', newVersion];
+  args = [...args, oldVersion, newVersion];
   logger.info(`Running the pre-release command...`);
   const additionalEnv = {
     CRAFT_NEW_VERSION: newVersion,
-    CRAFT_OLD_VERSION: '',
+    CRAFT_OLD_VERSION: oldVersion,
   };
   await spawnProcess(sysCommand, args, {
     env: { ...process.env, ...additionalEnv },
@@ -472,8 +473,7 @@ export async function prepareMain(argv: PrepareOptions): Promise<any> {
 
   logger.info(`Preparing to release the version: ${newVersion}`);
 
-  // Create a new release branch and check it out. Throw an error if it already
-  // exists.
+  // Create a new release branch and check it out. Fail if it already exists.
   const branchName = await createReleaseBranch(
     git,
     rev,
@@ -482,6 +482,13 @@ export async function prepareMain(argv: PrepareOptions): Promise<any> {
     config.releaseBranchPrefix
   );
 
+  // Do this once we are on the release branch as we might be releasing from
+  // a custom revision and it is harder to tell git to give us the tag right
+  // before a specific revision.
+  // TL;DR - WARNING:
+  // The order matters here, do not move this command above craeteReleaseBranch!
+  const oldVersion = await getLatestTag(git);
+
   // Check & update the changelog
   await prepareChangelog(
     newVersion,
@@ -491,6 +498,7 @@ export async function prepareMain(argv: PrepareOptions): Promise<any> {
 
   // Run a pre-release script (e.g. for version bumping)
   const preReleaseCommandRan = await runPreReleaseCommand(
+    oldVersion,
     newVersion,
     config.preReleaseCommand
   );
diff --git a/src/utils/git.ts b/src/utils/git.ts
index 8cdcbcc5c..b71ab09dd 100644
--- a/src/utils/git.ts
+++ b/src/utils/git.ts
@@ -17,6 +17,11 @@ export async function getDefaultBranch(
   );
 }
 
+export async function getLatestTag(git: SimpleGit): Promise<string> {
+  // This part is courtesy of https://stackoverflow.com/a/7261049/90297
+  return (await git.raw('describe', '--tags', '--abbrev=0')).trim();
+}
+
 export function stripRemoteName(
   branch: string | undefined,
   remoteName: string