diff --git a/CHANGELOG.md b/CHANGELOG.md
index 20eb7294d3..371415d7fa 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -17,17 +17,11 @@
 ### Changes
 
 - Allow creating a node with the same name that was just deleted. #732
+- Natron can now keep up to 32 project backups (see Preferences/General/Save versions). #562
 
 
 ## Version 2.4.2
 
-### Known issues
-
-- Crash when closing a project window on macOS 12+ (Qt4 only). #712
-- Rendering sometimes silently stalls after X frames. #248
-- Some image formats may have issues (PCX, PSB). #602
-- MTS video files are sometimes not read correctly. #186
-
 ### Changes
 
 - Fix OpenFX overlay actions being executed in the wrong order. #711
diff --git a/Engine/Project.cpp b/Engine/Project.cpp
index 1e12be46c6..df08fe1db4 100644
--- a/Engine/Project.cpp
+++ b/Engine/Project.cpp
@@ -53,6 +53,7 @@ GCC_DIAG_UNUSED_LOCAL_TYPEDEFS_ON
 #include <QtCore/QTimer>
 #include <QtCore/QThread>
 #include <QtCore/QDir>
+#include <QtCore/QDirIterator>
 #include <QtCore/QTemporaryFile>
 #include <QtCore/QFileInfo>
 #include <QtCore/QDebug>
@@ -500,6 +501,52 @@ fileCopy(const QString & source,
     return success;
 }
 
+static QStringList
+findBackups(const QString & filePath)
+{
+    QStringList ret;
+    if ( QFile::exists(filePath) ) {
+        ret.append(filePath);
+    }
+    // find files matching filePath.~[0-9]+~
+    QRegExp rx(QString::fromUtf8("\\.~(\\d+)~$"));
+    QFileInfo fileInfo(filePath);
+    QString fileName = fileInfo.fileName();
+    QDirIterator it(fileInfo.dir());
+    while (it.hasNext()) {
+        QString filename = it.next();
+        QFileInfo file(filename);
+
+        if (file.isDir()) { // Check if it's a dir
+            continue;
+        }
+
+        // If the filename contains target string - put it in the hitlist
+        QString fn = file.fileName();
+        if (fn.startsWith(fileName) && rx.lastIndexIn(fn) == fileName.size()) {
+            ret.append(file.filePath());
+        }
+    }
+    ret.sort();
+
+    return ret;
+}
+
+// if filePath matches .*\.~[0-9]+~, increment the backup number
+// else append .~1~
+static QString
+nextBackup(const QString & filePath)
+{
+    QRegExp rx(QString::fromUtf8("\\.~(\\d+)~$"));
+    int pos = rx.lastIndexIn(filePath);
+    if (pos >= 0) {
+        int i = rx.cap(1).toInt();
+        return filePath.left(pos) + QString::fromUtf8(".~%1~").arg(i+1);
+    } else {
+        return filePath + QString::fromUtf8(".~1~");
+    }
+}
+
 QString
 Project::saveProjectInternal(const QString & path,
                              const QString & name,
@@ -595,20 +642,40 @@ Project::saveProjectInternal(const QString & path,
         }
     } // ofile
 
-    if ( QFile::exists(filePath) ) {
-        QFile::remove(filePath);
+    if (!autoSave) {
+        // rotate backups
+        int saveVersions = appPTR->getCurrentSettings()->saveVersions();
+        // find the list of ordered backups (including the file itself if it exists)
+        QStringList backups = findBackups(filePath);
+        // remove extra backups
+        for (int i = backups.size() - 1; i >= saveVersions; --i) {
+            if ( QFile::exists(backups.last()) ) {
+                QFile::remove(backups.last());
+            }
+            backups.removeLast();
+        }
+        // rename existing backups
+        for (int i = backups.size() - 1; i >= 0; --i) {
+            QFile::rename(backups.at(i), nextBackup(backups.at(i)));
+        }
     }
-    int nAttemps = 0;
 
-    while ( nAttemps < 10 && !fileCopy(tmpFilename, filePath) ) {
-        ++nAttemps;
-    }
+    if (!QFile::rename(tmpFilename, filePath)) {
+        // QFile::rename() may fail, e.g. if tmpFilename and filePath are not on the same partition
+        if (!QFile::copy(tmpFilename, filePath)) {
+            int nAttemps = 0;
 
-    if (nAttemps >= 10) {
-        throw std::runtime_error( "Failed to save to " + filePath.toStdString() );
-    }
+            while ( nAttemps < 10 && !fileCopy(tmpFilename, filePath) ) {
+                ++nAttemps;
+            }
+
+            if (nAttemps >= 10) {
+                throw std::runtime_error( "Failed to save to " + filePath.toStdString() );
+            }
+        }
 
-    QFile::remove(tmpFilename);
+        QFile::remove(tmpFilename);
+    }
 
     if (!autoSave && updateProjectProperties) {
         QString lockFilePath = getLockAbsoluteFilePath();
diff --git a/Engine/Settings.cpp b/Engine/Settings.cpp
index 2af9dd6cf6..3f0bff1cff 100644
--- a/Engine/Settings.cpp
+++ b/Engine/Settings.cpp
@@ -193,6 +193,18 @@ Settings::initializeKnobsGeneral()
                                                  "Disabling this will no longer save un-saved project.").arg( QString::fromUtf8(NATRON_APPLICATION_NAME) ) );
     _generalTab->addKnob(_autoSaveUnSavedProjects);
 
+    _saveVersions = AppManager::createKnob<KnobInt>( this, tr("Save versions") );
+    _saveVersions->setName("saveVersions");
+    _saveVersions->disableSlider();
+    _saveVersions->setMinimum(0);
+    _saveVersions->setMaximum(32);
+    _saveVersions->setHintToolTip( tr("Number of versions created (for backup) when saving newer versions of a file.\n"
+                                      "This option keeps saved versions of your file in the same directory, adding "
+                                      ".~1~, .~2~, etc., with the number increasing to the number of versions you specify.\n"
+                                      "Older files will be named with a higher number. E.g. with the default setting of 2, "
+                                      "you will have three versions of your file: *.ntp (last saved), *.ntp.~1~ (second "
+                                      "last saved), *.~2~ (third last saved).") );
+    _generalTab->addKnob(_saveVersions);
 
     _hostName = AppManager::createKnob<KnobChoice>( this, tr("Appear to plug-ins as") );
     _hostName->setName("pluginHostName");
@@ -1447,6 +1459,7 @@ Settings::setDefaultValues()
 #endif
     _autoSaveUnSavedProjects->setDefaultValue(true);
     _autoSaveDelay->setDefaultValue(5, 0);
+    _saveVersions->setDefaultValue(1);
     _hostName->setDefaultValue(0);
     _customHostName->setDefaultValue(NATRON_ORGANIZATION_DOMAIN_TOPLEVEL "." NATRON_ORGANIZATION_DOMAIN_SUB "." NATRON_APPLICATION_NAME);
 
@@ -2877,6 +2890,13 @@ Settings::isAutoSaveEnabledForUnsavedProjects() const
     return _autoSaveUnSavedProjects->getValue();
 }
 
+int
+Settings::saveVersions() const
+{
+    return _saveVersions->getValue();
+}
+
+
 bool
 Settings::isSnapToNodeEnabled() const
 {
diff --git a/Engine/Settings.h b/Engine/Settings.h
index 10d1ff9006..58b84c2bb7 100644
--- a/Engine/Settings.h
+++ b/Engine/Settings.h
@@ -179,6 +179,8 @@ GCC_DIAG_SUGGEST_OVERRIDE_ON
 
     bool isAutoSaveEnabledForUnsavedProjects() const;
 
+    int saveVersions() const;
+
     bool isSnapToNodeEnabled() const;
 
     bool isCheckForUpdatesEnabled() const;
@@ -430,6 +432,7 @@ GCC_DIAG_SUGGEST_OVERRIDE_ON
 #endif
     KnobBoolPtr _autoSaveUnSavedProjects;
     KnobIntPtr _autoSaveDelay;
+    KnobIntPtr _saveVersions;
     KnobChoicePtr _hostName;
     KnobStringPtr _customHostName;