diff --git a/packages/react-devtools-core/src/standalone.js b/packages/react-devtools-core/src/standalone.js
index a88691d77ed8..c93a3de81254 100644
--- a/packages/react-devtools-core/src/standalone.js
+++ b/packages/react-devtools-core/src/standalone.js
@@ -29,6 +29,11 @@ let nodeWaitingToConnectHTML: string = '';
 let projectRoots: Array<string> = [];
 let statusListener: StatusListener = (message: string) => {};
 
+// Unlike browser extension users, people using the standalone have actively installed version 4,
+// So we probably don't need to show them a changelog notice.
+// We should give embedded users (e.g. Nuclide, Sonar) a way of showing this dialog though.
+let showWelcomeToTheNewDevToolsDialog: boolean = false;
+
 function setContentDOMNode(value: HTMLElement) {
   node = value;
 
@@ -47,6 +52,11 @@ function setStatusListener(value: StatusListener) {
   return DevtoolsUI;
 }
 
+function setShowWelcomeToTheNewDevToolsDialog(value: boolean) {
+  showWelcomeToTheNewDevToolsDialog = value;
+  return DevtoolsUI;
+}
+
 let bridge: FrontendBridge | null = null;
 let store: Store | null = null;
 let root = null;
@@ -87,6 +97,7 @@ function reload() {
         bridge: ((bridge: any): FrontendBridge),
         canViewElementSourceFunction,
         showTabBar: true,
+        showWelcomeToTheNewDevToolsDialog,
         store: ((store: any): Store),
         warnIfLegacyBackendDetected: true,
         viewElementSourceFunction,
@@ -300,6 +311,7 @@ const DevtoolsUI = {
   connectToSocket,
   setContentDOMNode,
   setProjectRoots,
+  setShowWelcomeToTheNewDevToolsDialog,
   setStatusListener,
   startServer,
 };
diff --git a/shells/browser/shared/src/main.js b/shells/browser/shared/src/main.js
index 3554ed03eee1..8263adab5367 100644
--- a/shells/browser/shared/src/main.js
+++ b/shells/browser/shared/src/main.js
@@ -155,6 +155,7 @@ function createPanelIfReactLoaded() {
               profilerPortalContainer,
               settingsPortalContainer,
               showTabBar: false,
+              showWelcomeToTheNewDevToolsDialog: true,
               store,
               viewElementSourceFunction,
             })
diff --git a/shells/dev/src/devtools.js b/shells/dev/src/devtools.js
index 2afed0c20863..5727856dd98b 100644
--- a/shells/dev/src/devtools.js
+++ b/shells/dev/src/devtools.js
@@ -76,6 +76,7 @@ inject('dist/app.js', () => {
           bridge,
           browserTheme: 'light',
           showTabBar: true,
+          showWelcomeToTheNewDevToolsDialog: true,
           store,
           warnIfLegacyBackendDetected: true,
         })
diff --git a/src/constants.js b/src/constants.js
index da55631a01e4..d18624fbf04f 100644
--- a/src/constants.js
+++ b/src/constants.js
@@ -24,3 +24,6 @@ export const LOCAL_STORAGE_SHOULD_PATCH_CONSOLE_KEY =
   'React::DevTools::appendComponentStack';
 
 export const PROFILER_EXPORT_VERSION = 4;
+
+export const CHANGE_LOG_URL =
+  'https://github.com/bvaughn/react-devtools-experimental/blob/master/CHANGELOG.md';
diff --git a/src/devtools/views/DevTools.js b/src/devtools/views/DevTools.js
index 0dd3bd3ed22d..864198c4b694 100644
--- a/src/devtools/views/DevTools.js
+++ b/src/devtools/views/DevTools.js
@@ -18,6 +18,7 @@ import { ProfilerContextController } from './Profiler/ProfilerContext';
 import { ModalDialogContextController } from './ModalDialog';
 import ReactLogo from './ReactLogo';
 import WarnIfLegacyBackendDetected from './WarnIfLegacyBackendDetected';
+import ShowWelcomeToTheNewDevToolsDialog from './ShowWelcomeToTheNewDevToolsDialog';
 
 import styles from './DevTools.css';
 
@@ -42,6 +43,7 @@ export type Props = {|
   canViewElementSourceFunction?: ?CanViewElementSource,
   defaultTab?: TabID,
   showTabBar?: boolean,
+  showWelcomeToTheNewDevToolsDialog?: boolean,
   store: Store,
   warnIfLegacyBackendDetected?: boolean,
   viewElementSourceFunction?: ?ViewElementSource,
@@ -85,6 +87,7 @@ export default function DevTools({
   profilerPortalContainer,
   settingsPortalContainer,
   showTabBar = false,
+  showWelcomeToTheNewDevToolsDialog = false,
   store,
   warnIfLegacyBackendDetected = false,
   viewElementSourceFunction = null,
@@ -150,6 +153,9 @@ export default function DevTools({
             </ViewElementSourceContext.Provider>
           </SettingsContextController>
           {warnIfLegacyBackendDetected && <WarnIfLegacyBackendDetected />}
+          {showWelcomeToTheNewDevToolsDialog && (
+            <ShowWelcomeToTheNewDevToolsDialog />
+          )}
         </ModalDialogContextController>
       </StoreContext.Provider>
     </BridgeContext.Provider>
diff --git a/src/devtools/views/ModalDialog.css b/src/devtools/views/ModalDialog.css
index f01a1af5a0ae..378e8e73b4b3 100644
--- a/src/devtools/views/ModalDialog.css
+++ b/src/devtools/views/ModalDialog.css
@@ -34,3 +34,7 @@
   text-align: right;
   margin-top: 0.5rem;
 }
+
+.Button {
+  font-size: var(--font-size-sans-large);
+}
diff --git a/src/devtools/views/ModalDialog.js b/src/devtools/views/ModalDialog.js
index 2cceb9a49e03..e8fd44c93a8e 100644
--- a/src/devtools/views/ModalDialog.js
+++ b/src/devtools/views/ModalDialog.js
@@ -109,18 +109,35 @@ function ModalDialogImpl(_: {||}) {
       dispatch({ type: 'HIDE' });
     }
   }, [canBeDismissed, dispatch]);
-  const modalRef = useRef<HTMLDivElement | null>(null);
+  const dialogRef = useRef<HTMLDivElement | null>(null);
 
-  useModalDismissSignal(modalRef, dismissModal);
+  // It's important to trap click events within the dialog,
+  // so the dismiss hook will use it for click hit detection.
+  // Because multiple tabs may be showing this ModalDialog,
+  // the normal `dialog.contains(target)` check would fail on a background tab.
+  useModalDismissSignal(dialogRef, dismissModal, false);
+
+  // Clicks on the dialog should not bubble.
+  // This way we can dismiss by listening to clicks on the background.
+  const handleDialogClick = (event: any) => {
+    event.stopPropagation();
+
+    // It is important that we don't also prevent default,
+    // or clicks within the dialog (e.g. on links) won't work.
+  };
 
   return (
-    <div className={styles.Background}>
-      <div className={styles.Dialog} ref={modalRef}>
+    <div className={styles.Background} onClick={dismissModal}>
+      <div
+        ref={dialogRef}
+        className={styles.Dialog}
+        onClick={handleDialogClick}
+      >
         {title !== null && <div className={styles.Title}>{title}</div>}
         {content}
         {canBeDismissed && (
           <div className={styles.Buttons}>
-            <Button autoFocus onClick={dismissModal}>
+            <Button autoFocus className={styles.Button} onClick={dismissModal}>
               Okay
             </Button>
           </div>
diff --git a/src/devtools/views/ReactLogo.js b/src/devtools/views/ReactLogo.js
index d7f33639c7d8..358a3a8ec8a8 100644
--- a/src/devtools/views/ReactLogo.js
+++ b/src/devtools/views/ReactLogo.js
@@ -4,11 +4,15 @@ import React from 'react';
 
 import styles from './ReactLogo.css';
 
-export default function ReactLogo() {
+type Props = {|
+  className?: string,
+|};
+
+export default function ReactLogo({ className }: Props) {
   return (
     <svg
       xmlns="http://www.w3.org/2000/svg"
-      className={styles.ReactLogo}
+      className={`${styles.ReactLogo} ${className || ''}`}
       viewBox="-11.5 -10.23174 23 20.46348"
     >
       <circle cx="0" cy="0" r="2.05" fill="currentColor" />
diff --git a/src/devtools/views/Settings/GeneralSettings.js b/src/devtools/views/Settings/GeneralSettings.js
index 60d61bb817fa..8b8692d739b5 100644
--- a/src/devtools/views/Settings/GeneralSettings.js
+++ b/src/devtools/views/Settings/GeneralSettings.js
@@ -2,6 +2,7 @@
 
 import React, { useContext } from 'react';
 import { SettingsContext } from './SettingsContext';
+import { CHANGE_LOG_URL } from 'src/constants';
 
 import styles from './SettingsShared.css';
 
@@ -54,6 +55,18 @@ export default function GeneralSettings(_: {||}) {
           Append component stacks to console warnings and errors.
         </label>
       </div>
+
+      <div className={styles.ReleaseNotes}>
+        <a
+          className={styles.ReleaseNotesLink}
+          target="_blank"
+          rel="noopener noreferrer"
+          href={CHANGE_LOG_URL}
+        >
+          View release notes
+        </a>{' '}
+        for DevTools version {process.env.DEVTOOLS_VERSION}
+      </div>
     </div>
   );
 }
diff --git a/src/devtools/views/Settings/SettingsShared.css b/src/devtools/views/Settings/SettingsShared.css
index f816d4346b69..cafbe1bedef4 100644
--- a/src/devtools/views/Settings/SettingsShared.css
+++ b/src/devtools/views/Settings/SettingsShared.css
@@ -134,3 +134,14 @@
   height: 0.375rem;
   background-color: var(--color-toggle-text);
 }
+
+.ReleaseNotes {
+  width: 100%;
+  background-color: var(--color-background-hover);
+  padding: 0.25rem 0.5rem;
+  border-radius: 0.25rem;
+}
+
+.ReleaseNotesLink {
+  color: var(--color-button-active);
+}
diff --git a/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.css b/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.css
new file mode 100644
index 000000000000..8168d947d218
--- /dev/null
+++ b/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.css
@@ -0,0 +1,26 @@
+.Row {
+  display: flex;
+  flex-direction: row;
+  align-items: center;
+}
+
+.Column {
+  display: flex;
+  flex-direction: column;
+  align-items: center;
+}
+
+.Logo {
+  height: 4rem;
+  width: 4rem;
+  margin: 1rem;
+}
+
+.Title {
+  font-size: var(--font-size-sans-large);
+  margin-bottom: 0.5rem;
+}
+
+.ReleaseNotesLink {
+  color: var(--color-button-active);
+}
diff --git a/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.js b/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.js
new file mode 100644
index 000000000000..025c3f338c0c
--- /dev/null
+++ b/src/devtools/views/ShowWelcomeToTheNewDevToolsDialog.js
@@ -0,0 +1,64 @@
+// @flow
+
+import React, { Fragment, useContext, useEffect } from 'react';
+import { unstable_batchedUpdates as batchedUpdates } from 'react-dom';
+import { useLocalStorage } from './hooks';
+import { ModalDialogContext } from './ModalDialog';
+import ReactLogo from './ReactLogo';
+import { CHANGE_LOG_URL } from 'src/constants';
+
+import styles from './ShowWelcomeToTheNewDevToolsDialog.css';
+
+const LOCAL_STORAGE_KEY =
+  'React::DevTools::hasShownWelcomeToTheNewDevToolsDialog';
+
+export default function ShowWelcomeToTheNewDevToolsDialog(_: {||}) {
+  const { dispatch } = useContext(ModalDialogContext);
+  const [
+    hasShownWelcomeToTheNewDevToolsDialog,
+    setHasShownWelcomeToTheNewDevToolsDialog,
+  ] = useLocalStorage<boolean>(LOCAL_STORAGE_KEY, false);
+
+  useEffect(() => {
+    if (!hasShownWelcomeToTheNewDevToolsDialog) {
+      batchedUpdates(() => {
+        setHasShownWelcomeToTheNewDevToolsDialog(true);
+        dispatch({
+          canBeDismissed: true,
+          type: 'SHOW',
+          content: <DialogContent />,
+        });
+      });
+    }
+  }, [
+    dispatch,
+    hasShownWelcomeToTheNewDevToolsDialog,
+    setHasShownWelcomeToTheNewDevToolsDialog,
+  ]);
+
+  return null;
+}
+
+function DialogContent(_: {||}) {
+  return (
+    <Fragment>
+      <div className={styles.Row}>
+        <ReactLogo className={styles.Logo} />
+        <div>
+          <div className={styles.Title}>Welcome to the new React DevTools!</div>
+          <div>
+            <a
+              className={styles.ReleaseNotesLink}
+              target="_blank"
+              rel="noopener noreferrer"
+              href={CHANGE_LOG_URL}
+            >
+              Learn more
+            </a>{' '}
+            about changes in this version.
+          </div>
+        </div>
+      </div>
+    </Fragment>
+  );
+}
diff --git a/src/devtools/views/hooks.js b/src/devtools/views/hooks.js
index ae963047a41e..abbf5bcdde82 100644
--- a/src/devtools/views/hooks.js
+++ b/src/devtools/views/hooks.js
@@ -95,20 +95,21 @@ export function useLocalStorage<T>(
 
 export function useModalDismissSignal(
   modalRef: { current: HTMLDivElement | null },
-  dismissCallback: () => void
+  dismissCallback: () => void,
+  dismissOnClickOutside?: boolean = true
 ): void {
   useEffect(() => {
     if (modalRef.current === null) {
       return () => {};
     }
 
-    const handleKeyDown = ({ key }: any) => {
+    const handleDocumentKeyDown = ({ key }: any) => {
       if (key === 'Escape') {
         dismissCallback();
       }
     };
 
-    const handleClick = (event: any) => {
+    const handleDocumentClick = (event: any) => {
       // $FlowFixMe
       if (
         modalRef.current !== null &&
@@ -125,14 +126,16 @@ export function useModalDismissSignal(
     // Here we use portals to render individual tabs (e.g. Profiler),
     // and the root document might belong to a different window.
     const ownerDocument = modalRef.current.ownerDocument;
-    ownerDocument.addEventListener('keydown', handleKeyDown);
-    ownerDocument.addEventListener('click', handleClick);
+    ownerDocument.addEventListener('keydown', handleDocumentKeyDown);
+    if (dismissOnClickOutside) {
+      ownerDocument.addEventListener('click', handleDocumentClick);
+    }
 
     return () => {
-      ownerDocument.removeEventListener('keydown', handleKeyDown);
-      ownerDocument.removeEventListener('click', handleClick);
+      ownerDocument.removeEventListener('keydown', handleDocumentKeyDown);
+      ownerDocument.removeEventListener('click', handleDocumentClick);
     };
-  }, [modalRef, dismissCallback]);
+  }, [modalRef, dismissCallback, dismissOnClickOutside]);
 }
 
 // Copied from https://github.com/facebook/react/pull/15022