diff --git a/docs/api.rst b/docs/api.rst
index 3a2c3a08..c0afbe32 100644
--- a/docs/api.rst
+++ b/docs/api.rst
@@ -129,7 +129,8 @@ These tools return summarized or aggregated data from an iterable.
 .. autofunction:: ilen
 .. autofunction:: first(iterable[, default])
 .. autofunction:: last(iterable[, default])
-.. autofunction:: one
+.. autofunction:: one(iterable, too_short=ValueError, too_long=ValueError)
+.. autofunction:: only(iterable, default=None, too_long=ValueError)
 .. autofunction:: unique_to_each
 .. autofunction:: locate(iterable, pred=bool, window_size=None)
 .. autofunction:: rlocate(iterable, pred=bool, window_size=None)
diff --git a/more_itertools/more.py b/more_itertools/more.py
index 45a2fd8b..63796e2f 100644
--- a/more_itertools/more.py
+++ b/more_itertools/more.py
@@ -54,6 +54,7 @@
     'map_reduce',
     'numeric_range',
     'one',
+    'only',
     'padded',
     'partitions',
     'peekable',
@@ -503,9 +504,8 @@ def one(iterable, too_short=None, too_long=None):
         RuntimeError
 
     Note that :func:`one` attempts to advance *iterable* twice to ensure there
-    is only one item. If there is more than one, both items will be discarded.
-    See :func:`spy` or :func:`peekable` to check iterable contents less
-    destructively.
+    is only one item. See :func:`spy` or :func:`peekable` to check iterable
+    contents less destructively.
 
     """
     it = iter(iterable)
@@ -2401,3 +2401,35 @@ def time_limited(limit_seconds, iterable):
         if monotonic() - start_time > limit_seconds:
             break
         yield item
+
+
+def only(iterable, default=None, too_long=None):
+    """If *iterable* has only one item, return it.
+    If it has zero items, return *default*.
+    If it has more than item, raise the exception given by *too_short*,
+    which is ``ValueError`` by default.
+
+    >>> only([], default='missing')
+    'missing'
+    >>> only([1])
+    1
+    >>> only([1, 2])  # doctest: +IGNORE_EXCEPTION_DETAIL
+    Traceback (most recent call last):
+    ...
+    ValueError: too many items in iterable (expected 1)'
+
+    Note that :func:`only` attempts to advance *iterable* twice to ensure there
+    is only one item.  See :func:`spy` or :func:`peekable` to check
+    iterable contents less destructively.
+    """
+    it = iter(iterable)
+    value = next(it, default)
+
+    try:
+        next(it)
+    except StopIteration:
+        pass
+    else:
+        raise too_long or ValueError('too many items in iterable (expected 1)')
+
+    return value
diff --git a/more_itertools/tests/test_more.py b/more_itertools/tests/test_more.py
index 9f3df462..b0d97a86 100644
--- a/more_itertools/tests/test_more.py
+++ b/more_itertools/tests/test_more.py
@@ -2450,3 +2450,22 @@ def test_zero_limit(self):
     def test_invalid_limit(self):
         with self.assertRaises(ValueError):
             list(mi.time_limited(-0.1, count()))
+
+
+class OnlyTests(TestCase):
+    def test_defaults(self):
+        self.assertEqual(mi.only([]), None)
+        self.assertEqual(mi.only([1]), 1)
+        self.assertRaises(ValueError, lambda: mi.only([1, 2]))
+
+    def test_custom_value(self):
+        self.assertEqual(mi.only([], default='!'), '!')
+        self.assertEqual(mi.only([1], default='!'), 1)
+        self.assertRaises(ValueError, lambda: mi.only([1, 2], default='!'))
+
+    def test_custom_exception(self):
+        self.assertEqual(mi.only([], too_long=RuntimeError), None)
+        self.assertEqual(mi.only([1], too_long=RuntimeError), 1)
+        self.assertRaises(
+            RuntimeError, lambda: mi.only([1, 2], too_long=RuntimeError)
+        )