diff --git a/spec-dtslint/firstValueFrom-spec.ts b/spec-dtslint/firstValueFrom-spec.ts
new file mode 100644
index 0000000000..7711a2d90a
--- /dev/null
+++ b/spec-dtslint/firstValueFrom-spec.ts
@@ -0,0 +1,8 @@
+import { firstValueFrom } from 'rxjs';
+import { a$ } from 'helpers';
+
+describe('firstValueFrom', () => {
+  const r0 = firstValueFrom(a$); // $ExpectType Promise<A>
+  const r1 = firstValueFrom(); // $ExpectError
+  const r2 = firstValueFrom(Promise.resolve(42)); // $ExpectError
+});
diff --git a/spec-dtslint/lastValueFrom-spec.ts b/spec-dtslint/lastValueFrom-spec.ts
new file mode 100644
index 0000000000..2228b8cfcc
--- /dev/null
+++ b/spec-dtslint/lastValueFrom-spec.ts
@@ -0,0 +1,8 @@
+import { lastValueFrom } from 'rxjs';
+import { a$ } from 'helpers';
+
+describe('lastValueFrom', () => {
+  const r0 = lastValueFrom(a$); // $ExpectType Promise<A>
+  const r1 = lastValueFrom(); // $ExpectError
+  const r2 = lastValueFrom(Promise.resolve(42)); // $ExpectError
+});
diff --git a/spec/firstValueFrom-spec.ts b/spec/firstValueFrom-spec.ts
new file mode 100644
index 0000000000..7c6c691aca
--- /dev/null
+++ b/spec/firstValueFrom-spec.ts
@@ -0,0 +1,44 @@
+import { interval, firstValueFrom, EMPTY, EmptyError, throwError, of } from 'rxjs';
+import { expect } from 'chai';
+import { finalize } from 'rxjs/operators';
+
+describe('firstValueFrom', () => {
+  it('should emit the first value as a promise', async () => {
+    let finalized = false;
+    const source = interval(10).pipe(finalize(() => (finalized = true)));
+    const result = await firstValueFrom(source);
+    expect(result).to.equal(0);
+    expect(finalized).to.be.true;
+  });
+
+  it('should error for empty observables', async () => {
+    const source = EMPTY;
+    let error: any = null;
+    try {
+      await firstValueFrom(source);
+    } catch (err) {
+      error = err;
+    }
+    expect(error).to.be.an.instanceOf(EmptyError);
+  });
+
+  it('should error for errored observables', async () => {
+    const source = throwError(new Error('blorp!'));
+    let error: any = null;
+    try {
+      await firstValueFrom(source);
+    } catch (err) {
+      error = err;
+    }
+    expect(error).to.be.an.instanceOf(Error);
+    expect(error.message).to.equal('blorp!');
+  });
+
+  it('should work with a synchronous observable', async () => {
+    let finalized = false;
+    const source = of('apples', 'bananas').pipe(finalize(() => (finalized = true)));
+    const result = await firstValueFrom(source);
+    expect(result).to.equal('apples');
+    expect(finalized).to.be.true;
+  });
+});
diff --git a/spec/helpers/test-helper.ts b/spec/helpers/test-helper.ts
index b9af36acf4..e37924a9c2 100644
--- a/spec/helpers/test-helper.ts
+++ b/spec/helpers/test-helper.ts
@@ -7,6 +7,19 @@ import { iterator } from 'rxjs/internal/symbol/iterator';
 import * as sinon from 'sinon';
 import { expect } from 'chai';
 
+if (process && process.on) {
+  /**
+   * With async/await functions in Node, mocha seems to allow
+   * tests to pass, even they shouldn't there's something about how
+   * it handles the rejected promise where it does not notice
+   * that the test failed.
+   */
+  process.on('unhandledRejection', err => {
+    console.error(err);
+    process.exit(1);
+  });
+}
+
 export function lowerCaseO<T>(...args: Array<any>): Observable<T> {
   const o: any = {
     subscribe(observer: any) {
diff --git a/spec/lastValueFrom-spec.ts b/spec/lastValueFrom-spec.ts
new file mode 100644
index 0000000000..a4540b8dab
--- /dev/null
+++ b/spec/lastValueFrom-spec.ts
@@ -0,0 +1,47 @@
+import { interval, lastValueFrom, EMPTY, EmptyError, throwError, of } from 'rxjs';
+import { expect } from 'chai';
+import { finalize, take } from 'rxjs/operators';
+
+describe('lastValueFrom', () => {
+  it('should emit the last value as a promise', async () => {
+    let finalized = false;
+    const source = interval(2).pipe(
+      take(10),
+      finalize(() => (finalized = true))
+    );
+    const result = await lastValueFrom(source);
+    expect(result).to.equal(9);
+    expect(finalized).to.be.true;
+  });
+
+  it('should error for empty observables', async () => {
+    const source = EMPTY;
+    let error: any = null;
+    try {
+      await lastValueFrom(source);
+    } catch (err) {
+      error = err;
+    }
+    expect(error).to.be.an.instanceOf(EmptyError);
+  });
+
+  it('should error for errored observables', async () => {
+    const source = throwError(new Error('blorp!'));
+    let error: any = null;
+    try {
+      await lastValueFrom(source);
+    } catch (err) {
+      error = err;
+    }
+    expect(error).to.be.an.instanceOf(Error);
+    expect(error.message).to.equal('blorp!');
+  });
+
+  it('should work with a synchronous observable', async () => {
+    let finalized = false;
+    const source = of('apples', 'bananas').pipe(finalize(() => (finalized = true)));
+    const result = await lastValueFrom(source);
+    expect(result).to.equal('bananas');
+    expect(finalized).to.be.true;
+  });
+});
diff --git a/src/index.ts b/src/index.ts
index 09f8c5df4e..80f5c4f38b 100644
--- a/src/index.ts
+++ b/src/index.ts
@@ -33,6 +33,10 @@ export { noop } from './internal/util/noop';
 export { identity } from './internal/util/identity';
 export { isObservable } from './internal/util/isObservable';
 
+/* Promise Conversion */
+export { lastValueFrom } from './internal/lastValueFrom';
+export { firstValueFrom } from './internal/firstValueFrom';
+
 /* Error types */
 export { ArgumentOutOfRangeError } from './internal/util/ArgumentOutOfRangeError';
 export { EmptyError } from './internal/util/EmptyError';
diff --git a/src/internal/firstValueFrom.ts b/src/internal/firstValueFrom.ts
new file mode 100644
index 0000000000..7b5b61bae0
--- /dev/null
+++ b/src/internal/firstValueFrom.ts
@@ -0,0 +1,54 @@
+import { Observable } from './Observable';
+import { EmptyError } from './util/EmptyError';
+import { Subscription } from './Subscription';
+
+/**
+ * Converts an observable to a promise by subscribing to the observable,
+ * and returning a promise that will resolve as soon as the first value
+ * arrives from the observable. The subscription will then be closed.
+ *
+ * If the observable stream completes before any values were emitted, the
+ * returned promise will reject with {@link EmptyError}.
+ *
+ * If the observable stream emits an error, the returned promise will reject
+ * with that error.
+ *
+ * ### Example
+ *
+ * Wait for the first value from a stream and emit it from a promise in
+ * an async function.
+ *
+ * ```ts
+ * import { interval, firstValueFrom } from 'rxjs';
+ *
+ * async function execute() {
+ *    const source$ = interval(2000);
+ *    const firstNumber = await firstValueFrom(source);
+ *    console.log(`The first number is ${firstNumber}`);
+ * }
+ *
+ * execute();
+ *
+ * // Expected output:
+ * // "The first number is 0"
+ * ```
+ *
+ * @param source the observable to convert to a promise
+ */
+export function firstValueFrom<T>(source$: Observable<T>) {
+  return new Promise<T>((resolve, reject) => {
+    const subs = new Subscription();
+    subs.add(
+      source$.subscribe({
+        next: value => {
+          resolve(value);
+          subs.unsubscribe();
+        },
+        error: reject,
+        complete: () => {
+          reject(new EmptyError());
+        },
+      })
+    );
+  });
+}
diff --git a/src/internal/lastValueFrom.ts b/src/internal/lastValueFrom.ts
new file mode 100644
index 0000000000..c4f8e681c7
--- /dev/null
+++ b/src/internal/lastValueFrom.ts
@@ -0,0 +1,57 @@
+import { Observable } from './Observable';
+import { EmptyError } from './util/EmptyError';
+
+/**
+ * Converts an observable to a promise by subscribing to the observable,
+ * waiting for it to complete, and resolving the returned promise with the
+ * last value from the observed stream.
+ *
+ * If the observable stream completes before any values were emitted, the
+ * returned promise will reject with {@link EmptyError}.
+ *
+ * If the observable stream emits an error, the returned promise will reject
+ * with that error.
+ *
+ * ### Example
+ *
+ * Wait for the last value from a stream and emit it from a promise in
+ * an async function.
+ *
+ * ```ts
+ * import { interval, lastValueFrom } from 'rxjs';
+ * import { take } from 'rxjs/operators';
+ *
+ * async function execute() {
+ *    const source$ = interval(2000).pipe(take(10));
+ *    const finalNumber = await lastValueFrom(source);
+ *    console.log(`The final number is ${finalNumber}`);
+ * }
+ *
+ * execute();
+ *
+ * // Expected output:
+ * // "The final number is 9"
+ * ```
+ *
+ * @param source the observable to convert to a promise
+ */
+export function lastValueFrom<T>(source: Observable<T>) {
+  return new Promise<T>((resolve, reject) => {
+    let _hasValue = false;
+    let _value: T;
+    source.subscribe({
+      next: value => {
+        _value = value;
+        _hasValue = true;
+      },
+      error: reject,
+      complete: () => {
+        if (_hasValue) {
+          resolve(_value);
+        } else {
+          reject(new EmptyError());
+        }
+      },
+    });
+  });
+}