diff --git a/.gitignore b/.gitignore
index a2281906f6867..70bbad3393e00 100644
--- a/.gitignore
+++ b/.gitignore
@@ -45,3 +45,4 @@ yarn-error.log
 .nzm-*
 
 /.versionrc.json
+RELEASE_NOTES.md
diff --git a/build.sh b/build.sh
index 99719cd328874..3bc3228a193f7 100755
--- a/build.sh
+++ b/build.sh
@@ -93,4 +93,7 @@ if [ "$check_compat" == "true" ]; then
   /bin/bash scripts/check-api-compatibility.sh
 fi
 
+# Create the release notes for the current version. These are ephemeral and not saved in source.
+node ./scripts/create-release-notes.js
+
 touch $BUILD_INDICATOR
diff --git a/scripts/bump.js b/scripts/bump.js
index 14bb70fb0a5c8..3daca6711605f 100755
--- a/scripts/bump.js
+++ b/scripts/bump.js
@@ -74,7 +74,7 @@ async function main() {
     console.error("🎉 Calling our 'cdk-release' package to make the bump");
     console.error("ℹ️ Set the LEGACY_BUMP env variable to use the old 'standard-version' bump instead");
     const cdkRelease = require('@aws-cdk/cdk-release');
-    cdkRelease(opts);
+    cdkRelease.createRelease(opts);
   }
 }
 
diff --git a/scripts/create-release-notes.js b/scripts/create-release-notes.js
new file mode 100755
index 0000000000000..1e6096c38bc00
--- /dev/null
+++ b/scripts/create-release-notes.js
@@ -0,0 +1,18 @@
+#!/usr/bin/env node
+
+const cdkRelease = require('@aws-cdk/cdk-release');
+const ver = require('./resolve-version');
+
+async function main() {
+  await cdkRelease.createReleaseNotes({
+    versionFile: ver.versionFile,
+    changelogFile: ver.changelogFile,
+    alphaChangelogFile: ver.alphaChangelogFile,
+    releaseNotesFile: 'RELEASE_NOTES.md',
+  });
+}
+
+main().catch(err => {
+  console.error(err.stack);
+  process.exit(1);
+});
diff --git a/tools/@aws-cdk/cdk-release/lib/index.ts b/tools/@aws-cdk/cdk-release/lib/index.ts
index b908e4cccdc7d..d058aec7e98ab 100644
--- a/tools/@aws-cdk/cdk-release/lib/index.ts
+++ b/tools/@aws-cdk/cdk-release/lib/index.ts
@@ -1,16 +1,17 @@
-import * as path from 'path';
-import * as fs from 'fs-extra';
 import { getConventionalCommitsFromGitHistory } from './conventional-commits';
 import { defaults } from './defaults';
 import { bump } from './lifecycles/bump';
 import { writeChangelogs } from './lifecycles/changelog';
 import { commit } from './lifecycles/commit';
 import { debug, debugObject } from './private/print';
-import { PackageInfo, ReleaseOptions, Versions } from './types';
+import { PackageInfo, ReleaseOptions } from './types';
+import { readVersion } from './versions';
 // eslint-disable-next-line @typescript-eslint/no-require-imports
 const lerna_project = require('@lerna/project');
 
-module.exports = async function main(opts: ReleaseOptions): Promise<void> {
+export * from './release-notes';
+
+export async function createRelease(opts: ReleaseOptions): Promise<void> {
   // handle the default options
   const args: ReleaseOptions = {
     ...defaults,
@@ -34,15 +35,6 @@ module.exports = async function main(opts: ReleaseOptions): Promise<void> {
   await commit(args, newVersion.stableVersion, [args.versionFile, ...changelogResults.map(r => r.filePath)]);
 };
 
-function readVersion(versionFile: string): Versions {
-  const versionPath = path.resolve(process.cwd(), versionFile);
-  const contents = JSON.parse(fs.readFileSync(versionPath, { encoding: 'utf-8' }));
-  return {
-    stableVersion: contents.version,
-    alphaVersion: contents.alphaVersion,
-  };
-}
-
 function getProjectPackageInfos(): PackageInfo[] {
   const packages = lerna_project.Project.getPackagesSync();
 
diff --git a/tools/@aws-cdk/cdk-release/lib/private/files.ts b/tools/@aws-cdk/cdk-release/lib/private/files.ts
index d9a68dd894c87..6009633bc72b2 100644
--- a/tools/@aws-cdk/cdk-release/lib/private/files.ts
+++ b/tools/@aws-cdk/cdk-release/lib/private/files.ts
@@ -1,6 +1,6 @@
 import * as fs from 'fs';
 
-interface WriteFileOpts {
+export interface WriteFileOpts {
   readonly dryRun?: boolean;
 }
 
diff --git a/tools/@aws-cdk/cdk-release/lib/release-notes.ts b/tools/@aws-cdk/cdk-release/lib/release-notes.ts
new file mode 100644
index 0000000000000..409be153b7d6d
--- /dev/null
+++ b/tools/@aws-cdk/cdk-release/lib/release-notes.ts
@@ -0,0 +1,68 @@
+// eslint-disable-next-line @typescript-eslint/no-require-imports
+import parseChangelog = require('changelog-parser');
+import { WriteFileOpts, writeFile } from './private/files';
+import { debugObject, LoggingOptions } from './private/print';
+import { Versions } from './types';
+import { readVersion } from './versions';
+
+export interface ReleaseNotesOpts {
+  /** path to the version file for the current branch (e.g., version.v2.json) */
+  versionFile: string;
+  /** path to the primary changelog file (e.g., 'CHANGELOG.v2.md') */
+  changelogFile: string;
+  /** (optional) path to the independent alpha changelog file (e.g., 'CHANGELOG.v2.alpha.md') */
+  alphaChangelogFile?: string;
+  /** path to write out the final release notes (e.g., 'RELEASE_NOTES.md'). */
+  releaseNotesFile: string;
+}
+
+/**
+ * Creates a release notes file from one (or more) changelog files for the current version.
+ * If an alpha version and alpha changelog file aren't present, this is identical to the contents
+ * of the (main) changelog for the current version. Otherwise, a combined release is put together
+ * from the contents of the stable and alpha changelogs.
+ */
+export async function createReleaseNotes(opts: ReleaseNotesOpts & LoggingOptions & WriteFileOpts) {
+  const currentVersion = readVersion(opts.versionFile);
+  debugObject(opts, 'Current version info', currentVersion);
+
+  writeFile(opts, opts.releaseNotesFile, await releaseNoteContents(currentVersion, opts));
+}
+
+async function releaseNoteContents(currentVersion: Versions, opts: ReleaseNotesOpts) {
+  const stableChangelogContents = await readChangelogSection(opts.changelogFile, currentVersion.stableVersion);
+  // If we don't have an alpha version and distinct alpha changelog, the release notes are just the main changelog section.
+  if (!opts.alphaChangelogFile || !currentVersion.alphaVersion) { return stableChangelogContents; }
+
+  const alphaChangelogContents = await readChangelogSection(opts.alphaChangelogFile, currentVersion.alphaVersion);
+
+  // See https://github.com/aws/aws-cdk-rfcs/blob/master/text/0249-v2-experiments.md#changelog--release-notes for format
+  return [
+    '## aws-cdk-lib', // Assumption: we only have stable + alpha changelogs on v2+, where aws-cdk-lib is the stable module.
+    stableChangelogContents,
+    '---',
+    `## Alpha modules (${currentVersion.alphaVersion})`,
+    alphaChangelogContents,
+  ].join('\n');
+}
+
+async function readChangelogSection(changelogFile: string, version: string) {
+  const changelog = await parseChangelog(changelogFile) as Changelog;
+  const entry = (changelog.versions || []).find(section => section.version === version);
+  if (!entry) {
+    throw new Error(`No changelog entry found for version ${version} in ${changelogFile}`);
+  }
+  return entry.body;
+}
+
+/** @types/changelog-parser only returns `object`; this is slightly more helpful */
+interface Changelog {
+  title: string;
+  description: string;
+  versions?: ChangelogVersion[];
+}
+interface ChangelogVersion {
+  version: string;
+  title: string;
+  body: string;
+}
diff --git a/tools/@aws-cdk/cdk-release/lib/versions.ts b/tools/@aws-cdk/cdk-release/lib/versions.ts
new file mode 100644
index 0000000000000..d92ed61a5f0e5
--- /dev/null
+++ b/tools/@aws-cdk/cdk-release/lib/versions.ts
@@ -0,0 +1,12 @@
+import * as path from 'path';
+import * as fs from 'fs-extra';
+import { Versions } from './types';
+
+export function readVersion(versionFile: string): Versions {
+  const versionPath = path.resolve(process.cwd(), versionFile);
+  const contents = JSON.parse(fs.readFileSync(versionPath, { encoding: 'utf-8' }));
+  return {
+    stableVersion: contents.version,
+    alphaVersion: contents.alphaVersion,
+  };
+}
diff --git a/tools/@aws-cdk/cdk-release/package.json b/tools/@aws-cdk/cdk-release/package.json
index 9e06c857907db..3acaf45da3987 100644
--- a/tools/@aws-cdk/cdk-release/package.json
+++ b/tools/@aws-cdk/cdk-release/package.json
@@ -37,17 +37,18 @@
   },
   "dependencies": {
     "@lerna/project": "^4.0.0",
+    "changelog-parser": "^2.8.0",
     "conventional-changelog": "^3.1.24",
     "conventional-changelog-config-spec": "^2.1.0",
     "conventional-changelog-preset-loader": "^2.3.4",
-    "conventional-commits-parser": "^3.2.2",
     "conventional-changelog-writer": "^4.1.0",
+    "conventional-commits-parser": "^3.2.2",
+    "detect-indent": "^6.1.0",
+    "detect-newline": "^3.1.0",
     "fs-extra": "^9.1.0",
     "git-raw-commits": "^2.0.10",
     "semver": "^7.3.5",
-    "stringify-package": "^1.0.1",
-    "detect-indent": "^6.1.0",
-    "detect-newline": "^3.1.0"
+    "stringify-package": "^1.0.1"
   },
   "keywords": [
     "aws",
diff --git a/tools/@aws-cdk/cdk-release/test/release-notes.test.ts b/tools/@aws-cdk/cdk-release/test/release-notes.test.ts
new file mode 100644
index 0000000000000..cf5fbe53ef78d
--- /dev/null
+++ b/tools/@aws-cdk/cdk-release/test/release-notes.test.ts
@@ -0,0 +1,62 @@
+import * as files from '../lib/private/files';
+import { createReleaseNotes } from '../lib/release-notes';
+import * as versions from '../lib/versions';
+
+/** MOCKS */
+const mockWriteFile = jest.spyOn(files, 'writeFile').mockImplementation(() => jest.fn());
+const mockReadVersion = jest.spyOn(versions, 'readVersion');
+jest.mock('changelog-parser', () => { return jest.fn(); });
+// eslint-disable-next-line @typescript-eslint/no-require-imports
+const changelogParser = require('changelog-parser');
+/** MOCKS */
+
+beforeEach(() => { jest.resetAllMocks(); });
+
+const DEFAULT_OPTS = {
+  changelogFile: 'CHANGELOG.md',
+  releaseNotesFile: 'RELEASE_NOTES.md',
+  versionFile: 'versions.json',
+};
+
+test('without alpha releases, only the stable changelog is returned', async () => {
+  mockReadVersion.mockImplementation((_) => { return { stableVersion: '1.2.3' }; });
+  mockChangelogOnceForVersion('1.2.3', 'foo');
+
+  await createReleaseNotes(DEFAULT_OPTS);
+
+  expectReleaseNotes('foo');
+});
+
+test('with alpha releases the contents of both are returned as separate sections', async () => {
+  mockReadVersion.mockImplementation((_) => { return { stableVersion: '1.2.3', alphaVersion: '1.2.3-alpha' }; });
+  mockChangelogOnceForVersion('1.2.3', 'foo'); // stable
+  mockChangelogOnceForVersion('1.2.3-alpha', 'bar'); // alpha
+
+  await createReleaseNotes({ ...DEFAULT_OPTS, alphaChangelogFile: 'CHANGELOG.alpha.md' });
+
+  expectReleaseNotes([
+    '## aws-cdk-lib',
+    'foo',
+    '---',
+    '## Alpha modules (1.2.3-alpha)',
+    'bar',
+  ]);
+});
+
+test('throws if no matching version is found in the changelog', async () => {
+  mockReadVersion.mockImplementation((_) => { return { stableVersion: '1.2.3' }; });
+  mockChangelogOnceForVersion('4.5.6', 'foo');
+
+  await expect(createReleaseNotes(DEFAULT_OPTS))
+    .rejects
+    .toThrow(/No changelog entry found for version 1.2.3 in CHANGELOG.md/);
+});
+
+function mockChangelogOnceForVersion(version: string, body: string) {
+  changelogParser.mockImplementationOnce((_: string) => { return { versions: [{ version, body }] }; });
+}
+
+function expectReleaseNotes(contents: string | string[]) {
+  const data = (typeof contents === 'string') ? contents : contents.join('\n');
+  expect(mockWriteFile).toBeCalledWith(expect.any(Object), 'RELEASE_NOTES.md', data);
+}
diff --git a/yarn.lock b/yarn.lock
index 999adfadc117b..64ceaa1ec75bb 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1621,6 +1621,11 @@
   dependencies:
     "@babel/types" "^7.3.0"
 
+"@types/changelog-parser@^2.7.1":
+  version "2.7.1"
+  resolved "https://registry.yarnpkg.com/@types/changelog-parser/-/changelog-parser-2.7.1.tgz#da124373fc8abfb6951fef83718ea5f041fea527"
+  integrity sha512-OFZB7OlG6nrkcnvJhcyV2Zm/PUGk40oHyfaEBRjlm+ghrKxbFQI+xao/IzYL0G72fpLCTGGs3USrhe38/FF6QQ==
+
 "@types/eslint@^7.28.0":
   version "7.28.0"
   resolved "https://registry.npmjs.org/@types/eslint/-/eslint-7.28.0.tgz#7e41f2481d301c68e14f483fe10b017753ce8d5a"
@@ -2055,6 +2060,11 @@ ansi-regex@^2.0.0:
   resolved "https://registry.npmjs.org/ansi-regex/-/ansi-regex-2.1.1.tgz#c3b33ab5ee360d86e0e628f0468ae7ef27d654df"
   integrity sha1-w7M6te42DYbg5ijwRorn7yfWVN8=
 
+ansi-regex@^3.0.0:
+  version "3.0.0"
+  resolved "https://registry.yarnpkg.com/ansi-regex/-/ansi-regex-3.0.0.tgz#ed0317c322064f79466c02966bddb605ab37d998"
+  integrity sha1-7QMXwyIGT3lGbAKWa922Bas32Zg=
+
 ansi-regex@^4.1.0:
   version "4.1.0"
   resolved "https://registry.npmjs.org/ansi-regex/-/ansi-regex-4.1.0.tgz#8b9f8f08cf1acb843756a839ca8c7e3168c51997"
@@ -2705,6 +2715,14 @@ chalk@^4.0.0, chalk@^4.1.0, chalk@^4.1.2:
     ansi-styles "^4.1.0"
     supports-color "^7.1.0"
 
+changelog-parser@^2.8.0:
+  version "2.8.0"
+  resolved "https://registry.yarnpkg.com/changelog-parser/-/changelog-parser-2.8.0.tgz#c14293e3e8fab797913c722de965480198650108"
+  integrity sha512-ZtSwN0hY7t+WpvaXqqXz98RHCNhWX9HsvCRAv1aBLlqJ7BpKtqdM6Nu6JOiUhRAWR7Gov0aN0fUnmflTz0WgZg==
+  dependencies:
+    line-reader "^0.2.4"
+    remove-markdown "^0.2.2"
+
 char-regex@^1.0.2:
   version "1.0.2"
   resolved "https://registry.npmjs.org/char-regex/-/char-regex-1.0.2.tgz#d744358226217f981ed58f479b1d6bcc29545dcf"
@@ -2823,6 +2841,11 @@ co@^4.6.0:
   resolved "https://registry.npmjs.org/co/-/co-4.6.0.tgz#6ea6bdf3d853ae54ccb8e47bfa0bf3f9031fb184"
   integrity sha1-bqa989hTrlTMuOR7+gvz+QMfsYQ=
 
+code-point-at@^1.0.0:
+  version "1.1.0"
+  resolved "https://registry.yarnpkg.com/code-point-at/-/code-point-at-1.1.0.tgz#0d070b4d043a5bea33a2f1a40e2edb3d9a4ccf77"
+  integrity sha1-DQcLTQQ6W+ozovGkDi7bPZpMz3c=
+
 codemaker@^1.38.0:
   version "1.38.0"
   resolved "https://registry.npmjs.org/codemaker/-/codemaker-1.38.0.tgz#571458cc9f361f5d885e67817a652b4e6ad67470"
@@ -5246,6 +5269,18 @@ is-extglob@^2.1.1:
   resolved "https://registry.npmjs.org/is-extglob/-/is-extglob-2.1.1.tgz#a88c02535791f02ed37c76a1b9ea9773c833f8c2"
   integrity sha1-qIwCU1eR8C7TfHahueqXc8gz+MI=
 
+is-fullwidth-code-point@^1.0.0:
+  version "1.0.0"
+  resolved "https://registry.yarnpkg.com/is-fullwidth-code-point/-/is-fullwidth-code-point-1.0.0.tgz#ef9e31386f031a7f0d643af82fde50c457ef00cb"
+  integrity sha1-754xOG8DGn8NZDr4L95QxFfvAMs=
+  dependencies:
+    number-is-nan "^1.0.0"
+
+is-fullwidth-code-point@^2.0.0:
+  version "2.0.0"
+  resolved "https://registry.yarnpkg.com/is-fullwidth-code-point/-/is-fullwidth-code-point-2.0.0.tgz#a3b30a5c4f199183167aaab93beefae3ddfb654f"
+  integrity sha1-o7MKXE8ZkYMWeqq5O+764937ZU8=
+
 is-fullwidth-code-point@^3.0.0:
   version "3.0.0"
   resolved "https://registry.npmjs.org/is-fullwidth-code-point/-/is-fullwidth-code-point-3.0.0.tgz#f116f8064fe90b3f7844a38997c0b75051269f1d"
@@ -6335,6 +6370,11 @@ lie@~3.3.0:
   dependencies:
     immediate "~3.0.5"
 
+line-reader@^0.2.4:
+  version "0.2.4"
+  resolved "https://registry.yarnpkg.com/line-reader/-/line-reader-0.2.4.tgz#c4392b587dea38580c9678570e6e8e49fce52622"
+  integrity sha1-xDkrWH3qOFgMlnhXDm6OSfzlJiI=
+
 lines-and-columns@^1.1.6:
   version "1.1.6"
   resolved "https://registry.npmjs.org/lines-and-columns/-/lines-and-columns-1.1.6.tgz#1c00c743b433cd0a4e80758f7b64a57440d9ff00"
@@ -7260,6 +7300,11 @@ null-check@^1.0.0:
   resolved "https://registry.npmjs.org/null-check/-/null-check-1.0.0.tgz#977dffd7176012b9ec30d2a39db5cf72a0439edd"
   integrity sha1-l33/1xdgErnsMNKjnbXPcqBDnt0=
 
+number-is-nan@^1.0.0:
+  version "1.0.1"
+  resolved "https://registry.yarnpkg.com/number-is-nan/-/number-is-nan-1.0.1.tgz#097b602b53422a522c1afb8790318336941a011d"
+  integrity sha1-CXtgK1NCKlIsGvuHkDGDNpQaAR0=
+
 nwsapi@^2.2.0:
   version "2.2.0"
   resolved "https://registry.npmjs.org/nwsapi/-/nwsapi-2.2.0.tgz#204879a9e3d068ff2a55139c2c772780681a38b7"
@@ -8219,6 +8264,11 @@ release-zalgo@^1.0.0:
   dependencies:
     es6-error "^4.0.1"
 
+remove-markdown@^0.2.2:
+  version "0.2.2"
+  resolved "https://registry.yarnpkg.com/remove-markdown/-/remove-markdown-0.2.2.tgz#66b0ceeba9fb77ca9636bb1b0307ce21a32a12a6"
+  integrity sha1-ZrDO66n7d8qWNrsbAwfOIaMqEqY=
+
 remove-trailing-separator@^1.0.1:
   version "1.1.0"
   resolved "https://registry.npmjs.org/remove-trailing-separator/-/remove-trailing-separator-1.1.0.tgz#c24bce2a283adad5bc3f58e0d48249b92379d8ef"
@@ -8869,7 +8919,7 @@ string-length@^4.0.1:
     char-regex "^1.0.2"
     strip-ansi "^6.0.0"
 
-string-width@*, string-width@^1.0.1, "string-width@^1.0.2 || 2", string-width@^4.1.0, string-width@^4.2.0, string-width@^4.2.3:
+string-width@*, string-width@^4.1.0, string-width@^4.2.0, string-width@^4.2.3:
   version "4.2.3"
   resolved "https://registry.npmjs.org/string-width/-/string-width-4.2.3.tgz#269c7117d27b05ad2e536830a8ec895ef9c6d010"
   integrity sha512-wKyQRQpjJ0sIp62ErSZdGsjMJWsap5oRNihHhu6G7JVO/9jIB6UyevL+tXuOqrng8j/cxKTWyWUwvSTriiZz/g==
@@ -8878,6 +8928,23 @@ string-width@*, string-width@^1.0.1, "string-width@^1.0.2 || 2", string-width@^4
     is-fullwidth-code-point "^3.0.0"
     strip-ansi "^6.0.1"
 
+string-width@^1.0.1:
+  version "1.0.2"
+  resolved "https://registry.yarnpkg.com/string-width/-/string-width-1.0.2.tgz#118bdf5b8cdc51a2a7e70d211e07e2b0b9b107d3"
+  integrity sha1-EYvfW4zcUaKn5w0hHgfisLmxB9M=
+  dependencies:
+    code-point-at "^1.0.0"
+    is-fullwidth-code-point "^1.0.0"
+    strip-ansi "^3.0.0"
+
+"string-width@^1.0.2 || 2":
+  version "2.1.1"
+  resolved "https://registry.yarnpkg.com/string-width/-/string-width-2.1.1.tgz#ab93f27a8dc13d28cac815c462143a6d9012ae9e"
+  integrity sha512-nOqH59deCq9SRHlxq1Aw85Jnt4w6KvLKqWVik6oA9ZklXLNIOlqg4F2yrT1MVaTjAqvVwdfeZ7w7aCvJD7ugkw==
+  dependencies:
+    is-fullwidth-code-point "^2.0.0"
+    strip-ansi "^4.0.0"
+
 string.prototype.repeat@^0.2.0:
   version "0.2.0"
   resolved "https://registry.npmjs.org/string.prototype.repeat/-/string.prototype.repeat-0.2.0.tgz#aba36de08dcee6a5a337d49b2ea1da1b28fc0ecf"
@@ -8930,6 +8997,13 @@ strip-ansi@^3.0.0, strip-ansi@^3.0.1:
   dependencies:
     ansi-regex "^2.0.0"
 
+strip-ansi@^4.0.0:
+  version "4.0.0"
+  resolved "https://registry.yarnpkg.com/strip-ansi/-/strip-ansi-4.0.0.tgz#a8479022eb1ac368a871389b635262c505ee368f"
+  integrity sha1-qEeQIusaw2iocTibY1JixQXuNo8=
+  dependencies:
+    ansi-regex "^3.0.0"
+
 strip-ansi@^5.2.0:
   version "5.2.0"
   resolved "https://registry.npmjs.org/strip-ansi/-/strip-ansi-5.2.0.tgz#8c9a536feb6afc962bdfa5b104a5091c1ad9c0ae"
@@ -9012,7 +9086,7 @@ symbol-tree@^3.2.4:
   resolved "https://registry.npmjs.org/symbol-tree/-/symbol-tree-3.2.4.tgz#430637d248ba77e078883951fb9aa0eed7c63fa2"
   integrity sha512-9QNk5KwDF+Bvz+PyObkmSYjI5ksVUYtjW7AU22r2NKcfLJcXp96hkDWU3+XndOsUb+AQ9QhfzfCT2O+CNWT5Tw==
 
-table@*, table@^6.0.9, table@^6.7.2:
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