diff --git a/.changeset/patched.json b/.changeset/patched.json
deleted file mode 100644
index dd63e86169..0000000000
--- a/.changeset/patched.json
+++ /dev/null
@@ -1,10 +0,0 @@
-{
-  "currentReleaseVersion": {
-    "@backstage/backend-common": "0.12.1",
-    "@backstage/catalog-model": "0.12.1",
-    "@backstage/cli": "0.15.1",
-    "@backstage/plugin-catalog-backend": "0.23.1",
-    "@backstage/plugin-catalog-common": "0.2.1",
-    "@backstage/plugin-catalog-react": "0.8.1"
-  }
-}
diff --git a/docs/publishing.md b/docs/publishing.md
index fbbef93493..a0d67b7d24 100644
--- a/docs/publishing.md
+++ b/docs/publishing.md
@@ -67,12 +67,3 @@ process is used to release an emergency fix as version `6.5.1` in the patch rele
   - [ ] The fix, which you can likely cherry-pick from your patch branch: `git cherry-pick origin/patch/v1.18.0^`
   - [ ] An updated `CHANGELOG.md` of all patched packages from the tip of the patch branch, `git checkout origin/patch/v1.18.0 -- {packages,plugins}/*/CHANGELOG.md`.
   - [ ] A changeset with the message "Applied the fix from version `6.5.1` of this package, which is part of the `v1.18.1` release of Backstage."
-  - [ ] An entry in `.changeset/patched.json` that sets the current release version to `6.5.1`:
-
-    ```json
-    {
-      "currentReleaseVersion": {
-        "@backstage/plugin-foo": "6.5.1"
-      }
-    }
-    ```
diff --git a/scripts/prepare-release.js b/scripts/prepare-release.js
index be82e19344..bc0a58b966 100755
--- a/scripts/prepare-release.js
+++ b/scripts/prepare-release.js
@@ -28,6 +28,10 @@ const execFile = promisify(execFileCb);
 // All of these are considered to be main-line release branches
 const MAIN_BRANCHES = ['master', 'origin/master', 'changeset-release/master'];
 
+// This prefix is used for patch branches, followed by the release version
+// For example, `patch/v1.2.0`
+const PATCH_BRANCH_PREFIX = 'patch/v';
+
 const DEPENDENCY_TYPES = [
   'dependencies',
   'devDependencies',
@@ -35,25 +39,79 @@ const DEPENDENCY_TYPES = [
   'peerDependencies',
 ];
 
+/**
+ * Finds the tip of the patch branch of a given release version.
+ * Returns undefined if no patch branch exists.
+ */
+async function findTipOfPatchBranch(repo, release) {
+  try {
+    await execFile('git', ['fetch', 'origin', PATCH_BRANCH_PREFIX + release], {
+      shell: true,
+      cwd: repo.root.dir,
+    });
+  } catch (error) {
+    if (error.stderr?.match(/fatal: couldn't find remote ref/i)) {
+      return undefined;
+    }
+    throw error;
+  }
+  const { stdout: refStr } = await execFile('git', ['rev-parse', 'FETCH_HEAD']);
+  return refStr.trim();
+}
+
+/**
+ * Returns a map of packages to their versions for any package version
+ * in <ref> that does not match the current version in the working directory.
+ */
+async function detectPatchVersionsForRef(repo, ref) {
+  const patchVersions = new Map();
+
+  for (const pkg of repo.packages) {
+    const pkgJsonPath = path.join(
+      path.relative(repo.root.dir, pkg.dir),
+      'package.json',
+    );
+    try {
+      const { stdout: pkgJsonStr } = await execFile('git', [
+        'show',
+        `${ref}:${pkgJsonPath}`,
+      ]);
+      if (pkgJsonStr) {
+        const releasePkgJson = JSON.parse(pkgJsonStr);
+        const pkgJson = pkg.packageJson;
+        if (releasePkgJson.name !== pkgJson.name) {
+          throw new Error(
+            `Mismatched package name at ${pkg.dir}, ${releasePkgJson.name} !== ${pkgJson.name}`,
+          );
+        }
+        if (releasePkgJson.version !== pkgJson.version) {
+          patchVersions.set(pkgJson.name, releasePkgJson.version);
+        }
+      }
+    } catch (error) {
+      if (
+        error.stderr?.match(/^fatal: Path .* exists on disk, but not in .*$/m)
+      ) {
+        console.log(`Skipping new package ${pkg.packageJson.name}`);
+        continue;
+      }
+      throw error;
+    }
+  }
+
+  return patchVersions;
+}
+
 /**
  * Bumps up the versions of packages to account for
  * the base versions that are set in .changeset/patched.json.
  * This may be needed when we have made emergency releases.
  */
-async function updatePatchVersions() {
-  const patchedJsonPath = path.resolve('.changeset', 'patched.json');
-  const { currentReleaseVersion } = await fs.readJson(patchedJsonPath);
-  if (Object.keys(currentReleaseVersion).length === 0) {
-    console.log('No currentReleaseVersion overrides found, skipping.');
-    return;
-  }
-
-  const { packages } = await getPackages(path.resolve('.'));
-
+async function applyPatchVersions(repo, patchVersions) {
   const pendingVersionBumps = new Map();
 
-  for (const [name, version] of Object.entries(currentReleaseVersion)) {
-    const pkg = packages.find(p => p.packageJson.name === name);
+  for (const [name, version] of patchVersions) {
+    const pkg = repo.packages.find(p => p.packageJson.name === name);
     if (!pkg) {
       throw new Error(`Package ${name} not found`);
     }
@@ -81,7 +139,7 @@ async function updatePatchVersions() {
     });
   }
 
-  for (const { dir, packageJson } of packages) {
+  for (const { dir, packageJson } of [repo.root, ...repo.packages]) {
     let hasChanges = false;
 
     if (pendingVersionBumps.has(packageJson.name)) {
@@ -117,20 +175,45 @@ async function updatePatchVersions() {
       });
     }
   }
+}
 
-  await fs.writeJSON(
-    patchedJsonPath,
-    { currentReleaseVersion: {} },
-    { spaces: 2, encoding: 'utf8' },
-  );
+/**
+ * Detects any patched packages version since the most recent release on
+ * the main branch, and then bumps all packages in the repo accordingly.
+ */
+async function updatePackageVersions(repo) {
+  const rootPkgPath = path.resolve(repo.root.dir, 'package.json');
+  const { version: currentRelease } = await fs.readJson(rootPkgPath);
+  console.log(`Current release version: ${currentRelease}`);
+
+  const patchRef = await findTipOfPatchBranch(repo, currentRelease);
+  if (patchRef) {
+    console.log(`Tip of the patch branch: ${patchRef}`);
+
+    const patchVersions = await detectPatchVersionsForRef(repo, patchRef);
+    if (patchVersions.size > 0) {
+      console.log(
+        `Found ${patchVersions.size} packages that were patched since the last release`,
+      );
+      for (const [name, version] of patchVersions) {
+        console.log(`  ${name}: ${version}`);
+      }
+
+      await applyPatchVersions(repo, patchVersions);
+    } else {
+      console.log('No packages were patched since the last release');
+    }
+  } else {
+    console.log('No patch branch found');
+  }
 }
 
 /**
  * Returns the mode and tag that is currently set
  * in the .changeset/pre.json file
  */
-async function getPreInfo(rootPath) {
-  const pre = path.join(rootPath, '.changeset', 'pre.json');
+async function getPreInfo(repo) {
+  const pre = path.join(repo.root.dir, '.changeset', 'pre.json');
   if (!(await fs.pathExists(pre))) {
     return { mode: undefined, tag: undefined };
   }
@@ -139,26 +222,30 @@ async function getPreInfo(rootPath) {
   return { mode, tag };
 }
 
+/**
+ * Returns the name of the current git branch
+ */
+async function getCurrentBranch(repo) {
+  const { stdout } = await execFile(
+    'git',
+    ['rev-parse', '--abbrev-ref', 'HEAD'],
+    { cwd: repo.root.dir, shell: true },
+  );
+  return stdout.trim();
+}
+
 /**
  * Bumps the release version in the root package.json.
  *
  * This takes into account whether we're in pre-release mode or on a patch branch.
  */
-async function updateBackstageReleaseVersion() {
-  const rootPath = path.resolve(__dirname, '..');
-  const branchName = await execFile(
-    'git',
-    ['rev-parse', '--abbrev-ref', 'HEAD'],
-    { shell: true },
-  ).then(({ stdout }) => stdout.trim());
-  const { mode: preMode, tag: preTag } = await getPreInfo(rootPath);
+async function updateBackstageReleaseVersion(repo, type) {
+  const { mode: preMode, tag: preTag } = await getPreInfo(repo);
 
-  const packagePath = path.join(rootPath, 'package.json');
-  const package = await fs.readJson(packagePath);
-  const { version: currentVersion } = package;
+  const { version: currentVersion } = repo.root.packageJson;
 
   let nextVersion;
-  if (MAIN_BRANCHES.includes(branchName)) {
+  if (type === 'minor') {
     if (preMode === 'pre') {
       if (semver.prerelease(currentVersion)) {
         nextVersion = semver.inc(currentVersion, 'pre', preTag);
@@ -170,7 +257,7 @@ async function updateBackstageReleaseVersion() {
     } else {
       nextVersion = semver.inc(currentVersion, 'minor');
     }
-  } else {
+  } else if (type === 'patch') {
     if (preMode) {
       throw new Error(`Unexpected pre mode ${preMode} on branch ${branchName}`);
     }
@@ -178,9 +265,9 @@ async function updateBackstageReleaseVersion() {
   }
 
   await fs.writeJson(
-    packagePath,
+    path.join(repo.root.dir, 'package.json'),
     {
-      ...package,
+      ...repo.root.packageJson,
       version: nextVersion,
     },
     { spaces: 2, encoding: 'utf8' },
@@ -188,8 +275,17 @@ async function updateBackstageReleaseVersion() {
 }
 
 async function main() {
-  await updatePatchVersions();
-  await updateBackstageReleaseVersion();
+  const repo = await getPackages(__dirname);
+  const branchName = await getCurrentBranch(repo);
+  const isMainBranch = MAIN_BRANCHES.includes(branchName);
+
+  console.log(`Current branch: ${branchName}`);
+  if (isMainBranch) {
+    console.log('Main release, updating package versions');
+    await updatePackageVersions(repo);
+  }
+
+  await updateBackstageReleaseVersion(repo, isMainBranch ? 'minor' : 'patch');
 }
 
 main().catch(error => {