diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..4783afd
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,33 @@
+# Changelog
+
+## 1.2.1
+
+- Fix `python3 -m blurb`.
+- Undocument removed `blurb split`.
+
+## 1.2.0
+
+- Replace spaces with underscores in news directory.
+- Drop support for Python 3.7.
+- Remove `blurb split` command.
+- Replace `gh-issue-NNNN:` with `gh-NNNN:` in the output.
+- Accept GitHub issues numbered only 32426 or above.
+- Improve error checking when parsing a Blurb.
+- Loosen README check for CPython forks.
+- Move code from `python/core-workflow` to own `python/blurb` repo.
+- Deploy to PyPI via Trusted Publishers.
+
+## 1.1.0
+
+- Support GitHub Issues in addition to b.p.o (bugs.python.org).
+  If `gh-issue` is in the metadata, then the filename will contain
+  `gh-issue-<number>` instead of `bpo-`.
+
+## 1.0.7
+
+- When word wrapping, don't break on long words or hyphens.
+- Use the `-f` flag when adding **blurb** files to a Git
+  commit.  This forces them to be added, even when the files
+  might normally be ignored based on a `.gitignore` directive.
+- Explicitly support the `-help` command-line option.
+- Fix Travis CI integration.
diff --git a/README.md b/README.md
index 9dd8ffe..d477343 100644
--- a/README.md
+++ b/README.md
@@ -211,36 +211,11 @@ the right thing.  If `NEWS` entries were already written to the
 final version directory, you'd have to move those around as
 part of the cherry-picking process.
 
-## Changelog
-
-### 1.2.0
-
-- Replace spaces with underscores in news directory.
-- Drop support for Python 3.7.
-- Remove `blurb split` command.
-- Replace `gh-issue-NNNN:` with `gh-NNNN:` in the output.
-- Accept GitHub issues numbered only 32426 or above.
-- Improve error checking when parsing a Blurb.
-- Loosen README check for CPython forks.
-- Move code from `python/core-workflow` to own `python/blurb` repo.
-- Deploy to PyPI via Trusted Publishers.
-
-### 1.1.0
-
-- Support GitHub Issues in addition to b.p.o (bugs.python.org).
-  If "gh-issue" is in the metadata, then the filename will contain
-  "gh-issue-<number>" instead of "bpo-".
-
-### 1.0.7
-
-- When word wrapping, don't break on long words or hyphens.
-- Use the `-f` flag when adding **blurb** files to a Git
-  commit.  This forces them to be added, even when the files
-  might normally be ignored based on a `.gitignore` directive.
-- Explicitly support the `-help` command-line option.
-- Fix Travis CI integration.
-
 ## Copyright
 
 **blurb** is Copyright 2015-2018 by Larry Hastings.
 Licensed to the PSF under a contributor agreement.
+
+## Changelog
+
+See [CHANGELOG.md](CHANGELOG.md).
diff --git a/pyproject.toml b/pyproject.toml
index 35c7dd9..0843f61 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -35,7 +35,7 @@ optional-dependencies.tests = [
   "pytest",
   "pytest-cov",
 ]
-urls.Changelog = "https://github.com/python/blurb/blob/main/README.md#changelog"
+urls.Changelog = "https://github.com/python/blurb/blob/main/CHANGELOG.md"
 urls.Homepage = "https://github.com/python/blurb"
 urls.Source = "https://github.com/python/blurb"
 scripts.blurb = "blurb.blurb:main"