diff --git a/CHANGELOG.md b/CHANGELOG.md
index eb0dd1331a1..85480b5d05b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,5 @@
 <a name="2.0.0-alpha.7"></a>
-# [2.0.0-alpha.7 wax-umpire](https://github.com/angular/material2/compare/2.0.0-alpha.6...v2.0.0-alpha.7) (2016-08-09)
+# [2.0.0-alpha.7 wax-umpire](https://github.com/angular/material2/compare/2.0.0-alpha.6...2.0.0-alpha.7) (2016-08-09)
 
 
 ### Bug Fixes
@@ -50,7 +50,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.6"></a>
-# [2.0.0-alpha.6 carbonfiber-discotheque](https://github.com/angular/material2/compare/2.0.0-alpha.5...v2.0.0-alpha.6) (2016-06-30)
+# [2.0.0-alpha.6 carbonfiber-discotheque](https://github.com/angular/material2/compare/2.0.0-alpha.5...2.0.0-alpha.6) (2016-06-30)
 
 ### Breaking changes
 * `MdRadioDispatcher` is now `MdUniqueSelectionDispatcher` and is imported from `core`
@@ -110,7 +110,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.5"></a>
-# [2.0.0-alpha.5 granite-gouda](https://github.com/angular/material2/compare/2.0.0-alpha.4...v2.0.0-alpha.5) (2016-05-25)
+# [2.0.0-alpha.5 granite-gouda](https://github.com/angular/material2/compare/2.0.0-alpha.4...2.0.0-alpha.5) (2016-05-25)
 
 
 ### Bug Fixes
@@ -152,7 +152,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.4"></a>
-# [2.0.0-alpha.4 mahogany-tambourine](https://github.com/angular/material2/compare/2.0.0-alpha.3...v2.0.0-alpha.4) (2016-05-04)
+# [2.0.0-alpha.4 mahogany-tambourine](https://github.com/angular/material2/compare/2.0.0-alpha.3...2.0.0-alpha.4) (2016-05-04)
 
 
 ### Bug Fixes
@@ -176,7 +176,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.3"></a>
-# [2.0.0-alpha.3 cotton-candelabrum](https://github.com/angular/material2/compare/2.0.0-alpha.2...v2.0.0-alpha.3) (2016-04-21)
+# [2.0.0-alpha.3 cotton-candelabrum](https://github.com/angular/material2/compare/2.0.0-alpha.2...2.0.0-alpha.3) (2016-04-21)
 
 
 ### Bug Fixes
@@ -198,7 +198,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.2"></a>
-# [2.0.0-alpha.2 diamond-haircut](https://github.com/angular/material2/compare/2.0.0-alpha.1...v2.0.0-alpha.2) (2016-04-06)
+# [2.0.0-alpha.2 diamond-haircut](https://github.com/angular/material2/compare/2.0.0-alpha.1...2.0.0-alpha.2) (2016-04-06)
 
 
 ### Bug Fixes
@@ -231,7 +231,7 @@ The MD_XXX_DIRECTIVES constants are now deprecated and will be removed in alpha.
 
 
 <a name="2.0.0-alpha.1"></a>
-# [2.0.0-alpha.1 nylon-hyperdrive](https://github.com/angular/material2/compare/2.0.0-alpha.0...v2.0.0-alpha.1) (2016-03-16)
+# [2.0.0-alpha.1 nylon-hyperdrive](https://github.com/angular/material2/compare/2.0.0-alpha.0...2.0.0-alpha.1) (2016-03-16)
 
 
 ### Features
diff --git a/scripts/release/changelog.js b/scripts/release/changelog.js
index 3b4e137b5f2..d33b6e66082 100755
--- a/scripts/release/changelog.js
+++ b/scripts/release/changelog.js
@@ -1,20 +1,31 @@
 #!/usr/bin/env node
 
 'use strict';
-/**
+
+/*
  * Creates a conventional changelog from the current git repository / metadata.
  */
 
-var fs = require('fs');
-var addStream = require('add-stream');
-var cl = require('conventional-changelog');
-var inStream = fs.createReadStream('CHANGELOG.md');
+const fs = require('fs');
+const addStream = require('add-stream');
+const changelog = require('conventional-changelog');
+const spawnSync = require('child_process').spawnSync;
+const npmVersion = require('../../package.json').version;
 
 /**
  * When the command line argument `--force` is provided, then the full changelog will created and overwritten.
  * By default, it will only create the changelog from the latest tag to head and prepends it to the changelog.
  */
-var isForce = process.argv.indexOf('--force') !== -1;
+const isForce = process.argv.indexOf('--force') !== -1;
+const inStream = fs.createReadStream('CHANGELOG.md');
+const gitTags = getAvailableTags();
+
+// Whether the npm version is later than the most recent tag.
+const isNpmLatest = npmVersion !== gitTags[0];
+// When the npm version is the latest, use the npm version, otherwise use the latest tag.
+const currentTag = isNpmLatest ? npmVersion : gitTags[0];
+// When the npm version is the latest use the most recent tag. Otherwise use the previous tag.
+const previousTag = isNpmLatest ? gitTags[0] : gitTags[1];
 
 inStream.on('error', function(err) {
   console.error('An error occurred, while reading the previous changelog file.\n' +
@@ -28,7 +39,12 @@ var config = {
   releaseCount: isForce ? 0 : 1
 };
 
-var stream = cl(config)
+var context = {
+  currentTag: currentTag,
+  previousTag: previousTag
+};
+
+var stream = changelog(config, context)
   .on('error', function(err) {
     console.error('An error occurred while generating the changelog: ' + err);
   })
@@ -45,3 +61,11 @@ if (!isForce) {
 function getOutputStream() {
   return fs.createWriteStream('CHANGELOG.md');
 }
+
+/**
+ * Resolves available tags over all branches from the repository metadata.
+ * @returns {Array.<String>} Array of available tags.
+ */
+function getAvailableTags() {
+  return spawnSync('git', ['tag']).stdout.toString().trim().split('\n').reverse();
+}