diff --git a/CHANGELOG.md b/CHANGELOG.md
index 823084039..66ba500f2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,9 @@ CHANGELOG
 - Fetch version information from the Homebrew JSON API for CLIs installed using `brew`.
   [#3290](https://github.com/pulumi/pulumi/pull/3290)
 
+- Support renaming stack projects via `pulumi stack rename`.
+  [#3292](https://github.com/pulumi/pulumi/pull/3292)
+
 ## 1.2.0 (2019-09-26)
 
 - Support emitting high-level execution trace data to a file and add a debug-only command to view trace data.
diff --git a/cmd/stack_rename.go b/cmd/stack_rename.go
index 835537443..ab9621632 100644
--- a/cmd/stack_rename.go
+++ b/cmd/stack_rename.go
@@ -41,7 +41,11 @@ func newStackRenameCmd() *cobra.Command {
 			"Note: Because renaming a stack will change the value of `getStack()` inside a Pulumi program, if this\n" +
 			"name is used as part of a resource's name, the next `pulumi up` will want to delete the old resource and\n" +
 			"create a new copy. For now, if you don't want these changes to be applied, you should rename your stack\n" +
-			"back to its previous name.",
+			"back to its previous name." +
+			"\n" +
+			"You can also rename the stack's project by passing a fully-qualified stack name as well. For example:\n" +
+			"'robot-co/new-project-name/production'. However in order to update the stack again, you would also need\n" +
+			"to update the name field of Pulumi.yaml, so the project names match.",
 		Run: cmdutil.RunFunc(func(cmd *cobra.Command, args []string) error {
 			opts := display.Options{
 				Color: cmdutil.GetGlobalColorization(),
@@ -66,10 +70,20 @@ func newStackRenameCmd() *cobra.Command {
 				return err
 			}
 
-			if err := os.Rename(oldConfigPath, newConfigPath); err != nil {
-				return errors.Wrapf(err, "renaming %s to %s", filepath.Base(oldConfigPath), filepath.Base(newConfigPath))
+			// Move the configuration data stored in Pulumi.<stack-name>.yaml.
+			_, configStatErr := os.Stat(oldConfigPath)
+			switch {
+			case os.IsNotExist(configStatErr):
+				// Stack doesn't have any configuration, ignore.
+			case configStatErr == nil:
+				if err := os.Rename(oldConfigPath, newConfigPath); err != nil {
+					return errors.Wrapf(err, "renaming configuration file to %s", filepath.Base(newConfigPath))
+				}
+			default:
+				return errors.Wrapf(err, "checking current configuration file %v", oldConfigPath)
 			}
 
+			// Update the current workspace state to have selected the new stack.
 			if err := state.SetCurrentStack(args[0]); err != nil {
 				return errors.Wrap(err, "setting current stack")
 			}
diff --git a/pkg/backend/filestate/backend.go b/pkg/backend/filestate/backend.go
index 178014d41..a06b9bca6 100644
--- a/pkg/backend/filestate/backend.go
+++ b/pkg/backend/filestate/backend.go
@@ -333,7 +333,7 @@ func (b *localBackend) RenameStack(ctx context.Context, stackRef backend.StackRe
 		}
 	}
 
-	// Now save the snapshot with a new name (we pass nil to re-use the existing secrets manager from the snapshot)
+	// Now save the snapshot with a new name (we pass nil to re-use the existing secrets manager from the snapshot).
 	if _, err = b.saveStack(newName, snap, nil); err != nil {
 		return err
 	}
diff --git a/pkg/backend/httpstate/backend.go b/pkg/backend/httpstate/backend.go
index 2238b225b..bea71adf8 100644
--- a/pkg/backend/httpstate/backend.go
+++ b/pkg/backend/httpstate/backend.go
@@ -625,7 +625,27 @@ func (b *cloudBackend) RenameStack(ctx context.Context, stackRef backend.StackRe
 		return err
 	}
 
-	return b.client.RenameStack(ctx, stack, string(newName))
+	// Support a qualified stack name, which would also rename the stack's project too.
+	// e.g. if you want to change the project name on the Pulumi Console to reflect a
+	// new value in Pulumi.yaml.
+	newRef, err := b.ParseStackReference(string(newName))
+	if err != nil {
+		return err
+	}
+	newIdentity, err := b.getCloudStackIdentifier(newRef)
+	if err != nil {
+		return err
+	}
+
+	// Transferring stack ownership is available to Pulumi admins, but isn't quite ready
+	// for general use yet.
+	if stack.Owner != newIdentity.Owner {
+		errMsg := "You cannot transfer stack ownership via a rename. If you wish to transfer ownership\n" +
+			"of a stack to another organization, please contact support@pulumi.com."
+		return errors.Errorf(errMsg)
+	}
+
+	return b.client.RenameStack(ctx, stack, newIdentity)
 }
 
 func getStack(ctx context.Context, b *cloudBackend, stackRef backend.StackReference) (backend.Stack, error) {
diff --git a/pkg/backend/httpstate/client/client.go b/pkg/backend/httpstate/client/client.go
index bfa787ff5..4aea2b4f7 100644
--- a/pkg/backend/httpstate/client/client.go
+++ b/pkg/backend/httpstate/client/client.go
@@ -441,13 +441,15 @@ func (pc *Client) CreateUpdate(
 	}, updateResponse.RequiredPolicies, nil
 }
 
-func (pc *Client) RenameStack(ctx context.Context, stack StackIdentifier, newName string) error {
+// RenameStack renames the provided stack to have the new identifier.
+func (pc *Client) RenameStack(ctx context.Context, currentID, newID StackIdentifier) error {
 	req := apitype.StackRenameRequest{
-		NewName: newName,
+		NewName:    newID.Stack,
+		NewProject: newID.Project,
 	}
 	var resp apitype.ImportStackResponse
 
-	return pc.restCall(ctx, "POST", getStackPath(stack, "rename"), nil, &req, &resp)
+	return pc.restCall(ctx, "POST", getStackPath(currentID, "rename"), nil, &req, &resp)
 }
 
 // StartUpdate starts the indicated update. It returns the new version of the update's target stack and the token used