diff --git a/src/database/sqlite/mod.rs b/src/database/sqlite/mod.rs
index 60eca4e0..3c074625 100644
--- a/src/database/sqlite/mod.rs
+++ b/src/database/sqlite/mod.rs
@@ -14,7 +14,10 @@ use crate::{
     database::{
         sqlite::{
             schema::{DbAddress, DbCoin, DbSpendTransaction, DbTip, DbWallet},
-            utils::{create_fresh_db, db_exec, db_query, db_tx_query, LOOK_AHEAD_LIMIT},
+            utils::{
+                create_fresh_db, db_exec, db_query, db_tx_query, db_version, maybe_apply_migration,
+                LOOK_AHEAD_LIMIT,
+            },
         },
         Coin, CoinType,
     },
@@ -31,7 +34,7 @@ use miniscript::bitcoin::{
     util::{bip32, psbt::PartiallySignedTransaction as Psbt},
 };
 
-const DB_VERSION: i64 = 0;
+const DB_VERSION: i64 = 1;
 
 #[derive(Debug)]
 pub enum SqliteDbError {
@@ -108,6 +111,9 @@ impl SqliteDb {
             return Err(SqliteDbError::FileNotFound(db_path));
         }
 
+        log::info!("Checking if the database needs upgrading.");
+        maybe_apply_migration(&db_path)?;
+
         Ok(SqliteDb { db_path })
     }
 
@@ -126,8 +132,7 @@ impl SqliteDb {
     ) -> Result<(), SqliteDbError> {
         let mut conn = self.connection()?;
 
-        // Check if there database isn't from the future.
-        // NOTE: we'll do migration there eventually. Until then be strict on the check.
+        // At this point any migration must have been applied.
         let db_version = conn.db_version();
         if db_version != DB_VERSION {
             return Err(SqliteDbError::UnsupportedVersion(db_version));
@@ -160,18 +165,7 @@ pub struct SqliteConn {
 
 impl SqliteConn {
     pub fn db_version(&mut self) -> i64 {
-        db_query(
-            &mut self.conn,
-            "SELECT version FROM version",
-            rusqlite::params![],
-            |row| {
-                let version: i64 = row.get(0)?;
-                Ok(version)
-            },
-        )
-        .expect("db must not fail")
-        .pop()
-        .expect("There is always a row in the version table")
+        db_version(&mut self.conn).expect("db must not fail")
     }
 
     /// Get the network tip.
diff --git a/src/database/sqlite/schema.rs b/src/database/sqlite/schema.rs
index 9a5d6354..597d8114 100644
--- a/src/database/sqlite/schema.rs
+++ b/src/database/sqlite/schema.rs
@@ -74,7 +74,8 @@ CREATE TABLE addresses (
 CREATE TABLE spend_transactions (
     id INTEGER PRIMARY KEY NOT NULL,
     psbt BLOB UNIQUE NOT NULL,
-    txid BLOB UNIQUE NOT NULL
+    txid BLOB UNIQUE NOT NULL,
+    updated_at INTEGER
 );
 ";
 
@@ -253,6 +254,7 @@ pub struct DbSpendTransaction {
     pub id: i64,
     pub psbt: Psbt,
     pub txid: bitcoin::Txid,
+    pub updated_at: Option<u32>,
 }
 
 impl TryFrom<&rusqlite::Row<'_>> for DbSpendTransaction {
@@ -268,6 +270,13 @@ impl TryFrom<&rusqlite::Row<'_>> for DbSpendTransaction {
         let txid: bitcoin::Txid = encode::deserialize(&txid).expect("We only store valid txids");
         assert_eq!(txid, psbt.unsigned_tx.txid());
 
-        Ok(DbSpendTransaction { id, psbt, txid })
+        let updated_at = row.get(3)?;
+
+        Ok(DbSpendTransaction {
+            id,
+            psbt,
+            txid,
+            updated_at,
+        })
     }
 }
diff --git a/src/database/sqlite/utils.rs b/src/database/sqlite/utils.rs
index 87b6555d..b808812f 100644
--- a/src/database/sqlite/utils.rs
+++ b/src/database/sqlite/utils.rs
@@ -134,3 +134,58 @@ pub fn create_fresh_db(
 
     Ok(())
 }
+
+pub fn db_version(conn: &mut rusqlite::Connection) -> Result<i64, SqliteDbError> {
+    Ok(db_query(
+        conn,
+        "SELECT version FROM version",
+        rusqlite::params![],
+        |row| {
+            let version: i64 = row.get(0)?;
+            Ok(version)
+        },
+    )?
+    .pop()
+    .expect("There is always a row in the version table"))
+}
+
+// In Liana 0.4 we upgraded the schema to hold a timestamp for transaction drafts. Existing
+// transaction drafts are not set any timestamp on purpose.
+fn migrate_v0_to_v1(conn: &mut rusqlite::Connection) -> Result<(), SqliteDbError> {
+    db_exec(conn, |tx| {
+        tx.execute(
+            "ALTER TABLE spend_transactions ADD COLUMN updated_at",
+            rusqlite::params![],
+        )?;
+        tx.execute(
+            "UPDATE version SET version = 1",
+            rusqlite::params![],
+        )?;
+        Ok(())
+    })?;
+
+    Ok(())
+}
+
+/// Check the database version and if necessary apply the migrations to upgrade it to the current
+/// one.
+pub fn maybe_apply_migration(db_path: &path::Path) -> Result<(), SqliteDbError> {
+    let mut conn = rusqlite::Connection::open(db_path)?;
+
+    // Iteratively apply the database migrations necessary.
+    loop {
+        let version = db_version(&mut conn)?;
+        match version {
+            DB_VERSION => {
+                log::info!("Database is up to date.");
+                return Ok(());
+            }
+            0 => {
+                log::warn!("Upgrading database from version 0 to version 1.");
+                migrate_v0_to_v1(&mut conn)?;
+                log::warn!("Migration from database version 0 to version 1 successful.");
+            }
+            _ => return Err(SqliteDbError::UnsupportedVersion(version)),
+        }
+    }
+}