diff --git a/lib/remote_persistent_term.ex b/lib/remote_persistent_term.ex
index 55e4534..c028be5 100644
--- a/lib/remote_persistent_term.ex
+++ b/lib/remote_persistent_term.ex
@@ -69,6 +69,16 @@ defmodule RemotePersistentTerm do
 
       Currently only supports gzip (0x1F, 0x8B).
       """
+    ],
+    version_fallback?: [
+      type: :boolean,
+      required: false,
+      default: false,
+      doc: """
+      If true, when deserialization fails, the system will attempt to use previous versions \
+      of the term until a valid version is found or all versions are exhausted. \
+      Only currently supported by the S3 fetcher.
+      """
     ]
   ]
 
@@ -77,7 +87,8 @@ defmodule RemotePersistentTerm do
           fetcher_state: term(),
           refresh_interval: pos_integer(),
           current_version: String.t(),
-          auto_decompress?: boolean()
+          auto_decompress?: boolean(),
+          version_fallback?: boolean()
         }
   defstruct [
     :fetcher_mod,
@@ -85,7 +96,8 @@ defmodule RemotePersistentTerm do
     :refresh_interval,
     :current_version,
     :name,
-    :auto_decompress?
+    :auto_decompress?,
+    :version_fallback?
   ]
 
   @doc """
@@ -138,7 +150,8 @@ defmodule RemotePersistentTerm do
             fetcher_state: fetcher_state,
             refresh_interval: opts[:refresh_interval],
             name: name(opts),
-            auto_decompress?: opts[:auto_decompress?]
+            auto_decompress?: opts[:auto_decompress?],
+            version_fallback?: opts[:version_fallback?]
           }
 
           if opts[:lazy_init?] do
@@ -268,9 +281,15 @@ defmodule RemotePersistentTerm do
       start_meta,
       fn ->
         {status, version} =
-          with {:ok, current_version} <- state.fetcher_mod.current_version(state.fetcher_state),
+          with {:ok, current_version, updated_fetcher_state} <-
+                 state.fetcher_mod.current_version(state.fetcher_state),
                true <- state.current_version != current_version,
-               :ok <- download_and_store_term(state, deserialize_fun, put_fun) do
+               :ok <-
+                 download_and_store_term(
+                   %{state | fetcher_state: updated_fetcher_state},
+                   deserialize_fun,
+                   put_fun
+                 ) do
             {:updated, current_version}
           else
             false ->
@@ -307,9 +326,39 @@ defmodule RemotePersistentTerm do
 
   defp download_and_store_term(state, deserialize_fun, put_fun) do
     with {:ok, term} <- state.fetcher_mod.download(state.fetcher_state),
-         {:ok, decompressed} <- maybe_decompress(state, term),
-         {:ok, deserialized} <- deserialize_fun.(decompressed) do
-      put_fun.(deserialized)
+         {:ok, decompressed} <- maybe_decompress(state, term) do
+      try_deserialize_and_store(state, decompressed, deserialize_fun, put_fun)
+    end
+  end
+
+  defp try_deserialize_and_store(state, term, deserialize_fun, put_fun) do
+    case deserialize_fun.(term) do
+      {:ok, deserialized} ->
+        put_fun.(deserialized)
+
+      {:error, _reason} when state.version_fallback? ->
+        Logger.error(
+          "#{state.name} - failed to deserialize remote term, falling back to previous version"
+        )
+
+        try_previous_version(state, deserialize_fun, put_fun)
+
+      error ->
+        error
+    end
+  end
+
+  defp try_previous_version(state, deserialize_fun, put_fun) do
+    case state.fetcher_mod.previous_version(state.fetcher_state) do
+      {:ok, previous_state} ->
+        download_and_store_term(
+          %{state | fetcher_state: previous_state},
+          deserialize_fun,
+          put_fun
+        )
+
+      {:error, _} = error ->
+        error
     end
   end
 
diff --git a/lib/remote_persistent_term/fetcher.ex b/lib/remote_persistent_term/fetcher.ex
index 30933a5..29b7d3b 100644
--- a/lib/remote_persistent_term/fetcher.ex
+++ b/lib/remote_persistent_term/fetcher.ex
@@ -20,10 +20,16 @@ defmodule RemotePersistentTerm.Fetcher do
   Check the current version of the remote term. Used to avoid downloading the
   same term multiple times.
   """
-  @callback current_version(state()) :: {:ok, version()} | {:error, term()}
+  @callback current_version(state()) :: {:ok, version(), state()} | {:error, term()}
 
   @doc """
   Download the term from the remote source.
   """
   @callback download(state()) :: {:ok, term()} | {:error, term()}
+
+  @doc """
+  Get the previous version of the remote term.
+  Returns a new state that can be used to fetch the previous version.
+  """
+  @callback previous_version(state()) :: {:ok, state()} | {:error, term()}
 end
diff --git a/lib/remote_persistent_term/fetcher/http.ex b/lib/remote_persistent_term/fetcher/http.ex
index 1facdc9..986ed64 100644
--- a/lib/remote_persistent_term/fetcher/http.ex
+++ b/lib/remote_persistent_term/fetcher/http.ex
@@ -66,8 +66,8 @@ defmodule RemotePersistentTerm.Fetcher.Http do
   end
 
   @impl true
-  def current_version(_state) do
-    {:ok, DateTime.utc_now() |> DateTime.to_string()}
+  def current_version(state) do
+    {:ok, DateTime.utc_now() |> DateTime.to_string(), state}
   end
 
   @impl true
@@ -81,6 +81,9 @@ defmodule RemotePersistentTerm.Fetcher.Http do
     end
   end
 
+  @impl true
+  def previous_version(_state), do: {:error, :not_supported}
+
   defp response_status(url, status) do
     if status < 300 do
       Logger.info("successfully downloaded remote term from #{url} with status #{status}")
diff --git a/lib/remote_persistent_term/fetcher/s3.ex b/lib/remote_persistent_term/fetcher/s3.ex
index f2d16f2..5661e80 100644
--- a/lib/remote_persistent_term/fetcher/s3.ex
+++ b/lib/remote_persistent_term/fetcher/s3.ex
@@ -14,9 +14,11 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
           bucket: bucket,
           key: String.t(),
           region: region,
-          failover_buckets: [failover_bucket] | nil
+          failover_buckets: [failover_bucket] | nil,
+          version_id: String.t() | nil,
+          versions: [map()] | nil
         }
-  defstruct [:bucket, :key, :region, :failover_buckets]
+  defstruct [:bucket, :key, :region, :failover_buckets, :version_id, :versions]
 
   @failover_bucket_schema [
     bucket: [
@@ -91,7 +93,7 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
         message: "Found latest version of object"
       )
 
-      {:ok, etag}
+      {:ok, etag, %{state | versions: versions}}
     else
       {:error, {:unexpected_response, %{body: reason}}} ->
         {:error, reason}
@@ -136,9 +138,9 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
   defp list_object_versions(state) do
     res =
       aws_client_request(
-        &ExAws.S3.get_bucket_object_versions/2,
+        :get_bucket_object_versions,
         state,
-        prefix: state.key
+        [[prefix: state.key]]
       )
 
     with {:ok, %{body: %{versions: versions}}} <- res do
@@ -147,7 +149,7 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
   end
 
   defp get_object(state) do
-    aws_client_request(&ExAws.S3.get_object/2, state, state.key)
+    aws_client_request(:get_object, state, [state.key, [version_id: state.version_id]])
   end
 
   defp find_latest([_ | _] = contents) do
@@ -166,6 +168,45 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
 
   defp find_latest(_), do: {:error, :not_found}
 
+  @impl true
+  def previous_version(state) do
+    Logger.info(
+      bucket: state.bucket,
+      key: state.key,
+      message: "About to fetch previous version of object",
+      version_id: state.version_id
+    )
+
+    versions = if state.versions, do: {:ok, state.versions}, else: list_object_versions(state)
+
+    with {:ok, versions} <- versions,
+         {:ok, previous_version} <- find_previous_version(versions, state.version_id) do
+      {:ok, %{state | version_id: previous_version.version_id, versions: versions}}
+    else
+      {:error, reason} ->
+        Logger.error(%{
+          bucket: state.bucket,
+          key: state.key,
+          reason: inspect(reason),
+          message: "Failed to get previous version of object"
+        })
+
+        {:error, reason}
+    end
+  end
+
+  defp find_previous_version(versions, current_version_id) do
+    versions
+    |> Enum.sort_by(& &1.last_modified, :desc)
+    |> Enum.find(fn version ->
+      version.version_id != current_version_id
+    end)
+    |> case do
+      nil -> {:error, :no_previous_version}
+      version -> {:ok, version}
+    end
+  end
+
   defp aws_client_request(op, %{failover_buckets: nil} = state, opts) do
     perform_request(op, state.bucket, state.region, opts)
   end
@@ -173,7 +214,7 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
   defp aws_client_request(
          op,
          %{
-           failover_buckets: [_|_] = failover_buckets
+           failover_buckets: [_ | _] = failover_buckets
          } = state,
          opts
        ) do
@@ -222,8 +263,8 @@ defmodule RemotePersistentTerm.Fetcher.S3 do
     end
   end
 
-  defp perform_request(op, bucket, region, opts) do
-    op.(bucket, opts)
+  defp perform_request(func, bucket, region, opts) do
+    apply(ExAws.S3, func, [bucket | opts])
     |> client().request(region: region)
   end
 
diff --git a/lib/remote_persistent_term/fetcher/static.ex b/lib/remote_persistent_term/fetcher/static.ex
index 1b8f4fc..09743e1 100644
--- a/lib/remote_persistent_term/fetcher/static.ex
+++ b/lib/remote_persistent_term/fetcher/static.ex
@@ -1,6 +1,6 @@
 defmodule RemotePersistentTerm.Fetcher.Static do
   @moduledoc """
-  A macro to help define a valid `RemotePersistentTerm.Fetcher` which 
+  A macro to help define a valid `RemotePersistentTerm.Fetcher` which
   always returns some hardcoded static data.
 
   Mostly intended for testing purposes.
@@ -22,10 +22,13 @@ defmodule RemotePersistentTerm.Fetcher.Static do
       def init(_), do: {:ok, []}
 
       @impl true
-      def current_version(_), do: {:ok, unquote(Keyword.get(opts, :version, "1"))}
+      def current_version(state), do: {:ok, unquote(Keyword.get(opts, :version, "1")), state}
 
       @impl true
-      def download(_), do: {:ok, unquote(Macro.escape(Keyword.fetch!(opts, :data)))}
+      def download(state), do: {:ok, unquote(Macro.escape(Keyword.fetch!(opts, :data)))}
+
+      @impl true
+      def previous_version(_), do: {:error, :not_supported}
     end
   end
 end
diff --git a/mix.exs b/mix.exs
index e6cbd69..bbab609 100644
--- a/mix.exs
+++ b/mix.exs
@@ -2,7 +2,7 @@ defmodule RemotePersistentTerm.MixProject do
   use Mix.Project
 
   @name "RemotePersistentTerm"
-  @version "0.12.0"
+  @version "0.13.0"
   @repo_url "https://github.com/AppMonet/remote_persistent_term"
 
   def project do
diff --git a/test/remote_persistent_term/fetcher/s3_test.exs b/test/remote_persistent_term/fetcher/s3_test.exs
index 9e7d34d..a3fee3f 100644
--- a/test/remote_persistent_term/fetcher/s3_test.exs
+++ b/test/remote_persistent_term/fetcher/s3_test.exs
@@ -99,7 +99,7 @@ defmodule RemotePersistentTerm.Fetcher.S3Test do
       log =
         capture_log(fn ->
           result = S3.current_version(state)
-          assert {:ok, "current-etag"} = result
+          assert {:ok, "current-etag", _updated_state} = result
         end)
 
       assert log =~ "bucket: \"#{@bucket}\""
@@ -253,4 +253,58 @@ defmodule RemotePersistentTerm.Fetcher.S3Test do
       assert log =~ "Downloaded object from S3"
     end
   end
+
+  describe "previous_version/1" do
+    test "finds the correct previous version when given a current version ID" do
+      versions = [
+        %{
+          version_id: "v3",
+          last_modified: "2025-05-08T09:58:38.000Z",
+          is_latest: "true"
+        },
+        %{
+          version_id: "v2",
+          last_modified: "2025-04-02T10:21:18.000Z",
+          is_latest: "false"
+        },
+        %{
+          version_id: "v1",
+          last_modified: "2025-04-02T09:10:37.000Z",
+          is_latest: "false"
+        }
+      ]
+
+      expect(AwsClientMock, :request, fn operation, opts ->
+        assert operation.bucket == @bucket
+        assert operation.resource == "versions"
+        assert operation.params == [prefix: @key]
+        assert opts == [region: @region]
+        {:ok, %{body: %{versions: versions}}}
+      end)
+
+      state = %S3{bucket: @bucket, key: @key, region: @region, version_id: "v3"}
+      assert {:ok, %{version_id: "v2"}} = S3.previous_version(state)
+    end
+
+    test "returns error when there are no previous versions" do
+      versions = [
+        %{
+          version_id: "v1",
+          last_modified: "2025-04-02T09:10:37.000Z",
+          is_latest: "true"
+        }
+      ]
+
+      expect(AwsClientMock, :request, fn operation, opts ->
+        assert operation.bucket == @bucket
+        assert operation.resource == "versions"
+        assert operation.params == [prefix: @key]
+        assert opts == [region: @region]
+        {:ok, %{body: %{versions: versions}}}
+      end)
+
+      state = %S3{bucket: @bucket, key: @key, region: @region, version_id: "v1"}
+      assert {:error, :no_previous_version} = S3.previous_version(state)
+    end
+  end
 end