diff --git a/dialogs/speeddialog.cpp b/dialogs/speeddialog.cpp
index 1a8d5878b..fd3fa75bb 100644
--- a/dialogs/speeddialog.cpp
+++ b/dialogs/speeddialog.cpp
@@ -37,4 +37,5 @@ SpeedDialog::SpeedDialog(QWidget *parent) : QDialog(parent) {
 
 	QDialogButtonBox* buttonBox = new QDialogButtonBox(QDialogButtonBox::Ok | QDialogButtonBox::Cancel);
 	layout->addWidget(buttonBox, 4, 0, 2, 1);
+	connect(buttonBox, SIGNAL(rejected()), this, SLOT(reject()));
 }
diff --git a/mainwindow.cpp b/mainwindow.cpp
index 4808601cc..0924c91fb 100644
--- a/mainwindow.cpp
+++ b/mainwindow.cpp
@@ -793,3 +793,7 @@ void MainWindow::on_actionEnable_Drag_Files_to_Timeline_triggered() {
 void MainWindow::on_actionAuto_scale_by_Default_triggered() {
     config.autoscale_by_default = !config.autoscale_by_default;
 }
+
+void MainWindow::on_actionSet_Edit_Marker_triggered() {
+	if (sequence != NULL) panel_timeline->set_marker();
+}
diff --git a/mainwindow.h b/mainwindow.h
index 5442d9db0..3c48019aa 100644
--- a/mainwindow.h
+++ b/mainwindow.h
@@ -186,6 +186,8 @@ private slots:
 
     void on_actionAuto_scale_by_Default_triggered();
 
+	void on_actionSet_Edit_Marker_triggered();
+
 private:
 	Ui::MainWindow *ui;
 	void setup_layout();
diff --git a/mainwindow.ui b/mainwindow.ui
index d6ac96579..2b8e236f1 100644
--- a/mainwindow.ui
+++ b/mainwindow.ui
@@ -37,7 +37,7 @@
      <x>0</x>
      <y>0</y>
      <width>653</width>
-     <height>16</height>
+     <height>20</height>
     </rect>
    </property>
    <widget class="QMenu" name="menu_File">
@@ -98,6 +98,8 @@
     <addaction name="actionClear_In_Out"/>
     <addaction name="actionDelete_In_Out"/>
     <addaction name="actionRipple_Delete_In_Out"/>
+    <addaction name="separator"/>
+    <addaction name="actionSet_Edit_Marker"/>
    </widget>
    <widget class="QMenu" name="menuWindow">
     <property name="title">
@@ -779,6 +781,14 @@
     <string>Auto-scale by Default</string>
    </property>
   </action>
+  <action name="actionSet_Edit_Marker">
+   <property name="text">
+    <string>Set/Edit Marker</string>
+   </property>
+   <property name="shortcut">
+    <string>M</string>
+   </property>
+  </action>
  </widget>
  <layoutdefault spacing="6" margin="11"/>
  <resources>
diff --git a/panels/project.cpp b/panels/project.cpp
index e22d317b6..9592f6544 100644
--- a/panels/project.cpp
+++ b/panels/project.cpp
@@ -778,8 +778,18 @@ bool Project::load_worker(QFile& f, QXmlStreamReader& stream, int type) {
                             // load all clips and clip information
                             while (!(stream.name() == child_search && stream.isEndElement()) && !stream.atEnd()) {
                                 stream.readNextStartElement();
-                                if (stream.name() == "clip" && stream.isStartElement()) {
-                                    //<clip id="0" name="Brock_Drying_Pan.gif" clipin="0" in="44" out="144" track="-1" r="192" g="128" b="128" media="2" stream="0">
+								if (stream.name() == "marker" && stream.isStartElement()) {
+									Marker m;
+									for (int j=0;j<stream.attributes().size();j++) {
+										const QXmlStreamAttribute& attr = stream.attributes().at(j);
+										if (attr.name() == "frame") {
+											m.frame = attr.value().toLong();
+										} else if (attr.name() == "name") {
+											m.name = attr.value().toString();
+										}
+									}
+									s->markers.append(m);
+								} else if (stream.name() == "clip" && stream.isStartElement()) {
                                     int media_id, stream_id;
                                     Clip* c = new Clip(s);
 
@@ -1147,6 +1157,12 @@ void Project::save_folder(QXmlStreamWriter& stream, QTreeWidgetItem* parent, int
                                 stream.writeEndElement(); // clip
                             }
                         }
+						for (int j=0;j<s->markers.size();j++) {
+							stream.writeStartElement("marker");
+							stream.writeAttribute("frame", QString::number(s->markers.at(j).frame));
+							stream.writeAttribute("name", s->markers.at(j).name);
+							stream.writeEndElement();
+						}
                         stream.writeEndElement();
                     }
                 }
diff --git a/panels/timeline.cpp b/panels/timeline.cpp
index af1c7f84a..f9a727eee 100644
--- a/panels/timeline.cpp
+++ b/panels/timeline.cpp
@@ -24,6 +24,7 @@
 #include <QScreen>
 #include <QPainter>
 #include <QMenu>
+#include <QInputDialog>
 
 long refactor_frame_number(long framenumber, double source_frame_rate, double target_frame_rate) {
     if (source_frame_rate == target_frame_rate) return framenumber;
@@ -1092,18 +1093,12 @@ void Timeline::snap_to_clip(long* l, bool playhead_inclusive) {
 }
 
 void Timeline::set_marker() {
-	/* TODO make undoable */
-	bool found = false;
-	for (int i=0;i<sequence->markers.size();i++) {
-		if (sequence->markers.at(i).frame == sequence->playhead) {
-			found = true;
-			break;
-		}
-	}
-	if (!found) {
-		Marker m;
-		m.frame = sequence->playhead;
-		sequence->markers.append(m);
+	QInputDialog d(this);
+	d.setWindowTitle("Set Marker");
+	d.setLabelText("Set marker name:");
+	d.setInputMode(QInputDialog::TextInput);
+	if (d.exec() == QDialog::Accepted) {
+		undo_stack.push(new AddMarkerAction(sequence, sequence->playhead, d.textValue()));
 	}
 }
 
diff --git a/project/undo.cpp b/project/undo.cpp
index be3acf7b0..f9720f78e 100644
--- a/project/undo.cpp
+++ b/project/undo.cpp
@@ -1378,3 +1378,41 @@ void SetAutoscaleAction::redo() {
     }
     panel_viewer->viewer_widget->update();
 }
+
+AddMarkerAction::AddMarkerAction(Sequence* s, long t, QString n) :
+	seq(s),
+	time(t),
+	name(n),
+	old_project_changed(project_changed)
+{}
+
+void AddMarkerAction::undo() {
+	if (index == -1) {
+		sequence->markers.removeLast();
+	} else {
+		sequence->markers[index].name = old_name;
+	}
+
+	project_changed = old_project_changed;
+}
+
+void AddMarkerAction::redo() {
+	index = -1;
+	for (int i=0;i<sequence->markers.size();i++) {
+		if (sequence->markers.at(i).frame == time) {
+			index = i;
+			break;
+		}
+	}
+
+	if (index == -1) {
+		Marker m;
+		m.frame = time;
+		sequence->markers.append(m);
+	} else {
+		old_name = sequence->markers.at(index).name;
+		sequence->markers[index].name = name;
+	}
+
+	project_changed = true;
+}
diff --git a/project/undo.h b/project/undo.h
index 1cdda6b5c..6ef023498 100644
--- a/project/undo.h
+++ b/project/undo.h
@@ -463,4 +463,18 @@ public:
     QVector<Clip*> clips;
 };
 
+class AddMarkerAction : public QUndoCommand {
+public:
+	AddMarkerAction(Sequence* s, long t, QString n);
+	void undo();
+	void redo();
+private:
+	Sequence* seq;
+	long time;
+	QString name;
+	QString old_name;
+	bool old_project_changed;
+	int index;
+};
+
 #endif // UNDO_H