diff --git a/.github/workflows/ci.yaml b/.github/workflows/ci.yaml
index 8a0c73672..6261c26d6 100644
--- a/.github/workflows/ci.yaml
+++ b/.github/workflows/ci.yaml
@@ -29,12 +29,12 @@ jobs:
           python-version: ${{ matrix.python-version }}
           cache: poetry
 
-      - name: Install PyGobject dependencies on Ubuntu
+      - name: Install PyGobject and release script dependencies on Ubuntu
         if: matrix.platform == 'ubuntu-latest'
         run: |
           sudo apt update
-          sudo apt install ffmpeg gobject-introspection libgirepository1.0-dev
-          poetry install --extras=replaygain --extras=reflink
+          sudo apt install ffmpeg gobject-introspection libgirepository1.0-dev pandoc
+          poetry install --with=release --extras=replaygain --extras=reflink
 
       - name: Install Python dependencies
         run: poetry install --only=main,test --extras=autobpm
diff --git a/extra/release.py b/extra/release.py
index abbb57bd4..89c6fa72d 100755
--- a/extra/release.py
+++ b/extra/release.py
@@ -119,13 +119,15 @@ def rst2md(text: str) -> str:
     )
 
 
-def changelog_as_markdown() -> str:
+def get_changelog_contents() -> str | None:
+    if m := RST_LATEST_CHANGES.search(CHANGELOG.read_text()):
+        return m.group(1)
+
+    return None
+
+
+def changelog_as_markdown(rst: str) -> str:
     """Get the latest changelog entry as hacked up Markdown."""
-    contents = CHANGELOG.read_text()
-
-    m = RST_LATEST_CHANGES.search(contents)
-    rst = m.group(1) if m else ""
-
     for pattern, repl in RST_REPLACEMENTS:
         rst = re.sub(pattern, repl, rst, flags=re.M)
 
@@ -155,7 +157,8 @@ def bump(version: Version) -> None:
 @cli.command()
 def changelog():
     """Get the most recent version's changelog as Markdown."""
-    print(changelog_as_markdown())
+    if changelog := get_changelog_contents():
+        print(changelog_as_markdown(changelog))
 
 
 if __name__ == "__main__":
diff --git a/test/test_release.py b/test/test_release.py
new file mode 100644
index 000000000..2e4633409
--- /dev/null
+++ b/test/test_release.py
@@ -0,0 +1,78 @@
+"""Tests for the release utils."""
+
+import os
+import shutil
+import sys
+
+import pytest
+
+from extra.release import changelog_as_markdown
+
+pytestmark = pytest.mark.skipif(
+    not (
+        (os.environ.get("GITHUB_ACTIONS") == "true" and sys.platform != "win32")
+        or bool(shutil.which("pandoc"))
+    ),
+    reason="pandoc isn't available",
+)
+
+
+@pytest.fixture
+def rst_changelog():
+    return """New features:
+
+* :doc:`/plugins/substitute`: Some substitute
+  multi-line change.
+  :bug:`5467`
+* :ref:`list-cmd` Update.
+
+Bug fixes:
+
+* Some fix that refers to an issue.
+  :bug:`5467`
+* Some fix that mentions user :user:`username`.
+
+Empty section:
+
+Other changes:
+
+* Changed `bitesize` label to `good first issue`. Our `contribute`_ page is now
+  automatically populated with these issues. :bug:`4855`
+
+.. _contribute: https://github.com/beetbox/beets/contribute
+
+2.1.0 (November 22, 2024)
+-------------------------
+
+Bug fixes:
+
+* Fixed something."""
+
+
+@pytest.fixture
+def md_changelog():
+    return r"""### New features
+
+- Command **`list`**: Update.
+- Plugin **`substitute`**: Some substitute multi-line change. :bug: (\#5467)
+
+### Bug fixes
+
+- Some fix that mentions user @username.
+- Some fix that refers to an issue. :bug: (\#5467)
+
+### Other changes
+
+
+# 2.1.0 (November 22, 2024)
+- Changed `bitesize` label to `good first issue`. Our [contribute](https://github.com/beetbox/beets/contribute) page is now automatically populated with these issues. :bug: (\#4855)
+
+### Bug fixes
+
+- Fixed something."""  # noqa: E501
+
+
+def test_convert_rst_to_md(rst_changelog, md_changelog):
+    actual = changelog_as_markdown(rst_changelog)
+
+    assert actual == md_changelog