diff --git a/README.md b/README.md
index 85f744c50..19af554a6 100644
--- a/README.md
+++ b/README.md
@@ -82,11 +82,7 @@ Precompiled actor bundles are provided as [release binaries][releases] in this r
 [`fil_builtin_actors_bundle`](https://crates.io/crates/fil_builtin_actors_bundle) crate on
 [crates.io](https://crates.io) will not be updated.
 
-## Releasing
-
-We release all actors, the runtime, and the state abstraction at the same time by opening a PR changing the `workspace.package.version` in the top-level `Cargo.toml` file.
-
-This triggers CI to create a draft GitHub Release, create the associated tags, and built and upload assets to the release.  When the PR is merged, the GitHub Release will be published.
+## [Releasing](RELEASE.md)
 
 ## Instructions for client implementations
 
diff --git a/RELEASE.md b/RELEASE.md
new file mode 100644
index 000000000..4e9a9e3c5
--- /dev/null
+++ b/RELEASE.md
@@ -0,0 +1,28 @@
+# Release Process
+
+This document describes the process for releasing a new version of the `builtin-actors` project.
+
+## Current State
+
+1. Create a pull request which updates the `workspace.package.version` in the top-level `Cargo.toml` file.
+2. On pull request creation, a [Release Checker](.github/workflows/release-check.yml) workflow will run. It will perform the following actions:
+    1. Extract the version from the top-level `Cargo.toml` file.
+    2. Check if a git tag for the version already exists. Continue only if it does not.
+    3. Create a draft GitHub release with the version as the tag.
+    4. Comment on the pull request with a link to the draft release.
+    5. Build `builtin-actors.car`s for various networks.
+    6. Generate checksums for the built `builtin-actors.car`s.
+    7. Upload the built `builtin-actors.car`s and checksums as assets to the draft release (replace any existing assets with the same name).
+3. On pull request merge, a [Releaser](.github/workflows/release.yml) workflow will run. It will perform the following actions:
+    1. Extract the version from the top-level `Cargo.toml` file.
+    2. Check if a git tag for the version already exists. Continue only if it does not.
+    3. Check if a draft GitHub release with the version as the tag exists.
+    4. If the draft release exists, publish it. Otherwise, create a new release with the version as the tag.
+
+## Known Limitations
+
+1. If one pushes an update to the `workspace.package.version` in the top-level `Cargo.toml` file without creating a pull request, the Release Checker workflow will not run. Hence, the release assets will not be automatically built and uploaded.
+
+## Possible Improvements
+
+1. Add a check to the [Releaser](.github/workflows/release.yml) workflow to ensure that the created/published release contains the expected assets. If it does not, create them and run the [upload-release-assets.sh](scripts/upload-release-assets.sh) script to upload the missing assets.