diff --git a/coderd/apidoc/docs.go b/coderd/apidoc/docs.go
index 8c7641ef7d..71065f4ad1 100644
--- a/coderd/apidoc/docs.go
+++ b/coderd/apidoc/docs.go
@@ -2294,6 +2294,12 @@ const docTemplate = `{
                         "name": "after_id",
                         "in": "query"
                     },
+                    {
+                        "type": "boolean",
+                        "description": "Include archived versions in the list",
+                        "name": "include_archived",
+                        "in": "query"
+                    },
                     {
                         "type": "integer",
                         "description": "Page limit",
diff --git a/coderd/apidoc/swagger.json b/coderd/apidoc/swagger.json
index aaf77fdcf0..12b388130c 100644
--- a/coderd/apidoc/swagger.json
+++ b/coderd/apidoc/swagger.json
@@ -2002,6 +2002,12 @@
             "name": "after_id",
             "in": "query"
           },
+          {
+            "type": "boolean",
+            "description": "Include archived versions in the list",
+            "name": "include_archived",
+            "in": "query"
+          },
           {
             "type": "integer",
             "description": "Page limit",
diff --git a/coderd/templateversions.go b/coderd/templateversions.go
index f99eff5645..314570f9db 100644
--- a/coderd/templateversions.go
+++ b/coderd/templateversions.go
@@ -704,6 +704,7 @@ func (api *API) fetchTemplateVersionDryRunJob(rw http.ResponseWriter, r *http.Re
 // @Tags Templates
 // @Param template path string true "Template ID" format(uuid)
 // @Param after_id query string false "After ID" format(uuid)
+// @Param include_archived query bool false "Include archived versions in the list"
 // @Param limit query int false "Page limit"
 // @Param offset query int false "Page offset"
 // @Success 200 {array} codersdk.TemplateVersion
diff --git a/docs/api/templates.md b/docs/api/templates.md
index 1068d84fcf..6fa7270e37 100644
--- a/docs/api/templates.md
+++ b/docs/api/templates.md
@@ -827,12 +827,13 @@ curl -X GET http://coder-server:8080/api/v2/templates/{template}/versions \
 
 ### Parameters
 
-| Name       | In    | Type         | Required | Description |
-| ---------- | ----- | ------------ | -------- | ----------- |
-| `template` | path  | string(uuid) | true     | Template ID |
-| `after_id` | query | string(uuid) | false    | After ID    |
-| `limit`    | query | integer      | false    | Page limit  |
-| `offset`   | query | integer      | false    | Page offset |
+| Name               | In    | Type         | Required | Description                           |
+| ------------------ | ----- | ------------ | -------- | ------------------------------------- |
+| `template`         | path  | string(uuid) | true     | Template ID                           |
+| `after_id`         | query | string(uuid) | false    | After ID                              |
+| `include_archived` | query | boolean      | false    | Include archived versions in the list |
+| `limit`            | query | integer      | false    | Page limit                            |
+| `offset`           | query | integer      | false    | Page offset                           |
 
 ### Example responses
 
diff --git a/site/src/api/api.ts b/site/src/api/api.ts
index 8ff9169c16..e688a9c78d 100644
--- a/site/src/api/api.ts
+++ b/site/src/api/api.ts
@@ -387,6 +387,20 @@ export const patchTemplateVersion = async (
   return response.data;
 };
 
+export const archiveTemplateVersion = async (templateVersionId: string) => {
+  const response = await axios.post<TypesGen.TemplateVersion>(
+    `/api/v2/templateversions/${templateVersionId}/archive`,
+  );
+  return response.data;
+};
+
+export const unarchiveTemplateVersion = async (templateVersionId: string) => {
+  const response = await axios.post<TypesGen.TemplateVersion>(
+    `/api/v2/templateversions/${templateVersionId}/unarchive`,
+  );
+  return response.data;
+};
+
 export const updateTemplateMeta = async (
   templateId: string,
   data: TypesGen.UpdateTemplateMeta,
diff --git a/site/src/pages/TemplatePage/TemplateVersionsPage/TemplateVersionsPage.tsx b/site/src/pages/TemplatePage/TemplateVersionsPage/TemplateVersionsPage.tsx
index c46b033605..86bed4cf70 100644
--- a/site/src/pages/TemplatePage/TemplateVersionsPage/TemplateVersionsPage.tsx
+++ b/site/src/pages/TemplatePage/TemplateVersionsPage/TemplateVersionsPage.tsx
@@ -1,5 +1,9 @@
 import { useMutation, useQuery } from "react-query";
-import { getTemplateVersions, updateActiveTemplateVersion } from "api/api";
+import {
+  archiveTemplateVersion,
+  getTemplateVersions,
+  updateActiveTemplateVersion,
+} from "api/api";
 import { getErrorMessage } from "api/errors";
 import { ConfirmDialog } from "components/Dialogs/ConfirmDialog/ConfirmDialog";
 import { displayError, displaySuccess } from "components/GlobalSnackbar/utils";
@@ -34,9 +38,31 @@ const TemplateVersionsPage = () => {
       displayError(getErrorMessage(error, "Failed to promote version"));
     },
   });
+
+  const { mutate: archiveVersion, isLoading: isArchiving } = useMutation({
+    mutationFn: (templateVersionId: string) => {
+      return archiveTemplateVersion(templateVersionId);
+    },
+    onSuccess: async () => {
+      // The reload is unfortunate. When a version is archived, we should hide
+      // the row. I do not know an easy way to do that, so a reload makes the API call
+      // resend and now the version is omitted.
+      // TODO: Improve this to not reload the page.
+      location.reload();
+      setSelectedVersionIdToArchive(undefined);
+      displaySuccess("Version archived successfully");
+    },
+    onError: (error) => {
+      displayError(getErrorMessage(error, "Failed to archive version"));
+    },
+  });
+
   const [selectedVersionIdToPromote, setSelectedVersionIdToPromote] = useState<
     string | undefined
   >();
+  const [selectedVersionIdToArchive, setSelectedVersionIdToArchive] = useState<
+    string | undefined
+  >();
 
   return (
     <>
@@ -50,8 +76,14 @@ const TemplateVersionsPage = () => {
             ? setSelectedVersionIdToPromote
             : undefined
         }
+        onArchiveClick={
+          permissions.canUpdateTemplate
+            ? setSelectedVersionIdToArchive
+            : undefined
+        }
         activeVersionId={latestActiveVersion}
       />
+      {/* Promote confirm */}
       <ConfirmDialog
         type="info"
         hideCancel={false}
@@ -65,6 +97,20 @@ const TemplateVersionsPage = () => {
         confirmText="Promote"
         description="Are you sure you want to promote this version? Workspaces will be prompted to “Update” to this version once promoted."
       />
+      {/* Archive Confirm */}
+      <ConfirmDialog
+        type="info"
+        hideCancel={false}
+        open={selectedVersionIdToArchive !== undefined}
+        onConfirm={() => {
+          archiveVersion(selectedVersionIdToArchive as string);
+        }}
+        onClose={() => setSelectedVersionIdToArchive(undefined)}
+        title="Archive version"
+        confirmLoading={isArchiving}
+        confirmText="Archive"
+        description="Are you sure you want to archive this version (this is reversible)? Archived versions cannot be used by workspaces."
+      />
     </>
   );
 };
diff --git a/site/src/pages/TemplatePage/TemplateVersionsPage/VersionRow.tsx b/site/src/pages/TemplatePage/TemplateVersionsPage/VersionRow.tsx
index fb78a55a30..0ad02ffd2b 100644
--- a/site/src/pages/TemplatePage/TemplateVersionsPage/VersionRow.tsx
+++ b/site/src/pages/TemplatePage/TemplateVersionsPage/VersionRow.tsx
@@ -17,6 +17,7 @@ export interface VersionRowProps {
   isActive: boolean;
   isLatest: boolean;
   onPromoteClick?: (templateVersionId: string) => void;
+  onArchiveClick?: (templateVersionId: string) => void;
 }
 
 export const VersionRow: React.FC<VersionRowProps> = ({
@@ -24,6 +25,7 @@ export const VersionRow: React.FC<VersionRowProps> = ({
   isActive,
   isLatest,
   onPromoteClick,
+  onArchiveClick,
 }) => {
   const styles = useStyles();
   const navigate = useNavigate();
@@ -90,14 +92,30 @@ export const VersionRow: React.FC<VersionRowProps> = ({
               <Pill text="Canceled" type="neutral" lightBorder />
             )}
             {jobStatus === "failed" && <Pill text="Failed" type="error" />}
-            {onPromoteClick && (
+            {jobStatus === "failed" ? (
+              <Button
+                className={styles.promoteButton}
+                disabled={isActive || version.archived}
+                onClick={(e) => {
+                  e.preventDefault();
+                  e.stopPropagation();
+                  if (onArchiveClick) {
+                    onArchiveClick(version.id);
+                  }
+                }}
+              >
+                Archive&hellip;
+              </Button>
+            ) : (
               <Button
                 className={styles.promoteButton}
                 disabled={isActive || jobStatus !== "succeeded"}
                 onClick={(e) => {
                   e.preventDefault();
                   e.stopPropagation();
-                  onPromoteClick(version.id);
+                  if (onPromoteClick) {
+                    onPromoteClick(version.id);
+                  }
                 }}
               >
                 Promote&hellip;
diff --git a/site/src/pages/TemplatePage/TemplateVersionsPage/VersionsTable.tsx b/site/src/pages/TemplatePage/TemplateVersionsPage/VersionsTable.tsx
index d792641e5c..cbeb3e208a 100644
--- a/site/src/pages/TemplatePage/TemplateVersionsPage/VersionsTable.tsx
+++ b/site/src/pages/TemplatePage/TemplateVersionsPage/VersionsTable.tsx
@@ -21,11 +21,13 @@ export const Language = {
 export interface VersionsTableProps {
   activeVersionId: string;
   onPromoteClick?: (templateVersionId: string) => void;
+  onArchiveClick?: (templateVersionId: string) => void;
+
   versions?: TypesGen.TemplateVersion[];
 }
 
 export const VersionsTable: FC<VersionsTableProps> = (props) => {
-  const { versions, onPromoteClick, activeVersionId } = props;
+  const { versions, onArchiveClick, onPromoteClick, activeVersionId } = props;
 
   const latestVersionId = versions?.reduce(
     (latestSoFar, against) => {
@@ -55,6 +57,7 @@ export const VersionsTable: FC<VersionsTableProps> = (props) => {
               getDate={(version) => new Date(version.created_at)}
               row={(version) => (
                 <VersionRow
+                  onArchiveClick={onArchiveClick}
                   onPromoteClick={onPromoteClick}
                   version={version}
                   key={version.id}