diff --git b/entityreference.module a/entityreference.module
index 810f992..15fc262 100644
--- b/entityreference.module
+++ a/entityreference.module
@@ -245,16 +245,29 @@ function entityreference_field_validate($entity_type, $entity, $field, $instance
 function entityreference_field_presave($entity_type, $entity, $field, $instance, $langcode, &$items) {
   if (!empty($field['settings']['handler_settings']['lock_revision'])) {
     $dest_entity_type = $field['settings']['target_type'];
+    $original_items = array();
     if (isset($entity->original)) {
       $original_items = field_get_items($entity_type, $entity->original, $field['field_name']);
     }
     else {
       $ids = entity_extract_ids($entity_type, $entity);
-      $original = entity_load_unchanged($entity_type, $ids[0]);
-      $original_items = field_get_items($entity_type, $original, $field['field_name']);
+      if ($ids[0]) {
+        $original = entity_load_unchanged($entity_type, $ids[0]);
+        if ($original) {
+          $original_items = field_get_items($entity_type, $original, $field['field_name']);
+        }
+      }
     }
     foreach ($items as $key => $val) {
-      $ref_entity = entity_load_single($dest_entity_type, $val['target_id']);
+      // If the revision id is explicitly set, load the revision.
+      $ref_entity = FALSE;
+      if (isset($val['revision_id']) && $val['revision_id']) {
+        $ref_entity = entity_revision_load($dest_entity_type, $val['revision_id']);
+      }
+      // If the was not set or couldn't be loaded.
+      if (!$ref_entity) {
+        $ref_entity = entity_load_single($dest_entity_type, $val['target_id']);
+      }
       $ref_ids = entity_extract_ids($dest_entity_type, $ref_entity);
       // find the original item, which does not have the same delta per se.
       $original_revision = FALSE;
@@ -700,12 +713,61 @@ function entityreference_field_property_callback(&$info, $entity_type, $field, $
   // Then apply the default.
   entity_metadata_field_default_property_callback($info, $entity_type, $field, $instance, $field_type);
 
+  // If the entity reference is locked to a revision, load that revision, not
+  // the current one.
+  if (!empty($field['settings']['handler_settings']['lock_revision'])) {
+    $name = $field['field_name'];
+    $property = &$info[$entity_type]['bundles'][$instance['bundle']]['properties'][$name];
+    $property['getter callback'] = 'entityreference_metadata_field_get_revision_data';
+    $property['setter callback'] = 'entityreference_metadata_field_set_revision_data';
+  }
+
   // Invoke the behaviors to allow them to change the properties.
   foreach (entityreference_get_behavior_handlers($field, $instance) as $handler) {
     $handler->property_info_alter($info, $entity_type, $field, $instance, $field_type);
   }
 }
 
+function entityreference_metadata_field_get_revision_data($entity, array $options, $name, $entity_type, $info){
+  $field = field_info_field($name);
+  $langcode = isset($options['language']) ? $options['language']->language : LANGUAGE_NONE;
+  $langcode = entity_metadata_field_get_language($entity_type, $entity, $field, $langcode, TRUE);
+  $values = array();
+  if (isset($entity->{$name}[$langcode])) {
+    foreach ($entity->{$name}[$langcode] as $delta => $data) {
+      if (isset($data['revision_id'])) {
+        $values[$delta] = array('id' => $data['target_id'], 'vid' => $data['revision_id']);
+      }
+      else {
+        $values[$delta] = $data['target_id'];
+      }
+    }
+  }
+  // For an empty single-valued field, we have to return NULL.
+  return $field['cardinality'] == 1 ? ($values ? reset($values) : NULL) : $values;
+}
+
+function entityreference_metadata_field_set_revision_data($entity, $name, $value, $langcode, $entity_type, $info) {
+  $field = field_info_field($name);
+  $langcode = entity_metadata_field_get_language($entity_type, $entity, $field, $langcode);
+  $values = $field['cardinality'] == 1 ? array($value) : (array) $value;
+
+  $items = array();
+  foreach ($values as $delta => $value) {
+    if (isset($value) && is_array($value)) {
+      $items[$delta]['target_id'] = $value['id'];
+      $items[$delta]['revision_id'] = $value['vid'];
+    }
+    else {
+      $items[$delta]['target_id'] = $value;
+    }
+  }
+  $entity->{$name}[$langcode] = $items;
+  // Empty the static field language cache, so the field system picks up any
+  // possible new languages.
+  drupal_static_reset('field_language');
+}
+
 /**
  * Implements hook_field_widget_info().
  */
@@ -1226,10 +1288,12 @@ function entityreference_field_formatter_prepare_view($entity_type, $entities, $
     // We need to load the revisions one by-one.
     foreach ($revision_ids as $revision_id) {
       $entity = entity_revision_load($target_type, $revision_id);
-      list($id) = entity_extract_ids($target_type, $entity);
-      // Use the revision-ID in the key.
-      $identifier = $id . ':' . $revision_id;
-      $target_entities[$identifier] = $entity;
+      if ($entity) {
+        list($id) = entity_extract_ids($target_type, $entity);
+        // Use the revision-ID in the key.
+        $identifier = $id . ':' . $revision_id;
+        $target_entities[$identifier] = $entity;
+      }
     }
   }
 
@@ -1240,12 +1304,12 @@ function entityreference_field_formatter_prepare_view($entity_type, $entities, $
     foreach ($items[$id] as $delta => $item) {
       // Check whether the referenced entity could be loaded.
       $identifier = !empty($item['revision_id']) ? $item['target_id'] . ':' . $item['revision_id'] : $item['target_id'];
-      if (!isset($target_entities[$identifier])) {
+      if (isset($target_entities[$identifier])) {
         // Replace the instance value with the term data.
-        $items[$id][$delta]['entity'] = $target_entities[$item[$identifier]];
+        $items[$id][$delta]['entity'] = $target_entities[$identifier];
         // Check whether the user has access to the referenced entity.
-        $has_view_access = (entity_access('view', $field['settings']['target_type'], $target_entities[$item[$identifier]]) !== FALSE);
-        $has_update_access = (entity_access('update', $field['settings']['target_type'], $target_entities[$item[$identifier]]) !== FALSE);
+        $has_view_access = (entity_access('view', $field['settings']['target_type'], $target_entities[$identifier]) !== FALSE);
+        $has_update_access = (entity_access('update', $field['settings']['target_type'], $target_entities[$identifier]) !== FALSE);
         $items[$id][$delta]['access'] = ($has_view_access || $has_update_access);
       }
       // Otherwise, unset the instance value, since the entity does not exist.
diff --git b/plugins/selection/EntityReference_SelectionHandler_Generic.class.php a/plugins/selection/EntityReference_SelectionHandler_Generic.class.php
index 012367f..839add1 100644
--- b/plugins/selection/EntityReference_SelectionHandler_Generic.class.php
+++ a/plugins/selection/EntityReference_SelectionHandler_Generic.class.php
@@ -149,12 +149,12 @@ class EntityReference_SelectionHandler_Generic implements EntityReference_Select
       );
     }
 
-    // Provide an option to lock the entity reference to the latest revision if
+    // Provide an option to lock the entity reference to the current revision if
     // the entity supports it.
     if (!empty($entity_info['revision table'])) {
       $form['lock_revision'] = array(
         '#type' => 'checkbox',
-        '#title' => t('Lock the field to the most current revision'),
+        '#title' => t('Lock the field to the revision of the entity at the time it was referenced.'),
         '#default_value' => !empty($field['settings']['handler_settings']['lock_revision']) ? TRUE : FALSE,
         '#description' => t('When this is enabled, the reference will track the latest revision to that entity when this field is saved. This, combined with e.g. the <a href="!url">Workbench Moderation module</a>, can be used to provide limited workflow functionality around the referenced content.', array('!url' => 'http://drupal.org/project/workbench_moderation'))
       );
diff --git b/plugins/selection/EntityReference_SelectionHandler_Views.class.php a/plugins/selection/EntityReference_SelectionHandler_Views.class.php
index 059c1e2..60e569c 100644
--- b/plugins/selection/EntityReference_SelectionHandler_Views.class.php
+++ a/plugins/selection/EntityReference_SelectionHandler_Views.class.php
@@ -74,7 +74,7 @@ class EntityReference_SelectionHandler_Views implements EntityReference_Selectio
     if (!empty($entity_info['revision table'])) {
       $form['lock_revision'] = array(
         '#type' => 'checkbox',
-        '#title' => t('Lock the field to the most current revision'),
+        '#title' => t('Lock the field to the revision of the entity at the time it was referenced.'),
         '#default_value' => !empty($field['settings']['handler_settings']['lock_revision']) ? TRUE : FALSE,
         '#description' => t('When this is enabled, the reference will track the latest revision to that entity when this field is saved. This, combined with e.g. the <a href="!url">Workbench Moderation module</a>, can be used to provide limited workflow functionality around the referenced content.', array('!url' => 'http://drupal.org/project/workbench_moderation'))
       );
diff --git b/views/entityreference.views.inc a/views/entityreference.views.inc
index baa7034..f79be4b 100644
--- b/views/entityreference.views.inc
+++ a/views/entityreference.views.inc
@@ -30,6 +30,26 @@ function entityreference_field_views_data($field) {
         'help' => t('A bridge to the @entity entity that is referenced via !field_name', $parameters),
       );
     }
+
+    if (isset($field['settings']['handler_settings']['lock_revision']) && $field['settings']['handler_settings']['lock_revision'] && isset($entity_info['revision table'])) {
+      $entity = $entity_info['label'];
+      if ($entity == t('Node')) {
+        $entity = t('Content');
+      }
+      $entity .= ' ' . t('Revision');
+
+      $field_name = $field['field_name'] . '_revision_id';
+      $parameters = array('@entity' => $entity, '!field_name' => $field['field_name']);
+      $data[$table_name][$field_name]['relationship'] = array(
+        'handler' => 'views_handler_relationship',
+        'base' => $entity_info['revision table'],
+        'base field' => $entity_info['entity keys']['revision'],
+        'label' => t('@entity entity revision referenced from !field_name', $parameters),
+        'group' => t('Entity Reference'),
+        'title' => t('Referenced Entity Revision'),
+        'help' => t('A bridge to the @entity entity revision that is referenced via !field_name', $parameters),
+      );
+    }
   }
 
   // Invoke the behaviors to allow them to change the properties.