diff --git a/README.md b/README.md
index 2f728460..df12773b 100644
--- a/README.md
+++ b/README.md
@@ -854,6 +854,7 @@ This component is heavily inspired by [react-json-view](https://github.com/mac-s
 
 - **1.24.0**:
   - Option to access (and render) the original node (and its key) within a [Custom Node](#custom-nodes) ([#180](https://github.com/CarlosNZ/json-edit-react/issues/180))
+  - Cancelling edit after changing type correctly reverts to previous value ([#122](https://github.com/CarlosNZ/json-edit-react/issues/122))
 - **1.23.1**: Fix bug where you could collapse a node by clicking inside a "new key" input field [#175](https://github.com/CarlosNZ/json-edit-react/issues/175)
 - **1.23.0**:
   - Add `viewOnly` prop as a shorthand for restricting all editing [#168](https://github.com/CarlosNZ/json-edit-react/issues/168)
diff --git a/src/CollectionNode.tsx b/src/CollectionNode.tsx
index 873cb0b4..bdf624c2 100644
--- a/src/CollectionNode.tsx
+++ b/src/CollectionNode.tsx
@@ -30,6 +30,8 @@ export const CollectionNode: React.FC<CollectionNodeProps> = (props) => {
     currentlyEditingElement,
     setCurrentlyEditingElement,
     areChildrenBeingEdited,
+    previousValue,
+    setPreviousValue,
   } = useTreeState()
   const {
     mainContainerRef,
@@ -99,7 +101,7 @@ export const CollectionNode: React.FC<CollectionNodeProps> = (props) => {
 
   useEffect(() => {
     setStringifiedValue(jsonStringify(data))
-    if (isEditing) setCurrentlyEditingElement(null)
+    // if (isEditing) setCurrentlyEditingElement(null)
   }, [data])
 
   useEffect(() => {
@@ -189,6 +191,7 @@ export const CollectionNode: React.FC<CollectionNodeProps> = (props) => {
     try {
       const value = jsonParse(stringifiedValue)
       setCurrentlyEditingElement(null)
+      setPreviousValue(null)
       setError(null)
       if (JSON.stringify(value) === JSON.stringify(data)) return
       onEdit(value, path).then((error) => {
@@ -236,8 +239,13 @@ export const CollectionNode: React.FC<CollectionNodeProps> = (props) => {
 
   const handleCancel = () => {
     setCurrentlyEditingElement(null)
+    if (previousValue !== null) {
+      onEdit(previousValue, path)
+      return
+    }
     setError(null)
     setStringifiedValue(jsonStringify(data))
+    setPreviousValue(null)
   }
 
   const showLabel = showArrayIndices || !isArray
@@ -366,6 +374,7 @@ export const CollectionNode: React.FC<CollectionNodeProps> = (props) => {
         canEdit
           ? () => {
               hasBeenOpened.current = true
+              setPreviousValue(null)
               setCurrentlyEditingElement(path)
             }
           : undefined
diff --git a/src/ValueNodeWrapper.tsx b/src/ValueNodeWrapper.tsx
index 4abbd0f1..2c45eb93 100644
--- a/src/ValueNodeWrapper.tsx
+++ b/src/ValueNodeWrapper.tsx
@@ -54,6 +54,8 @@ export const ValueNodeWrapper: React.FC<ValueNodeProps> = (props) => {
     setPreviouslyEditedElement,
     tabDirection,
     setTabDirection,
+    previousValue,
+    setPreviousValue,
   } = useTreeState()
   const [value, setValue] = useState<typeof data | CollectionData>(
     // Bad things happen when you put a function into useState
@@ -178,6 +180,7 @@ export const ValueNodeWrapper: React.FC<ValueNodeProps> = (props) => {
 
   const handleEdit = () => {
     setCurrentlyEditingElement(null)
+    setPreviousValue(null)
     let newValue: JsonData
     switch (dataType) {
       case 'object':
@@ -202,7 +205,12 @@ export const ValueNodeWrapper: React.FC<ValueNodeProps> = (props) => {
 
   const handleCancel = () => {
     setCurrentlyEditingElement(null)
+    if (previousValue !== null) {
+      onEdit(previousValue, path)
+      return
+    }
     setValue(data)
+    setPreviousValue(null)
   }
 
   const handleDelete = () => {
@@ -322,7 +330,12 @@ export const ValueNodeWrapper: React.FC<ValueNodeProps> = (props) => {
             showEditButtons && (
               <EditButtons
                 startEdit={
-                  canEdit ? () => setCurrentlyEditingElement(path, handleCancel) : undefined
+                  canEdit
+                    ? () => {
+                        setPreviousValue(value)
+                        setCurrentlyEditingElement(path, handleCancel)
+                      }
+                    : undefined
                 }
                 handleDelete={canDelete ? handleDelete : undefined}
                 enableClipboard={enableClipboard}
diff --git a/src/contexts/TreeStateProvider.tsx b/src/contexts/TreeStateProvider.tsx
index 0fd4472b..89e0d59b 100644
--- a/src/contexts/TreeStateProvider.tsx
+++ b/src/contexts/TreeStateProvider.tsx
@@ -8,7 +8,7 @@
  */
 
 import React, { createContext, useContext, useRef, useState } from 'react'
-import { type TabDirection, type CollectionKey } from '../types'
+import { type TabDirection, type CollectionKey, type JsonData } from '../types'
 import { toPathString } from '../helpers'
 
 interface CollapseAllState {
@@ -37,6 +37,8 @@ interface TreeStateContext {
   setDragSource: (newState: DragSource) => void
   tabDirection: TabDirection
   setTabDirection: (dir: TabDirection) => void
+  previousValue: JsonData | null
+  setPreviousValue: (value: JsonData | null) => void
 }
 const initialContext: TreeStateContext = {
   collapseState: null,
@@ -51,6 +53,8 @@ const initialContext: TreeStateContext = {
   setDragSource: () => {},
   tabDirection: 'next',
   setTabDirection: () => {},
+  previousValue: null,
+  setPreviousValue: () => {},
 }
 
 const TreeStateProviderContext = createContext(initialContext)
@@ -58,6 +62,11 @@ const TreeStateProviderContext = createContext(initialContext)
 export const TreeStateProvider = ({ children }: { children: React.ReactNode }) => {
   const [collapseState, setCollapseState] = useState<CollapseAllState | null>(null)
   const [currentlyEditingElement, setCurrentlyEditingElement] = useState<string | null>(null)
+
+  // This value holds the "previous" value when user changes type. Because
+  // changing data type causes a proper data update, cancelling afterwards
+  // doesn't revert to the previous type. This value allows us to do that.
+  const [previousValue, setPreviousValue] = useState<JsonData | null>(null)
   const [dragSource, setDragSource] = useState<DragSource>({
     path: null,
     pathString: null,
@@ -130,6 +139,8 @@ export const TreeStateProvider = ({ children }: { children: React.ReactNode }) =
         setTabDirection: (dir: TabDirection) => {
           tabDirection.current = dir
         },
+        previousValue,
+        setPreviousValue,
         // Drag-n-drop
         dragSource,
         setDragSource,