diff --git a/alpha/action/migrations/001_v2.go b/alpha/action/migrations/001_v2.go
new file mode 100644
index 000000000..09cdc4b1e
--- /dev/null
+++ b/alpha/action/migrations/001_v2.go
@@ -0,0 +1,178 @@
+package migrations
+
+import (
+	"encoding/json"
+	"fmt"
+	"slices"
+	"strings"
+
+	"github.com/Masterminds/semver/v3"
+	"k8s.io/apimachinery/pkg/util/sets"
+
+	"github.com/operator-framework/operator-registry/alpha/declcfg"
+	fbcv2 "github.com/operator-framework/operator-registry/alpha/fbc/v2"
+	"github.com/operator-framework/operator-registry/alpha/property"
+)
+
+func v2(cfg *declcfg.DeclarativeConfig) error {
+	slices.DeleteFunc(cfg.Packages, func(p declcfg.Package) bool {
+		pkgV2 := fbcv2.Package{
+			Schema:           "olm.package.v2",
+			Package:          p.Name,
+			ShortDescription: ellipsesDescription(p.Description),
+			LongDescription:  p.Description,
+		}
+		cfg.PackagesV2 = append(cfg.PackagesV2, pkgV2)
+
+		if p.Icon != nil {
+			iconV2 := fbcv2.Icon{
+				Schema:    "olm.icon.v2",
+				Package:   p.Name,
+				MediaType: p.Icon.MediaType,
+				Data:      p.Icon.Data,
+			}
+			cfg.IconsV2 = append(cfg.IconsV2, iconV2)
+		}
+		return true
+	})
+
+	nameToVersion := map[string]semver.Version{}
+	var errs []error
+	slices.DeleteFunc(cfg.Bundles, func(b declcfg.Bundle) bool {
+		var (
+			vers *semver.Version
+			err  error
+
+			properties  = map[string]json.RawMessage{}
+			constraints = map[string]json.RawMessage{}
+
+			rawListProperties  = map[string][]json.RawMessage{}
+			rawListConstraints = map[string][]json.RawMessage{}
+		)
+
+		for _, p := range b.Properties {
+			switch p.Type {
+			case property.TypePackage:
+				var pkgProp property.Package
+				if err := json.Unmarshal(p.Value, &pkgProp); err != nil {
+					errs = append(errs, fmt.Errorf("could not migrate bundle %q: %v", b.Name, err))
+					return true
+				}
+				vers, err = semver.NewVersion(pkgProp.Version)
+				if err != nil {
+					errs = append(errs, fmt.Errorf("could not migrate bundle %q: %v", b.Name, err))
+					return true
+				}
+			case property.TypeCSVMetadata:
+				properties[p.Type] = p.Value
+			case property.TypeGVK, property.TypeBundleObject:
+				rawListProperties[p.Type] = append(rawListProperties[p.Type], p.Value)
+			case property.TypeGVKRequired, property.TypePackageRequired, property.TypeConstraint:
+				rawListConstraints[p.Type] = append(rawListConstraints[p.Type], p.Value)
+			default:
+				errs = append(errs, fmt.Errorf("could not migrate bundle %q: unknown property type %q cannot be translated to v2 properties format", b.Name, p.Type))
+				return true
+			}
+		}
+		for k, v := range rawListProperties {
+			properties[k], _ = json.Marshal(v)
+		}
+
+		for k, v := range rawListConstraints {
+			constraints[k], _ = json.Marshal(v)
+		}
+
+		nameToVersion[b.Name] = *vers
+
+		relatedURIs := sets.New[string]()
+		for _, r := range b.RelatedImages {
+			relatedURIs.Insert(fmt.Sprintf("docker://%s", r.Image))
+		}
+		bundleV2 := fbcv2.Bundle{
+			Schema:      "olm.bundle.v2",
+			Package:     b.Package,
+			Name:        fmt.Sprintf("%s-%s-%d", b.Package, vers, 1),
+			Version:     *vers,
+			Release:     1,
+			URI:         fmt.Sprintf("docker://%s", b.Image),
+			RelatedURIs: sets.List(relatedURIs),
+			Properties:  properties,
+			Constraints: constraints,
+		}
+		cfg.BundlesV2 = append(cfg.BundlesV2, bundleV2)
+		return true
+	})
+	if len(errs) > 0 {
+		return fmt.Errorf("error migrating bundles: %v", errs)
+	}
+
+	slices.DeleteFunc(cfg.Channels, func(c declcfg.Channel) bool {
+		entries := []fbcv2.ChannelEntry{}
+		for _, e := range c.Entries {
+			var upgradesFromBuilder strings.Builder
+			if e.Replaces != "" {
+				upgradesFromBuilder.WriteString(fmt.Sprintf("%s", nameToVersion[e.Replaces]))
+			}
+			for _, s := range e.Skips {
+				upgradesFromBuilder.WriteString(fmt.Sprintf(" %s", nameToVersion[s]))
+			}
+			if e.SkipRange != "" {
+				upgradesFromBuilder.WriteString(fmt.Sprintf(" %s", e.SkipRange))
+			}
+			upgradesFromStr := upgradesFromBuilder.String()
+
+			// If the original channel entry has no upgrade edges, make
+			// sure to explicitly configure it to an impossible range
+			// equivalent to "no upgrades".
+			if upgradesFromStr == "" {
+				upgradesFromStr = fmt.Sprintf("<0.0.0 >0.0.0")
+			}
+			upgradesFrom, err := semver.NewConstraint(upgradesFromStr)
+			if err != nil {
+				errs = append(errs, fmt.Errorf("count not migrate channel %q: %v", c.Name, err))
+				return true
+			}
+
+			entries = append(entries, fbcv2.ChannelEntry{
+				Version:      nameToVersion[e.Name],
+				UpgradesFrom: *upgradesFrom,
+			})
+		}
+
+		rawListProperties := map[string][]json.RawMessage{}
+		for _, p := range c.Properties {
+			rawListProperties[p.Type] = append(rawListProperties[p.Type], p.Value)
+		}
+
+		properties := map[string]json.RawMessage{}
+		for k, v := range rawListProperties {
+			properties[k], _ = json.Marshal(v)
+		}
+
+		channelV2 := fbcv2.Channel{
+			Schema:     "olm.channel.v2",
+			Package:    c.Package,
+			Name:       c.Name,
+			Entries:    entries,
+			Properties: properties,
+		}
+		cfg.ChannelsV2 = append(cfg.ChannelsV2, channelV2)
+		return true
+	})
+	if len(errs) > 0 {
+		return fmt.Errorf("error migrating channels: %v", errs)
+	}
+
+	return nil
+}
+
+func ellipsesDescription(s string) string {
+	if len(s) <= 60 {
+		return s
+	}
+	lastSpace := strings.LastIndex(s[:57], " ")
+	if lastSpace == -1 {
+		lastSpace = 57
+	}
+	return s[:lastSpace] + "..."
+}
diff --git a/alpha/action/migrations/migrations.go b/alpha/action/migrations/migrations.go
index 22ff86b74..d149af944 100644
--- a/alpha/action/migrations/migrations.go
+++ b/alpha/action/migrations/migrations.go
@@ -54,6 +54,7 @@ type Migrations struct {
 var allMigrations = []Migration{
 	newMigration(NoMigrations, "do nothing", func(_ *declcfg.DeclarativeConfig) error { return nil }),
 	newMigration("bundle-object-to-csv-metadata", `migrates bundles' "olm.bundle.object" to "olm.csv.metadata"`, bundleObjectToCSVMetadata),
+	newMigration("v2", "migrates olm.package, olm.channel, and olm.bundle to their equivalent v2 APIs", v2),
 }
 
 func NewMigrations(name string) (*Migrations, error) {
diff --git a/alpha/declcfg/declcfg.go b/alpha/declcfg/declcfg.go
index 7797baa49..0da21950d 100644
--- a/alpha/declcfg/declcfg.go
+++ b/alpha/declcfg/declcfg.go
@@ -6,13 +6,13 @@ import (
 	"errors"
 	"fmt"
 
-	prettyunmarshaler "github.com/operator-framework/operator-registry/pkg/prettyunmarshaler"
-
 	"golang.org/x/text/cases"
 	utilerrors "k8s.io/apimachinery/pkg/util/errors"
 	"k8s.io/apimachinery/pkg/util/sets"
 
+	fbcv2 "github.com/operator-framework/operator-registry/alpha/fbc/v2"
 	"github.com/operator-framework/operator-registry/alpha/property"
+	prettyunmarshaler "github.com/operator-framework/operator-registry/pkg/prettyunmarshaler"
 )
 
 const (
@@ -28,6 +28,11 @@ type DeclarativeConfig struct {
 	Bundles      []Bundle
 	Deprecations []Deprecation
 	Others       []Meta
+
+	PackagesV2 []fbcv2.Package
+	ChannelsV2 []fbcv2.Channel
+	BundlesV2  []fbcv2.Bundle
+	IconsV2    []fbcv2.Icon
 }
 
 type Package struct {
@@ -201,6 +206,10 @@ func extractUniqueMetaKeys(blobMap map[string]any, m *Meta) error {
 }
 
 func (destination *DeclarativeConfig) Merge(src *DeclarativeConfig) {
+	destination.PackagesV2 = append(destination.PackagesV2, src.PackagesV2...)
+	destination.ChannelsV2 = append(destination.ChannelsV2, src.ChannelsV2...)
+	destination.BundlesV2 = append(destination.BundlesV2, src.BundlesV2...)
+
 	destination.Packages = append(destination.Packages, src.Packages...)
 	destination.Channels = append(destination.Channels, src.Channels...)
 	destination.Bundles = append(destination.Bundles, src.Bundles...)
diff --git a/alpha/declcfg/write.go b/alpha/declcfg/write.go
index 9856c2e1e..c2b4145a3 100644
--- a/alpha/declcfg/write.go
+++ b/alpha/declcfg/write.go
@@ -14,6 +14,7 @@ import (
 	"k8s.io/apimachinery/pkg/util/sets"
 	"sigs.k8s.io/yaml"
 
+	fbcv2 "github.com/operator-framework/operator-registry/alpha/fbc/v2"
 	"github.com/operator-framework/operator-registry/alpha/property"
 )
 
@@ -395,8 +396,27 @@ type encoder interface {
 }
 
 func writeToEncoder(cfg DeclarativeConfig, enc encoder) error {
-	pkgNames := sets.NewString()
+	pkgV2Names := sets.NewString()
+	packagesV2ByName := map[string][]fbcv2.Package{}
+	for _, p := range cfg.PackagesV2 {
+		pkgName := p.Package
+		pkgV2Names.Insert(pkgName)
+		packagesV2ByName[pkgName] = append(packagesV2ByName[pkgName], p)
+	}
+	channelsV2ByPackage := map[string][]fbcv2.Channel{}
+	for _, c := range cfg.ChannelsV2 {
+		pkgName := c.Package
+		pkgV2Names.Insert(pkgName)
+		channelsV2ByPackage[pkgName] = append(channelsV2ByPackage[pkgName], c)
+	}
+	bundlesV2ByPackage := map[string][]fbcv2.Bundle{}
+	for _, b := range cfg.BundlesV2 {
+		pkgName := b.Package
+		pkgV2Names.Insert(pkgName)
+		bundlesV2ByPackage[pkgName] = append(bundlesV2ByPackage[pkgName], b)
+	}
 
+	pkgNames := sets.NewString()
 	packagesByName := map[string][]Package{}
 	for _, p := range cfg.Packages {
 		pkgName := p.Name
@@ -428,6 +448,38 @@ func writeToEncoder(cfg DeclarativeConfig, enc encoder) error {
 		deprecationsByPackage[pkgName] = append(deprecationsByPackage[pkgName], d)
 	}
 
+	for _, pName := range pkgV2Names.List() {
+		if len(pName) == 0 {
+			continue
+		}
+		pkgs := packagesV2ByName[pName]
+		for _, p := range pkgs {
+			if err := enc.Encode(p); err != nil {
+				return err
+			}
+		}
+
+		channels := channelsV2ByPackage[pName]
+		sort.Slice(channels, func(i, j int) bool {
+			return channels[i].Name < channels[j].Name
+		})
+		for _, c := range channels {
+			if err := enc.Encode(c); err != nil {
+				return err
+			}
+		}
+
+		bundles := bundlesV2ByPackage[pName]
+		sort.Slice(bundles, func(i, j int) bool {
+			return bundles[i].Name < bundles[j].Name
+		})
+		for _, b := range bundles {
+			if err := enc.Encode(b); err != nil {
+				return err
+			}
+		}
+	}
+
 	for _, pName := range pkgNames.List() {
 		if len(pName) == 0 {
 			continue
@@ -499,6 +551,15 @@ func writeToEncoder(cfg DeclarativeConfig, enc encoder) error {
 type WriteFunc func(config DeclarativeConfig, w io.Writer) error
 
 func WriteFS(cfg DeclarativeConfig, rootDir string, writeFunc WriteFunc, fileExt string) error {
+	channelsV2ByPackage := map[string][]fbcv2.Channel{}
+	for _, c := range cfg.ChannelsV2 {
+		channelsV2ByPackage[c.Package] = append(channelsV2ByPackage[c.Package], c)
+	}
+	bundlesV2ByPackage := map[string][]fbcv2.Bundle{}
+	for _, b := range cfg.BundlesV2 {
+		bundlesV2ByPackage[b.Package] = append(bundlesV2ByPackage[b.Package], b)
+	}
+
 	channelsByPackage := map[string][]Channel{}
 	for _, c := range cfg.Channels {
 		channelsByPackage[c.Package] = append(channelsByPackage[c.Package], c)
@@ -512,6 +573,22 @@ func WriteFS(cfg DeclarativeConfig, rootDir string, writeFunc WriteFunc, fileExt
 		return err
 	}
 
+	for _, p := range cfg.PackagesV2 {
+		fcfg := DeclarativeConfig{
+			PackagesV2: []fbcv2.Package{p},
+			ChannelsV2: channelsV2ByPackage[p.Package],
+			BundlesV2:  bundlesV2ByPackage[p.Package],
+		}
+		pkgDir := filepath.Join(rootDir, p.Package)
+		if err := os.MkdirAll(pkgDir, 0777); err != nil {
+			return err
+		}
+		filename := filepath.Join(pkgDir, fmt.Sprintf("catalog.v2%s", fileExt))
+		if err := writeFile(fcfg, filename, writeFunc); err != nil {
+			return err
+		}
+	}
+
 	for _, p := range cfg.Packages {
 		fcfg := DeclarativeConfig{
 			Packages: []Package{p},
diff --git a/alpha/fbc/v2/bundle.go b/alpha/fbc/v2/bundle.go
new file mode 100644
index 000000000..99c74dae6
--- /dev/null
+++ b/alpha/fbc/v2/bundle.go
@@ -0,0 +1,51 @@
+package v2
+
+import (
+	"encoding/json"
+
+	"github.com/Masterminds/semver/v3"
+)
+
+type Bundle struct {
+	// Schema is the FBC schema version of the bundle. Always "olm.bundle.v2".
+	Schema string `json:"schema"`
+
+	// Package is the name of the package to which this bundle belongs.
+	Package string `json:"package"`
+
+	// Name is the name of the bundle. It is required to be in the format of
+	// "package-version-release", and mnust be unique within a catalog.
+	Name string `json:"name"`
+
+	// Version is the version of the software packaged in this bundle.
+	Version semver.Version `json:"version"`
+
+	// Release is the number of times the Version of this bundle has been
+	// released.
+	Release uint32 `json:"release"`
+
+	// URI is the location of the bundle.
+	URI string `json:"uri"`
+
+	// RelatedURIs is a list of related URIs that are associated with the
+	// bundle. URIs should be included here if they are referenced or used by
+	// the bundle.
+	RelatedURIs []string `json:"relatedURIs,omitempty"`
+
+	// Annotations is a map of string keys to string values. Annotations are
+	// used to store simple arbitrary metadata about the bundle.
+	Annotations map[string]string `json:"annotations,omitempty"`
+
+	// Properties is a map of string keys to arbitrary JSON-encoded values.
+	// Properties are used to store complex metadata about the bundle. A
+	// property's "type" key is used to determine how to interpret the
+	// JSON-encoded value. Unrecognized properties MUST be ignored.
+	Properties map[string]json.RawMessage `json:"properties,omitempty"`
+
+	// Constraints is a map of string keys to arbitrary JSON-encoded values.
+	// Constraints are used to store complex constraints that the bundle
+	// requires. A constraint's "type" key is used to determine how to
+	// interpret the JSON-encoded value. Unrecognized constraints MUST be
+	// treated as unsatisfiable.
+	Constraints map[string]json.RawMessage `json:"constraints,omitempty"`
+}
diff --git a/alpha/fbc/v2/channel.go b/alpha/fbc/v2/channel.go
new file mode 100644
index 000000000..29a9ef500
--- /dev/null
+++ b/alpha/fbc/v2/channel.go
@@ -0,0 +1,82 @@
+package v2
+
+import (
+	"encoding/json"
+	"fmt"
+
+	"github.com/Masterminds/semver/v3"
+)
+
+type Channel struct {
+	// Schema is the FBC schema version of the channel. Always "olm.channel.v2".
+	Schema string `json:"schema"`
+
+	// Package is the name of the package to which this channel belongs.
+	Package string `json:"package"`
+
+	// Name is the name of the channel. It must be unique within a package.
+	Name string `json:"name"`
+
+	// Entries is a list of ChannelEntry objects that describe the bundles in
+	// the channel.
+	Entries []ChannelEntry `json:"entries"`
+
+	// Annotations is a map of string keys to string values. Annotations are
+	// used to store simple arbitrary metadata about the channel.
+	Annotations map[string]string `json:"annotations,omitempty"`
+
+	// Properties is a map of string keys to arbitrary JSON-encoded values.
+	// Properties are used to store complex metadata. A property's "type" key
+	// is used to determine how to interpret the JSON-encoded value.
+	Properties map[string]json.RawMessage `json:"properties,omitempty"`
+}
+
+type ChannelEntry struct {
+	// Version is the version of the bundle to be included in the channel.
+	Version semver.Version `json:"version"`
+
+	// UpgradesFrom is an optional constraint that specifies the range of
+	// versions that can be upgraded to Version in the channel. If not
+	// specified, semver semantics apply. That is to say the constraint
+	// will be " >=X.0.0 <Version" where X is the major version of Version.
+	UpgradesFrom semver.Constraints `json:"upgradesFrom,omitempty"`
+}
+
+var _ json.Unmarshaler = (*ChannelEntry)(nil)
+
+func (c *ChannelEntry) UnmarshalJSON(bytes []byte) error {
+	type entryUnmarshaler struct {
+		Version      semver.Version `json:"version"`
+		UpgradesFrom string         `json:"upgradesFrom,omitempty"`
+	}
+	var eu entryUnmarshaler
+	if err := json.Unmarshal(bytes, &eu); err != nil {
+		return err
+	}
+	c.Version = eu.Version
+	if eu.UpgradesFrom == "" {
+		eu.UpgradesFrom = fmt.Sprintf(">=%s <%s", minVersionFrom(eu.Version), eu.Version)
+	}
+
+	cf, err := semver.NewConstraint(eu.UpgradesFrom)
+	if err != nil {
+		return err
+	}
+	c.UpgradesFrom = *cf
+	return nil
+}
+
+func minVersionFrom(v semver.Version) semver.Version {
+	// 1.2.3 -> 1.0.0
+	// 1.0.0 -> 1.0.0
+	// 0.2.3 -> 0.2.0
+	// 0.2.0 -> 0.2.0
+	// 0.0.3 -> 0.0.3
+	if v.Major() == 0 {
+		if v.Minor() == 0 {
+			return v
+		}
+		return *semver.New(0, v.Minor(), 0, "", "")
+	}
+	return *semver.New(v.Major(), 0, 0, "", "")
+}
diff --git a/alpha/fbc/v2/icon.go b/alpha/fbc/v2/icon.go
new file mode 100644
index 000000000..03f92d699
--- /dev/null
+++ b/alpha/fbc/v2/icon.go
@@ -0,0 +1,15 @@
+package v2
+
+type Icon struct {
+	// Schema is the FBC schema version of the icon. Always "olm.icon.v2".
+	Schema string `json:"schema"`
+
+	// Package is the name of the package to which this icon belongs.
+	Package string `json:"package"`
+
+	// MediaType is the media type of the icon.
+	MediaType string `json:"mediaType"`
+
+	// Data is the icon data
+	Data []byte `json:"data"`
+}
diff --git a/alpha/fbc/v2/package.go b/alpha/fbc/v2/package.go
new file mode 100644
index 000000000..f6b737767
--- /dev/null
+++ b/alpha/fbc/v2/package.go
@@ -0,0 +1,29 @@
+package v2
+
+import (
+	"encoding/json"
+)
+
+type Package struct {
+	// Schema is the FBC schema version of the package. Always "olm.package.v2".
+	Schema string `json:"schema"`
+
+	// Package is the name of this package.
+	Package string `json:"package"`
+
+	// ShortDescription is a short description of the package.
+	ShortDescription string `json:"shortDescription,omitempty"`
+
+	// LongDescription is a long description of the package.
+	LongDescription string `json:"longDescription,omitempty"`
+
+	// Annotations is a map of string keys to string values. Annotations are
+	// used to store simple arbitrary metadata about the package.
+	Annotations map[string]string `json:"annotations,omitempty"`
+
+	// Properties is a map of string keys to arbitrary JSON-encoded values.
+	// Properties are used to store complex metadata about the package. A
+	// property's "type" key is used to determine how to interpret the
+	// JSON-encoded value. Unrecognized properties MUST be ignored.
+	Properties map[string]json.RawMessage `json:"properties,omitempty"`
+}
diff --git a/go.mod b/go.mod
index 89a8e61c0..923bae756 100644
--- a/go.mod
+++ b/go.mod
@@ -3,6 +3,7 @@ module github.com/operator-framework/operator-registry
 go 1.22.5
 
 require (
+	github.com/Masterminds/semver/v3 v3.3.0
 	github.com/akrylysov/pogreb v0.10.2
 	github.com/blang/semver/v4 v4.0.0
 	github.com/containerd/containerd v1.7.22
diff --git a/go.sum b/go.sum
index 77cb76c7e..a5fc08d03 100644
--- a/go.sum
+++ b/go.sum
@@ -8,6 +8,8 @@ github.com/BurntSushi/toml v1.4.0 h1:kuoIxZQy2WRRk1pttg9asf+WVv6tWQuBNVmK8+nqPr0
 github.com/BurntSushi/toml v1.4.0/go.mod h1:ukJfTF/6rtPPRCnwkur4qwRxa8vTRFBF0uk2lLoLwho=
 github.com/MakeNowJust/heredoc v1.0.0 h1:cXCdzVdstXyiTqTvfqk9SDHpKNjxuom+DOlyEeQ4pzQ=
 github.com/MakeNowJust/heredoc v1.0.0/go.mod h1:mG5amYoWBHf8vpLOuehzbGGw0EHxpZZ6lCpQ4fNJ8LE=
+github.com/Masterminds/semver/v3 v3.3.0 h1:B8LGeaivUe71a5qox1ICM/JLl0NqZSW5CHyL+hmvYS0=
+github.com/Masterminds/semver/v3 v3.3.0/go.mod h1:4V+yj/TJE1HU9XfppCwVMZq3I84lprf4nC11bSS5beM=
 github.com/Microsoft/go-winio v0.6.2 h1:F2VQgta7ecxGYO8k3ZZz3RS8fVIXVxONVUPlNERoyfY=
 github.com/Microsoft/go-winio v0.6.2/go.mod h1:yd8OoFMLzJbo9gZq8j5qaps8bJ9aShtEA8Ipt1oGCvU=
 github.com/Microsoft/hcsshim v0.12.5 h1:bpTInLlDy/nDRWFVcefDZZ1+U8tS+rz3MxjKgu9boo0=