diff --git a/src/utils/UndoManager.js b/src/utils/UndoManager.js
index f6f13ee5..c0dca63d 100644
--- a/src/utils/UndoManager.js
+++ b/src/utils/UndoManager.js
@@ -191,6 +191,12 @@ export class UndoManager extends Observable {
      */
     this.undoing = false
     this.redoing = false
+    /**
+     * The currently popped stack item if UndoManager.undoing or UndoManager.redoing
+     *
+     * @type {StackItem|null}
+     */
+    this.doingStackItem = null
     this.lastChange = 0
     this.ignoreRemoteMapChanges = ignoreRemoteMapChanges
     this.captureTimeout = captureTimeout
@@ -331,10 +337,12 @@ export class UndoManager extends Observable {
    */
   undo () {
     this.undoing = true
+    this.doingStackItem = array.last(this.undoStack) ?? null
     let res
     try {
       res = popStackItem(this, this.undoStack, 'undo')
     } finally {
+      this.doingStackItem = null
       this.undoing = false
     }
     return res
@@ -347,10 +355,12 @@ export class UndoManager extends Observable {
    */
   redo () {
     this.redoing = true
+    this.doingStackItem = array.last(this.redoStack) ?? null
     let res
     try {
       res = popStackItem(this, this.redoStack, 'redo')
     } finally {
+      this.doingStackItem = null
       this.redoing = false
     }
     return res
diff --git a/tests/undo-redo.tests.js b/tests/undo-redo.tests.js
index f1dbf428..82c98129 100644
--- a/tests/undo-redo.tests.js
+++ b/tests/undo-redo.tests.js
@@ -715,3 +715,66 @@ export const testUndoDeleteInMap = (tc) => {
   undoManager.undo()
   t.compare(map0.toJSON(), { a: 'a' })
 }
+
+/**
+ * It should expose the StackItem being processed if undoing
+ *
+ * @param {t.TestCase} tc
+ */
+export const testUndoDoingStackItem = async (tc) => {
+  const doc = new Y.Doc()
+  const text = doc.getText('text')
+  const undoManager = new Y.UndoManager([text])
+
+  undoManager.on('stack-item-added', /** @param {any} event */ event => {
+    event.stackItem.meta.set('str', '42')
+  })
+
+  const meta = new Promise((resolve) => {
+    setTimeout(() => resolve('ABORTED'), 50)
+    text.observe((event) => {
+      const /** @type {Y.UndoManager} */ origin = event.transaction.origin
+      if (origin === undoManager && origin.undoing) {
+        resolve(origin.doingStackItem?.meta.get('str'))
+      }
+    })
+  })
+
+  text.insert(0, 'abc')
+  undoManager.undo()
+
+  t.compare(await meta, '42')
+  t.compare(undoManager.doingStackItem, null)
+}
+
+/**
+ * It should expose the StackItem being processed if redoing
+ *
+ * @param {t.TestCase} tc
+ */
+export const testRedoDoingStackItem = async (tc) => {
+  const doc = new Y.Doc()
+  const text = doc.getText('text')
+  const undoManager = new Y.UndoManager([text])
+
+  undoManager.on('stack-item-added', /** @param {any} event */ event => {
+    event.stackItem.meta.set('str', '42')
+  })
+
+  const meta = new Promise(resolve => {
+    setTimeout(() => resolve('ABORTED'), 50)
+    text.observe((event) => {
+      const /** @type {Y.UndoManager} */ origin = event.transaction.origin
+      if (origin === undoManager && origin.redoing) {
+        resolve(origin.doingStackItem?.meta.get('str'))
+      }
+    })
+  })
+
+  text.insert(0, 'abc')
+  undoManager.undo()
+  undoManager.redo()
+
+  t.compare(await meta, '42')
+  t.compare(undoManager.doingStackItem, null)
+}