diff --git a/cli/wallet/wallet.go b/cli/wallet/wallet.go
index be36f4016..0d62f1840 100644
--- a/cli/wallet/wallet.go
+++ b/cli/wallet/wallet.go
@@ -105,6 +105,18 @@ func NewCommands() []cli.Command {
 					},
 				},
 			},
+			{
+				Name:   "change-password",
+				Usage:  "change password for accounts",
+				Action: changePassword,
+				Flags: []cli.Flag{
+					walletPathFlag,
+					flags.AddressFlag{
+						Name:  "address, a",
+						Usage: "address to change password for",
+					},
+				},
+			},
 			{
 				Name:   "convert",
 				Usage:  "convert addresses from existing NEO2 NEP6-wallet to NEO3 format",
@@ -289,6 +301,55 @@ func claimGas(ctx *cli.Context) error {
 	return nil
 }
 
+func changePassword(ctx *cli.Context) error {
+	wall, err := openWallet(ctx.String("wallet"))
+	if err != nil {
+		return cli.NewExitError(err, 1)
+	}
+	addrFlag := ctx.Generic("address").(*flags.Address)
+	if addrFlag.IsSet {
+		// Check for account presence first before asking for password.
+		acc := wall.GetAccount(addrFlag.Uint160())
+		if acc == nil {
+			return cli.NewExitError("account is missing", 1)
+		}
+	}
+
+	oldPass, err := input.ReadPassword("Enter password > ")
+	if err != nil {
+		return cli.NewExitError(fmt.Errorf("Error reading old password: %w", err), 1)
+	}
+
+	for i := range wall.Accounts {
+		if addrFlag.IsSet && wall.Accounts[i].Address != addrFlag.String() {
+			continue
+		}
+		err := wall.Accounts[i].Decrypt(oldPass, wall.Scrypt)
+		if err != nil {
+			return cli.NewExitError(fmt.Errorf("unable to decrypt account %s: %w", wall.Accounts[i].Address, err), 1)
+		}
+	}
+
+	pass, err := readNewPassword()
+	if err != nil {
+		return cli.NewExitError(fmt.Errorf("Error reading new password: %w", err), 1)
+	}
+	for i := range wall.Accounts {
+		if addrFlag.IsSet && wall.Accounts[i].Address != addrFlag.String() {
+			continue
+		}
+		err := wall.Accounts[i].Encrypt(pass, wall.Scrypt)
+		if err != nil {
+			return cli.NewExitError(err, 1)
+		}
+	}
+	err = wall.Save()
+	if err != nil {
+		return cli.NewExitError(fmt.Errorf("Error saving the wallet: %w", err), 1)
+	}
+	return nil
+}
+
 func convertWallet(ctx *cli.Context) error {
 	wall, err := newWalletV2FromFile(ctx.String("wallet"))
 	if err != nil {
@@ -656,22 +717,31 @@ func createWallet(ctx *cli.Context) error {
 }
 
 func readAccountInfo() (string, string, error) {
-	rawName, _ := input.ReadLine("Enter the name of the account > ")
+	name, err := input.ReadLine("Enter the name of the account > ")
+	if err != nil {
+		return "", "", err
+	}
+	phrase, err := readNewPassword()
+	if err != nil {
+		return "", "", err
+	}
+	return name, phrase, nil
+}
+
+func readNewPassword() (string, error) {
 	phrase, err := input.ReadPassword("Enter passphrase > ")
 	if err != nil {
-		return "", "", fmt.Errorf("Error reading password: %w", err)
+		return "", fmt.Errorf("Error reading password: %w", err)
 	}
 	phraseCheck, err := input.ReadPassword("Confirm passphrase > ")
 	if err != nil {
-		return "", "", fmt.Errorf("Error reading password: %w", err)
+		return "", fmt.Errorf("Error reading password: %w", err)
 	}
 
 	if phrase != phraseCheck {
-		return "", "", errPhraseMismatch
+		return "", errPhraseMismatch
 	}
-
-	name := strings.TrimRight(rawName, "\n")
-	return name, phrase, nil
+	return phrase, nil
 }
 
 func createAccount(wall *wallet.Wallet) error {
diff --git a/cli/wallet_test.go b/cli/wallet_test.go
index d3ee32da9..dc36cb5f0 100644
--- a/cli/wallet_test.go
+++ b/cli/wallet_test.go
@@ -45,6 +45,72 @@ func TestWalletAccountRemove(t *testing.T) {
 	require.NoError(t, json.Unmarshal(rawWallet, new(wallet.Wallet)))
 }
 
+func TestWalletChangePassword(t *testing.T) {
+	tmpDir := t.TempDir()
+	e := newExecutor(t, false)
+
+	walletPath := filepath.Join(tmpDir, "wallet.json")
+	e.In.WriteString("acc1\r")
+	e.In.WriteString("pass\r")
+	e.In.WriteString("pass\r")
+	e.Run(t, "neo-go", "wallet", "init", "--wallet", walletPath, "--account")
+
+	e.In.WriteString("acc2\r")
+	e.In.WriteString("pass\r")
+	e.In.WriteString("pass\r")
+	e.Run(t, "neo-go", "wallet", "create", "--wallet", walletPath)
+
+	w, err := wallet.NewWalletFromFile(walletPath)
+	require.NoError(t, err)
+
+	addr1 := w.Accounts[0].Address
+	addr2 := w.Accounts[1].Address
+	t.Run("bad old password", func(t *testing.T) {
+		e.In.WriteString("ssap\r")
+		e.In.WriteString("aaa\r") // Pretend for the password to be fine.
+		e.In.WriteString("aaa\r")
+
+		e.RunWithError(t, "neo-go", "wallet", "change-password", "--wallet", walletPath)
+	})
+	t.Run("no account", func(t *testing.T) {
+		e.RunWithError(t, "neo-go", "wallet", "change-password", "--wallet", walletPath, "--address", "NVTiAjNgagDkTr5HTzDmQP9kPwPHN5BgVq")
+	})
+	t.Run("bad new password, multiaccount", func(t *testing.T) {
+		e.In.WriteString("pass\r")
+		e.In.WriteString("pass1\r")
+		e.In.WriteString("pass2\r")
+		e.RunWithError(t, "neo-go", "wallet", "change-password", "--wallet", walletPath)
+	})
+	t.Run("good, multiaccount", func(t *testing.T) {
+		e.In.WriteString("pass\r")
+		e.In.WriteString("asdf\r")
+		e.In.WriteString("asdf\r")
+		e.Run(t, "neo-go", "wallet", "change-password", "--wallet", walletPath)
+	})
+	t.Run("good, single account", func(t *testing.T) {
+		e.In.WriteString("asdf\r")
+		e.In.WriteString("jkl\r")
+		e.In.WriteString("jkl\r")
+		e.Run(t, "neo-go", "wallet", "change-password", "--wallet", walletPath, "--address", addr1)
+	})
+	t.Run("bad, different passwords", func(t *testing.T) {
+		e.In.WriteString("jkl\r")
+		e.RunWithError(t, "neo-go", "wallet", "change-password", "--wallet", walletPath)
+	})
+	t.Run("good, second account", func(t *testing.T) {
+		e.In.WriteString("asdf\r")
+		e.In.WriteString("jkl\r")
+		e.In.WriteString("jkl\r")
+		e.Run(t, "neo-go", "wallet", "change-password", "--wallet", walletPath, "--address", addr2)
+	})
+	t.Run("good, second multiaccount", func(t *testing.T) {
+		e.In.WriteString("jkl\r")
+		e.In.WriteString("pass\r")
+		e.In.WriteString("pass\r")
+		e.Run(t, "neo-go", "wallet", "change-password", "--wallet", walletPath)
+	})
+}
+
 func TestWalletInit(t *testing.T) {
 	tmpDir := t.TempDir()
 	e := newExecutor(t, false)