diff --git a/src/TextForEvent.js b/src/TextForEvent.js
index 3607d7a676..09cfb67de7 100644
--- a/src/TextForEvent.js
+++ b/src/TextForEvent.js
@@ -265,13 +265,22 @@ function textForServerACLEvent(ev) {
     return text + changes.join(" ");
 }
 
-function textForMessageEvent(ev) {
+function textForMessageEvent(ev, skipUserPrefix) {
     const senderDisplayName = ev.sender && ev.sender.name ? ev.sender.name : ev.getSender();
     let message = senderDisplayName + ': ' + ev.getContent().body;
-    if (ev.getContent().msgtype === "m.emote") {
-        message = "* " + senderDisplayName + " " + message;
-    } else if (ev.getContent().msgtype === "m.image") {
-        message = _t('%(senderDisplayName)s sent an image.', {senderDisplayName});
+    if (skipUserPrefix) {
+        message = ev.getContent().body;
+        if (ev.getContent().msgtype === "m.emote") {
+            message = senderDisplayName + " " + message;
+        } else if (ev.getContent().msgtype === "m.image") {
+            message = _t('sent an image.');
+        }
+    } else {
+        if (ev.getContent().msgtype === "m.emote") {
+            message = "* " + senderDisplayName + " " + message;
+        } else if (ev.getContent().msgtype === "m.image") {
+            message = _t('%(senderDisplayName)s sent an image.', {senderDisplayName});
+        }
     }
     return message;
 }
@@ -612,8 +621,8 @@ for (const evType of ALL_RULE_TYPES) {
     stateHandlers[evType] = textForMjolnirEvent;
 }
 
-export function textForEvent(ev) {
+export function textForEvent(ev, skipUserPrefix) {
     const handler = (ev.isState() ? stateHandlers : handlers)[ev.getType()];
-    if (handler) return handler(ev);
+    if (handler) return handler(ev, skipUserPrefix);
     return '';
 }
diff --git a/src/components/views/rooms/RoomTile2.tsx b/src/components/views/rooms/RoomTile2.tsx
index e8056349e2..2b1c418294 100644
--- a/src/components/views/rooms/RoomTile2.tsx
+++ b/src/components/views/rooms/RoomTile2.tsx
@@ -30,6 +30,7 @@ import NotificationBadge, { INotificationState, NotificationColor, RoomNotificat
 import { _t } from "../../../languageHandler";
 import { ContextMenu, ContextMenuButton } from "../../structures/ContextMenu";
 import { DefaultTagID, TagID } from "../../../stores/room-list/models";
+import { MessagePreviewStore } from "../../../stores/MessagePreviewStore";
 
 /*******************************************************************
  *   CAUTION                                                       *
@@ -253,8 +254,17 @@ export default class RoomTile2 extends React.Component<IProps, IState> {
 
         let messagePreview = null;
         if (this.props.showMessagePreview) {
-            // TODO: Actually get the real message preview from state
-            messagePreview = <div className="mx_RoomTile2_messagePreview">I just ate a pie.</div>;
+            // The preview store heavily caches this info, so should be safe to hammer.
+            const text = MessagePreviewStore.instance.getPreviewForRoom(this.props.room);
+
+            // Only show the preview if there is one to show.
+            if (text) {
+                messagePreview = (
+                    <div className="mx_RoomTile2_messagePreview">
+                        {text}
+                    </div>
+                );
+            }
         }
 
         const nameClasses = classNames({
diff --git a/src/i18n/strings/en_EN.json b/src/i18n/strings/en_EN.json
index dcd6819368..81577d740e 100644
--- a/src/i18n/strings/en_EN.json
+++ b/src/i18n/strings/en_EN.json
@@ -246,6 +246,7 @@
     "%(senderDisplayName)s enabled flair for %(groups)s in this room.": "%(senderDisplayName)s enabled flair for %(groups)s in this room.",
     "%(senderDisplayName)s disabled flair for %(groups)s in this room.": "%(senderDisplayName)s disabled flair for %(groups)s in this room.",
     "%(senderDisplayName)s enabled flair for %(newGroups)s and disabled flair for %(oldGroups)s in this room.": "%(senderDisplayName)s enabled flair for %(newGroups)s and disabled flair for %(oldGroups)s in this room.",
+    "sent an image.": "sent an image.",
     "%(senderDisplayName)s sent an image.": "%(senderDisplayName)s sent an image.",
     "%(senderName)s set the main address for this room to %(address)s.": "%(senderName)s set the main address for this room to %(address)s.",
     "%(senderName)s removed the main address for this room.": "%(senderName)s removed the main address for this room.",
@@ -419,6 +420,7 @@
     "Restart": "Restart",
     "Upgrade your Riot": "Upgrade your Riot",
     "A new version of Riot is available!": "A new version of Riot is available!",
+    "You: %(message)s": "You: %(message)s",
     "There was an error joining the room": "There was an error joining the room",
     "Sorry, your homeserver is too old to participate in this room.": "Sorry, your homeserver is too old to participate in this room.",
     "Please contact your homeserver administrator.": "Please contact your homeserver administrator.",
diff --git a/src/stores/AsyncStore.ts b/src/stores/AsyncStore.ts
index 3519050078..1977e808dc 100644
--- a/src/stores/AsyncStore.ts
+++ b/src/stores/AsyncStore.ts
@@ -42,18 +42,20 @@ export const UPDATE_EVENT = "update";
  * help prevent lock conflicts.
  */
 export abstract class AsyncStore<T extends Object> extends EventEmitter {
-    private storeState: T = <T>{};
+    private storeState: T;
     private lock = new AwaitLock();
     private readonly dispatcherRef: string;
 
     /**
      * Creates a new AsyncStore using the given dispatcher.
      * @param {Dispatcher<ActionPayload>} dispatcher The dispatcher to rely upon.
+     * @param {T} initialState The initial state for the store.
      */
-    protected constructor(private dispatcher: Dispatcher<ActionPayload>) {
+    protected constructor(private dispatcher: Dispatcher<ActionPayload>, initialState: T = <T>{}) {
         super();
 
         this.dispatcherRef = dispatcher.register(this.onDispatch.bind(this));
+        this.storeState = initialState;
     }
 
     /**
diff --git a/src/stores/MessagePreviewStore.ts b/src/stores/MessagePreviewStore.ts
new file mode 100644
index 0000000000..64d65a72f3
--- /dev/null
+++ b/src/stores/MessagePreviewStore.ts
@@ -0,0 +1,135 @@
+/*
+Copyright 2020 The Matrix.org Foundation C.I.C.
+
+Licensed under the Apache License, Version 2.0 (the "License");
+you may not use this file except in compliance with the License.
+You may obtain a copy of the License at
+
+    http://www.apache.org/licenses/LICENSE-2.0
+
+Unless required by applicable law or agreed to in writing, software
+distributed under the License is distributed on an "AS IS" BASIS,
+WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+See the License for the specific language governing permissions and
+limitations under the License.
+*/
+
+import { Room } from "matrix-js-sdk/src/models/room";
+import { ActionPayload } from "../dispatcher/payloads";
+import { AsyncStoreWithClient } from "./AsyncStoreWithClient";
+import defaultDispatcher from "../dispatcher/dispatcher";
+import { RoomListStoreTempProxy } from "./room-list/RoomListStoreTempProxy";
+import { textForEvent } from "../TextForEvent";
+import { MatrixEvent } from "matrix-js-sdk/src/models/event";
+import { _t } from "../languageHandler";
+
+const PREVIEWABLE_EVENTS = [
+    // This is the same list from RiotX
+    {type: "m.room.message", isState: false},
+    {type: "m.room.name", isState: true},
+    {type: "m.room.topic", isState: true},
+    {type: "m.room.member", isState: true},
+    {type: "m.room.history_visibility", isState: true},
+    {type: "m.call.invite", isState: false},
+    {type: "m.call.hangup", isState: false},
+    {type: "m.call.answer", isState: false},
+    {type: "m.room.encrypted", isState: false},
+    {type: "m.room.encryption", isState: true},
+    {type: "m.room.third_party_invite", isState: true},
+    {type: "m.sticker", isState: false},
+    {type: "m.room.create", isState: true},
+];
+
+// The maximum number of events we're willing to look back on to get a preview.
+const MAX_EVENTS_BACKWARDS = 50;
+
+interface IState {
+    [roomId: string]: string | null; // null indicates the preview is empty
+}
+
+export class MessagePreviewStore extends AsyncStoreWithClient<IState> {
+    private static internalInstance = new MessagePreviewStore();
+
+    private constructor() {
+        super(defaultDispatcher, {});
+    }
+
+    public static get instance(): MessagePreviewStore {
+        return MessagePreviewStore.internalInstance;
+    }
+
+    /**
+     * Gets the pre-translated preview for a given room
+     * @param room The room to get the preview for.
+     * @returns The preview, or null if none present.
+     */
+    public getPreviewForRoom(room: Room): string {
+        if (!room) return null; // invalid room, just return nothing
+
+        // It's faster to do a lookup this way than it is to use Object.keys().includes()
+        // We only want to generate a preview if there's one actually missing and not explicitly
+        // set as 'none'.
+        const val = this.state[room.roomId];
+        if (val !== null && typeof(val) !== "string") {
+            this.generatePreview(room);
+        }
+
+        return this.state[room.roomId];
+    }
+
+    private generatePreview(room: Room) {
+        const timeline = room.getLiveTimeline();
+        if (!timeline) return; // usually only happens in tests
+        const events = timeline.getEvents();
+
+        for (let i = events.length - 1; i >= 0; i--) {
+            if (i === events.length - MAX_EVENTS_BACKWARDS) return; // limit reached
+
+            const event = events[i];
+            const preview = this.generatePreviewForEvent(event);
+            if (preview.isPreviewable) {
+                // noinspection JSIgnoredPromiseFromCall - the AsyncStore handles concurrent calls
+                this.updateState({[room.roomId]: preview.preview});
+                return; // break - we found some text
+            }
+        }
+
+        // if we didn't find anything, subscribe ourselves to an update
+        // noinspection JSIgnoredPromiseFromCall - the AsyncStore handles concurrent calls
+        this.updateState({[room.roomId]: null});
+    }
+
+    protected async onAction(payload: ActionPayload) {
+        if (!this.matrixClient) return;
+
+        // TODO: Remove when new room list is made the default
+        if (!RoomListStoreTempProxy.isUsingNewStore()) return;
+
+        if (payload.action === 'MatrixActions.Room.timeline' || payload.action === 'MatrixActions.Event.decrypted') {
+            const event = payload.event; // TODO: Type out the dispatcher
+            if (!Object.keys(this.state).includes(event.getRoomId())) return; // not important
+
+            const preview = this.generatePreviewForEvent(event);
+            if (preview.isPreviewable) {
+                await this.updateState({[event.getRoomId()]: preview.preview});
+                return; // break - we found some text
+            }
+        }
+    }
+
+    private generatePreviewForEvent(event: MatrixEvent): { isPreviewable: boolean, preview: string } {
+        if (PREVIEWABLE_EVENTS.some(p => p.type === event.getType() && p.isState === event.isState())) {
+            const isSelf = event.getSender() === this.matrixClient.getUserId();
+            let text = textForEvent(event, /*skipUserPrefix=*/isSelf);
+            if (!text || text.trim().length === 0) text = null; // force null if useless to us
+            if (text && isSelf) {
+                // XXX: i18n doesn't really work here if the language doesn't support prefixing.
+                // We'd ideally somehow route the `You:` bit to the textForEvent call, however
+                // threading that through is non-trivial.
+                text = _t("You: %(message)s", {message: text});
+            }
+            return {isPreviewable: true, preview: text};
+        }
+        return {isPreviewable: false, preview: null};
+    }
+}