diff --git a/module/Core/src/Exception/EntityDoesNotExistException.php b/module/Core/src/Exception/EntityDoesNotExistException.php
new file mode 100644
index 00000000..27825690
--- /dev/null
+++ b/module/Core/src/Exception/EntityDoesNotExistException.php
@@ -0,0 +1,26 @@
+<?php
+namespace Shlinkio\Shlink\Core\Exception;
+
+use Shlinkio\Shlink\Common\Exception\ExceptionInterface;
+
+class EntityDoesNotExistException extends \RuntimeException implements ExceptionInterface
+{
+    public static function createFromEntityAndConditions($entityName, array $conditions)
+    {
+        return new self(sprintf(
+            'Entity of type %s with params [%s] does not exist',
+            $entityName,
+            static::serializeParams($conditions)
+        ));
+    }
+
+    private static function serializeParams(array $params)
+    {
+        $result = [];
+        foreach ($params as $key => $value) {
+            $result[] = sprintf('"%s" => "%s"', $key, $value);
+        }
+
+        return implode(', ', $result);
+    }
+}
diff --git a/module/Core/src/Service/Tag/TagService.php b/module/Core/src/Service/Tag/TagService.php
index 897cf552..52708a39 100644
--- a/module/Core/src/Service/Tag/TagService.php
+++ b/module/Core/src/Service/Tag/TagService.php
@@ -5,6 +5,7 @@ use Acelaya\ZsmAnnotatedServices\Annotation as DI;
 use Doctrine\Common\Collections\Collection;
 use Doctrine\ORM\EntityManagerInterface;
 use Shlinkio\Shlink\Core\Entity\Tag;
+use Shlinkio\Shlink\Core\Exception\EntityDoesNotExistException;
 use Shlinkio\Shlink\Core\Repository\TagRepository;
 use Shlinkio\Shlink\Core\Util\TagManagerTrait;
 
@@ -61,4 +62,25 @@ class TagService implements TagServiceInterface
 
         return $tags;
     }
+
+    /**
+     * @param string $oldName
+     * @param string $newName
+     * @return Tag
+     * @throws EntityDoesNotExistException
+     */
+    public function renameTag($oldName, $newName)
+    {
+        $criteria = ['name' => $oldName];
+        /** @var Tag|null $tag */
+        $tag = $this->em->getRepository(Tag::class)->findOneBy($criteria);
+        if ($tag === null) {
+            throw EntityDoesNotExistException::createFromEntityAndConditions(Tag::class, $criteria);
+        }
+
+        $tag->setName($newName);
+        $this->em->flush($tag);
+
+        return $tag;
+    }
 }
diff --git a/module/Core/src/Service/Tag/TagServiceInterface.php b/module/Core/src/Service/Tag/TagServiceInterface.php
index 996a914c..48714309 100644
--- a/module/Core/src/Service/Tag/TagServiceInterface.php
+++ b/module/Core/src/Service/Tag/TagServiceInterface.php
@@ -3,6 +3,7 @@ namespace Shlinkio\Shlink\Core\Service\Tag;
 
 use Doctrine\Common\Collections\Collection;
 use Shlinkio\Shlink\Core\Entity\Tag;
+use Shlinkio\Shlink\Core\Exception\EntityDoesNotExistException;
 
 interface TagServiceInterface
 {
@@ -24,4 +25,12 @@ interface TagServiceInterface
      * @return Collection|Tag[]
      */
     public function createTags(array $tagNames);
+
+    /**
+     * @param string $oldName
+     * @param string $newName
+     * @return Tag
+     * @throws EntityDoesNotExistException
+     */
+    public function renameTag($oldName, $newName);
 }
diff --git a/module/Rest/config/dependencies.config.php b/module/Rest/config/dependencies.config.php
index 3219a057..a36f7590 100644
--- a/module/Rest/config/dependencies.config.php
+++ b/module/Rest/config/dependencies.config.php
@@ -22,6 +22,7 @@ return [
             Action\Tag\ListTagsAction::class => AnnotatedFactory::class,
             Action\Tag\DeleteTagsAction::class => AnnotatedFactory::class,
             Action\Tag\CreateTagsAction::class => AnnotatedFactory::class,
+            Action\Tag\UpdateTagAction::class => AnnotatedFactory::class,
 
             Middleware\BodyParserMiddleware::class => AnnotatedFactory::class,
             Middleware\CrossDomainMiddleware::class => InvokableFactory::class,
diff --git a/module/Rest/config/routes.config.php b/module/Rest/config/routes.config.php
index 648008c5..0922e18a 100644
--- a/module/Rest/config/routes.config.php
+++ b/module/Rest/config/routes.config.php
@@ -65,6 +65,12 @@ return [
             'middleware' => Action\Tag\CreateTagsAction::class,
             'allowed_methods' => [RequestMethod::METHOD_POST],
         ],
+        [
+            'name' => Action\Tag\UpdateTagAction::class,
+            'path' => '/rest/v{version:1}/tags',
+            'middleware' => Action\Tag\UpdateTagAction::class,
+            'allowed_methods' => [RequestMethod::METHOD_PUT],
+        ],
     ],
 
 ];
diff --git a/module/Rest/src/Action/Tag/UpdateTagAction.php b/module/Rest/src/Action/Tag/UpdateTagAction.php
new file mode 100644
index 00000000..40595691
--- /dev/null
+++ b/module/Rest/src/Action/Tag/UpdateTagAction.php
@@ -0,0 +1,83 @@
+<?php
+namespace Shlinkio\Shlink\Rest\Action\Tag;
+
+use Acelaya\ZsmAnnotatedServices\Annotation as DI;
+use Interop\Http\ServerMiddleware\DelegateInterface;
+use Psr\Http\Message\ResponseInterface;
+use Psr\Http\Message\ServerRequestInterface;
+use Psr\Log\LoggerInterface;
+use Shlinkio\Shlink\Core\Exception\EntityDoesNotExistException;
+use Shlinkio\Shlink\Core\Service\Tag\TagService;
+use Shlinkio\Shlink\Core\Service\Tag\TagServiceInterface;
+use Shlinkio\Shlink\Rest\Action\AbstractRestAction;
+use Shlinkio\Shlink\Rest\Util\RestUtils;
+use Zend\Diactoros\Response\EmptyResponse;
+use Zend\Diactoros\Response\JsonResponse;
+use Zend\I18n\Translator\Translator;
+use Zend\I18n\Translator\TranslatorInterface;
+
+class UpdateTagAction extends AbstractRestAction
+{
+    /**
+     * @var TagServiceInterface
+     */
+    private $tagService;
+    /**
+     * @var TranslatorInterface
+     */
+    private $translator;
+
+    /**
+     * UpdateTagAction constructor.
+     * @param TagServiceInterface $tagService
+     * @param TranslatorInterface $translator
+     * @param LoggerInterface|null $logger
+     *
+     * @DI\Inject({TagService::class, Translator::class, LoggerInterface::class})
+     */
+    public function __construct(
+        TagServiceInterface $tagService,
+        TranslatorInterface $translator,
+        LoggerInterface $logger = null
+    ) {
+        parent::__construct($logger);
+        $this->tagService = $tagService;
+        $this->translator = $translator;
+    }
+
+    /**
+     * Process an incoming server request and return a response, optionally delegating
+     * to the next middleware component to create the response.
+     *
+     * @param ServerRequestInterface $request
+     * @param DelegateInterface $delegate
+     *
+     * @return ResponseInterface
+     * @throws \InvalidArgumentException
+     */
+    public function process(ServerRequestInterface $request, DelegateInterface $delegate)
+    {
+        $body = $request->getParsedBody();
+        if (! isset($body['oldName'], $body['newName'])) {
+            return new JsonResponse([
+                'error' => RestUtils::INVALID_ARGUMENT_ERROR,
+                'message' => $this->translator->translate(
+                    'You have to provide both \'oldName\' and \'newName\' params in order to properly rename the tag'
+                ),
+            ], self::STATUS_BAD_REQUEST);
+        }
+
+        try {
+            $this->tagService->renameTag($body['oldName'], $body['newName']);
+            return new EmptyResponse();
+        } catch (EntityDoesNotExistException $e) {
+            return new JsonResponse([
+                'error' => RestUtils::NOT_FOUND_ERROR,
+                'message' => sprintf(
+                    $this->translator->translate('It wasn\'t possible to find a tag with name \'%s\''),
+                    $body['oldName']
+                ),
+            ], self::STATUS_NOT_FOUND);
+        }
+    }
+}
diff --git a/module/Rest/test/Action/Tag/UpdateTagActionTest.php b/module/Rest/test/Action/Tag/UpdateTagActionTest.php
new file mode 100644
index 00000000..52b2274b
--- /dev/null
+++ b/module/Rest/test/Action/Tag/UpdateTagActionTest.php
@@ -0,0 +1,89 @@
+<?php
+namespace ShlinkioTest\Shlink\Rest\Action\Tag;
+
+use Interop\Http\ServerMiddleware\DelegateInterface;
+use PHPUnit\Framework\TestCase;
+use Prophecy\Prophecy\MethodProphecy;
+use Prophecy\Prophecy\ObjectProphecy;
+use Shlinkio\Shlink\Core\Entity\Tag;
+use Shlinkio\Shlink\Core\Exception\EntityDoesNotExistException;
+use Shlinkio\Shlink\Core\Service\Tag\TagServiceInterface;
+use Shlinkio\Shlink\Rest\Action\Tag\UpdateTagAction;
+use Zend\Diactoros\ServerRequestFactory;
+use Zend\I18n\Translator\Translator;
+
+class UpdateTagActionTest extends TestCase
+{
+    /**
+     * @var UpdateTagAction
+     */
+    private $action;
+    /**
+     * @var ObjectProphecy
+     */
+    private $tagService;
+
+    public function setUp()
+    {
+        $this->tagService = $this->prophesize(TagServiceInterface::class);
+        $this->action = new UpdateTagAction($this->tagService->reveal(), Translator::factory([]));
+    }
+
+    /**
+     * @test
+     * @dataProvider provideParams
+     * @param array $bodyParams
+     */
+    public function whenInvalidParamsAreProvidedAnErrorIsReturned(array $bodyParams)
+    {
+        $request = ServerRequestFactory::fromGlobals()->withParsedBody($bodyParams);
+        $resp = $this->action->process($request, $this->prophesize(DelegateInterface::class)->reveal());
+
+        $this->assertEquals(400, $resp->getStatusCode());
+    }
+
+    public function provideParams()
+    {
+        return [
+            [['oldName' => 'foo']],
+            [['newName' => 'foo']],
+            [[]],
+        ];
+    }
+
+    /**
+     * @test
+     */
+    public function requestingInvalidTagReturnsError()
+    {
+        $request = ServerRequestFactory::fromGlobals()->withParsedBody([
+            'oldName' => 'foo',
+            'newName' => 'bar',
+        ]);
+        /** @var MethodProphecy $rename */
+        $rename = $this->tagService->renameTag('foo', 'bar')->willThrow(EntityDoesNotExistException::class);
+
+        $resp = $this->action->process($request, $this->prophesize(DelegateInterface::class)->reveal());
+
+        $this->assertEquals(404, $resp->getStatusCode());
+        $rename->shouldHaveBeenCalled();
+    }
+
+    /**
+     * @test
+     */
+    public function correctInvocationRenamesTag()
+    {
+        $request = ServerRequestFactory::fromGlobals()->withParsedBody([
+            'oldName' => 'foo',
+            'newName' => 'bar',
+        ]);
+        /** @var MethodProphecy $rename */
+        $rename = $this->tagService->renameTag('foo', 'bar')->willReturn(new Tag());
+
+        $resp = $this->action->process($request, $this->prophesize(DelegateInterface::class)->reveal());
+
+        $this->assertEquals(204, $resp->getStatusCode());
+        $rename->shouldHaveBeenCalled();
+    }
+}