diff --git a/CHANGELOG.txt b/CHANGELOG.txt
index ac7c21cd9..e6fc20d86 100644
--- a/CHANGELOG.txt
+++ b/CHANGELOG.txt
@@ -14,6 +14,7 @@ Changelog
  * page_published signal now called with the revision object that was published (Josh Barr)
  * Added an overrideable favicon to the admin interface
  * Added spinner animations to long-running form submissions
+ * The EMBEDLY_KEY setting has been renamed to WAGTAILEMBEDS_EMBEDLY_KEY (Anurag Sharma)
  * Fix: Deleting a page permission from the groups admin UI does not immediately submit the form
  * Fix: Wagtail userbar is shown on pages that do not pass a `page` variable to the template (e.g. because they override the `serve` method)
  * Fix: request.site now set correctly on page preview when the page is not in the default site
diff --git a/CONTRIBUTORS.rst b/CONTRIBUTORS.rst
index cf0722ea8..bb1dbb60f 100644
--- a/CONTRIBUTORS.rst
+++ b/CONTRIBUTORS.rst
@@ -66,6 +66,7 @@ Contributors
 * Michael Cordover
 * Timothy Allen
 * Rob Shelton
+* Anurag Sharma
 
 
 Translators
diff --git a/docs/advanced_topics/settings.rst b/docs/advanced_topics/settings.rst
index 6cf61e98f..fc791483d 100644
--- a/docs/advanced_topics/settings.rst
+++ b/docs/advanced_topics/settings.rst
@@ -184,7 +184,7 @@ Use a custom embed finder function, which takes a URL and returns a dict with me
 .. code-block:: python
 
   # not a working key, get your own!
-  EMBEDLY_KEY = '253e433d59dc4d2xa266e9e0de0cb830'
+  WAGTAILEMBEDS_EMBEDLY_KEY = '253e433d59dc4d2xa266e9e0de0cb830'
 
 Providing an API key for the Embedly service will use that as a embed backend, with a more extensive list of providers, as well as analytics and other features. For more information, see `Embedly`_.
 
@@ -515,7 +515,7 @@ These two files should reside in your project directory (``myproject/myproject/`
 
   # If you want to use Embedly for embeds, supply a key
   # (this key doesn't work, get your own!)
-  # EMBEDLY_KEY = '253e433d59dc4d2xa266e9e0de0cb830'
+  # WAGTAILEMBEDS_EMBEDLY_KEY = '253e433d59dc4d2xa266e9e0de0cb830'
 
 
 ``urls.py``
diff --git a/docs/releases/1.2.rst b/docs/releases/1.2.rst
index 07b0a322b..c7a73db02 100644
--- a/docs/releases/1.2.rst
+++ b/docs/releases/1.2.rst
@@ -37,6 +37,7 @@ Minor features
  * page_published signal now called with the revision object that was published
  * Added a favicon to the admin interface, customisable by overriding the ``branding_favicon`` block (see :ref:`custom_branding`).
  * Added spinner animations to long-running form submissions
+ * The EMBEDLY_KEY setting has been renamed to WAGTAILEMBEDS_EMBEDLY_KEY
 
 Bug fixes
 ~~~~~~~~~
diff --git a/wagtail/wagtailembeds/embeds.py b/wagtail/wagtailembeds/embeds.py
index 4b4f9d392..ccbd37c73 100644
--- a/wagtail/wagtailembeds/embeds.py
+++ b/wagtail/wagtailembeds/embeds.py
@@ -1,5 +1,6 @@
 from datetime import datetime
 import json
+import warnings
 
 # Needs to be imported like this to allow @patch to work in tests
 from django.utils.six.moves.urllib import request as urllib_request
@@ -11,6 +12,7 @@ from django.conf import settings
 
 from wagtail.wagtailembeds.oembed_providers import get_oembed_provider
 from wagtail.wagtailembeds.models import Embed
+from wagtail.utils.deprecation import RemovedInWagtail14Warning
 
 
 class EmbedException(Exception):
@@ -31,7 +33,13 @@ def embedly(url, max_width=None, key=None):
 
     # Get embedly key
     if key is None:
-        key = settings.EMBEDLY_KEY
+        try:
+            key = settings.WAGTAILEMBEDS_EMBEDLY_KEY
+        except AttributeError:
+            key = settings.EMBEDLY_KEY
+            warnings.warn(
+                "EMBEDLY_KEY is now deprecated. Use WAGTAILEMBEDS_EMBEDLY_KEY instead",
+                RemovedInWagtail14Warning)
 
     # Get embedly client
     client = Embedly(key=key)
@@ -115,7 +123,7 @@ def get_default_finder():
         return import_string(settings.WAGTAILEMBEDS_EMBED_FINDER)
 
     # Use embedly if the embedly key is set
-    if hasattr(settings, 'EMBEDLY_KEY'):
+    if hasattr(settings, 'WAGTAILEMBEDS_EMBEDLY_KEY') or hasattr(settings, 'EMBEDLY_KEY')::
         return embedly
 
     # Fall back to oembed