diff --git a/CHANGES.md b/CHANGES.md
index f9130e6..8c6fef1 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,7 @@
+## 0.9.4 (in progress)
+
+* `#sql/inline nil` should produce `NULL`. Fix #221. (@seancorfield)
+
 ## 0.9.3
 
 * Support parameters in `#sql/raw`. Fix #219. (@seancorfield)
diff --git a/src/honeysql/format.cljc b/src/honeysql/format.cljc
index 7f1d9b8..01a2246 100644
--- a/src/honeysql/format.cljc
+++ b/src/honeysql/format.cljc
@@ -411,7 +411,10 @@
     (str "ARRAY[" (comma-join (map to-sql (.-values x))) "]"))
   SqlInline
   (to-sql [x]
-    (str (.-value x)))
+    (let [v (.-value x)]
+      (if (some? v)
+        (str v)
+        "NULL")))
   #?(:clj Object :cljs default)
   (to-sql [x]
     #?(:clj (add-anon-param x)
diff --git a/test/honeysql/core_test.cljc b/test/honeysql/core_test.cljc
index c7fc6af..2c3ceb6 100644
--- a/test/honeysql/core_test.cljc
+++ b/test/honeysql/core_test.cljc
@@ -205,6 +205,14 @@
          (-> (select :*)
              (from :foo)
              (where [:= :id (sql/inline 5)])
+             sql/format)))
+  ;; testing for = NULL always fails in SQL -- this test is just to show
+  ;; that an #inline nil should render as NULL (so make sure you only use
+  ;; it in contexts where a literal NULL is acceptable!)
+  (is (= ["SELECT * FROM foo WHERE id = NULL"]
+         (-> (select :*)
+             (from :foo)
+             (where [:= :id (sql/inline nil)])
              sql/format))))
 
 #?(:cljs (cljs.test/run-all-tests))