diff --git a/app/helpers/application_helper.rb b/app/helpers/application_helper.rb
index 7ac922a9b2..ff096ce5b9 100644
--- a/app/helpers/application_helper.rb
+++ b/app/helpers/application_helper.rb
@@ -322,20 +322,35 @@ def link_to_chart(name, values)
     link_to icon_tag('signal'), url, target: :blank
   end
 
-  # show which stages this reference is deploy(ed+ing) to
+  # Show which stages this reference has been or is currently being deployed to.
   def deployed_or_running_list(stages, reference)
-    html = "".html_safe
-    stages.each do |stage|
-      next unless deploy = stage.deployed_or_running_deploy
-      next unless deploy.references?(reference)
-      label = (deploy.active? ? "label-warning" : "label-success")
-
-      text = "".html_safe
-      text << stage.name
-      html << content_tag(:span, text, class: "label #{label} release-stage")
-      html << " "
+    deploys = Deploy.of_reference_in_stages(reference, stages)
+
+    pieces = stages.map do |stage|
+      deploy = deploys[stage]
+
+      label = if deploy.nil?
+        nil
+      elsif deploy.running?
+        "label-warning"
+      elsif deploy.succeeded?
+        if deploy == stage.last_deploy
+          "label-success"
+        else
+          # Deploy is neither active nor is it the last successful one, but it
+          # succeeded in the past.
+          "label-default"
+        end
+      end
+
+      if label
+        text = "".html_safe
+        text << stage.name
+        content_tag(:span, text, class: "label #{label} release-stage")
+      end
     end
-    html
+
+    safe_join(pieces, " ")
   end
 
   def check_box_section(section_title, help_text, object, method, collection)
diff --git a/app/models/deploy.rb b/app/models/deploy.rb
index 1faecc22d3..b54abe0e7a 100644
--- a/app/models/deploy.rb
+++ b/app/models/deploy.rb
@@ -171,6 +171,26 @@ def self.after(deploy)
     where("#{table_name}.id > ?", deploy.id)
   end
 
+  # Returns a Hash of Stage => Deploy for the given reference and stages.
+  def self.of_reference_in_stages(reference, stages)
+    # Group by stage, then select the latest deploy id.
+    deploys_and_stages = where(reference: reference).
+      where(stage_id: stages.map(&:id)).
+      group(:stage_id).
+      select("MAX(id) AS id, stage_id")
+
+    # Fetch the actual deploys.
+    deploys = Deploy.where(id: deploys_and_stages.map(&:id))
+
+    # Map to a hash of stage => deploy entries.
+    deploys.map do |deploy|
+      # Don't trigger another query in order to fetch the stage.
+      stage = stages.find { |stage| stage.id == deploy.stage_id }
+
+      [stage, deploy]
+    end.to_h
+  end
+
   def self.expired
     threshold = BuddyCheck.time_limit.ago
     stale = where(buddy_id: nil).joins(:job).where(jobs: {status: 'pending'}).where("jobs.created_at < ?", threshold)
diff --git a/test/helpers/application_helper_test.rb b/test/helpers/application_helper_test.rb
index 655ac68a1d..9ba216346b 100644
--- a/test/helpers/application_helper_test.rb
+++ b/test/helpers/application_helper_test.rb
@@ -698,6 +698,15 @@ def render
 
   describe "#deployed_or_running_list" do
     let(:stage_list) { [stages(:test_staging)] }
+    let!(:deploy) { create_deploy "v1" }
+
+    def create_deploy(reference)
+      stages(:test_staging).deploys.create!(
+        project: projects(:test),
+        reference: reference,
+        job: jobs(:succeeded_test)
+      )
+    end
 
     it "produces safe output" do
       html = deployed_or_running_list([], "foo")
@@ -705,27 +714,54 @@ def render
       assert html.html_safe?
     end
 
-    it "renders succeeded deploys" do
-      html = deployed_or_running_list(stage_list, "staging")
-      html.must_equal "<span class=\"label label-success release-stage\">Staging</span> "
+    it "renders current, succeeded deploys" do
+      html = deployed_or_running_list(stage_list, "v1")
+      html.must_equal "<span class=\"label label-success release-stage\">Staging</span>"
+    end
+
+    it "renders past, succeeded deploys" do
+      # This deploy will be newer.
+      create_deploy "v2"
+
+      html = deployed_or_running_list(stage_list, "v1")
+      html.must_equal "<span class=\"label label-default release-stage\">Staging</span>"
     end
 
     it "ignores failed deploys" do
-      deploys(:succeeded_test).job.update_column(:status, 'failed')
-      html = deployed_or_running_list(stage_list, "staging")
+      deploy.job.update_column(:status, "failed")
+      html = deployed_or_running_list(stage_list, "v1")
       html.must_equal ""
     end
 
     it "ignores non-matching deploys" do
-      deploys(:succeeded_test).update_column(:reference, 'nope')
-      html = deployed_or_running_list(stage_list, "staging")
+      html = deployed_or_running_list(stage_list, "yolo")
       html.must_equal ""
     end
 
     it "shows active deploys" do
-      deploys(:succeeded_test).job.update_column(:status, 'running')
-      html = deployed_or_running_list(stage_list, "staging")
-      html.must_equal "<span class=\"label label-warning release-stage\">Staging</span> "
+      deploy.job.update_column(:status, 'running')
+      html = deployed_or_running_list(stage_list, "v1")
+      html.must_equal "<span class=\"label label-warning release-stage\">Staging</span>"
+    end
+
+    it "uses 4 queries when the deploy is the most recent one on the stage" do
+      assert_sql_queries 4 do
+        deployed_or_running_list(stage_list, "v1")
+      end
+    end
+
+    it "uses 3 queries if the deploy is currently running" do
+      deploy.job.update_column(:status, "running")
+
+      assert_sql_queries 3 do
+        deployed_or_running_list(stage_list, "v1")
+      end
+    end
+
+    it "uses 2 queries if there have been no deploys of that reference" do
+      assert_sql_queries 2 do
+        deployed_or_running_list(stage_list, "yolo")
+      end
     end
   end
 
diff --git a/test/models/deploy_test.rb b/test/models/deploy_test.rb
index 37bb6ef859..199194cbf8 100644
--- a/test/models/deploy_test.rb
+++ b/test/models/deploy_test.rb
@@ -656,6 +656,39 @@ def deploy
     end
   end
 
+  describe "#of_reference_in_stages" do
+    it "returns the latest deploy with the given reference in the specified stages" do
+      stage1 = create_stage!(name: "stage1")
+      stage2 = create_stage!(name: "stage2")
+      stage3 = create_stage!(name: "stage3")
+
+      create_deploy!(stage: stage1, reference: "v42")
+      deploy1 = create_deploy!(stage: stage1, reference: "v42")
+      deploy2 = create_deploy!(stage: stage2, reference: "v42")
+      create_deploy!(stage: stage3, reference: "v42")
+
+      expected = {
+        stage1 => deploy1,
+        stage2 => deploy2
+      }
+
+      Deploy.of_reference_in_stages("v42", [stage1, stage2]).must_equal expected
+    end
+
+    it "uses only two queries" do
+      stage1 = create_stage!(name: "stage1")
+      stage2 = create_stage!(name: "stage2")
+
+      create_deploy!(stage: stage1, reference: "v42")
+      create_deploy!(stage: stage1, reference: "v42")
+      create_deploy!(stage: stage2, reference: "v42")
+
+      assert_sql_queries 2 do
+        Deploy.of_reference_in_stages("v42", [stage1, stage2])
+      end
+    end
+  end
+
   describe "#as_json" do
     it "includes simple methods status" do
       deploy.as_json.fetch("status").must_equal "succeeded"
@@ -690,4 +723,13 @@ def create_job!(attrs = {})
 
     Job.create!(default_attrs.merge(attrs))
   end
+
+  def create_stage!(attrs = {})
+    default_attrs = {
+      project: project,
+      name: "some-stage"
+    }
+
+    Stage.create!(default_attrs.merge(attrs))
+  end
 end