diff --git a/components/molecules/index.tsx b/components/molecules/index.tsx
index 8ad6fde..9597abb 100644
--- a/components/molecules/index.tsx
+++ b/components/molecules/index.tsx
@@ -4,3 +4,4 @@ export * from './wallet-data'
 export * from './deposits'
 export * from './usd-converter'
 export * from './file-upload'
+export * from './milestone-progress'
diff --git a/components/molecules/milestone-progress/index.tsx b/components/molecules/milestone-progress/index.tsx
new file mode 100644
index 0000000..6806ff9
--- /dev/null
+++ b/components/molecules/milestone-progress/index.tsx
@@ -0,0 +1,93 @@
+import React from 'react'
+import styles from './style.module.css'
+
+export type MilestoneStatus = 'released' | 'current' | 'locked'
+
+export interface MilestoneProgressItem {
+  id: string
+  title: string
+  amount: string
+  status: MilestoneStatus
+  description?: string
+  dueLabel?: string
+}
+
+export interface MilestoneProgressProps {
+  milestones: MilestoneProgressItem[]
+  title?: string
+  summary?: string
+}
+
+const STATUS_LABELS: Record<MilestoneStatus, string> = {
+  released: 'Released',
+  current: 'Locked - in review',
+  locked: 'Locked',
+}
+
+function getStatusClass(status: MilestoneStatus) {
+  if (status === 'released') return styles.released
+  if (status === 'current') return styles.current
+  return styles.locked
+}
+
+export function MilestoneProgress({
+  milestones,
+  title = 'Milestone release timeline',
+  summary,
+}: MilestoneProgressProps) {
+  if (milestones.length === 0) {
+    return null
+  }
+
+  const releasedCount = milestones.filter((milestone) => milestone.status === 'released').length
+  const displaySummary =
+    summary ?? `${releasedCount} of ${milestones.length} escrow tranches released`
+
+  return (
+    <section className={styles.wrapper} aria-labelledby="milestone-progress-heading">
+      <div className={styles.header}>
+        <div>
+          <h3 id="milestone-progress-heading" className={styles.title}>
+            {title}
+          </h3>
+          <p className={styles.summary}>{displaySummary}</p>
+        </div>
+        <span className={styles.count}>
+          {releasedCount}/{milestones.length}
+        </span>
+      </div>
+
+      <ol className={styles.timeline}>
+        {milestones.map((milestone, index) => (
+          <li key={milestone.id} className={styles.item}>
+            <div className={styles.rail} aria-hidden="true">
+              <span className={`${styles.dot} ${getStatusClass(milestone.status)}`}>
+                {index + 1}
+              </span>
+              {index < milestones.length - 1 && (
+                <span className={`${styles.line} ${getStatusClass(milestone.status)}`} />
+              )}
+            </div>
+            <div className={styles.card}>
+              <div className={styles.cardHeader}>
+                <div>
+                  <h4 className={styles.milestoneTitle}>{milestone.title}</h4>
+                  {milestone.description && (
+                    <p className={styles.description}>{milestone.description}</p>
+                  )}
+                </div>
+                <div className={styles.meta}>
+                  <span className={styles.amount}>{milestone.amount}</span>
+                  <span className={`${styles.badge} ${getStatusClass(milestone.status)}`}>
+                    {STATUS_LABELS[milestone.status]}
+                  </span>
+                </div>
+              </div>
+              {milestone.dueLabel && <p className={styles.dueLabel}>{milestone.dueLabel}</p>}
+            </div>
+          </li>
+        ))}
+      </ol>
+    </section>
+  )
+}
diff --git a/components/molecules/milestone-progress/style.module.css b/components/molecules/milestone-progress/style.module.css
new file mode 100644
index 0000000..db3d42e
--- /dev/null
+++ b/components/molecules/milestone-progress/style.module.css
@@ -0,0 +1,178 @@
+.wrapper {
+  margin-top: 1.5rem;
+}
+
+.header {
+  align-items: flex-start;
+  display: flex;
+  gap: 1rem;
+  justify-content: space-between;
+  margin-bottom: 1rem;
+}
+
+.title {
+  color: #111827;
+  font-size: 1rem;
+  font-weight: 700;
+  line-height: 1.4;
+  margin: 0;
+}
+
+.summary {
+  color: #6b7280;
+  font-size: 0.875rem;
+  line-height: 1.5;
+  margin: 0.25rem 0 0;
+}
+
+.count {
+  background: #eef2ff;
+  border: 1px solid #c7d2fe;
+  border-radius: 999px;
+  color: #4338ca;
+  flex: 0 0 auto;
+  font-size: 0.875rem;
+  font-weight: 700;
+  line-height: 1;
+  padding: 0.5rem 0.625rem;
+}
+
+.timeline {
+  display: grid;
+  gap: 0;
+  list-style: none;
+  margin: 0;
+  padding: 0;
+}
+
+.item {
+  display: grid;
+  grid-template-columns: 2.25rem minmax(0, 1fr);
+  min-height: 4.75rem;
+}
+
+.rail {
+  align-items: center;
+  display: flex;
+  flex-direction: column;
+}
+
+.dot {
+  align-items: center;
+  border-radius: 999px;
+  display: flex;
+  font-size: 0.75rem;
+  font-weight: 800;
+  height: 2rem;
+  justify-content: center;
+  width: 2rem;
+}
+
+.line {
+  flex: 1 1 auto;
+  margin: 0.25rem 0;
+  min-height: 1.75rem;
+  width: 0.25rem;
+}
+
+.card {
+  background: #ffffff;
+  border: 1px solid #e5e7eb;
+  border-radius: 0.75rem;
+  margin-bottom: 0.75rem;
+  padding: 0.875rem;
+}
+
+.cardHeader {
+  align-items: flex-start;
+  display: flex;
+  gap: 0.75rem;
+  justify-content: space-between;
+}
+
+.milestoneTitle {
+  color: #111827;
+  font-size: 0.9375rem;
+  font-weight: 700;
+  line-height: 1.4;
+  margin: 0;
+}
+
+.description {
+  color: #6b7280;
+  font-size: 0.8125rem;
+  line-height: 1.5;
+  margin: 0.25rem 0 0;
+}
+
+.meta {
+  align-items: flex-end;
+  display: flex;
+  flex-direction: column;
+  flex-shrink: 0;
+  gap: 0.375rem;
+}
+
+.amount {
+  color: #111827;
+  font-size: 0.875rem;
+  font-weight: 800;
+  white-space: nowrap;
+}
+
+.badge {
+  border-radius: 999px;
+  font-size: 0.75rem;
+  font-weight: 700;
+  line-height: 1;
+  padding: 0.375rem 0.5rem;
+  white-space: nowrap;
+}
+
+.dueLabel {
+  color: #6b7280;
+  font-size: 0.75rem;
+  line-height: 1.4;
+  margin: 0.5rem 0 0;
+}
+
+.released {
+  background: #dcfce7;
+  border-color: #86efac;
+  color: #166534;
+}
+
+.current {
+  background: #fef3c7;
+  border-color: #f59e0b;
+  color: #92400e;
+}
+
+.locked {
+  background: #e5e7eb;
+  border-color: #d1d5db;
+  color: #374151;
+}
+
+.line.released {
+  background: #22c55e;
+}
+
+.line.current {
+  background: #f59e0b;
+}
+
+.line.locked {
+  background: #d1d5db;
+}
+
+@media (max-width: 640px) {
+  .header,
+  .cardHeader {
+    flex-direction: column;
+  }
+
+  .meta {
+    align-items: flex-start;
+  }
+}
diff --git a/components/organisms/pledge/index.tsx b/components/organisms/pledge/index.tsx
index 208e352..dbe9e57 100644
--- a/components/organisms/pledge/index.tsx
+++ b/components/organisms/pledge/index.tsx
@@ -1,5 +1,6 @@
 import React, { FunctionComponent } from 'react'
 import { Card, ConnectButton, Loading, ProgressBar } from '../../atoms'
+import { MilestoneProgress, type MilestoneProgressItem } from '../../molecules'
 import { Spacer } from '../../atoms/spacer'
 import { Utils } from '../../../shared/utils'
 import { useAccount } from '../../../hooks'
@@ -21,9 +22,35 @@ const EscrowPanel: FunctionComponent = () => {
     symbol: 'XLM',
     deadline: new Date(Date.now() + 7 * 24 * 60 * 60 * 1000),
     loaded: true,
+    milestones: [
+      {
+        id: 'brief',
+        title: 'Project brief approved',
+        amount: '150 XLM',
+        status: 'released',
+        description: 'Client approved the brief and the first tranche was released.',
+        dueLabel: 'Released after kickoff approval',
+      },
+      {
+        id: 'build',
+        title: 'Implementation review',
+        amount: '500 XLM',
+        status: 'current',
+        description: 'Funds remain locked until the active deliverable is accepted.',
+        dueLabel: 'Current escrow checkpoint',
+      },
+      {
+        id: 'handoff',
+        title: 'Final handoff',
+        amount: '350 XLM',
+        status: 'locked',
+        description: 'Final tranche stays locked until completion is confirmed.',
+        dueLabel: 'Queued after implementation review',
+      },
+    ] satisfies MilestoneProgressItem[],
   }
 
-  const { balance, target, decimals, symbol, deadline, loaded } = mockEscrow
+  const { balance, target, decimals, symbol, deadline, loaded, milestones } = mockEscrow
 
   return (
     <Card>
@@ -40,6 +67,10 @@ const EscrowPanel: FunctionComponent = () => {
           </span>
           <Spacer rem={1} />
           <ProgressBar value={Utils.percentage(balance, target, decimals)} />
+          <MilestoneProgress
+            milestones={milestones}
+            summary="1 tranche released; 2 tranches remain locked in escrow."
+          />
           <Spacer rem={1.5} />
           <div style={{ display: 'flex', justifyContent: 'space-between' }}>
             <div>
diff --git a/pages/escrow.tsx b/pages/escrow.tsx
new file mode 100644
index 0000000..7fcb5fc
--- /dev/null
+++ b/pages/escrow.tsx
@@ -0,0 +1,36 @@
+import type { NextPage } from 'next'
+import Head from 'next/head'
+import { Navbar, Pledge } from '../components/organisms'
+
+const Escrow: NextPage = () => {
+  return (
+    <>
+      <Head>
+        <title>Escrow - TrustFlow</title>
+        <meta
+          name="description"
+          content="Track locked and released escrow milestones on TrustFlow"
+        />
+      </Head>
+
+      <div className="min-h-screen bg-gray-50 dark:bg-gray-950">
+        <Navbar />
+
+        <main className="max-w-4xl mx-auto px-6 py-8">
+          <div className="mb-8">
+            <h1 className="text-3xl md:text-4xl font-bold text-gray-900 dark:text-white mb-2">
+              Escrow Milestones
+            </h1>
+            <p className="text-gray-600 dark:text-gray-400">
+              Review which payment tranches have been released and which remain locked.
+            </p>
+          </div>
+
+          <Pledge />
+        </main>
+      </div>
+    </>
+  )
+}
+
+export default Escrow