diff --git a/resource/Cxbx.aps b/resource/Cxbx.aps
index b62101b45..f9f697a63 100644
Binary files a/resource/Cxbx.aps and b/resource/Cxbx.aps differ
diff --git a/resource/Cxbx.rc b/resource/Cxbx.rc
index cc0b630ce..ff71ea234 100644
Binary files a/resource/Cxbx.rc and b/resource/Cxbx.rc differ
diff --git a/src/Common/Win32/XBAudio.cpp b/src/Common/Win32/XBAudio.cpp
index 13cfd6b40..c76b56137 100644
--- a/src/Common/Win32/XBAudio.cpp
+++ b/src/Common/Win32/XBAudio.cpp
@@ -95,7 +95,7 @@ void XBAudio::Save(const char *szRegistryKey)
     // ******************************************************************
     // * Save Configuration to Registry
     // ******************************************************************
-    {
+    if (g_SaveOnExit) {
         DWORD   dwDisposition, dwType, dwSize;
         HKEY    hKey;
 
diff --git a/src/Common/Win32/XBController.cpp b/src/Common/Win32/XBController.cpp
index 66f30c447..d6423cc5f 100644
--- a/src/Common/Win32/XBController.cpp
+++ b/src/Common/Win32/XBController.cpp
@@ -160,7 +160,7 @@ void XBController::Save(const char *szRegistryKey)
     // ******************************************************************
     // * Save Configuration to Registry
     // ******************************************************************
-    {
+    if (g_SaveOnExit) {
         DWORD   dwDisposition, dwType, dwSize;
         HKEY    hKey;
 
diff --git a/src/Common/Win32/XBVideo.cpp b/src/Common/Win32/XBVideo.cpp
index 163cfdcfa..aa5dbcc85 100644
--- a/src/Common/Win32/XBVideo.cpp
+++ b/src/Common/Win32/XBVideo.cpp
@@ -97,7 +97,7 @@ void XBVideo::Save(const char *szRegistryKey)
     // ******************************************************************
     // * Save Configuration to Registry
     // ******************************************************************
-    {
+    if (g_SaveOnExit) {
         DWORD   dwDisposition, dwType, dwSize;
         HKEY    hKey;
 
diff --git a/src/Cxbx.h b/src/Cxbx.h
index 9e3cf1480..12b438fb3 100644
--- a/src/Cxbx.h
+++ b/src/Cxbx.h
@@ -122,6 +122,9 @@ extern bool g_bIsChihiro;
 /*! indicates emulation of a Debug xbe executable */
 extern bool g_bIsDebug;
 
+/*! indicates ability to save on exit (needed for settings reset) */
+extern bool g_SaveOnExit;
+
 /*! maximum number of threads cxbx can handle */
 #define MAXIMUM_XBOX_THREADS 256
 
diff --git a/src/Cxbx/ResCxbx.h b/src/Cxbx/ResCxbx.h
index d18c0d8f9..f3dcc8cd1 100644
--- a/src/Cxbx/ResCxbx.h
+++ b/src/Cxbx/ResCxbx.h
@@ -1,5 +1,6 @@
 //{{NO_DEPENDENCIES}}
 // Microsoft Visual C++ generated include file.
+// Used by C:\msys64\home\thesy\Cxbx-Reloaded\resource\Cxbx.rc
 //
 #define IDI_CXBX                        101
 #define IDB_SPLASH                      102
@@ -105,6 +106,7 @@
 #define ID_SETTINGS_HACKS               40087
 #define ID_HACKS_DISABLEPIXELSHADERS    40088
 #define ID_LED                          40089
+#define ID_SETTINGS_INITIALIZE          40090
 #define IDC_STATIC                      -1
 
 // Next default values for new objects
@@ -112,7 +114,7 @@
 #ifdef APSTUDIO_INVOKED
 #ifndef APSTUDIO_READONLY_SYMBOLS
 #define _APS_NEXT_RESOURCE_VALUE        130
-#define _APS_NEXT_COMMAND_VALUE         40089
+#define _APS_NEXT_COMMAND_VALUE         40091
 #define _APS_NEXT_CONTROL_VALUE         1058
 #define _APS_NEXT_SYMED_VALUE           104
 #endif
diff --git a/src/Cxbx/WndMain.cpp b/src/Cxbx/WndMain.cpp
index 5ff515ae7..fcae96033 100644
--- a/src/Cxbx/WndMain.cpp
+++ b/src/Cxbx/WndMain.cpp
@@ -60,6 +60,8 @@
 
 static int gameLogoWidth, gameLogoHeight;
 
+bool g_SaveOnExit = true;
+
 void ClearHLECache()
 {
 	std::string cacheDir = std::string(XTL::szFolder_CxbxReloadedData) + "\\HLECache\\";
@@ -88,6 +90,27 @@ void ClearHLECache()
 	printf("Cleared HLE Cache\n");
 }
 
+void WndMain::InitializeSettings() {
+	HKEY hKey;
+	if (RegOpenKeyEx(HKEY_CURRENT_USER, "Software\\Cxbx-Reloaded", 0, KEY_SET_VALUE, &hKey) == ERROR_SUCCESS) {
+		for (int v = 0; v < m_dwRecentXbe; v++) {
+			char buffer[32];
+			sprintf(buffer, "RecentXbe%d", v);
+			RegDeleteValue(hKey, buffer);
+		}
+		RegDeleteValue(hKey, "CxbxDebug"); RegDeleteValue(hKey, "CxbxDebugFilename");
+		RegDeleteValue(hKey, "HackDisablePixelShaders"); RegDeleteValue(hKey, "KrnlDebug");
+		RegDeleteValue(hKey, "KrnlDebugFilename"); RegDeleteValue(hKey, "LLEFLAGS");
+		RegDeleteValue(hKey, "RecentXbe"); RegDeleteValue(hKey, "XInputEnabled");
+
+		RegDeleteTree(hKey, "XBVideo"); RegDeleteTree(hKey, "XBAudio"); RegDeleteTree(hKey, "XBController");
+
+		RegCloseKey(hKey);
+
+		g_SaveOnExit = false;
+	}
+}
+
 #define TIMERID_FPS 0
 #define TIMERID_LED 1
 
@@ -280,7 +303,7 @@ WndMain::WndMain(HINSTANCE x_hInstance) :
 WndMain::~WndMain()
 {
     // save configuration to registry
-    {
+    if (g_SaveOnExit) {
         DWORD   dwDisposition, dwType, dwSize;
         HKEY    hKey;
 
@@ -1082,6 +1105,19 @@ LRESULT CALLBACK WndMain::WndProc(HWND hwnd, UINT uMsg, WPARAM wParam, LPARAM lP
 			}
 			break;
 
+			case ID_SETTINGS_INITIALIZE:
+			{
+				int ret = MessageBox(m_hwnd, "Warning: This will reset all Cxbx-Reloaded settings to their default values."
+					"\nAre you sure you want to proceed?", "Cxbx-Reloaded", MB_ICONEXCLAMATION | MB_YESNO);
+
+				if (ret == IDYES) {
+					InitializeSettings();
+					MessageBox(m_hwnd, "Cxbx-Reloaded has been initialized and will now close.", "Cxbx-Reloaded", MB_ICONINFORMATION | MB_OK);
+					SendMessage(hwnd, WM_CLOSE, 0, 0);
+				}
+			}
+			break;
+
 			case ID_EMULATION_DEBUGOUTPUTKERNEL_CONSOLE:
 			{
 				if (m_KrnlDebug == DM_NONE || m_KrnlDebug == DM_FILE)
diff --git a/src/Cxbx/WndMain.h b/src/Cxbx/WndMain.h
index 04ce46bef..fcaa0e41e 100644
--- a/src/Cxbx/WndMain.h
+++ b/src/Cxbx/WndMain.h
@@ -131,6 +131,11 @@ class WndMain : public Wnd
 		// ******************************************************************
 		void CrashMonitor();
 
+		// ******************************************************************
+		// * clear registry values and keys
+		// ******************************************************************
+		void InitializeSettings();
+
 		// ******************************************************************
 		// * draw Xbox LED bitmap
 		// ******************************************************************