This is from this thread: http://stackoverflow.com/a/13842223/19329 patched with the suggested fixes to avoid infinite loops while using objects.raw() or objects.only()

model_diff_mixin.py

from django.forms.models import model_to_dict


class ModelDiffMixin(object):
    """
    A model mixin that tracks model fields' values and provide some useful api
    to know what fields have been changed.
    """

    def __init__(self, *args, **kwargs):
        super(ModelDiffMixin, self).__init__(*args, **kwargs)
        self.__initial = self._dict

    @property
    def diff(self):
        d1 = self.__initial
        d2 = self._dict
        diffs = [(k, (v, d2[k])) for k, v in d1.items() if v != d2[k]]
        return dict(diffs)

    @property
    def has_changed(self):
        return bool(self.diff)

    @property
    def changed_fields(self):
        return self.diff.keys()

    def get_field_diff(self, field_name):
        """
        Returns a diff for field if it's changed and None otherwise.
        """
        return self.diff.get(field_name, None)

    def save(self, *args, **kwargs):
        """
        Saves model and set initial state.
        """
        super(ModelDiffMixin, self).save(*args, **kwargs)
        self.__initial = self._dict

    @property
    def _dict(self):
        from django.db.models.query_utils import DeferredAttribute
        exclude = [f.name for f in self._meta.fields if isinstance(self.__class__.__dict__.get(f.attname), DeferredAttribute)]
 
        return model_to_dict(self, fields=[field.name for field in self._meta.fields], exclude=exclude)

usage

>>> p = Place()
>>> p.has_changed
False
>>> p.changed_fields
[]
>>> p.rank = 42
>>> p.has_changed
True
>>> p.changed_fields
['rank']
>>> p.diff
{'rank': (0, 42)}
>>> p.categories = [1, 3, 5]
>>> p.diff
{'categories': (None, [1, 3, 5]), 'rank': (0, 42)}
>>> p.get_field_diff('categories')
(None, [1, 3, 5])
>>> p.get_field_diff('rank')
(0, 42)
>>>