Alembic is a new database migrations tool, written by the author of SQLAlchemy. I’ve found it much easier to use than sqlalchemy-migrate. It also works seamlessly with Flask-SQLAlchemy.
Auto generate the schema migration script from your SQLAlchemy models:
alembic revision --autogenerate -m "description of changes"
Then apply the new schema changes to your database:
alembic upgrade head
More info here: http://readthedocs.org/docs/alembic/