diff --git a/moto/ec2/responses/launch_templates.py b/moto/ec2/responses/launch_templates.py
index d9797f77e..595f37f2f 100644
--- a/moto/ec2/responses/launch_templates.py
+++ b/moto/ec2/responses/launch_templates.py
@@ -226,7 +226,11 @@ class LaunchTemplates(EC2BaseResponse):
             ret_versions = []
             if versions:
                 for v in versions:
-                    ret_versions.append(template.get_version(int(v)))
+                    if str(v).lower() == "$latest" or "$default":
+                        tv = template.get_version(v)
+                    else:
+                        tv = template.get_version(int(v))
+                    ret_versions.append(tv)
             elif min_version:
                 if max_version:
                     vMax = max_version
diff --git a/tests/test_ec2/test_launch_templates.py b/tests/test_ec2/test_launch_templates.py
index 1133ee229..738c0e96d 100644
--- a/tests/test_ec2/test_launch_templates.py
+++ b/tests/test_ec2/test_launch_templates.py
@@ -85,6 +85,22 @@ def test_describe_launch_template_versions():
     templ = resp["LaunchTemplateVersions"][0]["LaunchTemplateData"]
     templ.should.equal(template_data)
 
+    # test using $Latest version
+    resp = cli.describe_launch_template_versions(
+        LaunchTemplateName=template_name, Versions=["$Latest"]
+    )
+
+    templ = resp["LaunchTemplateVersions"][0]["LaunchTemplateData"]
+    templ.should.equal(template_data)
+
+    # test using $Default version
+    resp = cli.describe_launch_template_versions(
+        LaunchTemplateName=template_name, Versions=["$Default"]
+    )
+
+    templ = resp["LaunchTemplateVersions"][0]["LaunchTemplateData"]
+    templ.should.equal(template_data)
+
 
 @mock_ec2
 def test_describe_launch_template_versions_by_name_when_absent():