A triangular matrix ring is defined by a triplet (R, S, M) where R and S are rings and R M S is an S-R-bimodule. In the main theorem of this paper we show that if T S is a tilting S-module, then under certain homological conditions on the S-module M S , one can extend T S to a tilting complex over inducing a derived equivalence between and another triangular matrix ring specified by (S , R, M ), where the ring S and the R-S -bimodule M depend only on M and T S , and S is derived equivalent to S. Note that no conditions on the ring R are needed. These conditions are satisfied when S is an Artin algebra of finite global dimension and M S is finitely generated. In this case, (S , R, M ) = (S, R, DM) where D is the duality on the category of finitely generated S-modules. They are also satisfied when S is arbitrary, M S has a finite projective resolution and Ext