diff --git a/src/examples/example-module.ts b/src/examples/example-module.ts
index 60293aeb56ff..f6a06509c251 100644
--- a/src/examples/example-module.ts
+++ b/src/examples/example-module.ts
@@ -66,6 +66,7 @@ import {TabsTemplateLabelExample} from './tabs-template-label/tabs-template-labe
 import {RadioOverviewExample} from './radio-overview/radio-overview-example';
 import {SidenavOverviewExample} from './sidenav-overview/sidenav-overview-example';
 import {SelectOverviewExample} from './select-overview/select-overview-example';
+import {SelectLabelExample} from './select-label/select-label-example';
 import {ChipsOverviewExample} from './chips-overview/chips-overview-example';
 import {ChipsStackedExample} from './chips-stacked/chips-stacked-example';
 import {SelectFormExample} from './select-form/select-form-example';
@@ -141,6 +142,7 @@ export const EXAMPLE_COMPONENTS = {
   'radio-ng-model': {title: 'Radios with ngModel', component: RadioNgModelExample},
   'radio-overview': {title: 'Basic radios', component: RadioOverviewExample},
   'select-overview': {title: 'Basic select', component: SelectOverviewExample},
+  'select-label': {title: 'Select with custom label', component: SelectLabelExample},
   'select-form': {title: 'Select in a form', component: SelectFormExample},
   'sidenav-fab': {title: 'Sidenav with a FAB', component: SidenavFabExample},
   'sidenav-overview': {title: 'Basic sidenav', component: SidenavOverviewExample},
@@ -203,6 +205,7 @@ export const EXAMPLE_LIST = [
   RadioOverviewExample,
   SidenavFabExample,
   SelectOverviewExample,
+  SelectLabelExample,
   SelectFormExample,
   SidenavOverviewExample,
   SliderConfigurableExample,
diff --git a/src/examples/select-label/select-label-example.css b/src/examples/select-label/select-label-example.css
new file mode 100644
index 000000000000..7432308753e6
--- /dev/null
+++ b/src/examples/select-label/select-label-example.css
@@ -0,0 +1 @@
+/** No CSS for this example */
diff --git a/src/examples/select-label/select-label-example.html b/src/examples/select-label/select-label-example.html
new file mode 100644
index 000000000000..6bf6c39a4237
--- /dev/null
+++ b/src/examples/select-label/select-label-example.html
@@ -0,0 +1,6 @@
+<md-select placeholder="Favorite food" #select="mdSelect">
+  <md-select-label>You have selected: {{ select.selected?.viewValue }}</md-select-label>
+  <md-option *ngFor="let food of foods" [value]="food.value">
+    {{ food.viewValue }}
+  </md-option>
+</md-select>
diff --git a/src/examples/select-label/select-label-example.ts b/src/examples/select-label/select-label-example.ts
new file mode 100644
index 000000000000..fc35a273a84e
--- /dev/null
+++ b/src/examples/select-label/select-label-example.ts
@@ -0,0 +1,14 @@
+import {Component} from '@angular/core';
+
+
+@Component({
+  selector: 'select-label-example',
+  templateUrl: './select-label-example.html',
+})
+export class SelectLabelExample {
+  foods = [
+    {value: 'steak-0', viewValue: 'Steak'},
+    {value: 'pizza-1', viewValue: 'Pizza'},
+    {value: 'tacos-2', viewValue: 'Tacos'}
+  ];
+}
diff --git a/src/lib/select/index.ts b/src/lib/select/index.ts
index 1a2e4afe6a88..0a76d2ddf482 100644
--- a/src/lib/select/index.ts
+++ b/src/lib/select/index.ts
@@ -1,19 +1,21 @@
 import {NgModule, ModuleWithProviders} from '@angular/core';
 import {CommonModule} from '@angular/common';
 import {MdSelect} from './select';
+import {MdSelectLabel} from './select-label';
 import {MdOptionModule} from '../core/option/option';
 import {
   CompatibilityModule,
   OverlayModule,
 } from '../core';
 export * from './select';
+export * from './select-label';
 export {fadeInContent, transformPanel, transformPlaceholder} from './select-animations';
 
 
 @NgModule({
   imports: [CommonModule, OverlayModule, MdOptionModule, CompatibilityModule],
-  exports: [MdSelect, MdOptionModule, CompatibilityModule],
-  declarations: [MdSelect],
+  exports: [MdSelect, MdSelectLabel, MdOptionModule, CompatibilityModule],
+  declarations: [MdSelect, MdSelectLabel],
 })
 export class MdSelectModule {
   /** @deprecated */
diff --git a/src/lib/select/select-label.ts b/src/lib/select/select-label.ts
new file mode 100644
index 000000000000..79cbcbd8f5f6
--- /dev/null
+++ b/src/lib/select/select-label.ts
@@ -0,0 +1,9 @@
+import {Directive} from '@angular/core';
+
+/**
+ * Allows the user to customize the label that is displayed `md-select` has a value.
+ */
+@Directive({
+  selector: 'md-select-label, mat-select-label'
+})
+export class MdSelectLabel { }
diff --git a/src/lib/select/select.html b/src/lib/select/select.html
index d3ae2a6ca256..953106d35f72 100644
--- a/src/lib/select/select.html
+++ b/src/lib/select/select.html
@@ -6,7 +6,10 @@
     [style.visibility]="_getPlaceholderVisibility()"
     [style.width.px]="_selectedValueWidth"> {{ placeholder }} </span>
   <span class="mat-select-value" *ngIf="selected">
-    <span class="mat-select-value-text">{{ selected?.viewValue }}</span>
+    <span class="mat-select-value-text" [ngSwitch]="!!customLabel">
+      <ng-content select="md-select-label, mat-select-label" *ngSwitchCase="true"></ng-content>
+      <span *ngSwitchDefault>{{ selected?.viewValue }}</span>
+    </span>
   </span>
 
   <span class="mat-select-arrow"></span>
diff --git a/src/lib/select/select.spec.ts b/src/lib/select/select.spec.ts
index 63e1f8f848f6..e83c1ec17318 100644
--- a/src/lib/select/select.spec.ts
+++ b/src/lib/select/select.spec.ts
@@ -39,7 +39,8 @@ describe('MdSelect', () => {
         FloatPlaceholderSelect,
         SelectWithErrorSibling,
         ThrowsErrorOnInit,
-        BasicSelectOnPush
+        BasicSelectOnPush,
+        SelectWithCustomLabel
       ],
       providers: [
         {provide: OverlayContainer, useFactory: () => {
@@ -579,7 +580,6 @@ describe('MdSelect', () => {
 
   });
 
-
   describe('animations', () => {
     let fixture: ComponentFixture<BasicSelect>;
     let trigger: HTMLElement;
@@ -1253,6 +1253,19 @@ describe('MdSelect', () => {
       }).toThrowError(new RegExp('Oh no!', 'g'));
     }));
 
+    it('should allow the user to customize the label', () => {
+      const fixture = TestBed.createComponent(SelectWithCustomLabel);
+      fixture.detectChanges();
+
+      fixture.componentInstance.control.setValue('pizza-1');
+      fixture.detectChanges();
+
+      const label = fixture.debugElement.query(By.css('.mat-select-value')).nativeElement;
+
+      expect(label.textContent).toContain('azziP',
+          'Expected the displayed text to be "Pizza" in reverse.');
+    });
+
   });
 
   describe('change event', () => {
@@ -1343,6 +1356,7 @@ describe('MdSelect', () => {
       expect(trigger.textContent).not.toContain('Pizza');
     });
   });
+
 });
 
 
@@ -1589,6 +1603,26 @@ class FloatPlaceholderSelect {
   @ViewChild(MdSelect) select: MdSelect;
 }
 
+@Component({
+  selector: 'select-with-custom-label',
+  template: `
+    <md-select placeholder="Food" [formControl]="control" #select="mdSelect">
+      <md-select-label>
+        {{ select.selected?.viewValue.split('').reverse().join('') }}
+      </md-select-label>
+      <md-option *ngFor="let food of foods" [value]="food.value">
+        {{ food.viewValue }}
+      </md-option>
+    </md-select>
+  `
+})
+class SelectWithCustomLabel {
+  foods: any[] = [
+    { value: 'steak-0', viewValue: 'Steak' },
+    { value: 'pizza-1', viewValue: 'Pizza' },
+  ];
+  control = new FormControl();
+}
 
 class FakeViewportRuler {
   getViewportRect() {
diff --git a/src/lib/select/select.ts b/src/lib/select/select.ts
index 1a92699e5437..c476fafc1381 100644
--- a/src/lib/select/select.ts
+++ b/src/lib/select/select.ts
@@ -1,6 +1,7 @@
 import {
   AfterContentInit,
   Component,
+  ContentChild,
   ContentChildren,
   ElementRef,
   EventEmitter,
@@ -25,6 +26,7 @@ import {ControlValueAccessor, NgControl} from '@angular/forms';
 import {coerceBooleanProperty} from '../core/coercion/boolean-property';
 import {ConnectedOverlayDirective} from '../core/overlay/overlay-directives';
 import {ViewportRuler} from '../core/overlay/position/viewport-ruler';
+import {MdSelectLabel} from './select-label';
 import 'rxjs/add/operator/startWith';
 
 
@@ -207,6 +209,9 @@ export class MdSelect implements AfterContentInit, ControlValueAccessor, OnDestr
   /** All of the defined select options. */
   @ContentChildren(MdOption) options: QueryList<MdOption>;
 
+  /** User-supplied override of the selected value label. */
+  @ContentChild(MdSelectLabel) customLabel: MdSelectLabel;
+
   /** Placeholder to be shown if no value has been selected. */
   @Input()
   get placeholder() { return this._placeholder; }