diff --git a/packages/select/src/vaadin-select.js b/packages/select/src/vaadin-select.js
index 196656caa9a..f5144f1f0a7 100644
--- a/packages/select/src/vaadin-select.js
+++ b/packages/select/src/vaadin-select.js
@@ -532,10 +532,13 @@ class Select extends DelegateFocusMixin(FieldMixin(SlotMixin(ElementMixin(Themab
 
     const selected = this._items[this._menuElement.selected];
 
+    this._valueButton.removeAttribute('placeholder');
+
     if (!selected) {
       if (this.placeholder) {
         const item = this.__createItem(this.placeholder);
         this.__appendItem(item);
+        this._valueButton.setAttribute('placeholder', '');
       }
     } else {
       this.__attachSelectedItem(selected);
diff --git a/packages/select/test/visual/lumo/screenshots/select/baseline/empty-value.png b/packages/select/test/visual/lumo/screenshots/select/baseline/empty-value.png
new file mode 100644
index 00000000000..158674bff0e
Binary files /dev/null and b/packages/select/test/visual/lumo/screenshots/select/baseline/empty-value.png differ
diff --git a/packages/select/test/visual/lumo/select.test.js b/packages/select/test/visual/lumo/select.test.js
index b31706716e5..217c7fc7f6c 100644
--- a/packages/select/test/visual/lumo/select.test.js
+++ b/packages/select/test/visual/lumo/select.test.js
@@ -136,4 +136,17 @@ describe('select', () => {
     element.value = 'item 1';
     await visualDiff(div, 'width-value');
   });
+
+  it('empty value', async () => {
+    // To make sure placeholder styles aren't applied to empty value item
+    element.placeholder = 'Placeholder';
+    element.renderer = (root) => {
+      root.innerHTML = `
+        <vaadin-list-box>
+          <vaadin-item value="">Empty</vaadin-item>
+        </vaadin-list-box>
+        `;
+    };
+    await visualDiff(div, 'empty-value');
+  });
 });
diff --git a/packages/select/test/visual/material/screenshots/select/baseline/empty-value.png b/packages/select/test/visual/material/screenshots/select/baseline/empty-value.png
new file mode 100644
index 00000000000..7b73bb0f2da
Binary files /dev/null and b/packages/select/test/visual/material/screenshots/select/baseline/empty-value.png differ
diff --git a/packages/select/test/visual/material/select.test.js b/packages/select/test/visual/material/select.test.js
index d0bd16765b9..85386b7ebe3 100644
--- a/packages/select/test/visual/material/select.test.js
+++ b/packages/select/test/visual/material/select.test.js
@@ -118,4 +118,17 @@ describe('select', () => {
     element.value = 'item 1';
     await visualDiff(div, 'width-value');
   });
+
+  it('empty value', async () => {
+    // To make sure placeholder styles aren't applied to empty value item
+    element.placeholder = 'Placeholder';
+    element.renderer = (root) => {
+      root.innerHTML = `
+        <vaadin-list-box>
+          <vaadin-item value="">Empty</vaadin-item>
+        </vaadin-list-box>
+        `;
+    };
+    await visualDiff(div, 'empty-value');
+  });
 });
diff --git a/packages/select/theme/lumo/vaadin-select-styles.js b/packages/select/theme/lumo/vaadin-select-styles.js
index 6e247ef30ff..0509ab42b26 100644
--- a/packages/select/theme/lumo/vaadin-select-styles.js
+++ b/packages/select/theme/lumo/vaadin-select-styles.js
@@ -20,13 +20,13 @@ const select = css`
   }
 
   /* placeholder styles */
-  :host(:not([has-value])) [part='input-field'] ::slotted([slot='value']) {
+  :host [part='input-field'] ::slotted([slot='value'][placeholder]) {
     color: inherit;
     transition: opacity 0.175s 0.1s;
     opacity: 0.5;
   }
 
-  :host([has-value]) [part='input-field'] ::slotted([slot='value']) {
+  :host [part='input-field'] ::slotted([slot='value']) {
     color: var(--lumo-body-text-color);
   }
 
diff --git a/packages/select/theme/material/vaadin-select-styles.js b/packages/select/theme/material/vaadin-select-styles.js
index 322ad432eb4..b6bad4eb7da 100644
--- a/packages/select/theme/material/vaadin-select-styles.js
+++ b/packages/select/theme/material/vaadin-select-styles.js
@@ -15,13 +15,13 @@ const select = css`
   }
 
   /* placeholder styles */
-  :host(:not([has-value])) [part='input-field'] ::slotted([slot='value']) {
+  :host [part='input-field'] ::slotted([slot='value'][placeholder]) {
     color: var(--material-disabled-text-color);
     transition: opacity 0.175s 0.1s;
     opacity: 1;
   }
 
-  :host([has-value]) [part='input-field'] ::slotted([slot='value']) {
+  :host [part='input-field'] ::slotted([slot='value']) {
     color: var(--material-body-text-color);
   }