diff --git a/packages/components/select-v2/__tests__/select.test.ts b/packages/components/select-v2/__tests__/select.test.ts
index 629771fe5d..c4aaced1e4 100644
--- a/packages/components/select-v2/__tests__/select.test.ts
+++ b/packages/components/select-v2/__tests__/select.test.ts
@@ -1268,6 +1268,65 @@ describe('Select', () => {
     expect(placeholder.text()).toBe('option 2')
   })
 
+  it('not options keep the selected label', async () => {
+    const initial = [
+      {
+        value: '1',
+        label: 'option 1',
+      },
+      {
+        value: '2',
+        label: 'option 2',
+      },
+    ]
+
+    const wrapper = createSelect({
+      data() {
+        return {
+          value: '1',
+          options: [...initial],
+        }
+      },
+
+      methods: {
+        handleSearch(value) {
+          this.options = initial.filter((item) => item.label.includes(value))
+        },
+      },
+    })
+
+    await nextTick()
+
+    const select = wrapper.findComponent(Select)
+    const selectVm = select.vm as any
+    const vm = wrapper.vm as any
+
+    expect(selectVm.selectedLabel).toBe('option 1')
+
+    const trigger = wrapper.find(`.${WRAPPER_CLASS_NAME}`)
+
+    await trigger.trigger('mouseenter')
+    await trigger.trigger('click')
+
+    vm.handleSearch('2')
+    await nextTick()
+    expect(wrapper.vm.options.length).toBe(1)
+    expect(selectVm.selectedLabel).toBe('option 1')
+
+    vm.handleSearch('3')
+    await nextTick()
+    expect(wrapper.vm.options.length).toBe(0)
+    expect(selectVm.selectedLabel).toBe('option 1')
+
+    vm.value = '3'
+    await nextTick()
+    expect(selectVm.selectedLabel).toBe('3')
+
+    vm.value = ''
+    await nextTick()
+    expect(selectVm.selectedLabel).toBe('')
+  })
+
   it('default value is null or undefined', async () => {
     const wrapper = createSelect({
       data() {
diff --git a/packages/components/select-v2/src/useSelect.ts b/packages/components/select-v2/src/useSelect.ts
index 046ad578e7..7b8c0bb9b6 100644
--- a/packages/components/select-v2/src/useSelect.ts
+++ b/packages/components/select-v2/src/useSelect.ts
@@ -754,7 +754,7 @@ const useSelect = (props: ISelectV2Props, emit: SelectEmitFn) => {
     }
   }
 
-  const initStates = () => {
+  const initStates = (needUpdateSelectedLabel = false) => {
     if (props.multiple) {
       if ((props.modelValue as Array<any>).length > 0) {
         const cachedOptions = states.cachedOptions.slice()
@@ -780,7 +780,9 @@ const useSelect = (props: ISelectV2Props, emit: SelectEmitFn) => {
         if (~selectedItemIndex) {
           states.selectedLabel = getLabel(options[selectedItemIndex])
         } else {
-          states.selectedLabel = getValueKey(props.modelValue)
+          if (!states.selectedLabel || needUpdateSelectedLabel) {
+            states.selectedLabel = getValueKey(props.modelValue)
+          }
         }
       } else {
         states.selectedLabel = ''
@@ -816,7 +818,7 @@ const useSelect = (props: ISelectV2Props, emit: SelectEmitFn) => {
         (!props.multiple &&
           getValueKey(val) !== getValueKey(states.previousValue))
       ) {
-        initStates()
+        initStates(true)
       }
       if (!isEqual(val, oldVal) && props.validateEvent) {
         elFormItem?.validate?.('change').catch((err) => debugWarn(err))