diff --git a/docs/examples/select-v2/use-valueKey.vue b/docs/examples/select-v2/use-valueKey.vue
index 9f7107e580..8a568df97f 100644
--- a/docs/examples/select-v2/use-valueKey.vue
+++ b/docs/examples/select-v2/use-valueKey.vue
@@ -3,7 +3,7 @@
     v-model="value"
     :options="options"
     placeholder="Please select"
-    value-key="value.name"
+    value-key="name"
   />
 </template>
 
@@ -11,7 +11,7 @@
 import { ref } from 'vue'
 const initials = ['a', 'b', 'c', 'd', 'e', 'f', 'g', 'h', 'i', 'j']
 
-const value = ref()
+const value = ref({ name: 'Option 1', test: 'test 0' })
 const options = Array.from({ length: 1000 }).map((_, idx) => ({
   value: {
     name: `Option ${idx + 1}`,
diff --git a/packages/components/select-v2/__tests__/select.test.ts b/packages/components/select-v2/__tests__/select.test.ts
index 9af471fa21..f592934cea 100644
--- a/packages/components/select-v2/__tests__/select.test.ts
+++ b/packages/components/select-v2/__tests__/select.test.ts
@@ -272,22 +272,19 @@ describe('Select', () => {
   it('default value is Object', async () => {
     const wrapper = createSelect({
       data: () => ({
-        valueKey: 'value',
-        value: {
-          value: '1',
-          label: 'option_a',
-        },
+        valueKey: 'id',
+        value: { id: 1 },
         options: [
           {
-            value: '1',
+            value: { id: 1 },
             label: 'option_a',
           },
           {
-            value: '2',
+            value: { id: 2 },
             label: 'option_b',
           },
           {
-            value: '3',
+            value: { id: 3 },
             label: 'option_c',
           },
         ],
@@ -298,9 +295,7 @@ describe('Select', () => {
     expect(wrapper.find(`.${PLACEHOLDER_CLASS_NAME}`).text()).toBe(
       vm.options[0].label
     )
-    expect(wrapper.find(`.${PLACEHOLDER_CLASS_NAME}`).text()).toBe(
-      vm.value.label
-    )
+    expect(vm.value).toEqual(vm.options[0].value)
   })
 
   it('sync set value and options', async () => {
@@ -352,22 +347,19 @@ describe('Select', () => {
         return {
           options: [
             {
-              id: 'id 1',
-              value: 'value 1',
+              value: { id: 1 },
               label: 'option 1',
             },
             {
-              id: 'id 2',
-              value: 'value 2',
+              value: { id: 2 },
               label: 'option 2',
             },
             {
-              id: 'id 3',
-              value: 'value 3',
+              value: { id: 3 },
               label: 'option 3',
             },
           ],
-          value: '',
+          value: undefined,
           valueKey: 'id',
         }
       },
@@ -378,12 +370,11 @@ describe('Select', () => {
     const options = getOptions()
     options[1].click()
     await nextTick()
-    expect(vm.value).toBe(vm.options[1].id)
-    vm.valueKey = 'value'
-    await nextTick()
+    expect(vm.value).toEqual(vm.options[1].value)
+
     options[2].click()
     await nextTick()
-    expect(vm.value).toBe(vm.options[2].value)
+    expect(vm.value).toEqual(vm.options[2].value)
   })
 
   it('disabled option', async () => {
@@ -616,18 +607,15 @@ describe('Select', () => {
           return {
             options: [
               {
-                id: 'id 1',
-                value: 'value 1',
+                value: { id: 1, value: 'a' },
                 label: 'option 1',
               },
               {
-                id: 'id 2',
-                value: 'value 2',
+                value: { id: 2, value: 'b' },
                 label: 'option 2',
               },
               {
-                id: 'id 3',
-                value: 'value 3',
+                value: { id: 3, value: 'c' },
                 label: 'option 3',
               },
             ],
@@ -644,13 +632,24 @@ describe('Select', () => {
       options[1].click()
       await nextTick()
       expect(vm.value.length).toBe(1)
-      expect(vm.value[0]).toBe(vm.options[1].id)
-      vm.valueKey = 'value'
-      await nextTick()
+      expect(vm.value).toContainEqual(vm.options[1].value)
       options[2].click()
       await nextTick()
       expect(vm.value.length).toBe(2)
-      expect(vm.value[1]).toBe(vm.options[2].value)
+      expect(vm.value).toContainEqual(vm.options[2].value)
+      options[2].click()
+      await nextTick()
+      expect(vm.value.length).toBe(1)
+      expect(vm.value).not.toContainEqual(vm.options[2].value)
+
+      vm.valueKey = 'value'
+      await nextTick()
+      expect(vm.value.length).toBe(1)
+      expect(vm.value).toContainEqual(vm.options[1].value)
+      options[0].click()
+      await nextTick()
+      expect(vm.value.length).toBe(2)
+      expect(vm.value).toContainEqual(vm.options[0].value)
     })
   })
 
diff --git a/packages/components/select-v2/src/select-dropdown.tsx b/packages/components/select-v2/src/select-dropdown.tsx
index 894fb20e83..bf0629ae8e 100644
--- a/packages/components/select-v2/src/select-dropdown.tsx
+++ b/packages/components/select-v2/src/select-dropdown.tsx
@@ -1,4 +1,12 @@
-import { computed, defineComponent, inject, ref, unref, watch } from 'vue'
+import {
+  computed,
+  defineComponent,
+  inject,
+  ref,
+  toRaw,
+  unref,
+  watch,
+} from 'vue'
 import { get } from 'lodash-unified'
 import { isObject, isUndefined } from '@element-plus/utils'
 import {
@@ -69,7 +77,7 @@ export default defineComponent({
       return (
         arr &&
         arr.some((item) => {
-          return get(item, valueKey) === get(target, valueKey)
+          return toRaw(get(item, valueKey)) === get(target, valueKey)
         })
       )
     }
@@ -83,11 +91,10 @@ export default defineComponent({
     }
 
     const isItemSelected = (modelValue: any[] | any, target: Option) => {
-      const { valueKey } = select.props
       if (select.props.multiple) {
-        return contains(modelValue, get(target, valueKey))
+        return contains(modelValue, target.value)
       }
-      return isEqual(modelValue, get(target, valueKey))
+      return isEqual(modelValue, target.value)
     }
 
     const isItemDisabled = (modelValue: any[] | any, selected: boolean) => {
diff --git a/packages/components/select-v2/src/useSelect.ts b/packages/components/select-v2/src/useSelect.ts
index 3693c91bf4..e564adb40a 100644
--- a/packages/components/select-v2/src/useSelect.ts
+++ b/packages/components/select-v2/src/useSelect.ts
@@ -176,7 +176,7 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
     const valueMap = new Map()
 
     filteredOptions.value.forEach((option, index) => {
-      valueMap.set(getValueKey(option), { option, index })
+      valueMap.set(getValueKey(option.value), { option, index })
     })
     return valueMap
   })
@@ -409,7 +409,7 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
     if (props.multiple) {
       let selectedOptions = (props.modelValue as any[]).slice()
 
-      const index = getValueIndex(selectedOptions, getValueKey(option))
+      const index = getValueIndex(selectedOptions, option.value)
       if (index > -1) {
         selectedOptions = [
           ...selectedOptions.slice(0, index),
@@ -421,7 +421,7 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
         props.multipleLimit <= 0 ||
         selectedOptions.length < props.multipleLimit
       ) {
-        selectedOptions = [...selectedOptions, getValueKey(option)]
+        selectedOptions = [...selectedOptions, option.value]
         states.cachedOptions.push(option)
         selectNewOption(option)
         updateHoveringIndex(idx)
@@ -445,7 +445,7 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
     } else {
       selectedIndex.value = idx
       states.selectedLabel = option.label
-      update(getValueKey(option))
+      update(option.value)
       expanded.value = false
       states.isComposing = false
       states.isSilentBlur = byClick
@@ -457,20 +457,21 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
     }
   }
 
-  const deleteTag = (event: MouseEvent, tag: Option) => {
-    const { valueKey } = props
-    const index = (props.modelValue as Array<any>).indexOf(get(tag, valueKey))
+  const deleteTag = (event: MouseEvent, option: Option) => {
+    let selectedOptions = (props.modelValue as any[]).slice()
+
+    const index = getValueIndex(selectedOptions, option.value)
 
     if (index > -1 && !selectDisabled.value) {
-      const value = [
+      selectedOptions = [
         ...(props.modelValue as Array<unknown>).slice(0, index),
         ...(props.modelValue as Array<unknown>).slice(index + 1),
       ]
       states.cachedOptions.splice(index, 1)
-      update(value)
-      emit('remove-tag', get(tag, valueKey))
+      update(selectedOptions)
+      emit('remove-tag', option.value)
       states.softFocus = true
-      removeNewOption(tag)
+      removeNewOption(option)
       return nextTick(focusAndUpdatePopup)
     }
     event.stopPropagation()
@@ -673,8 +674,12 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
         states.previousValue = props.modelValue.toString()
 
         for (const value of props.modelValue) {
-          if (filteredOptionsValueMap.value.has(value)) {
-            const { index, option } = filteredOptionsValueMap.value.get(value)
+          const selectValue = getValueKey(value)
+
+          if (filteredOptionsValueMap.value.has(selectValue)) {
+            const { index, option } =
+              filteredOptionsValueMap.value.get(selectValue)
+
             states.cachedOptions.push(option)
             if (!initHovering) {
               updateHoveringIndex(index)
@@ -691,7 +696,8 @@ const useSelect = (props: ExtractPropTypes<typeof SelectProps>, emit) => {
         states.previousValue = props.modelValue
         const options = filteredOptions.value
         const selectedItemIndex = options.findIndex(
-          (option) => getValueKey(option) === getValueKey(props.modelValue)
+          (option) =>
+            getValueKey(option.value) === getValueKey(props.modelValue)
         )
         if (~selectedItemIndex) {
           states.selectedLabel = options[selectedItemIndex].label