diff --git a/src/components/FormSelectList.vue b/src/components/FormSelectList.vue
index 678dd873..b0f0c5d9 100644
--- a/src/components/FormSelectList.vue
+++ b/src/components/FormSelectList.vue
@@ -528,33 +528,28 @@ export default {
 
       list.forEach((item) => {
         // if the content has a mustache expression
-        const { escape } = Mustache;
-        Mustache.escape = (t) => t; // Do not escape mustache content
-
         let parsedOption = {};
         if (this.options.key) {
           const itemValue =
             this.options.key.indexOf("{{") >= 0
-              ? Mustache.render(this.options.key, item)
-              : Mustache.render(`{{${this.options.key || "value"}}}`, item);
+              ? Mustache.render(this.toUnescapedMustache(this.options.key), item)
+              : Mustache.render(`{{{${this.options.key || "value"}}}}`, item);
           parsedOption[this.optionsKey] = itemValue;
         }
         const itemContent =
           this.options.value.indexOf("{{") >= 0
-            ? Mustache.render(this.options.value, item)
-            : Mustache.render(`{{${this.options.value || "content"}}}`, item);
+            ? Mustache.render(this.toUnescapedMustache(this.options.value), item)
+            : Mustache.render(`{{{${this.options.value || "content"}}}}`, item);
 
         // Modified ariaLabel handling
         let itemAriaLabel = itemContent;
         if (this.options.optionAriaLabel) {
           itemAriaLabel =
             this.options.optionAriaLabel.indexOf("{{") >= 0
-              ? Mustache.render(this.options.optionAriaLabel, item)
-              : Mustache.render(`{{${this.options.optionAriaLabel || "ariaLabel"}}}`, item);
+              ? Mustache.render(this.toUnescapedMustache(this.options.optionAriaLabel), item)
+              : Mustache.render(`{{{${this.options.optionAriaLabel || "ariaLabel"}}}}`, item);
         }
 
-        Mustache.escape = escape; // Reset mustache to original escape function
-
         parsedOption[this.optionsValue] = itemContent;
         parsedOption[this.optionsAriaLabel] = itemAriaLabel;
 
@@ -579,6 +574,17 @@ export default {
       });
       return resultList;
     },
+    toUnescapedMustache(template) {
+      // Convert {{ var }} to {{{ var }}} so special characters are not HTML-escaped.
+      // Leave sections, inverted sections, partials, comments, and already-unescaped tags alone.
+      return template.replace(/\{\{(?!\{)([^}]+)\}\}(?!\})/g, (match, content) => {
+        const trimmed = content.trim();
+        if (!trimmed || /^[#/^!>&]/.test(trimmed)) {
+          return match;
+        }
+        return `{{{${content}}}}`;
+      });
+    },
     addObjectContentProp(parsedOption) {
       if (!(parsedOption instanceof Object)) {
         return parsedOption;
@@ -588,10 +594,14 @@ export default {
       let ariaLabelProperty = this.options.ariaLabel || this.options.value;
 
       if (contentProperty.indexOf("{{") === -1) {
-        contentProperty = `{{ ${contentProperty} }}`;
+        contentProperty = `{{{ ${contentProperty} }}}`;
+      } else {
+        contentProperty = this.toUnescapedMustache(contentProperty);
       }
       if (ariaLabelProperty.indexOf("{{") === -1) {
-        ariaLabelProperty = `{{ ${ariaLabelProperty} }}`;
+        ariaLabelProperty = `{{{ ${ariaLabelProperty} }}}`;
+      } else {
+        ariaLabelProperty = this.toUnescapedMustache(ariaLabelProperty);
       }
 
       if (!parsedOption.hasOwnProperty(this.optionsValue)) {
diff --git a/tests/unit/FormSelectList.spec.js b/tests/unit/FormSelectList.spec.js
index 46950209..0f27eb68 100644
--- a/tests/unit/FormSelectList.spec.js
+++ b/tests/unit/FormSelectList.spec.js
@@ -1,4 +1,5 @@
 import { shallowMount } from '@vue/test-utils'
+import Mustache from 'mustache';
 import FormSelectList from '../../src/components/FormSelectList.vue';
 
 describe('FormSelectList', () => {
@@ -244,4 +245,93 @@ describe('FormSelectList', () => {
     expect(wrapper.find('.invalid-feedback').exists()).toBe(false);
     expect(wrapper.find('select').classes('is-invalid')).toBe(false);
   });
+
+  describe('Mustache label escaping for object values', () => {
+    const specialLabel = 'Hello & World <tag>';
+    const dataConnectorOptions = {
+      renderAs: 'dropdown',
+      allowMultiSelect: true,
+      dataSource: 'dataConnector',
+      valueTypeReturned: 'object',
+      key: 'id',
+      value: 'name',
+      optionAriaLabel: 'name'
+    };
+
+    beforeEach(() => {
+      window.ProcessMaker = { user: {} };
+      window.validatorLanguageSet = true;
+    });
+
+    const mountDataConnector = () =>
+      shallowMount(FormSelectList, {
+        mocks: { $t },
+        propsData: {
+          options: dataConnectorOptions
+        },
+        computed: {
+          mode: () => 'preview'
+        }
+      });
+
+    it('does not HTML-escape special characters in transformOptions', () => {
+      const wrapper = mountDataConnector();
+      const list = [{ id: 1, name: specialLabel }];
+
+      const transformed = wrapper.vm.transformOptions(list);
+
+      expect(transformed[0].__content__).toBe(specialLabel);
+      expect(transformed[0].__ariaLabel__).toBe(specialLabel);
+      expect(transformed[0].__content__).not.toContain('&amp;');
+      expect(transformed[0].__content__).not.toContain('&lt;');
+    });
+
+    it('does not HTML-escape special characters in addObjectContentProp (reload path)', () => {
+      const wrapper = mountDataConnector();
+      const selectedObject = { id: 1, name: specialLabel };
+
+      const withContent = wrapper.vm.addObjectContentProp(selectedObject);
+
+      expect(withContent.__content__).toBe(specialLabel);
+      expect(withContent.__ariaLabel__).toBe(specialLabel);
+      expect(withContent.__content__).not.toContain('&amp;');
+      expect(withContent.__content__).not.toContain('&lt;');
+    });
+
+    it('converts double-brace variables to triple-brace without touching Mustache.escape', () => {
+      const wrapper = mountDataConnector();
+      const originalEscape = Mustache.escape;
+
+      expect(wrapper.vm.toUnescapedMustache('{{name}}')).toBe('{{{name}}}');
+      expect(wrapper.vm.toUnescapedMustache('{{name}} - {{code}}')).toBe('{{{name}}} - {{{code}}}');
+      expect(wrapper.vm.toUnescapedMustache('{{#items}}{{name}}{{/items}}')).toBe('{{#items}}{{{name}}}{{/items}}');
+      expect(wrapper.vm.toUnescapedMustache('{{{name}}}')).toBe('{{{name}}}');
+
+      const rendered = Mustache.render(wrapper.vm.toUnescapedMustache('{{name}}'), { name: specialLabel });
+      expect(rendered).toBe(specialLabel);
+      expect(Mustache.escape).toBe(originalEscape);
+      expect(Mustache.escape('&')).toBe('&amp;');
+    });
+
+    it('does not HTML-escape special characters for mustache templates on reload', () => {
+      const wrapper = shallowMount(FormSelectList, {
+        mocks: { $t },
+        propsData: {
+          options: {
+            ...dataConnectorOptions,
+            value: '{{name}}'
+          }
+        },
+        computed: {
+          mode: () => 'preview'
+        }
+      });
+      const selectedObject = { id: 1, name: specialLabel };
+
+      const withContent = wrapper.vm.addObjectContentProp(selectedObject);
+
+      expect(withContent.__content__).toBe(specialLabel);
+      expect(withContent.__ariaLabel__).toBe(specialLabel);
+    });
+  });
 });