diff --git a/.changeset/large-mails-roll.md b/.changeset/large-mails-roll.md
new file mode 100644
index 000000000..be5d03cd9
--- /dev/null
+++ b/.changeset/large-mails-roll.md
@@ -0,0 +1,6 @@
+---
+'@lion/form-integrations': patch
+'@lion/select': patch
+---
+
+Set formattedValue to the text of the selected option instead of its value
diff --git a/packages/form-integrations/test/form-integrations.test.js b/packages/form-integrations/test/form-integrations.test.js
index 04abe1680..8737532a4 100644
--- a/packages/form-integrations/test/form-integrations.test.js
+++ b/packages/form-integrations/test/form-integrations.test.js
@@ -54,7 +54,7 @@ describe('Form Integrations', () => {
       favoriteFruit: 'Banana',
       favoriteMovie: 'Rocky',
       favoriteColor: 'hotpink',
-      lyrics: '1',
+      lyrics: 'Fire up that loud',
       range: 2.3,
       terms: [],
       notifications: '',
diff --git a/packages/select/src/LionSelect.js b/packages/select/src/LionSelect.js
index 8ab932756..2b8dd1b56 100644
--- a/packages/select/src/LionSelect.js
+++ b/packages/select/src/LionSelect.js
@@ -1,6 +1,9 @@
 /* eslint-disable max-classes-per-file */
 import { LionField } from '@lion/form-core';
 
+/**
+ * @typedef {import('@lion/localize/types/LocalizeMixinTypes').FormatNumberOptions} FormatOptions
+ */
 class LionFieldWithSelect extends LionField {
   /** @type {any} */
   static get properties() {
@@ -28,19 +31,19 @@ class LionFieldWithSelect extends LionField {
 }
 
 /**
- * LionSelectNative: wraps the native HTML element select
+ * LionSelect: wraps the native HTML element select
  *
- * <lion-select-native>
+ * <lion-select>
  *   <label slot="label">My Input</label>
  *   <select slot="input">
  *    <option value="top">top</option>
  *    <option value="bottom">bottom</option>
  *   </select>
- * </lion-select-native>
+ * </lion-select>
  *
  * You can preselect an option by setting the property modelValue.
  *   Example:
- *     <lion-select-native modelValue="${'<value of option 2>'}">
+ *     <lion-select .modelValue="${'<value of option 2>'}">
  *
  * It extends LionField so it inherits required and disabled.
  *
@@ -59,24 +62,6 @@ export class LionSelect extends LionFieldWithSelect {
     this._inputNode.addEventListener('change', this._proxyChangeEvent);
   }
 
-  // FIXME: For some reason we have to override this FormatMixin getter/setter pair for the tests to pass
-  get value() {
-    return (this._inputNode && this._inputNode.value) || this.__value || '';
-  }
-
-  // We don't delegate, because we want to preserve caret position via _setValueAndPreserveCaret
-  /** @type {string} */
-  set value(value) {
-    // if not yet connected to dom can't change the value
-    if (this._inputNode) {
-      this._inputNode.value = value;
-      /** @type {string | undefined} */
-      this.__value = undefined;
-    } else {
-      this.__value = value;
-    }
-  }
-
   /** @param {import('@lion/core').PropertyValues } changedProperties */
   updated(changedProperties) {
     super.updated(changedProperties);
@@ -99,6 +84,28 @@ export class LionSelect extends LionFieldWithSelect {
     this._inputNode.removeEventListener('change', this._proxyChangeEvent);
   }
 
+  /**
+   * @override FormatMixin - set formattedValue to selected option text
+   * @param {*} v - modelValue: can be an Object, Number, String depending on the
+   * input type(date, number, email etc)
+   * @returns {string} formattedValue
+   */
+  formatter(v) {
+    // The selectedIndex is not yet updated
+    const found = Array.from(this._inputNode.options).find(option => option.value === v);
+    return found ? found.text : '';
+  }
+
+  /**
+   * @override FormatMixin - set value equal to modelValue instead of formattedValue
+   */
+  _reflectBackFormattedValueToUser() {
+    if (this._reflectBackOn()) {
+      // Text 'undefined' should not end up in <input>
+      this.value = typeof this.modelValue !== 'undefined' ? this.modelValue : '';
+    }
+  }
+
   /** @protected */
   _proxyChangeEvent() {
     this.dispatchEvent(
diff --git a/packages/select/test/lion-select.test.js b/packages/select/test/lion-select.test.js
index 7a760eed1..e1e25c2ad 100644
--- a/packages/select/test/lion-select.test.js
+++ b/packages/select/test/lion-select.test.js
@@ -1,7 +1,10 @@
-import { expect, fixture } from '@open-wc/testing';
+import '@lion/select/define';
+import { aTimeout, expect, fixture } from '@open-wc/testing';
 import { html } from 'lit/static-html.js';
 
-import '@lion/select/define';
+/**
+ * @typedef {import('../src/LionSelect').LionSelect} LionSelect
+ */
 
 describe('lion-select', () => {
   it('can preselect an option', async () => {
@@ -17,6 +20,30 @@ describe('lion-select', () => {
     expect(lionSelect.querySelector('select')?.value).to.equal('nr2');
   });
 
+  it('sets the values correctly based on the option value and view value', async () => {
+    const lionSelect = /** @type {LionSelect} */ (
+      await fixture(html`
+        <lion-select label="Foo item" .modelValue="${'nr2'}">
+          <select slot="input">
+            <option value="nr1">Item 1</option>
+            <option value="nr2">Item 2</option>
+            <option value="nr3"></option>
+          </select>
+        </lion-select>
+      `)
+    );
+    expect(lionSelect.serializedValue).to.equal('nr2');
+    expect(lionSelect.formattedValue).to.equal('Item 2');
+    lionSelect.modelValue = 'nr1';
+    await aTimeout;
+    expect(lionSelect.serializedValue).to.equal('nr1');
+    expect(lionSelect.formattedValue).to.equal('Item 1');
+    lionSelect.modelValue = 'nr3';
+    await aTimeout;
+    expect(lionSelect.serializedValue).to.equal('nr3');
+    expect(lionSelect.formattedValue).to.equal('');
+  });
+
   it('is accessible', async () => {
     const lionSelect = await fixture(html`
       <lion-select .modelValue="${'nr2'}">