diff --git a/toolkit/content/tests/widgets/test_moz_base_input_element.html b/toolkit/content/tests/widgets/test_moz_base_input_element.html
index 34f561683ad6..fd9d78458ac2 100644
--- a/toolkit/content/tests/widgets/test_moz_base_input_element.html
+++ b/toolkit/content/tests/widgets/test_moz_base_input_element.html
@@ -93,6 +93,29 @@
           "support link created"
         );
       });
+
+      add_task(async function testLabelChange() {
+        let el = await renderTemplate();
+
+        let labelEl = el.shadowRoot.querySelector("label");
+        is(labelEl.innerText.trim(), "Example label!", "Label is correct");
+        is(labelEl.getAttribute("shownaccesskey"), "x", "Accesskey is shown");
+
+        // Test changing the label text, this could happen when the locale changes.
+        el.label = "Example new label!";
+        await el.updateComplete;
+
+        is(
+          labelEl.innerText.trim(),
+          "Example new label!",
+          "Label is updated correctly"
+        );
+        is(
+          labelEl.getAttribute("shownaccesskey"),
+          "x",
+          "Accesskey is still shown"
+        );
+      });
     </script>
   </head>
   <body>
diff --git a/toolkit/content/tests/widgets/test_moz_label.html b/toolkit/content/tests/widgets/test_moz_label.html
index 8d76d1743b0a..7cc3b65e6443 100644
--- a/toolkit/content/tests/widgets/test_moz_label.html
+++ b/toolkit/content/tests/widgets/test_moz_label.html
@@ -48,6 +48,13 @@
         Shownaccesskey highlights the key
         <input type="checkbox" />
       </label>
+
+      <label is="moz-label" accesskey="t" class="test-changetext"
+        ><span class="text">It has text</span></label
+      >
+      <label is="moz-label" shownaccesskey="t" class="test-changetext"
+        ><span class="text">It has text</span></label
+      >
     </div>
     <script class="testbody" type="application/javascript">
       let labels = document.querySelectorAll("label[is='moz-label']");
@@ -101,7 +108,7 @@
       add_task(async function testAccesskeyFocus() {
         labels.forEach(label => {
           let accessKey = label.getAttribute("accesskey");
-          if (!accessKey) {
+          if (!accessKey || label.classList.contains("test-changetext")) {
             return;
           }
           // Find the labelled element via the "for" attr if there's an ID
@@ -206,6 +213,70 @@
           "The associated input is not triggered by accesskey."
         );
       });
+
+      add_task(async function testAccesskeyTextContentChange() {
+        const ORIG_TEXT = "It has text";
+        const NEW_TEXT = "New text";
+        const ACCESSKEY = "t";
+        let [accesskeyLabel, shownaccesskeyLabel] =
+          document.querySelectorAll(".test-changetext");
+
+        is(
+          accesskeyLabel.textContent,
+          ORIG_TEXT,
+          "Original text is correct accesskey"
+        );
+        is(
+          shownaccesskeyLabel.textContent,
+          ORIG_TEXT,
+          "Original text is correct shownaccesskey"
+        );
+
+        let getWrapper = label => label.querySelector(".accesskey");
+        is(
+          getWrapper(accesskeyLabel).textContent,
+          ACCESSKEY,
+          "Original accesskey character is wrapped accesskey"
+        );
+        is(
+          getWrapper(shownaccesskeyLabel).textContent,
+          ACCESSKEY,
+          "Original accesskey character is wrapped accesskey"
+        );
+
+        // Set the textContent on the inner span so we don't hit `set textContent`
+        accesskeyLabel.firstElementChild.textContent = NEW_TEXT;
+        is(
+          accesskeyLabel.textContent,
+          NEW_TEXT,
+          "Updated text is correct accesskey"
+        );
+        ok(!getWrapper(accesskeyLabel), "Accesskey span was removed accesskey");
+        // formatAccessKey waits a tick so we don't get infinite observer looping
+        await new Promise(r => queueMicrotask(r));
+        is(
+          getWrapper(accesskeyLabel).textContent,
+          ACCESSKEY,
+          "Updated accesskey character is wrapped accesskey"
+        );
+        shownaccesskeyLabel.firstElementChild.textContent = NEW_TEXT;
+        is(
+          shownaccesskeyLabel.textContent,
+          NEW_TEXT,
+          "Updated text is correct shownaccesskey"
+        );
+        ok(
+          !getWrapper(shownaccesskeyLabel),
+          "Accesskey span was removed shownaccesskey"
+        );
+        // formatAccessKey waits a tick so we don't get infinite observer looping
+        await new Promise(r => queueMicrotask(r));
+        is(
+          getWrapper(shownaccesskeyLabel).textContent,
+          ACCESSKEY,
+          "Updated accesskey character is wrapped accesskey"
+        );
+      });
     </script>
   </body>
 </html>
diff --git a/toolkit/content/widgets/lit-utils.mjs b/toolkit/content/widgets/lit-utils.mjs
index 6fb31e633bfe..747020beb4ae 100644
--- a/toolkit/content/widgets/lit-utils.mjs
+++ b/toolkit/content/widgets/lit-utils.mjs
@@ -419,7 +419,12 @@ export class MozBaseInputElement extends MozLitElement {
     if (!this.label) {
       return "";
     }
-    return html`${this.iconTemplate()}<span class="text">${this.label}</span>`;
+    return html`<span class="text-container"
+      >${this.iconTemplate()}<span
+        class="text"
+        .textContent=${this.label}
+      ></span
+    ></span>`;
   }
 
   descriptionTemplate() {
diff --git a/toolkit/content/widgets/moz-label/moz-label.mjs b/toolkit/content/widgets/moz-label/moz-label.mjs
index 56c925ad6a05..d7f5787c7be2 100644
--- a/toolkit/content/widgets/moz-label/moz-label.mjs
+++ b/toolkit/content/widgets/moz-label/moz-label.mjs
@@ -65,19 +65,39 @@ class MozTextLabel extends HTMLLabelElement {
     }
   }
 
+  #startMutationObserver() {
+    if (!this.#observer) {
+      return;
+    }
+    this.#observer.observe(this, {
+      characterData: true,
+      childList: true,
+      subtree: true,
+    });
+  }
+
+  #stopMutationObserver() {
+    if (!this.#observer) {
+      return;
+    }
+    this.#observer.disconnect();
+  }
+
   connectedCallback() {
     this.#setStyles();
     this.formatAccessKey();
     if (!this.#observer) {
       this.#observer = new MutationObserver(() => {
+        this.#lastFormattedAccessKey = null;
         this.formatAccessKey();
-      }).observe(this, { characterData: true, childList: true, subtree: true });
+      });
+      this.#startMutationObserver();
     }
   }
 
   disconnectedCallback() {
     if (this.#observer) {
-      this.#observer.disconnect();
+      this.#stopMutationObserver();
       this.#observer = null;
     }
   }
@@ -185,6 +205,15 @@ class MozTextLabel extends HTMLLabelElement {
     ) {
       return;
     }
+    this.#stopMutationObserver();
+    try {
+      this.#formatAccessKey(accessKey);
+    } finally {
+      queueMicrotask(() => this.#startMutationObserver());
+    }
+  }
+
+  #formatAccessKey(accessKey) {
     this.#lastFormattedAccessKey = accessKey;
     if (this.accessKeySpan) {
       // Clear old accesskey
