diff --git a/.changeset/placeholder-select-fix.md b/.changeset/placeholder-select-fix.md
new file mode 100644
index 00000000000..939d6ca6f1f
--- /dev/null
+++ b/.changeset/placeholder-select-fix.md
@@ -0,0 +1,5 @@
+---
+"@tanstack/query-core": patch
+---
+
+Recompute selected placeholder data when the selector changes or is removed.
diff --git a/packages/query-core/src/__tests__/queryObserver.test.tsx b/packages/query-core/src/__tests__/queryObserver.test.tsx
index 594aa1a67da..8cde8480ff0 100644
--- a/packages/query-core/src/__tests__/queryObserver.test.tsx
+++ b/packages/query-core/src/__tests__/queryObserver.test.tsx
@@ -24,6 +24,40 @@ describe('queryObserver', () => {
     vi.useRealTimers()
   })
 
+  it.each([false, true])(
+    'should update selected placeholder data when select changes (function: %s)',
+    (functional) => {
+      const key = queryKey()
+      const placeholderData = functional ? () => 2 : 2
+      const options = {
+        queryKey: key,
+        queryFn: () => 2,
+        enabled: false,
+        placeholderData,
+      }
+      const observer = new QueryObserver(queryClient, {
+        ...options,
+        select: (value) => value * 2,
+      })
+      expect(observer.getCurrentResult().data).toBe(4)
+      observer.setOptions({ ...options, select: (value) => value * 3 })
+      expect(observer.getCurrentResult()).toMatchObject({
+        data: 6,
+        isPlaceholderData: true,
+      })
+      observer.setOptions(options)
+      expect(observer.getCurrentResult()).toMatchObject({
+        data: 2,
+        isPlaceholderData: true,
+      })
+      observer.setOptions({ ...options, select: (value) => value * 4 })
+      expect(observer.getCurrentResult()).toMatchObject({
+        data: 8,
+        isPlaceholderData: true,
+      })
+    },
+  )
+
   it('should trigger a fetch when subscribed', () => {
     const key = queryKey()
     const queryFn = vi
diff --git a/packages/query-core/src/queryObserver.ts b/packages/query-core/src/queryObserver.ts
index beb3a2370bc..9f7e8a2883e 100644
--- a/packages/query-core/src/queryObserver.ts
+++ b/packages/query-core/src/queryObserver.ts
@@ -620,7 +620,8 @@ export class QueryObserver<
       // Memoize placeholder data
       if (
         prevResult?.isPlaceholderData &&
-        options.placeholderData === prevResultOptions?.placeholderData
+        options.placeholderData === prevResultOptions?.placeholderData &&
+        options.select === prevResultOptions.select
       ) {
         placeholderData = prevResult.data
         // we have to skip select when reading this memoization
diff --git a/packages/react-query/src/__tests__/useQuery.test.tsx b/packages/react-query/src/__tests__/useQuery.test.tsx
index 1c706a8ab21..0e5fe66f35f 100644
--- a/packages/react-query/src/__tests__/useQuery.test.tsx
+++ b/packages/react-query/src/__tests__/useQuery.test.tsx
@@ -1,5 +1,5 @@
 import { afterEach, beforeEach, describe, expect, it, vi } from 'vitest'
-import { act, fireEvent, render } from '@testing-library/react'
+import { act, fireEvent, render, renderHook } from '@testing-library/react'
 import * as React from 'react'
 import { ErrorBoundary } from 'react-error-boundary'
 import {
@@ -44,6 +44,35 @@ describe('useQuery', () => {
     vi.useRealTimers()
   })
 
+  it.each([false, true])(
+    'should update placeholder selection on rerender (StrictMode: %s)',
+    (strict) => {
+      const key = queryKey()
+      const initialProps: { factor: number | undefined } = { factor: 2 }
+      const view = renderHook(
+        ({ factor }: { factor: number | undefined }) =>
+          useQuery(
+            {
+              queryKey: key,
+              queryFn: () => 2,
+              enabled: false,
+              placeholderData: 2,
+              select:
+                factor === undefined ? undefined : (value) => value * factor,
+            },
+            queryClient,
+          ),
+        { initialProps, wrapper: strict ? React.StrictMode : undefined },
+      )
+      expect(view.result.current.data).toBe(4)
+      view.rerender({ factor: 3 })
+      expect(view.result.current.data).toBe(6)
+      view.rerender({ factor: undefined })
+      expect(view.result.current.data).toBe(2)
+      view.unmount()
+    },
+  )
+
   // See https://github.com/tannerlinsley/react-query/issues/105
   it('should allow to set default data value', async () => {
     const key = queryKey()