diff --git a/core/src/components/select/select.scss b/core/src/components/select/select.scss
index ef32a431950..fc41917fda4 100644
--- a/core/src/components/select/select.scss
+++ b/core/src/components/select/select.scss
@@ -227,6 +227,15 @@ button {
   box-sizing: border-box;
 }
 
+.select-wrapper .select-placeholder {
+  /**
+   * When the floating label appears on top of the
+   * select, we need to fade the text out so that the
+   * label does not overlap with the placeholder.
+   */
+  transition: opacity 150ms cubic-bezier(0.4, 0, 0.2, 1);
+}
+
 // Select Highlight
 // ----------------------------------------------------------------
 
@@ -473,16 +482,17 @@ button {
 }
 
 /**
- * The select should be hidden when the label
+ * The placeholder should be hidden when the label
  * is on top of the select. This prevents the label
  * from overlapping any placeholder value.
  */
-:host(.select-label-placement-floating:not(.has-placeholder)) .native-wrapper .select-text {
+:host(.select-label-placement-floating) .native-wrapper .select-placeholder {
   opacity: 0;
 }
 
-:host(.select-expanded.select-label-placement-floating) .native-wrapper .select-text,
-:host(.has-value.select-label-placement-floating) .native-wrapper .select-text {
+:host(.select-expanded.select-label-placement-floating) .native-wrapper .select-placeholder,
+:host(.ion-focused.select-label-placement-floating) .native-wrapper .select-placeholder,
+:host(.has-value.select-label-placement-floating) .native-wrapper .select-placeholder {
   opacity: 1;
 }
 
@@ -492,8 +502,7 @@ button {
 :host(.select-label-placement-stacked) .label-text-wrapper,
 :host(.select-expanded.select-label-placement-floating) .label-text-wrapper,
 :host(.ion-focused.select-label-placement-floating) .label-text-wrapper,
-:host(.has-value.select-label-placement-floating) .label-text-wrapper,
-:host(.has-placeholder.select-label-placement-floating) .label-text-wrapper {
+:host(.has-value.select-label-placement-floating) .label-text-wrapper {
   @include transform(translateY(50%), scale(#{$select-floating-label-scale}));
 
   /**
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png
index f306b532cfd..5bc4ca5e612 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png
index 617eb0bf23c..31f759f96ce 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png
index 368f4a01b4e..a15516c908c 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png
index 25bba5d4587..34c1f3f868c 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png
index f49c675ec45..e9be1d2565d 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png
index 72254b24535..2eb0a41838d 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png
index e6224ec2310..1a5a1e0b779 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png
index 3a083344234..975c5908a3d 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png
index f572baa7ea3..99ef259d9ec 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png
index 95530f1ba9a..f0c31eb8261 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png
index 877555db025..0ea6fb55470 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png
index 8775f957ff4..724b22a9c56 100644
Binary files a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png and b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts b/core/src/components/textarea/test/label-placement/textarea.e2e.ts
index 76716f5ee7d..affa8f1489f 100644
--- a/core/src/components/textarea/test/label-placement/textarea.e2e.ts
+++ b/core/src/components/textarea/test/label-placement/textarea.e2e.ts
@@ -179,6 +179,19 @@ configs().forEach(({ title, screenshot, config }) => {
       const textarea = page.locator('ion-textarea');
       expect(await textarea.screenshot()).toMatchSnapshot(screenshot(`textarea-placement-floating-no-value`));
     });
+    test('label should appear on top of the textarea when there is a placeholder and no value', async ({ page }) => {
+      await page.setContent(
+        `
+         <ion-textarea label="Standard" label-placement="floating" placeholder="Placeholder"></ion-textarea>
+       `,
+        config
+      );
+
+      const textarea = page.locator('ion-textarea');
+      expect(await textarea.screenshot()).toMatchSnapshot(
+        screenshot(`textarea-placement-floating-no-value-placeholder`)
+      );
+    });
     test('label should appear on top of the textarea when the textarea is focused', async ({ page }) => {
       await page.setContent(
         `
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png
new file mode 100644
index 00000000000..31045699d3b
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png
new file mode 100644
index 00000000000..e4fed639b7b
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..4d40a863248
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-ltr-Mobile-Safari-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png
new file mode 100644
index 00000000000..f6c73bd3c91
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png
new file mode 100644
index 00000000000..ae6bb74752a
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..1e09e1092b6
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-ios-rtl-Mobile-Safari-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png
new file mode 100644
index 00000000000..21e8871490e
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png
new file mode 100644
index 00000000000..27c1f6e727a
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..e76472aaa84
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-ltr-Mobile-Safari-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png
new file mode 100644
index 00000000000..dbbb5b1b2eb
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Chrome-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png
new file mode 100644
index 00000000000..a422fd3d818
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Firefox-linux.png differ
diff --git a/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..fb005e341d4
Binary files /dev/null and b/core/src/components/textarea/test/label-placement/textarea.e2e.ts-snapshots/textarea-placement-floating-no-value-placeholder-md-rtl-Mobile-Safari-linux.png differ