diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 5f8a30be85..0d6f13aa18 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -642,9 +642,12 @@ function serialize_element_special_value_attribute(element, node_id, attribute,
 		)
 	);
 	const is_reactive = attribute.metadata.dynamic;
-	const is_select_with_reactive_value = element === 'select' && is_reactive;
+	const is_select_with_value =
+		// attribute.metadata.dynamic would give false negatives because even if the value does not change,
+		// the inner options could still change, so we need to always treat it as reactive
+		element === 'select' && attribute.value !== true && !is_text_attribute(attribute);
 	const assignment = b.stmt(
-		is_select_with_reactive_value
+		is_select_with_value
 			? b.sequence([
 					inner_assignment,
 					// This ensures a one-way street to the DOM in case it's <select {value}>
@@ -656,7 +659,7 @@ function serialize_element_special_value_attribute(element, node_id, attribute,
 			: inner_assignment
 	);
 
-	if (is_select_with_reactive_value) {
+	if (is_select_with_value) {
 		state.init.push(b.stmt(b.call('$.init_select', node_id, b.thunk(value))));
 	}
 
diff --git a/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/_config.js b/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/_config.js
new file mode 100644
index 0000000000..03714f0875
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/_config.js
@@ -0,0 +1,16 @@
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await target.querySelector('button')?.click();
+		await Promise.resolve();
+
+		const options = target.querySelectorAll('option');
+		assert.equal(options[0].selected, false);
+		assert.equal(options[1].selected, true);
+		assert.equal(options[2].selected, false);
+		assert.equal(options[3].selected, false);
+		assert.equal(options[4].selected, true);
+		assert.equal(options[5].selected, false);
+	}
+});
diff --git a/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/main.svelte b/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/main.svelte
new file mode 100644
index 0000000000..5d4b51c371
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/select-lazy-options/main.svelte
@@ -0,0 +1,33 @@
+<script>
+	let value = 'bar';
+	let value_bound = 'bar';
+	let options = {};
+
+	function loadOptions() {
+		options = {
+			foo: 'Foo',
+			bar: 'Bar',
+			baz: 'Baz',
+		};
+	}
+</script>
+
+<select {value}>
+	{#each Object.entries(options) as [key, value] (key)}
+		<option value={key}>
+			{value}
+		</option>
+	{/each}
+</select>
+
+<select bind:value={value_bound}>
+	{#each Object.entries(options) as [key, value] (key)}
+		<option value={key}>
+			{value}
+		</option>
+	{/each}
+</select>
+
+<button on:click={loadOptions}>
+	Load options
+</button>