diff --git a/packages/main/cypress/specs/Toolbar.cy.tsx b/packages/main/cypress/specs/Toolbar.cy.tsx
index 89a65d219b67..c8ee5c1d2a81 100644
--- a/packages/main/cypress/specs/Toolbar.cy.tsx
+++ b/packages/main/cypress/specs/Toolbar.cy.tsx
@@ -492,6 +492,40 @@ describe("Toolbar Select", () => {
 			});
 		});
 	});
+
+	it("Should correctly handle the 'value' property and 'label' slot of ToolbarSelect", () => {
+		// Mount the Toolbar with a ToolbarSelect component
+		cy.mount(
+			<Toolbar>
+				<ToolbarSelect value="Option 2">
+					<span slot="label">Select an Option:</span>
+					<ToolbarSelectOption>Option 1</ToolbarSelectOption>
+					<ToolbarSelectOption>Option 2</ToolbarSelectOption>
+					<ToolbarSelectOption>Option 3</ToolbarSelectOption>
+				</ToolbarSelect>
+			</Toolbar>
+		);
+
+		// Verify the initial value of the ToolbarSelect
+		cy.get("ui5-select", { includeShadowDom: true })
+			.should("have.attr", "value", "Option 2");
+
+		// Verify the label slot content
+		cy.get("ui5-toolbar-select")
+			.find("span[slot='label']")
+			.should("contain.text", "Select an Option:");
+
+		// Change the value of the ToolbarSelect
+		cy.get("ui5-select", { includeShadowDom: true })
+			.realClick()
+			.find("ui5-option")
+			.contains("Option 3")
+			.realClick();
+
+		// Verify the updated value of the ToolbarSelect
+		cy.get("ui5-select", { includeShadowDom: true })
+			.should("have.attr", "value", "Option 3");
+	});
 });
 
 describe("Toolbar Button", () => {
diff --git a/packages/main/src/ToolbarSelect.ts b/packages/main/src/ToolbarSelect.ts
index 79faa0f938eb..2279f95c8956 100644
--- a/packages/main/src/ToolbarSelect.ts
+++ b/packages/main/src/ToolbarSelect.ts
@@ -5,6 +5,7 @@ import slot from "@ui5/webcomponents-base/dist/decorators/slot.js";
 import event from "@ui5/webcomponents-base/dist/decorators/event-strict.js";
 import type ValueState from "@ui5/webcomponents-base/dist/types/ValueState.js";
 import ToolbarSelectCss from "./generated/themes/ToolbarSelect.css.js";
+import type Select from "./Select.js";
 
 // Templates
 import ToolbarSelectTemplate from "./ToolbarSelectTemplate.js";
@@ -87,9 +88,22 @@ class ToolbarSelect extends ToolbarItem {
 	 * **Note:** Use the `ui5-toolbar-select-option` component to define the desired options.
 	 * @public
 	 */
-	@slot({ "default": true, type: HTMLElement, invalidateOnChildChange: true })
+	@slot({
+		"default": true,
+		type: HTMLElement,
+		invalidateOnChildChange: true,
+	})
 	options!: Array<ToolbarSelectOption>;
 
+	/**
+	 * Defines the HTML element that will be displayed in the component input part,
+	 * representing the selected option.
+	 * @public
+	 * @since 2.13.0
+	*/
+	@slot()
+	label!: Array<HTMLElement>;
+
 	/**
 	 * Defines the value state of the component.
 	 * @default "None"
@@ -124,6 +138,34 @@ class ToolbarSelect extends ToolbarItem {
 	@property()
 	accessibleNameRef?: string;
 
+	/**
+	 * Defines the value of the component:
+	 *
+	 * @public
+	 * @default ""
+	 * @since 2.13.0
+	 */
+	@property()
+	set value(newValue: string) {
+		if (this.select && this.select.value !== newValue) {
+			const selectedOption = this.select.options.find(option => option.textContent === newValue);
+			this.select.value = newValue;
+			selectedOption && this.fireDecoratorEvent("change", { targetRef: this.select, selectedOption });
+		}
+		this._value = newValue;
+	}
+
+	get value(): string | undefined {
+		return this.select ? this.select.value : this._value;
+	}
+
+	get select(): Select | null {
+		return this.shadowRoot!.querySelector<Select>("[ui5-select]");
+	}
+
+	// Internal value storage, in case the composite select is not rendered on the the assignment happens
+	_value: string = "";
+
 	onClick(e: Event): void {
 		e.stopImmediatePropagation();
 		const prevented = !this.fireDecoratorEvent("click", { targetRef: e.target as HTMLElement });
@@ -174,6 +216,10 @@ class ToolbarSelect extends ToolbarItem {
 			width: this.width,
 		};
 	}
+
+	get hasCustomLabel() {
+		return !!this.label.length;
+	}
 }
 
 ToolbarSelect.define();
diff --git a/packages/main/src/ToolbarSelectTemplate.tsx b/packages/main/src/ToolbarSelectTemplate.tsx
index 0ff8b3fa347a..28e1f2c1dc3e 100644
--- a/packages/main/src/ToolbarSelectTemplate.tsx
+++ b/packages/main/src/ToolbarSelectTemplate.tsx
@@ -7,6 +7,7 @@ export default function ToolbarSelectTemplate(this: ToolbarSelect) {
 		<Select
 			class={this.classes.root}
 			style={this.styles}
+			value={this.value}
 			data-ui5-external-action-item-id={this._id}
 			valueState={this.valueState}
 			disabled={this.disabled}
@@ -17,6 +18,10 @@ export default function ToolbarSelectTemplate(this: ToolbarSelect) {
 			onOpen={(...args) => this.onOpen(...args)}
 			onChange={(...args) => this.onChange(...args)}
 		>
+			{this.hasCustomLabel &&
+				<slot name="label" slot="label">
+				</slot>
+			}
 			{this.options.map((option, index) => (
 				<Option
 					selected={option.selected}
@@ -25,6 +30,5 @@ export default function ToolbarSelectTemplate(this: ToolbarSelect) {
 					{option.textContent}
 				</Option>
 			))}
-		</Select>
-	);
+		</Select>);
 }
diff --git a/packages/main/test/pages/Toolbar.html b/packages/main/test/pages/Toolbar.html
index de6b72c48bcf..594f1cb69fc0 100644
--- a/packages/main/test/pages/Toolbar.html
+++ b/packages/main/test/pages/Toolbar.html
@@ -71,6 +71,10 @@
 				<ui5-toolbar-button icon="add" text="Right 1"></ui5-toolbar-button>
 				<ui5-toolbar-button icon="employee" text="Right 4"></ui5-toolbar-button>
 				<ui5-toolbar-select id="toolbar-select">
+					<div class="selectLabel" slot="label">
+						<span id="mainText">Skirt [3]</span>
+						<ui5-avatar id="avatar" size="XS" initials="S"></ui5-avatar>
+					</div>
 					<ui5-toolbar-select-option>1</ui5-toolbar-select-option>
 					<ui5-toolbar-select-option selected>2</ui5-toolbar-select-option>
 					<ui5-toolbar-select-option>3</ui5-toolbar-select-option>
diff --git a/packages/main/test/pages/ToolbarSelect.html b/packages/main/test/pages/ToolbarSelect.html
index 2df0e8fae12e..86131e192e6c 100644
--- a/packages/main/test/pages/ToolbarSelect.html
+++ b/packages/main/test/pages/ToolbarSelect.html
@@ -3,7 +3,7 @@
     <head>
         <meta charset="utf-8" />
 
-        <title>ToolbarButton</title>
+        <title>ToolbarSelect</title>
         <meta
             name="viewport"
             content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=no"
@@ -34,6 +34,15 @@
                 <ui5-option selected>2</ui5-option>
                 <ui5-option>3</ui5-option>
             </ui5-toolbar-select>
+
+            <!-- with label -->
+
+            <ui5-toolbar-select id="labeledSelect" value="15pt">
+                <span slot="label" id="labeledSelectLabel">18pt</span>
+                <ui5-option>12pt</ui5-option>
+                <ui5-option>15pt</ui5-option>
+                <ui5-option>21pt</ui5-option>
+            </ui5-toolbar-select>
         </ui5-toolbar>
 
         <script>
@@ -59,6 +68,9 @@
             select.addEventListener("ui5-click", (event) => {
                 clicked.value++;
             });
+            labeledSelect.addEventListener("ui5-change", (event) => {
+                labeledSelectLabel.textContent = event.detail.selectedOption.textContent
+            })
         </script>
     </body>
 </html>