diff --git a/src/material/autocomplete/autocomplete-trigger.ts b/src/material/autocomplete/autocomplete-trigger.ts
index b2cd6c5612e4..85e9860c7e03 100644
--- a/src/material/autocomplete/autocomplete-trigger.ts
+++ b/src/material/autocomplete/autocomplete-trigger.ts
@@ -112,8 +112,8 @@ export abstract class _MatAutocompleteTriggerBase
   /** Old value of the native input. Used to work around issues with the `input` event on IE. */
   private _previousValue: string | number | null;
 
-  /** Value of the input element when the panel was opened. */
-  private _valueOnOpen: string | number | null;
+  /** Value of the input element when the panel was attached (even if there are no options). */
+  private _valueOnAttach: string | number | null;
 
   /** Strategy that is used to position the panel. */
   private _positionStrategy: FlexibleConnectedPositionStrategy;
@@ -574,6 +574,7 @@ export abstract class _MatAutocompleteTriggerBase
                 //   of the available options,
                 // - if a valid string is entered after an invalid one.
                 if (this.panelOpen) {
+                  this._captureValueOnAttach();
                   this._emitOpened();
                 } else {
                   this.autocomplete.closed.emit();
@@ -596,10 +597,14 @@ export abstract class _MatAutocompleteTriggerBase
    * the state of the trigger right before the opening sequence was finished.
    */
   private _emitOpened() {
-    this._valueOnOpen = this._element.nativeElement.value;
     this.autocomplete.opened.emit();
   }
 
+  /** Intended to be called when the panel is attached. Captures the current value of the input. */
+  private _captureValueOnAttach() {
+    this._valueOnAttach = this._element.nativeElement.value;
+  }
+
   /** Destroys the autocomplete suggestion panel. */
   private _destroyPanel(): void {
     if (this._overlayRef) {
@@ -650,7 +655,10 @@ export abstract class _MatAutocompleteTriggerBase
       this._onChange(toSelect.value);
       panel._emitSelectEvent(toSelect);
       this._element.nativeElement.focus();
-    } else if (panel.requireSelection && this._element.nativeElement.value !== this._valueOnOpen) {
+    } else if (
+      panel.requireSelection &&
+      this._element.nativeElement.value !== this._valueOnAttach
+    ) {
       this._clearPreviousSelectedOption(null);
       this._assignOptionValue(null);
       // Wait for the animation to finish before clearing the form control value, otherwise
@@ -712,8 +720,8 @@ export abstract class _MatAutocompleteTriggerBase
     this.autocomplete._isOpen = this._overlayAttached = true;
     this.autocomplete._setColor(this._formField?.color);
     this._updatePanelState();
-
     this._applyModalPanelOwnership();
+    this._captureValueOnAttach();
 
     // We need to do an extra `panelOpen` check in here, because the
     // autocomplete won't be shown if there are no options.
diff --git a/src/material/autocomplete/autocomplete.spec.ts b/src/material/autocomplete/autocomplete.spec.ts
index 27365fa5b76f..41e51dd5a3d7 100644
--- a/src/material/autocomplete/autocomplete.spec.ts
+++ b/src/material/autocomplete/autocomplete.spec.ts
@@ -2663,6 +2663,37 @@ describe('MDC-based MatAutocomplete', () => {
       expect(spy).not.toHaveBeenCalled();
       subscription.unsubscribe();
     }));
+
+    it('should preserve the value if a selection is required, and there are no options', fakeAsync(() => {
+      const input = fixture.nativeElement.querySelector('input');
+      const {stateCtrl, trigger, states} = fixture.componentInstance;
+      fixture.componentInstance.requireSelection = true;
+      stateCtrl.setValue(states[1]);
+      fixture.detectChanges();
+      tick();
+
+      expect(input.value).toBe('California');
+      expect(stateCtrl.value).toEqual({code: 'CA', name: 'California'});
+
+      fixture.componentInstance.states = fixture.componentInstance.filteredStates = [];
+      fixture.detectChanges();
+
+      trigger.openPanel();
+      fixture.detectChanges();
+      zone.simulateZoneExit();
+
+      const spy = jasmine.createSpy('optionSelected spy');
+      const subscription = trigger.optionSelections.subscribe(spy);
+
+      dispatchFakeEvent(document, 'click');
+      fixture.detectChanges();
+      tick();
+
+      expect(input.value).toBe('California');
+      expect(stateCtrl.value).toEqual({code: 'CA', name: 'California'});
+      expect(spy).not.toHaveBeenCalled();
+      subscription.unsubscribe();
+    }));
   });
 
   describe('panel closing', () => {