diff --git a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
index 3708ce7ce68..a0b89f3d916 100644
--- a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
+++ b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
@@ -24,12 +24,12 @@ import org.springframework.beans.factory.BeanInitializationException;
 import org.springframework.beans.factory.config.ConfigurableListableBeanFactory;
 import org.springframework.beans.factory.config.PlaceholderConfigurerSupport;
 import org.springframework.context.EnvironmentAware;
+import org.springframework.core.env.CompositePropertySource;
 import org.springframework.core.env.ConfigurableEnvironment;
 import org.springframework.core.env.ConfigurablePropertyResolver;
 import org.springframework.core.env.Environment;
 import org.springframework.core.env.MutablePropertySources;
 import org.springframework.core.env.PropertiesPropertySource;
-import org.springframework.core.env.PropertyResolver;
 import org.springframework.core.env.PropertySource;
 import org.springframework.core.env.PropertySources;
 import org.springframework.core.env.PropertySourcesPropertyResolver;
@@ -133,28 +133,24 @@ public class PropertySourcesPlaceholderConfigurer extends PlaceholderConfigurerS
 		if (this.propertySources == null) {
 			this.propertySources = new MutablePropertySources();
 			if (this.environment != null) {
-				PropertyResolver propertyResolver = this.environment;
-				// If the ignoreUnresolvablePlaceholders flag is set to true, we have to create a
-				// local PropertyResolver to enforce that setting, since the Environment is most
-				// likely not configured with ignoreUnresolvablePlaceholders set to true.
-				// See https://github.com/spring-projects/spring-framework/issues/27947
-				if (this.ignoreUnresolvablePlaceholders &&
-						(this.environment instanceof ConfigurableEnvironment configurableEnvironment)) {
-					PropertySourcesPropertyResolver resolver =
-							new PropertySourcesPropertyResolver(configurableEnvironment.getPropertySources());
-					resolver.setIgnoreUnresolvableNestedPlaceholders(true);
-					propertyResolver = resolver;
+				PropertySource<?> environmentPropertySource;
+				if (this.environment instanceof ConfigurableEnvironment configurableEnvironment) {
+					environmentPropertySource = new CompositePropertySource(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME,
+							configurableEnvironment.getPropertySources());
 				}
-				PropertyResolver propertyResolverToUse = propertyResolver;
-				this.propertySources.addLast(
-					new PropertySource<>(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, this.environment) {
-						@Override
-						@Nullable
-						public String getProperty(String key) {
-							return propertyResolverToUse.getProperty(key);
-						}
-					}
-				);
+				else {
+					// Fallback code path that should never apply in a regular scenario, since the
+					// Environment in the ApplicationContext should always be a ConfigurableEnvironment.
+					environmentPropertySource =
+						new PropertySource<>(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, this.environment) {
+							@Override
+							@Nullable
+							public Object getProperty(String key) {
+								return super.source.getProperty(key);
+							}
+						};
+				}
+				this.propertySources.addLast(environmentPropertySource);
 			}
 			try {
 				PropertySource<?> localPropertySource =
diff --git a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
index c8bb5d5ef70..9fee2b56e9b 100644
--- a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
+++ b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2024 the original author or authors.
+ * Copyright 2002-2025 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -19,11 +19,13 @@ package org.springframework.context.support;
 import java.util.Optional;
 import java.util.Properties;
 
+import org.junit.jupiter.api.Nested;
 import org.junit.jupiter.api.Test;
 
 import org.springframework.beans.factory.BeanCreationException;
 import org.springframework.beans.factory.BeanDefinitionStoreException;
 import org.springframework.beans.factory.annotation.Value;
+import org.springframework.beans.factory.config.BeanDefinition;
 import org.springframework.beans.factory.support.DefaultListableBeanFactory;
 import org.springframework.beans.testfixture.beans.TestBean;
 import org.springframework.context.annotation.AnnotationConfigApplicationContext;
@@ -432,6 +434,150 @@ class PropertySourcesPlaceholderConfigurerTests {
 	}
 
 
+	/**
+	 * Tests that use the escape character (or disable it) with nested placeholder
+	 * resolution.
+	 */
+	@Nested
+	class EscapedNestedPlaceholdersTests {
+
+		@Test  // gh-34861
+		void singleEscapeWithDefaultEscapeCharacter() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "admin")
+					.withProperty("my.property", "\\DOMAIN\\${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			ppc.postProcessBeanFactory(bf);
+
+			// \DOMAIN\${user.home} resolves to \DOMAIN${user.home} instead of \DOMAIN\admin
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("\\DOMAIN${user.home}");
+		}
+
+		@Test  // gh-34861
+		void singleEscapeWithCustomEscapeCharacter() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "admin\\~${nested}")
+					.withProperty("my.property", "DOMAIN\\${user.home}\\~${enigma}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			// Set custom escape character.
+			ppc.setEscapeCharacter('~');
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("DOMAIN\\admin\\${nested}\\${enigma}");
+		}
+
+		@Test  // gh-34861
+		void singleEscapeWithEscapeCharacterDisabled() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "admin\\")
+					.withProperty("my.property", "\\DOMAIN\\${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			// Disable escape character.
+			ppc.setEscapeCharacter(null);
+			ppc.postProcessBeanFactory(bf);
+
+			// \DOMAIN\${user.home} resolves to \DOMAIN\admin
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("\\DOMAIN\\admin\\");
+		}
+
+		@Test  // gh-34861
+		void tripleEscapeWithDefaultEscapeCharacter() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "admin\\\\\\")
+					.withProperty("my.property", "DOMAIN\\\\\\${user.home}#${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("DOMAIN\\\\${user.home}#admin\\\\\\");
+		}
+
+		@Test  // gh-34861
+		void tripleEscapeWithCustomEscapeCharacter() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "admin\\~${enigma}")
+					.withProperty("my.property", "DOMAIN~~~${user.home}#${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			// Set custom escape character.
+			ppc.setEscapeCharacter('~');
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("DOMAIN~~${user.home}#admin\\${enigma}");
+		}
+
+		@Test  // gh-34861
+		void singleEscapeWithDefaultEscapeCharacterAndIgnoreUnresolvablePlaceholders() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "${enigma}")
+					.withProperty("my.property", "\\${DOMAIN}${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			ppc.setIgnoreUnresolvablePlaceholders(true);
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("${DOMAIN}${enigma}");
+		}
+
+		@Test  // gh-34861
+		void singleEscapeWithCustomEscapeCharacterAndIgnoreUnresolvablePlaceholders() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "${enigma}")
+					.withProperty("my.property", "~${DOMAIN}\\${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			// Set custom escape character.
+			ppc.setEscapeCharacter('~');
+			ppc.setIgnoreUnresolvablePlaceholders(true);
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("${DOMAIN}\\${enigma}");
+		}
+
+		@Test  // gh-34861
+		void tripleEscapeWithDefaultEscapeCharacterAndIgnoreUnresolvablePlaceholders() {
+			MockEnvironment env = new MockEnvironment()
+					.withProperty("user.home", "${enigma}")
+					.withProperty("my.property", "X:\\\\\\${DOMAIN}${user.home}");
+
+			DefaultListableBeanFactory bf = createBeanFactory();
+			PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+			ppc.setEnvironment(env);
+			ppc.setIgnoreUnresolvablePlaceholders(true);
+			ppc.postProcessBeanFactory(bf);
+
+			assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("X:\\\\${DOMAIN}${enigma}");
+		}
+
+		private static DefaultListableBeanFactory createBeanFactory() {
+			BeanDefinition beanDefinition = genericBeanDefinition(TestBean.class)
+					.addPropertyValue("name", "${my.property}")
+					.getBeanDefinition();
+			DefaultListableBeanFactory bf = new DefaultListableBeanFactory();
+			bf.registerBeanDefinition("testBean",beanDefinition);
+			return bf;
+		}
+
+	}
+
+
 	private static class OptionalTestBean {
 
 		private Optional<String> name;