diff --git a/actionview/CHANGELOG.md b/actionview/CHANGELOG.md
index 459b6a7fdc..74b612927f 100644
--- a/actionview/CHANGELOG.md
+++ b/actionview/CHANGELOG.md
@@ -1,3 +1,8 @@
+*   Alias `ActionView::Helpers::Tags::Label::LabelBuilder#translation` to
+    `#to_s` so that `form.label` calls can yield that value to their blocks.
+
+    *Sean Doyle*
+
 *   Rename the new `TagHelper#class_names` method to `TagHelper#token_list`,
     and make the original available as an alias.
 
diff --git a/actionview/lib/action_view/helpers/form_helper.rb b/actionview/lib/action_view/helpers/form_helper.rb
index 47f966874a..4e681450db 100644
--- a/actionview/lib/action_view/helpers/form_helper.rb
+++ b/actionview/lib/action_view/helpers/form_helper.rb
@@ -1111,6 +1111,16 @@ module ActionView
       #   label(:post, :privacy, "Public Post", value: "public")
       #   # => <label for="post_privacy_public">Public Post</label>
       #
+      #   label(:post, :cost) do |translation|
+      #     content_tag(:span, translation, class: "cost_label")
+      #   end
+      #   # => <label for="post_cost"><span class="cost_label">Total cost</span></label>
+      #
+      #   label(:post, :cost) do |builder|
+      #     content_tag(:span, builder.translation, class: "cost_label")
+      #   end
+      #   # => <label for="post_cost"><span class="cost_label">Total cost</span></label>
+      #
       #   label(:post, :terms) do
       #     raw('Accept <a href="/terms">Terms</a>.')
       #   end
@@ -2245,6 +2255,24 @@ module ActionView
       #   label(:privacy, "Public Post", value: "public")
       #   # => <label for="post_privacy_public">Public Post</label>
       #
+      #   label(:cost) do |translation|
+      #     content_tag(:span, translation, class: "cost_label")
+      #   end
+      #   # => <label for="post_cost"><span class="cost_label">Total cost</span></label>
+      #
+      #   label(:cost) do |builder|
+      #     content_tag(:span, builder.translation, class: "cost_label")
+      #   end
+      #   # => <label for="post_cost"><span class="cost_label">Total cost</span></label>
+      #
+      #   label(:cost) do |builder|
+      #     content_tag(:span, builder.translation, class: [
+      #       "cost_label",
+      #       ("error_label" if builder.object.errors.include?(:cost))
+      #     ])
+      #   end
+      #   # => <label for="post_cost"><span class="cost_label error_label">Total cost</span></label>
+      #
       #   label(:terms) do
       #     raw('Accept <a href="/terms">Terms</a>.')
       #   end
diff --git a/actionview/lib/action_view/helpers/tags/label.rb b/actionview/lib/action_view/helpers/tags/label.rb
index 436c4cbda3..157fca057e 100644
--- a/actionview/lib/action_view/helpers/tags/label.rb
+++ b/actionview/lib/action_view/helpers/tags/label.rb
@@ -25,6 +25,10 @@ module ActionView
 
             content
           end
+
+          def to_s
+            translation
+          end
         end
 
         def initialize(object_name, method_name, template_object, content_or_options = nil, options = nil)
diff --git a/actionview/test/template/form_helper/form_with_test.rb b/actionview/test/template/form_helper/form_with_test.rb
index 162eabb4d5..a24c0b69f5 100644
--- a/actionview/test/template/form_helper/form_with_test.rb
+++ b/actionview/test/template/form_helper/form_with_test.rb
@@ -945,6 +945,56 @@ class FormWithActsLikeFormForTest < FormWithTest
     assert_dom_equal expected, output_buffer
   end
 
+  def test_form_with_label_passes_translation_to_block_version
+    form_with(model: Post.new) do |f|
+      concat(
+        f.label(:title) do |label|
+          concat content_tag(:span, label)
+        end
+      )
+    end
+
+    expected = whole_form("/posts") do
+      %(<label for="post_title"><span>Title</span></label>)
+    end
+
+    assert_dom_equal expected, output_buffer
+  end
+
+  def test_form_with_label_passes_label_tag_builder_to_block_version
+    form_with(model: Post.new) do |f|
+      concat(
+        f.label(:title) do |builder|
+          concat content_tag(:span, builder.translation)
+        end
+      )
+    end
+
+    expected = whole_form("/posts") do
+      %(<label for="post_title"><span>Title</span></label>)
+    end
+
+    assert_dom_equal expected, output_buffer
+  end
+
+  def test_form_with_label_accesses_object_through_label_tag_builder
+    form_with(model: Post.new) do |f|
+      concat(
+        f.label(:title) do |builder|
+          concat tag.span(builder, {
+            class: ("new_record" unless builder.object.persisted?)
+          })
+        end
+      )
+    end
+
+    expected = whole_form("/posts") do
+      %(<label for="post_title"><span class="new_record">Title</span></label>)
+    end
+
+    assert_dom_equal expected, output_buffer
+  end
+
   def test_form_with_label_error_wrapping
     form_with(model: @post) do |f|
       concat f.label(:author_name, class: "label")