diff --git a/public/app/features/dashboard-scene/edit-pane/DashboardEditableElement.tsx b/public/app/features/dashboard-scene/edit-pane/DashboardEditableElement.tsx
index c3e04ba136f..93e5ec503d8 100644
--- a/public/app/features/dashboard-scene/edit-pane/DashboardEditableElement.tsx
+++ b/public/app/features/dashboard-scene/edit-pane/DashboardEditableElement.tsx
@@ -108,8 +108,8 @@ export function DashboardTitleInput({ dashboard, id }: { dashboard: DashboardSce
 
         dashboardEditActions.changeTitle({
           source: dashboard,
-          oldTitle: valueBeforeEdit.current,
-          newTitle: e.currentTarget.value,
+          oldValue: valueBeforeEdit.current,
+          newValue: e.currentTarget.value,
         });
       }}
     />
@@ -139,8 +139,8 @@ export function DashboardDescriptionInput({ dashboard, id }: { dashboard: Dashbo
 
         dashboardEditActions.changeDescription({
           source: dashboard,
-          oldDescription: valueBeforeEdit.current,
-          newDescription: e.currentTarget.value,
+          oldValue: valueBeforeEdit.current,
+          newValue: e.currentTarget.value,
         });
       }}
     />
diff --git a/public/app/features/dashboard-scene/edit-pane/shared.ts b/public/app/features/dashboard-scene/edit-pane/shared.ts
index dc5b9553142..1171d9ef776 100644
--- a/public/app/features/dashboard-scene/edit-pane/shared.ts
+++ b/public/app/features/dashboard-scene/edit-pane/shared.ts
@@ -1,3 +1,4 @@
+/* eslint-disable @grafana/i18n/no-translation-top-level */
 import { useSessionStorage } from 'react-use';
 
 import { BusEventWithPayload } from '@grafana/data';
@@ -191,6 +192,15 @@ export const dashboardEditActions = {
     });
   },
 
+  changeTitle: makeEditAction<DashboardScene, 'title'>({
+    description: t('dashboard.title.action', 'Change dashboard title'),
+    prop: 'title',
+  }),
+  changeDescription: makeEditAction<DashboardScene, 'description'>({
+    description: t('dashboard.description.action', 'Change dashboard description'),
+    prop: 'description',
+  }),
+
   addVariable({ source, addedObject }: AddVariableActionHelperProps) {
     const varsBeforeAddition = [...source.state.variables];
 
@@ -219,32 +229,22 @@ export const dashboardEditActions = {
       },
     });
   },
-
-  changeTitle({ source, oldTitle, newTitle }: ChangeTitleActionHelperProps) {
-    dashboardEditActions.edit({
-      description: t('dashboard.title.action', 'Change dashboard title'),
-      source,
-      perform: () => {
-        source.setState({ title: newTitle });
-      },
-      undo: () => {
-        source.setState({ title: oldTitle });
-      },
-    });
-  },
-
-  changeDescription({ source, oldDescription, newDescription }: ChangeDescriptionActionHelperProps) {
-    dashboardEditActions.edit({
-      description: t('dashboard.description.action', 'Change dashboard description'),
-      source,
-      perform: () => {
-        source.setState({ description: newDescription });
-      },
-      undo: () => {
-        source.setState({ description: oldDescription });
-      },
-    });
-  },
+  changeVariableName: makeEditAction<SceneVariable, 'name'>({
+    description: t('dashboard.variable.name.action', 'Change variable name'),
+    prop: 'name',
+  }),
+  changeVariableLabel: makeEditAction<SceneVariable, 'label'>({
+    description: t('dashboard.variable.label.action', 'Change variable label'),
+    prop: 'label',
+  }),
+  changeVariableDescription: makeEditAction<SceneVariable, 'description'>({
+    description: t('dashboard.variable.description.action', 'Change variable description'),
+    prop: 'description',
+  }),
+  changeVariableHideValue: makeEditAction<SceneVariable, 'hide'>({
+    description: t('dashboard.variable.hide.action', 'Change variable hide option'),
+    prop: 'hide',
+  }),
 
   moveElement(props: MoveElementActionHelperProps) {
     const { movedObject, source, perform, undo } = props;
@@ -266,6 +266,35 @@ export const dashboardEditActions = {
   },
 };
 
+interface MakeEditActionProps<Source extends SceneObject, T extends keyof Source['state']> {
+  description: string;
+  prop: T;
+}
+
+interface EditActionProps<Source extends SceneObject, T extends keyof Source['state']> {
+  source: Source;
+  oldValue: Source['state'][T];
+  newValue: Source['state'][T];
+}
+
+function makeEditAction<Source extends SceneObject, T extends keyof Source['state']>({
+  description,
+  prop,
+}: MakeEditActionProps<Source, T>) {
+  return ({ source, oldValue, newValue }: EditActionProps<Source, T>) => {
+    dashboardEditActions.edit({
+      description,
+      source,
+      perform: () => {
+        source.setState({ [prop]: newValue });
+      },
+      undo: () => {
+        source.setState({ [prop]: oldValue });
+      },
+    });
+  };
+}
+
 export function undoRedoWasClicked(e: React.FocusEvent) {
   return e.relatedTarget && (e.relatedTarget.id === undoButtonID || e.relatedTarget.id === redoButtonId);
 }
diff --git a/public/app/features/dashboard-scene/settings/variables/VariableEditableElement.tsx b/public/app/features/dashboard-scene/settings/variables/VariableEditableElement.tsx
index fa72de1f36e..86450b91f92 100644
--- a/public/app/features/dashboard-scene/settings/variables/VariableEditableElement.tsx
+++ b/public/app/features/dashboard-scene/settings/variables/VariableEditableElement.tsx
@@ -1,4 +1,4 @@
-import { FormEvent, useMemo, useState } from 'react';
+import { FormEvent, useMemo, useRef, useState } from 'react';
 
 import { VariableHide } from '@grafana/data';
 import { selectors } from '@grafana/e2e-selectors';
@@ -9,7 +9,7 @@ import { Input, TextArea, Button, Field, Box, Stack } from '@grafana/ui';
 import { OptionsPaneCategoryDescriptor } from 'app/features/dashboard/components/PanelEditor/OptionsPaneCategoryDescriptor';
 import { OptionsPaneItemDescriptor } from 'app/features/dashboard/components/PanelEditor/OptionsPaneItemDescriptor';
 
-import { dashboardEditActions } from '../../edit-pane/shared';
+import { dashboardEditActions, undoRedoWasClicked } from '../../edit-pane/shared';
 import { useEditPaneInputAutoFocus } from '../../scene/layouts-shared/utils';
 import { BulkActionElement } from '../../scene/types/BulkActionElement';
 import { EditableDashboardElement, EditableDashboardElementInfo } from '../../scene/types/EditableDashboardElement';
@@ -123,36 +123,49 @@ function VariableNameInput({ variable, isNewElement }: { variable: SceneVariable
   const { name } = variable.useState();
   const ref = useEditPaneInputAutoFocus({ autoFocus: isNewElement });
   const [nameError, setNameError] = useState<string>();
-  const [validName, setValidName] = useState<string>(variable.state.name);
 
   const onChange = (e: FormEvent<HTMLInputElement>) => {
     const result = validateVariableName(variable, e.currentTarget.value);
     if (result.errorMessage !== nameError) {
       setNameError(result.errorMessage);
-    } else {
-      setValidName(variable.state.name);
     }
 
     variable.setState({ name: e.currentTarget.value });
   };
 
-  // Restore valid name if bluring while invalid
-  const onBlur = () => {
-    if (nameError) {
-      variable.setState({ name: validName });
-      setNameError(undefined);
-    }
-  };
+  const oldName = useRef(name);
 
   return (
     <Field label={t('dashboard.edit-pane.variable.name', 'Name')} invalid={!!nameError} error={nameError}>
       <Input
         ref={ref}
         value={name}
+        onFocus={() => {
+          oldName.current = name;
+        }}
         onChange={onChange}
-        required
-        onBlur={onBlur}
+        onBlur={(e) => {
+          const labelUnchanged = oldName.current === name;
+          const shouldSkip = labelUnchanged || undoRedoWasClicked(e);
+
+          if (nameError) {
+            setNameError(undefined);
+            variable.setState({ name: oldName.current });
+            return;
+          }
+
+          if (shouldSkip) {
+            return;
+          }
+
+          dashboardEditActions.changeVariableName({
+            source: variable,
+            oldValue: oldName.current,
+            newValue: name,
+          });
+        }}
         data-testid={selectors.components.PanelEditor.ElementEditPane.variableNameInput}
+        required
       />
     </Field>
   );
@@ -160,10 +173,29 @@ function VariableNameInput({ variable, isNewElement }: { variable: SceneVariable
 
 function VariableLabelInput({ variable }: VariableInputProps) {
   const { label } = variable.useState();
+  const oldLabel = useRef(label ?? '');
+
   return (
     <Input
       value={label}
+      onFocus={() => {
+        oldLabel.current = label ?? '';
+      }}
       onChange={(e) => variable.setState({ label: e.currentTarget.value })}
+      onBlur={(e) => {
+        const labelUnchanged = oldLabel.current === e.currentTarget.value;
+        const shouldSkip = labelUnchanged || undoRedoWasClicked(e);
+
+        if (shouldSkip) {
+          return;
+        }
+
+        dashboardEditActions.changeVariableLabel({
+          source: variable,
+          oldValue: oldLabel.current,
+          newValue: e.currentTarget.value,
+        });
+      }}
       data-testid={selectors.components.PanelEditor.ElementEditPane.variableLabelInput}
     />
   );
@@ -171,13 +203,31 @@ function VariableLabelInput({ variable }: VariableInputProps) {
 
 function VariableDescriptionTextArea({ variable }: VariableInputProps) {
   const { description } = variable.useState();
+  const oldDescription = useRef(description ?? '');
 
   return (
     <TextArea
       id="description-text-area"
       value={description ?? ''}
       placeholder={t('dashboard.edit-pane.variable.description-placeholder', 'Descriptive text')}
+      onFocus={() => {
+        oldDescription.current = description ?? '';
+      }}
       onChange={(e) => variable.setState({ description: e.currentTarget.value })}
+      onBlur={(e) => {
+        const labelUnchanged = oldDescription.current === e.currentTarget.value;
+        const shouldSkip = labelUnchanged || undoRedoWasClicked(e);
+
+        if (shouldSkip) {
+          return;
+        }
+
+        dashboardEditActions.changeVariableDescription({
+          source: variable,
+          oldValue: oldDescription.current,
+          newValue: e.currentTarget.value,
+        });
+      }}
     />
   );
 }
@@ -186,7 +236,11 @@ function VariableHideInput({ variable }: VariableInputProps) {
   const { hide = VariableHide.dontHide } = variable.useState();
 
   const onChange = (option: VariableHide) => {
-    variable.setState({ hide: option });
+    dashboardEditActions.changeVariableHideValue({
+      source: variable,
+      oldValue: hide,
+      newValue: option,
+    });
   };
 
   return <VariableHideSelect hide={hide} type={variable.state.type} onChange={onChange} />;
diff --git a/public/locales/en-US/grafana.json b/public/locales/en-US/grafana.json
index 781186d5eb4..722e201bae1 100644
--- a/public/locales/en-US/grafana.json
+++ b/public/locales/en-US/grafana.json
@@ -5355,6 +5355,20 @@
       "tags-expected-array": "tags expected array",
       "tags-expected-strings": "tags expected array of strings"
     },
+    "variable": {
+      "description": {
+        "action": "Change variable description"
+      },
+      "hide": {
+        "action": "Change variable hide option"
+      },
+      "label": {
+        "action": "Change variable label"
+      },
+      "name": {
+        "action": "Change variable name"
+      }
+    },
     "version-history-comparison": {
       "button-restore": "Restore to version {{version}}",
       "label-view-json-diff": "View JSON diff",