diff --git a/public/app/features/templating/formatRegistry.ts b/public/app/features/templating/formatRegistry.ts
index ce8dbafb2bc..c981c25df44 100644
--- a/public/app/features/templating/formatRegistry.ts
+++ b/public/app/features/templating/formatRegistry.ts
@@ -1,7 +1,8 @@
 import kbn from 'app/core/utils/kbn';
-import { Registry, RegistryItem, VariableModel, textUtil, dateTime } from '@grafana/data';
-import { map, isArray, replace } from 'lodash';
+import { dateTime, Registry, RegistryItem, textUtil, VariableModel } from '@grafana/data';
+import { isArray, map, replace } from 'lodash';
 import { formatVariableLabel } from '../variables/shared/formatVariable';
+import { ALL_VARIABLE_TEXT, ALL_VARIABLE_VALUE } from '../variables/state/types';
 
 export interface FormatOptions {
   value: any;
@@ -204,7 +205,7 @@ export const formatRegistry = new Registry<FormatRegistryItem>(() => {
       description: 'Format variables in their text representation. Example in multi variable scenario A + B + C.',
       formatter: (options, variable) => {
         if (typeof options.text === 'string') {
-          return options.text;
+          return options.value === ALL_VARIABLE_VALUE ? ALL_VARIABLE_TEXT : options.text;
         }
 
         const current = (variable as any)?.current;
diff --git a/public/app/features/templating/template_srv.test.ts b/public/app/features/templating/template_srv.test.ts
index ab973a3301f..1c433f277cc 100644
--- a/public/app/features/templating/template_srv.test.ts
+++ b/public/app/features/templating/template_srv.test.ts
@@ -1,7 +1,9 @@
 import { dateTime, TimeRange } from '@grafana/data';
 import { initTemplateSrv } from '../../../test/helpers/initTemplateSrv';
+import { silenceConsoleOutput } from '../../../test/core/utils/silenceConsoleOutput';
 
 describe('templateSrv', () => {
+  silenceConsoleOutput();
   let _templateSrv: any;
 
   describe('init', () => {
@@ -253,6 +255,11 @@ describe('templateSrv', () => {
       expect(target).toBe('this.*.filters');
     });
 
+    it('should replace ${test:text} with "all" value', () => {
+      const target = _templateSrv.replace('this.${test:text}.filters', {});
+      expect(target).toBe('this.All.filters');
+    });
+
     it('should not escape custom all value', () => {
       const target = _templateSrv.replace('this.$test', {}, 'regex');
       expect(target).toBe('this.*');
@@ -524,6 +531,13 @@ describe('templateSrv', () => {
           current: { value: '$__all', text: '' },
           options: [{ value: '$__all' }, { value: 'db1', text: 'Database 1' }, { value: 'db2', text: 'Database 2' }],
         },
+        {
+          type: 'custom',
+          name: 'custom_all_value',
+          allValue: 'CUSTOM_ALL',
+          current: { value: '$__all', text: '' },
+          options: [{ value: '$__all' }, { value: 'A-Value', text: 'This A' }, { value: 'B-Value', text: 'This B' }],
+        },
       ]);
       _templateSrv.updateIndex();
     });
@@ -542,6 +556,11 @@ describe('templateSrv', () => {
       const target = _templateSrv.replaceWithText('Db: $databases');
       expect(target).toBe('Db: All');
     });
+
+    it('should replace $__all with All for values with custom all', () => {
+      const target = _templateSrv.replaceWithText('Custom: $custom_all_value');
+      expect(target).toBe('Custom: All');
+    });
   });
 
   describe('built in interval variables', () => {
diff --git a/public/app/features/templating/template_srv.ts b/public/app/features/templating/template_srv.ts
index a0174f56d08..0a881f69174 100644
--- a/public/app/features/templating/template_srv.ts
+++ b/public/app/features/templating/template_srv.ts
@@ -5,8 +5,8 @@ import { variableRegex } from '../variables/utils';
 import { isAdHoc } from '../variables/guard';
 import { VariableModel } from '../variables/types';
 import { setTemplateSrv, TemplateSrv as BaseTemplateSrv } from '@grafana/runtime';
-import { formatRegistry, FormatOptions } from './formatRegistry';
-import { ALL_VARIABLE_TEXT } from '../variables/state/types';
+import { FormatOptions, formatRegistry } from './formatRegistry';
+import { ALL_VARIABLE_TEXT, ALL_VARIABLE_VALUE } from '../variables/state/types';
 
 interface FieldAccessorCache {
   [key: string]: (obj: any) => any;
@@ -282,7 +282,7 @@ export class TemplateSrv implements BaseTemplateSrv {
         value = this.getAllValue(variable);
         text = ALL_VARIABLE_TEXT;
         // skip formatting of custom all values
-        if (variable.allValue) {
+        if (variable.allValue && fmt !== 'text') {
           return this.replace(value);
         }
       }
@@ -302,7 +302,7 @@ export class TemplateSrv implements BaseTemplateSrv {
   }
 
   isAllValue(value: any) {
-    return value === '$__all' || (Array.isArray(value) && value[0] === '$__all');
+    return value === ALL_VARIABLE_VALUE || (Array.isArray(value) && value[0] === ALL_VARIABLE_VALUE);
   }
 
   replaceWithText(target: string, scopedVars?: ScopedVars) {
diff --git a/public/test/core/utils/silenceConsoleOutput.ts b/public/test/core/utils/silenceConsoleOutput.ts
index 3205c7db7aa..cd63508ccbf 100644
--- a/public/test/core/utils/silenceConsoleOutput.ts
+++ b/public/test/core/utils/silenceConsoleOutput.ts
@@ -4,6 +4,7 @@ export const silenceConsoleOutput = () => {
     jest.spyOn(console, 'error').mockImplementation(jest.fn());
     jest.spyOn(console, 'debug').mockImplementation(jest.fn());
     jest.spyOn(console, 'info').mockImplementation(jest.fn());
+    jest.spyOn(console, 'warn').mockImplementation(jest.fn());
   });
 
   afterEach(() => {
@@ -11,5 +12,6 @@ export const silenceConsoleOutput = () => {
     jest.spyOn(console, 'error').mockRestore();
     jest.spyOn(console, 'debug').mockRestore();
     jest.spyOn(console, 'info').mockRestore();
+    jest.spyOn(console, 'warn').mockRestore();
   });
 };