diff --git a/packages/grafana-ui/src/components/Monaco/CodeEditor.tsx b/packages/grafana-ui/src/components/Monaco/CodeEditor.tsx
index 2c265b83618..8989d8d36e6 100644
--- a/packages/grafana-ui/src/components/Monaco/CodeEditor.tsx
+++ b/packages/grafana-ui/src/components/Monaco/CodeEditor.tsx
@@ -10,7 +10,6 @@ import { Themeable2 } from '../../types';
 
 import { CodeEditorProps, Monaco, MonacoEditor as MonacoEditorType, MonacoOptions } from './types';
 import { registerSuggestions } from './suggestions';
-import defineThemes from './theme';
 
 type Props = CodeEditorProps & Themeable2;
 
@@ -85,8 +84,7 @@ class UnthemedCodeEditor extends React.PureComponent<Props> {
 
   handleBeforeMount = (monaco: Monaco) => {
     this.monaco = monaco;
-    const { language, theme, getSuggestions, onBeforeEditorMount } = this.props;
-    defineThemes(monaco, theme);
+    const { language, getSuggestions, onBeforeEditorMount } = this.props;
 
     if (getSuggestions) {
       this.completionCancel = registerSuggestions(monaco, language, getSuggestions);
@@ -148,7 +146,6 @@ class UnthemedCodeEditor extends React.PureComponent<Props> {
           width={width}
           height={height}
           language={language}
-          theme={theme.isDark ? 'grafana-dark' : 'grafana-light'}
           value={value}
           options={{
             ...options,
diff --git a/packages/grafana-ui/src/components/Monaco/ReactMonacoEditor.tsx b/packages/grafana-ui/src/components/Monaco/ReactMonacoEditor.tsx
index 61de48cc74e..d0a00fa1172 100644
--- a/packages/grafana-ui/src/components/Monaco/ReactMonacoEditor.tsx
+++ b/packages/grafana-ui/src/components/Monaco/ReactMonacoEditor.tsx
@@ -1,5 +1,8 @@
-import React from 'react';
-import MonacoEditor, { loader as monacoEditorLoader, EditorProps as MonacoEditorProps } from '@monaco-editor/react';
+import React, { useEffect } from 'react';
+import MonacoEditor, { loader as monacoEditorLoader, useMonaco } from '@monaco-editor/react';
+import defineThemes from './theme';
+import { useTheme2 } from '../../themes';
+import type { ReactMonacoEditorProps } from './types';
 
 let initalized = false;
 function initMonaco() {
@@ -13,9 +16,30 @@ function initMonaco() {
     },
   });
   initalized = true;
+  monacoEditorLoader.init().then((monaco) => {
+    // this call makes sure the themes exist.
+    // they will not have the correct colors,
+    // but we need them to exist since the beginning,
+    // because if we start a monaco instance with
+    // a theme that does not exist, it will not work well.
+    defineThemes(monaco);
+  });
 }
 
-export const ReactMonacoEditor = (props: MonacoEditorProps) => {
+export const ReactMonacoEditor = (props: ReactMonacoEditorProps) => {
+  const theme = useTheme2();
+  const monaco = useMonaco();
+
+  useEffect(() => {
+    // monaco can be null at the beginning, because it is loaded in asynchronously
+    if (monaco !== null) {
+      defineThemes(monaco, theme);
+    }
+  }, [monaco, theme]);
+
   initMonaco();
-  return <MonacoEditor {...props} />;
+
+  const monacoTheme = theme.isDark ? 'grafana-dark' : 'grafana-light';
+
+  return <MonacoEditor theme={monacoTheme} {...props} />;
 };
diff --git a/packages/grafana-ui/src/components/Monaco/ReactMonacoEditorLazy.tsx b/packages/grafana-ui/src/components/Monaco/ReactMonacoEditorLazy.tsx
index 073b0d1d643..b8db38dac1c 100644
--- a/packages/grafana-ui/src/components/Monaco/ReactMonacoEditorLazy.tsx
+++ b/packages/grafana-ui/src/components/Monaco/ReactMonacoEditorLazy.tsx
@@ -2,13 +2,13 @@ import React from 'react';
 import { useAsyncDependency } from '../../utils/useAsyncDependency';
 import { ErrorWithStack, LoadingPlaceholder } from '..';
 // we only use import type so it will not be included in the bundle
-import type { EditorProps } from '@monaco-editor/react';
+import type { ReactMonacoEditorProps } from './types';
 
 /**
  * @internal
  * Experimental export
  **/
-export const ReactMonacoEditorLazy = (props: EditorProps) => {
+export const ReactMonacoEditorLazy = (props: ReactMonacoEditorProps) => {
   const { loading, error, dependency } = useAsyncDependency(
     import(/* webpackChunkName: "react-monaco-editor" */ './ReactMonacoEditor')
   );
diff --git a/packages/grafana-ui/src/components/Monaco/theme.ts b/packages/grafana-ui/src/components/Monaco/theme.ts
index d2d828c352c..fb5d911bed1 100644
--- a/packages/grafana-ui/src/components/Monaco/theme.ts
+++ b/packages/grafana-ui/src/components/Monaco/theme.ts
@@ -1,12 +1,22 @@
 import { GrafanaTheme2 } from '@grafana/data';
-import { Monaco } from './types';
+import { Monaco, monacoTypes } from './types';
 
-export default function defineThemes(monaco: Monaco, theme: GrafanaTheme2) {
+function getColors(theme?: GrafanaTheme2): monacoTypes.editor.IColors {
+  if (theme === undefined) {
+    return {};
+  } else {
+    return {
+      'editor.background': theme.components.input.background,
+      'minimap.background': theme.colors.background.secondary,
+    };
+  }
+}
+
+// we support calling this without a theme, it will make sure the themes
+// are registered in monaco, even if the colors are not perfect.
+export default function defineThemes(monaco: Monaco, theme?: GrafanaTheme2) {
   // color tokens are defined here https://github.com/microsoft/vscode/blob/main/src/vs/platform/theme/common/colorRegistry.ts#L174
-  const colors = {
-    'editor.background': theme.components.input.background,
-    'minimap.background': theme.colors.background.secondary,
-  };
+  const colors = getColors(theme);
 
   monaco.editor.defineTheme('grafana-dark', {
     base: 'vs-dark',
diff --git a/packages/grafana-ui/src/components/Monaco/types.ts b/packages/grafana-ui/src/components/Monaco/types.ts
index a1d11565cf1..fc8918e8c2e 100644
--- a/packages/grafana-ui/src/components/Monaco/types.ts
+++ b/packages/grafana-ui/src/components/Monaco/types.ts
@@ -1,5 +1,14 @@
 // We use `import type` to guarantee it'll be erased from the JS and it doesnt accidently bundle monaco
 import type * as monacoType from 'monaco-editor/esm/vs/editor/editor.api';
+import type { EditorProps } from '@monaco-editor/react';
+
+// we do not allow customizing the theme.
+// (theme is complicated in Monaco, right now there is
+// a limitation where all monaco editors must have
+// the same theme, see
+// https://github.com/microsoft/monaco-editor/issues/338#issuecomment-274837186
+// )
+export type ReactMonacoEditorProps = Omit<EditorProps, 'theme'>;
 
 export type CodeEditorChangeHandler = (value: string) => void;
 export type CodeEditorSuggestionProvider = () => CodeEditorSuggestionItem[];
diff --git a/public/app/plugins/datasource/prometheus/components/monaco-query-field/MonacoQueryField.tsx b/public/app/plugins/datasource/prometheus/components/monaco-query-field/MonacoQueryField.tsx
index c13ef9d179a..a9a6c493f63 100644
--- a/public/app/plugins/datasource/prometheus/components/monaco-query-field/MonacoQueryField.tsx
+++ b/public/app/plugins/datasource/prometheus/components/monaco-query-field/MonacoQueryField.tsx
@@ -51,23 +51,6 @@ function ensurePromQL(monaco: Monaco) {
   }
 }
 
-const THEME_NAME = 'grafana-prometheus-query-field';
-
-let MONACO_THEME_SETUP_STARTED = false;
-function ensureMonacoTheme(monaco: Monaco, theme: GrafanaTheme2) {
-  if (MONACO_THEME_SETUP_STARTED === false) {
-    MONACO_THEME_SETUP_STARTED = true;
-    monaco.editor.defineTheme(THEME_NAME, {
-      base: theme.isDark ? 'vs-dark' : 'vs',
-      inherit: true,
-      colors: {
-        'editor.background': theme.components.input.background,
-      },
-      rules: [],
-    });
-  }
-}
-
 const getStyles = (theme: GrafanaTheme2) => {
   return {
     container: css`
@@ -106,11 +89,9 @@ const MonacoQueryField = (props: Props) => {
       <ReactMonacoEditor
         options={options}
         language="promql"
-        theme={THEME_NAME}
         value={initialValue}
         beforeMount={(monaco) => {
           ensurePromQL(monaco);
-          ensureMonacoTheme(monaco, theme);
         }}
         onMount={(editor, monaco) => {
           // we setup on-blur