diff --git a/app/client/cypress/e2e/Regression/ClientSide/Widgets/TableV2/columnTypes/Select1_spec.ts b/app/client/cypress/e2e/Regression/ClientSide/Widgets/TableV2/columnTypes/Select1_spec.ts
index ba126c6e70f..000f373fe18 100644
--- a/app/client/cypress/e2e/Regression/ClientSide/Widgets/TableV2/columnTypes/Select1_spec.ts
+++ b/app/client/cypress/e2e/Regression/ClientSide/Widgets/TableV2/columnTypes/Select1_spec.ts
@@ -174,7 +174,39 @@ describe(
       cy.discardTableRow(4, 0);
     });
 
-    it("6. should check that currentRow is accessible in the select options", () => {
+    it("6. should check that on option select uses label as value in select cell (#34743)", () => {
+      cy.updateCodeInput(
+        ".t--property-control-options",
+        `
+      [
+        {
+          "label": "#1label",
+          "value": "#1value"
+        },
+        {
+          "label": "#2label",
+          "value": "#2value"
+        },
+        {
+          "label": "#3label",
+          "value": "#3value"
+        }
+      ]
+    `,
+      );
+      cy.editTableSelectCell(0, 0);
+      cy.get(".menu-item-link").contains("#3label").click();
+
+      _.agHelper.ValidateToastMessage("#3label");
+
+      cy.get(".menu-virtual-list").should("not.exist");
+      cy.readTableV2data(0, 0).then((val) => {
+        expect(val).to.equal("#3label");
+      });
+      cy.discardTableRow(4, 0);
+    });
+
+    it("7. should check that currentRow is accessible in the select options", () => {
       cy.updateCodeInput(
         ".t--property-control-options",
         `
@@ -199,7 +231,7 @@ describe(
       cy.get(".menu-item-text").contains("#1").should("not.exist");
     });
 
-    it("7. should check that 'same select option in new row' property is working", () => {
+    it("8. should check that 'same select option in new row' property is working", () => {
       _.propPane.NavigateBackToPropertyPane();
 
       const checkSameOptionsInNewRowWhileEditing = () => {
@@ -265,7 +297,7 @@ describe(
       checkSameOptionsWhileAddingNewRow();
     });
 
-    it("8. should check that 'new row select options' is working", () => {
+    it("9. should check that 'new row select options' is working", () => {
       const checkNewRowOptions = () => {
         // New row select options should be visible when "Same options in new row" is turned off
         _.propPane.TogglePropertyState("Same options in new row", "Off");
@@ -330,7 +362,7 @@ describe(
       checkNoOptionState();
     });
 
-    it("9. should check that server side filering is working", () => {
+    it("10. should check that server side filering is working", () => {
       _.dataSources.CreateDataSource("Postgres");
       _.dataSources.CreateQueryAfterDSSaved(
         "SELECT * FROM public.astronauts {{this.params.filterText ? `WHERE name LIKE '%${this.params.filterText}%'` : ''}} LIMIT 10;",
diff --git a/app/client/src/widgets/TableWidgetV2/component/cellComponents/SelectCell.tsx b/app/client/src/widgets/TableWidgetV2/component/cellComponents/SelectCell.tsx
index 89c9a1fe15e..a0648a18a72 100644
--- a/app/client/src/widgets/TableWidgetV2/component/cellComponents/SelectCell.tsx
+++ b/app/client/src/widgets/TableWidgetV2/component/cellComponents/SelectCell.tsx
@@ -149,7 +149,7 @@ export const SelectCell = (props: SelectProps) => {
   const onSelect = useCallback(
     (option: DropdownOption) => {
       onItemSelect(
-        option.value || "",
+        option.label || "",
         rowIndex,
         alias,
         onOptionSelectActionString,