diff --git a/DOCS/interface-changes.rst b/DOCS/interface-changes.rst
index 14557de1b5ab3..af66db3fd1658 100644
--- a/DOCS/interface-changes.rst
+++ b/DOCS/interface-changes.rst
@@ -63,6 +63,7 @@ Interface changes
     - add `--border-background` option
     - add `video-target-params` property
     - add `hdr10plus` sub-parameter to `format` video filter
+    - add `--sub-ass-colorspace` option
  --- mpv 0.37.0 ---
     - `--save-position-on-quit` and its associated commands now store state files
       in %LOCALAPPDATA% instead of %APPDATA% directory by default on Windows.
diff --git a/DOCS/man/options.rst b/DOCS/man/options.rst
index 6a09cf388484e..4245826bc5da0 100644
--- a/DOCS/man/options.rst
+++ b/DOCS/man/options.rst
@@ -2528,6 +2528,21 @@ Subtitles
 
     Default: yes.
 
+``--sub-ass-colorspace=<auto|video|sdr>``
+    Specify the RGB primaries and transfer function to use when rendering
+    ASS subtitles.
+
+    :auto:  Follow the ASS specification. This is currently equivalent to
+            ``video``. This behavior may change in the future. (default)
+    :video: Assume that ASS subtitles are in the video's colorspace. Match the
+            color primaries and transfer function of the ASS subtitles to those
+            of the associated video.
+    :sdr:   Assume that ASS subtitles are SDR. Match them to the video's
+            colorspace in SDR mode. If the video is HDR/WCG, fall back to sRGB.
+
+    This option affects ``--vo=gpu-next``, ``--vo=gpu`` always assume sRGB
+    colorspace for subtitles.
+
 ``--sub-ass-vsfilter-aspect-compat=<yes|no>``
     Stretch SSA/ASS subtitles when playing anamorphic videos for compatibility
     with traditional VSFilter behavior. This switch has no effect when the
diff --git a/options/options.c b/options/options.c
index 796a6c668bb6f..febdfd08a3f79 100644
--- a/options/options.c
+++ b/options/options.c
@@ -325,6 +325,8 @@ const struct m_sub_options mp_subtitle_sub_opts = {
         {"sub-past-video-end", OPT_BOOL(sub_past_video_end)},
         {"sub-ass-force-style", OPT_REPLACED("sub-ass-style-overrides")},
         {"sub-lavc-o", OPT_KEYVALUELIST(sub_avopts)},
+        {"sub-ass-colorspace", OPT_CHOICE(ass_colorspace,
+            {"auto", 0}, {"video", 1}, {"sdr", 2})},
         {0}
     },
     .size = sizeof(OPT_BASE_STRUCT),
diff --git a/options/options.h b/options/options.h
index 1b7c3e358351f..8dc44e6d96bb7 100644
--- a/options/options.h
+++ b/options/options.h
@@ -113,6 +113,7 @@ struct mp_subtitle_opts {
     bool sub_clear_on_seek;
     int teletext_page;
     bool sub_past_video_end;
+    int ass_colorspace;
     char **sub_avopts;
 };
 
diff --git a/video/out/vo_gpu_next.c b/video/out/vo_gpu_next.c
index 84facb9e445bb..385172472acdb 100644
--- a/video/out/vo_gpu_next.c
+++ b/video/out/vo_gpu_next.c
@@ -141,6 +141,8 @@ struct priv {
     struct m_config_cache *opts_cache;
     struct m_config_cache *next_opts_cache;
     struct gl_next_opts *next_opts;
+    struct m_config_cache *subtitle_opts_cache;
+    struct mp_subtitle_opts *subtitle_opts;
     struct cache shader_cache, icc_cache;
     struct mp_csp_equalizer_state *video_eq;
     struct scaler_params scalers[SCALER_COUNT];
@@ -378,8 +380,15 @@ static void update_overlays(struct vo *vo, struct mp_osd_res res,
                 }
             }
             break;
-        case SUBBITMAP_LIBASS:
-            if (src && item->video_color_space)
+        case SUBBITMAP_LIBASS:;
+            bool video_color_space = item->video_color_space;
+            if (p->subtitle_opts->ass_colorspace == 2 &&
+                (pl_color_space_is_hdr(&src->params.color) ||
+                 pl_color_primaries_is_wide_gamut(src->params.color.primaries)))
+            {
+                video_color_space = false;
+            }
+            if (src && video_color_space)
                 ol->color = src->params.color;
             ol->mode = PL_OVERLAY_MONOCHROME;
             ol->repr.alpha = PL_ALPHA_INDEPENDENT;
@@ -768,6 +777,8 @@ static void update_options(struct vo *vo)
     if (changed)
         update_render_options(vo);
 
+    m_config_cache_update(p->subtitle_opts_cache);
+
     update_lut(p, &p->next_opts->lut);
     pars->params.lut = p->next_opts->lut.lut;
     pars->params.lut_type = p->next_opts->lut.type;
@@ -1820,6 +1831,8 @@ static int preinit(struct vo *vo)
     p->opts_cache = m_config_cache_alloc(p, vo->global, &gl_video_conf);
     p->next_opts_cache = m_config_cache_alloc(p, vo->global, &gl_next_conf);
     p->next_opts = p->next_opts_cache->opts;
+    p->subtitle_opts_cache = m_config_cache_alloc(p, vo->global, &mp_subtitle_sub_opts);
+    p->subtitle_opts = p->subtitle_opts_cache->opts;
     p->video_eq = mp_csp_equalizer_create(p, vo->global);
     p->global = vo->global;
     p->log = vo->log;