diff --git a/plugins/woocommerce-admin/client/activity-panel/activity-panel.js b/plugins/woocommerce-admin/client/activity-panel/activity-panel.js
index d6c338f164d..ad566b41d39 100644
--- a/plugins/woocommerce-admin/client/activity-panel/activity-panel.js
+++ b/plugins/woocommerce-admin/client/activity-panel/activity-panel.js
@@ -46,6 +46,7 @@ import { getUrlParams } from '~/utils';
 import { useActiveSetupTasklist } from '~/task-lists';
 import { getSegmentsFromPath } from '~/utils/url-helpers';
 import { FeedbackIcon } from '~/products/images/feedback-icon';
+import { useLaunchYourStore } from '~/launch-your-store';
 
 const HelpPanel = lazy( () =>
 	import( /* webpackChunkName: "activity-panels-help" */ './panels/help' )
@@ -72,6 +73,7 @@ export const ActivityPanel = ( { isEmbedded, query } ) => {
 	const hasExtendedNotifications = Boolean( fills?.length );
 	const { updateUserPreferences, ...userData } = useUserPreferences();
 	const activeSetupList = useActiveSetupTasklist();
+	const { comingSoon } = useLaunchYourStore();
 
 	const closePanel = () => {
 		setIsPanelClosing( true );
@@ -372,7 +374,11 @@ export const ActivityPanel = ( { isEmbedded, query } ) => {
 
 		const previewStore = {
 			name: 'previewStore',
-			title: __( 'Preview store', 'woocommerce' ),
+			title:
+				( comingSoon === 'yes' &&
+					__( 'Preview store', 'woocommerce' ) ) ||
+				( comingSoon === 'no' && __( 'View store', 'woocommerce' ) ) ||
+				'',
 			visible: isHomescreen() && query.task !== 'appearance',
 			onClick: () => {
 				window.open( getAdminSetting( 'shopUrl' ) );
diff --git a/plugins/woocommerce-admin/client/activity-panel/test/index.js b/plugins/woocommerce-admin/client/activity-panel/test/index.js
index 8e0f3c4ef3d..d364494557f 100644
--- a/plugins/woocommerce-admin/client/activity-panel/test/index.js
+++ b/plugins/woocommerce-admin/client/activity-panel/test/index.js
@@ -32,6 +32,14 @@ jest.mock( '@woocommerce/admin-layout', () => {
 	};
 } );
 
+jest.mock( '~/launch-your-store', () => ( {
+	useLaunchYourStore: jest.fn( () => ( {
+		comingSoon: 'yes',
+		launchYourStoreEnabled: true,
+		isLoading: true,
+	} ) ),
+} ) );
+
 jest.mock( '@woocommerce/data', () => ( {
 	...jest.requireActual( '@woocommerce/data' ),
 	useUser: jest.fn().mockReturnValue( { currentUserCan: () => true } ),
diff --git a/plugins/woocommerce/changelog/47315-update-47308-toolbar-should-say-view-store-when-site-is-live b/plugins/woocommerce/changelog/47315-update-47308-toolbar-should-say-view-store-when-site-is-live
new file mode 100644
index 00000000000..599fb572699
--- /dev/null
+++ b/plugins/woocommerce/changelog/47315-update-47308-toolbar-should-say-view-store-when-site-is-live
@@ -0,0 +1,4 @@
+Significance: minor
+Type: update
+
+Updated the toolbar's store link based on the site's visibility settings.
\ No newline at end of file