diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/attributes.ts b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/attributes.ts
index d70b39f1a99..0e0ae0bfdfe 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/attributes.ts
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/attributes.ts
@@ -24,6 +24,14 @@ export const blockAttributes: BlockAttributes = {
 		type: 'boolean',
 		default: false,
 	},
+	prefix: {
+		type: 'string',
+		default: 'SKU:',
+	},
+	suffix: {
+		type: 'string',
+		default: '',
+	},
 };
 
 export default blockAttributes;
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/block.tsx b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/block.tsx
index 329475b0e32..d85ddbab0ac 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/block.tsx
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/block.tsx
@@ -1,7 +1,6 @@
 /**
  * External dependencies
  */
-import { __ } from '@wordpress/i18n';
 import clsx from 'clsx';
 import {
 	useInnerBlockLayoutContext,
@@ -10,6 +9,8 @@ import {
 import { withProductDataContext } from '@woocommerce/shared-hocs';
 import type { HTMLAttributes } from 'react';
 import { useStyleProps } from '@woocommerce/base-hooks';
+import { RichText } from '@wordpress/block-editor';
+import type { BlockEditProps } from '@wordpress/blocks';
 
 /**
  * Internal dependencies
@@ -17,18 +18,24 @@ import { useStyleProps } from '@woocommerce/base-hooks';
 import './style.scss';
 import type { Attributes } from './types';
 
-type Props = Attributes & HTMLAttributes< HTMLDivElement >;
+type Props = BlockEditProps< Attributes > & HTMLAttributes< HTMLDivElement >;
 
 const Preview = ( {
+	setAttributes,
 	parentClassName,
 	sku,
 	className,
 	style,
+	prefix,
+	suffix,
 }: {
+	setAttributes: ( attributes: Record< string, unknown > ) => void;
 	parentClassName: string;
 	sku: string;
 	className?: string | undefined;
 	style?: React.CSSProperties | undefined;
+	prefix?: string;
+	suffix?: string;
 } ) => (
 	<div
 		className={ clsx( className, {
@@ -36,7 +43,19 @@ const Preview = ( {
 		} ) }
 		style={ style }
 	>
-		{ __( 'SKU:', 'woocommerce' ) } <strong>{ sku }</strong>
+		<RichText
+			tagName="span"
+			placeholder="Prefix"
+			value={ prefix }
+			onChange={ ( value ) => setAttributes( { prefix: value } ) }
+		/>
+		<strong>{ sku }</strong>
+		<RichText
+			tagName="span"
+			placeholder="Suffix"
+			value={ suffix }
+			onChange={ ( value ) => setAttributes( { suffix: value } ) }
+		/>
 	</div>
 );
 
@@ -50,9 +69,12 @@ const Block = ( props: Props ): JSX.Element | null => {
 	if ( props.isDescendentOfSingleProductTemplate ) {
 		return (
 			<Preview
+				setAttributes={ props.setAttributes }
 				parentClassName={ parentClassName }
 				className={ className }
 				sku={ 'Product SKU' }
+				prefix={ props.prefix }
+				suffix={ props.suffix }
 			/>
 		);
 	}
@@ -63,9 +85,12 @@ const Block = ( props: Props ): JSX.Element | null => {
 
 	return (
 		<Preview
+			setAttributes={ props.setAttributes }
 			className={ className }
 			parentClassName={ parentClassName }
 			sku={ sku }
+			prefix={ props.prefix }
+			suffix={ props.suffix }
 			{ ...( props.isDescendantOfAllProducts && {
 				className: clsx(
 					className,
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/edit.tsx b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/edit.tsx
index f75e4e60056..ec3b05b841d 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/edit.tsx
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/edit.tsx
@@ -10,6 +10,7 @@ import { useEffect } from '@wordpress/element';
 /**
  * Internal dependencies
  */
+import './editor.scss';
 import Block from './block';
 import type { Attributes } from './types';
 import { useIsDescendentOfSingleProductBlock } from '../shared/use-is-descendent-of-single-product-block';
@@ -68,7 +69,7 @@ const Edit = ( {
 					attributes.isDescendantOfAllProducts ? undefined : style
 				}
 			>
-				<Block { ...blockAttrs } />
+				<Block { ...blockAttrs } setAttributes={ setAttributes } />
 			</div>
 		</>
 	);
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/editor.scss b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/editor.scss
new file mode 100644
index 00000000000..4dbdbfa5f37
--- /dev/null
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/editor.scss
@@ -0,0 +1,4 @@
+.wc-block-components-product-sku strong {
+	margin-left: $gap-smallest;
+	margin-right: $gap-smallest;
+}
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/index.tsx b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/index.tsx
index 2b631c74dcd..3b461c0f052 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/index.tsx
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/index.tsx
@@ -29,6 +29,9 @@ const blockConfig: BlockConfiguration = {
 		'woocommerce/product-meta',
 	],
 	edit,
+	save() {
+		return null;
+	},
 	supports,
 };
 
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/style.scss b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/style.scss
index d32bc9ca521..8aa99c856b3 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/style.scss
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/style.scss
@@ -1,6 +1,9 @@
 .wc-block-components-product-sku {
 	display: block;
-	text-transform: uppercase;
 	@include font-size(small);
 	overflow-wrap: break-word;
+
+	strong {
+		text-transform: uppercase;
+	}
 }
diff --git a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/types.ts b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/types.ts
index a43531d141f..ec603507389 100644
--- a/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/types.ts
+++ b/plugins/woocommerce-blocks/assets/js/atomic/blocks/product-elements/sku/types.ts
@@ -5,4 +5,6 @@ export interface Attributes {
 	isDescendentOfSingleProductBlock: boolean;
 	showProductSelector: boolean;
 	isDescendantOfAllProducts: boolean;
+	prefix: string;
+	suffix: string;
 }
diff --git a/plugins/woocommerce/changelog/51033-47922-product-sku-improvements b/plugins/woocommerce/changelog/51033-47922-product-sku-improvements
new file mode 100644
index 00000000000..1849a43e716
--- /dev/null
+++ b/plugins/woocommerce/changelog/51033-47922-product-sku-improvements
@@ -0,0 +1,4 @@
+Significance: minor
+Type: enhancement
+
+Product SKU block: add editable prefixes and suffixes.
\ No newline at end of file
diff --git a/plugins/woocommerce/src/Blocks/BlockTypes/ProductSKU.php b/plugins/woocommerce/src/Blocks/BlockTypes/ProductSKU.php
index 1475a005217..50e748f646e 100644
--- a/plugins/woocommerce/src/Blocks/BlockTypes/ProductSKU.php
+++ b/plugins/woocommerce/src/Blocks/BlockTypes/ProductSKU.php
@@ -69,14 +69,27 @@ class ProductSKU extends AbstractBlock {
 
 		$styles_and_classes = StyleAttributesUtils::get_classes_and_styles_by_attributes( $attributes );
 
+		$prefix = isset( $attributes['prefix'] ) ? wp_kses_post( ( $attributes['prefix'] ) ) : __( 'SKU: ', 'woocommerce' );
+		if ( ! empty( $prefix ) ) {
+			$prefix = sprintf( '<span class="prefix">%s</span>', $prefix );
+		}
+
+		$suffix = isset( $attributes['suffix'] ) ? wp_kses_post( ( $attributes['suffix'] ) ) : '';
+		if ( ! empty( $suffix ) ) {
+			$suffix = sprintf( '<span class="suffix">%s</span>', $suffix );
+		}
+
 		return sprintf(
 			'<div class="wc-block-components-product-sku wc-block-grid__product-sku wp-block-woocommerce-product-sku product_meta %1$s" style="%2$s">
-				SKU:
-				<strong class="sku">%3$s</strong>
+				%3$s
+				<strong class="sku">%4$s</strong>
+				%5$s
 			</div>',
 			esc_attr( $styles_and_classes['classes'] ),
 			esc_attr( $styles_and_classes['styles'] ?? '' ),
-			$product_sku
+			$prefix,
+			$product_sku,
+			$suffix
 		);
 	}
 }