diff --git a/plugins/woocommerce-admin/changelogs/fix-7786-searchable-select-control-label-alginment b/plugins/woocommerce-admin/changelogs/fix-7786-searchable-select-control-label-alginment
new file mode 100644
index 00000000000..20b481a430b
--- /dev/null
+++ b/plugins/woocommerce-admin/changelogs/fix-7786-searchable-select-control-label-alginment
@@ -0,0 +1,4 @@
+Significance: patch
+Type: Fix
+
+Fix select-control component label/value alignment. #8045
diff --git a/plugins/woocommerce-admin/packages/components/CHANGELOG.md b/plugins/woocommerce-admin/packages/components/CHANGELOG.md
index 8ce46ba1b98..cac05dc29fc 100644
--- a/plugins/woocommerce-admin/packages/components/CHANGELOG.md
+++ b/plugins/woocommerce-admin/packages/components/CHANGELOG.md
@@ -1,6 +1,7 @@
 # Unreleased
 
 -   Fix usage of Wordpress DatePicker component in `DatePicker`. #7982
+-   Fix select-control component label/value alignment. #8045
 
 # 8.1.1
 
diff --git a/plugins/woocommerce-admin/packages/components/src/select-control/style.scss b/plugins/woocommerce-admin/packages/components/src/select-control/style.scss
index 8c1c1a24c02..fec34879487 100644
--- a/plugins/woocommerce-admin/packages/components/src/select-control/style.scss
+++ b/plugins/woocommerce-admin/packages/components/src/select-control/style.scss
@@ -152,5 +152,9 @@
 			font-size: 12px;
 			margin-top: -$gap-small;
 		}
+
+		.woocommerce-select-control__control-input {
+			padding-left: 12px;
+		}
 	}
 }