diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index 179ba9ff331..127bbadb575 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -4001,6 +4001,23 @@ bool CWallet::ApplyMigrationData(MigrationData& data, bilingual_str& error)
             }
         }
     }
+
+    // Persist added address book entries (labels, purpose) for watchonly and solvable wallets
+    auto persist_address_book = [](const CWallet& wallet) {
+        LOCK(wallet.cs_wallet);
+        WalletBatch batch{wallet.GetDatabase()};
+        for (const auto& [destination, addr_book_data] : wallet.m_address_book) {
+            auto address{EncodeDestination(destination)};
+            auto purpose{addr_book_data.purpose};
+            auto label{addr_book_data.GetLabel()};
+            // don't bother writing default values (unknown purpose, empty label)
+            if (purpose != "unknown") batch.WritePurpose(address, purpose);
+            if (!label.empty()) batch.WriteName(address, label);
+        }
+    };
+    if (data.watchonly_wallet) persist_address_book(*data.watchonly_wallet);
+    if (data.solvable_wallet) persist_address_book(*data.solvable_wallet);
+
     // Remove the things to delete
     if (dests_to_delete.size() > 0) {
         for (const auto& dest : dests_to_delete) {
diff --git a/test/functional/wallet_migration.py b/test/functional/wallet_migration.py
index 93bd5b481a6..688ac986171 100755
--- a/test/functional/wallet_migration.py
+++ b/test/functional/wallet_migration.py
@@ -258,7 +258,7 @@ class WalletMigrationTest(BitcoinTestFramework):
         self.log.info("Test migration of a wallet with watchonly imports")
         imports0 = self.create_legacy_wallet("imports0")
 
-        # Exteranl address label
+        # External address label
         imports0.setlabel(default.getnewaddress(), "external")
 
         # Normal non-watchonly tx
@@ -311,6 +311,13 @@ class WalletMigrationTest(BitcoinTestFramework):
         assert_raises_rpc_error(-5, "Invalid or non-wallet transaction id", watchonly.gettransaction, received_txid)
         assert_equal(len(watchonly.listtransactions(include_watchonly=True)), 3)
 
+        # Check that labels were migrated and persisted to watchonly wallet
+        self.nodes[0].unloadwallet("imports0_watchonly")
+        self.nodes[0].loadwallet("imports0_watchonly")
+        labels = watchonly.listlabels()
+        assert "external" in labels
+        assert "imported" in labels
+
     def test_no_privkeys(self):
         default = self.nodes[0].get_wallet_rpc(self.default_wallet_name)