diff --git a/src/gui/qgspropertyoverridebutton.cpp b/src/gui/qgspropertyoverridebutton.cpp
index 927780959f42..232a5bda3686 100644
--- a/src/gui/qgspropertyoverridebutton.cpp
+++ b/src/gui/qgspropertyoverridebutton.cpp
@@ -439,7 +439,7 @@ void QgsPropertyOverrideButton::aboutToShowMenu()
         QPixmap icon = QgsColorButton::createMenuIcon( color.first, mDefinition.standardTemplate() == QgsPropertyDefinition::ColorWithAlpha );
         QAction *act = mColorsMenu->addAction( color.second );
         act->setIcon( icon );
-        if ( mProperty.propertyType() == Qgis::PropertyType::Expression && hasExp && mExpressionString == QStringLiteral( "project_color('%1')" ).arg( color.second ) )
+        if ( mProperty.propertyType() == Qgis::PropertyType::Expression && hasExp && getColor() == color.second )
         {
           act->setCheckable( true );
           act->setChecked( true );
@@ -643,9 +643,9 @@ void QgsPropertyOverrideButton::menuActionTriggered( QAction *action )
   }
   else if ( mColorsMenu->actions().contains( action ) )  // a color name clicked
   {
-    if ( mExpressionString != QStringLiteral( "project_color('%1')" ).arg( action->text() ) )
+    if ( getColor() != action->text() )
     {
-      mExpressionString = QStringLiteral( "project_color('%1')" ).arg( action->text() );
+      mExpressionString = QStringLiteral( "project_color_object('%1')" ).arg( action->text() );
     }
     mProperty.setExpressionString( mExpressionString );
     mProperty.setTransformer( nullptr );
@@ -769,12 +769,11 @@ void QgsPropertyOverrideButton::updateGui()
   {
     icon = mProperty.isActive() ? QgsApplication::getThemeIcon( QStringLiteral( "/mIconDataDefineExpressionOn.svg" ) ) : QgsApplication::getThemeIcon( QStringLiteral( "/mIconDataDefineExpression.svg" ) );
 
-    const thread_local QRegularExpression rx( QStringLiteral( "^project_color\\('(.*)'\\)$" ) );
-    QRegularExpressionMatch match = rx.match( mExpressionString );
-    if ( match.hasMatch() )
+    const QString colorName = getColor();
+    if ( !colorName.isEmpty() )
     {
       icon = mProperty.isActive() ? QgsApplication::getThemeIcon( QStringLiteral( "/mIconDataDefineColorOn.svg" ) ) : QgsApplication::getThemeIcon( QStringLiteral( "/mIconDataDefineColor.svg" ) );
-      deftip = match.captured( 1 );
+      deftip = colorName;
       deftype = tr( "project color" );
     }
     else
@@ -925,11 +924,10 @@ void QgsPropertyOverrideButton::updateSiblingWidgets( bool state )
         {
           if ( state && mProperty.isProjectColor() )
           {
-            const thread_local QRegularExpression rx( QStringLiteral( "^project_color\\('(.*)'\\)$" ) );
-            QRegularExpressionMatch match = rx.match( mExpressionString );
-            if ( match.hasMatch() )
+            const QString colorName = getColor();
+            if ( !colorName.isEmpty() )
             {
-              cb->linkToProjectColor( match.captured( 1 ) );
+              cb->linkToProjectColor( colorName );
             }
           }
           else
@@ -986,3 +984,10 @@ void QgsPropertyOverrideButton::showHelp()
 {
   QgsHelp::openHelp( QStringLiteral( "introduction/general_tools.html#data-defined" ) );
 }
+
+QString QgsPropertyOverrideButton::getColor() const
+{
+  const thread_local QRegularExpression rx( QStringLiteral( "^project_color(_object|)\\('(.*)'\\)$" ) );
+  QRegularExpressionMatch match = rx.match( mExpressionString );
+  return match.hasMatch() ? match.captured( 2 ) : QString();
+}
diff --git a/src/gui/qgspropertyoverridebutton.h b/src/gui/qgspropertyoverridebutton.h
index 30482403d3be..3ef21f18ec32 100644
--- a/src/gui/qgspropertyoverridebutton.h
+++ b/src/gui/qgspropertyoverridebutton.h
@@ -264,6 +264,8 @@ class GUI_EXPORT QgsPropertyOverrideButton: public QToolButton
      */
     void setActivePrivate( bool active );
 
+    // Returns color name if current expression is a reference to a color
+    QString getColor() const;
 
     int mPropertyKey = -1;
 
diff --git a/tests/src/python/test_qgspropertyoverridebutton.py b/tests/src/python/test_qgspropertyoverridebutton.py
index c37b29cadab2..29ce4ae8a8c4 100644
--- a/tests/src/python/test_qgspropertyoverridebutton.py
+++ b/tests/src/python/test_qgspropertyoverridebutton.py
@@ -51,18 +51,24 @@ def testProjectColor(self):
 
         button.menuActionTriggered(color_action.menu().actions()[1])
         self.assertTrue(button.toProperty().isActive())
-        self.assertEqual(button.toProperty().asExpression(), 'project_color(\'burnt marigold\')')
+        self.assertEqual(button.toProperty().asExpression(), 'project_color_object(\'burnt marigold\')')
 
         button.menuActionTriggered(color_action.menu().actions()[0])
         self.assertTrue(button.toProperty().isActive())
-        self.assertEqual(button.toProperty().asExpression(), 'project_color(\'color 1\')')
+        self.assertEqual(button.toProperty().asExpression(), 'project_color_object(\'color 1\')')
 
-        button.setToProperty(QgsProperty.fromExpression('project_color(\'burnt marigold\')'))
+        button.setToProperty(QgsProperty.fromExpression('project_color_object(\'burnt marigold\')'))
         button.aboutToShowMenu()
         color_action = [a for a in button.menu().actions() if a.text() == 'Color'][0]
         self.assertTrue(color_action.isChecked())
         self.assertEqual([a.isChecked() for a in color_action.menu().actions()], [False, True])
 
+        button.setToProperty(QgsProperty.fromExpression('project_color(\'color 1\')'))
+        button.aboutToShowMenu()
+        color_action = [a for a in button.menu().actions() if a.text() == 'Color'][0]
+        self.assertTrue(color_action.isChecked())
+        self.assertEqual([a.isChecked() for a in color_action.menu().actions()], [True, False])
+
         # should also see color menu for ColorNoAlpha properties
         definition = QgsPropertyDefinition('test', 'test', QgsPropertyDefinition.StandardPropertyTemplate.ColorNoAlpha)
         button = QgsPropertyOverrideButton()