diff --git a/CHANGELOG.md b/CHANGELOG.md
index cc1e8fa1..c90242fb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,17 @@ CHANGELOG
 
 0.49.0
 ------
+- Added two environment variables exported to the child processes
+    - `FZF_PREVIEW_LABEL`
+    - `FZF_BORDER_LABEL`
+    ```sh
+    # Use the current value of $FZF_PREVIEW_LABEL to determine which actions to perform
+    git ls-files |
+      fzf --header 'Press CTRL-P to change preview mode' \
+          --bind='ctrl-p:transform:[[ $FZF_PREVIEW_LABEL =~ cat ]] \
+          && echo "change-preview(git log --color=always \{})+change-preview-label([[ log ]])" \
+          || echo "change-preview(bat --color=always \{})+change-preview-label([[ cat ]])"'
+    ```
 - Renamed `track` action to `track-current` to highlight the difference between the global tracking state set by `--track` and a one-off tracking action
     - `track` is still available as an alias
 - Added `untrack-current` and `toggle-track-current` actions
diff --git a/man/man1/fzf.1 b/man/man1/fzf.1
index a02b45c1..3f8619ab 100644
--- a/man/man1/fzf.1
+++ b/man/man1/fzf.1
@@ -975,6 +975,10 @@ fzf exports the following environment variables to its child processes.
 .br
 .BR FZF_PROMPT "          Prompt string"
 .br
+.BR FZF_PREVIEW_LABEL "   Preview label string"
+.br
+.BR FZF_BORDER_LABEL "    Border label string"
+.br
 .BR FZF_ACTION "          The name of the last action performed"
 .br
 .BR FZF_PORT "            Port number when --listen option is used"
diff --git a/src/terminal.go b/src/terminal.go
index 726cb498..ef7ba9dd 100644
--- a/src/terminal.go
+++ b/src/terminal.go
@@ -852,6 +852,8 @@ func (t *Terminal) environ() []string {
 	env = append(env, "FZF_QUERY="+string(t.input))
 	env = append(env, "FZF_ACTION="+t.lastAction.Name())
 	env = append(env, "FZF_PROMPT="+string(t.promptString))
+	env = append(env, "FZF_PREVIEW_LABEL="+t.previewLabelOpts.label)
+	env = append(env, "FZF_BORDER_LABEL="+t.borderLabelOpts.label)
 	env = append(env, fmt.Sprintf("FZF_TOTAL_COUNT=%d", t.count))
 	env = append(env, fmt.Sprintf("FZF_MATCH_COUNT=%d", t.merger.Length()))
 	env = append(env, fmt.Sprintf("FZF_SELECT_COUNT=%d", len(t.selected)))
@@ -3476,11 +3478,13 @@ func (t *Terminal) Loop() {
 					req(reqHeader)
 				}
 			case actChangeBorderLabel:
+				t.borderLabelOpts.label = a.a
 				if t.border != nil {
 					t.borderLabel, t.borderLabelLen = t.ansiLabelPrinter(a.a, &tui.ColBorderLabel, false)
 					req(reqRedrawBorderLabel)
 				}
 			case actChangePreviewLabel:
+				t.previewLabelOpts.label = a.a
 				if t.pborder != nil {
 					t.previewLabel, t.previewLabelLen = t.ansiLabelPrinter(a.a, &tui.ColPreviewLabel, false)
 					req(reqRedrawPreviewLabel)
@@ -3490,14 +3494,16 @@ func (t *Terminal) Loop() {
 				actions := parseSingleActionList(strings.Trim(body, "\r\n"), func(message string) {})
 				return doActions(actions)
 			case actTransformBorderLabel:
+				label := t.executeCommand(a.a, false, true, true, true)
+				t.borderLabelOpts.label = label
 				if t.border != nil {
-					label := t.executeCommand(a.a, false, true, true, true)
 					t.borderLabel, t.borderLabelLen = t.ansiLabelPrinter(label, &tui.ColBorderLabel, false)
 					req(reqRedrawBorderLabel)
 				}
 			case actTransformPreviewLabel:
+				label := t.executeCommand(a.a, false, true, true, true)
+				t.previewLabelOpts.label = label
 				if t.pborder != nil {
-					label := t.executeCommand(a.a, false, true, true, true)
 					t.previewLabel, t.previewLabelLen = t.ansiLabelPrinter(label, &tui.ColPreviewLabel, false)
 					req(reqRedrawPreviewLabel)
 				}
diff --git a/test/test_go.rb b/test/test_go.rb
index f44f6379..e4d365e9 100755
--- a/test/test_go.rb
+++ b/test/test_go.rb
@@ -2877,6 +2877,27 @@ class TestGoFZF < TestBase
     end
   end
 
+  def test_labels_variables
+    tmux.send_keys ': | fzf --border --border-label foobar --preview "echo \$FZF_BORDER_LABEL // \$FZF_PREVIEW_LABEL" --preview-label barfoo --bind "space:change-border-label(barbaz)+change-preview-label(bazbar)+refresh-preview,enter:transform-border-label(echo 123)+transform-preview-label(echo 456)+refresh-preview"', :Enter
+    tmux.until do
+      assert_includes(_1[0], '─foobar─')
+      assert_includes(_1[1], '─barfoo─')
+      assert_includes(_1[2], ' foobar // barfoo ')
+    end
+    tmux.send_keys :Space
+    tmux.until do
+      assert_includes(_1[0], '─barbaz─')
+      assert_includes(_1[1], '─bazbar─')
+      assert_includes(_1[2], ' barbaz // bazbar ')
+    end
+    tmux.send_keys :Enter
+    tmux.until do
+      assert_includes(_1[0], '─123─')
+      assert_includes(_1[1], '─456─')
+      assert_includes(_1[2], ' 123 // 456 ')
+    end
+  end
+
   def test_info_separator_unicode
     tmux.send_keys 'seq 100 | fzf -q55', :Enter
     tmux.until { assert_includes(_1[-2], '  1/100 ─') }