diff --git a/src/wp-includes/class-wp-term-query.php b/src/wp-includes/class-wp-term-query.php
index ae391bfcf5..2c72663525 100644
--- a/src/wp-includes/class-wp-term-query.php
+++ b/src/wp-includes/class-wp-term-query.php
@@ -774,19 +774,8 @@ class WP_Term_Query {
 			return $this->terms;
 		}
 
-		// $args can be anything. Only use the args defined in defaults to compute the key.
-		$cache_args = wp_array_slice_assoc( $args, array_keys( $this->query_var_defaults ) );
-
-		unset( $cache_args['update_term_meta_cache'] );
-
-		if ( 'count' !== $_fields && 'all_with_object_id' !== $_fields ) {
-			$cache_args['fields'] = 'all';
-		}
-
-		$key          = md5( serialize( $cache_args ) . serialize( $taxonomies ) . $this->request );
-		$last_changed = wp_cache_get_last_changed( 'terms' );
-		$cache_key    = "get_terms:$key:$last_changed";
-		$cache        = wp_cache_get( $cache_key, 'terms' );
+		$cache_key = $this->generate_cache_key( $args, $this->request );
+		$cache     = wp_cache_get( $cache_key, 'terms' );
 
 		if ( false !== $cache ) {
 			if ( 'ids' === $_fields ) {
@@ -1142,4 +1131,36 @@ class WP_Term_Query {
 
 		return $term_objects;
 	}
+
+	/**
+	 * Generate cache key.
+	 *
+	 * @since 6.2.0
+	 *
+	 * @global wpdb $wpdb WordPress database abstraction object.
+	 *
+	 * @param array  $args WP_Term_Query arguments.
+	 * @param string $sql  SQL statement.
+	 *
+	 * @return string Cache key.
+	 */
+	protected function generate_cache_key( array $args, $sql ) {
+		global $wpdb;
+		// $args can be anything. Only use the args defined in defaults to compute the key.
+		$cache_args = wp_array_slice_assoc( $args, array_keys( $this->query_var_defaults ) );
+
+		unset( $cache_args['update_term_meta_cache'] );
+
+		if ( 'count' !== $args['fields'] && 'all_with_object_id' !== $args['fields'] ) {
+			$cache_args['fields'] = 'all';
+		}
+		$taxonomies = (array) $args['taxonomy'];
+
+		// Replace wpdb placeholder in the SQL statement used by the cache key.
+		$sql = $wpdb->remove_placeholder_escape( $sql );
+
+		$key          = md5( serialize( $cache_args ) . serialize( $taxonomies ) . $sql );
+		$last_changed = wp_cache_get_last_changed( 'terms' );
+		return "get_terms:$key:$last_changed";
+	}
 }
diff --git a/tests/phpunit/tests/term/query.php b/tests/phpunit/tests/term/query.php
index ca0e21b09c..b15b4787fc 100644
--- a/tests/phpunit/tests/term/query.php
+++ b/tests/phpunit/tests/term/query.php
@@ -867,4 +867,124 @@ class Tests_Term_Query extends WP_UnitTestCase {
 
 		$this->assertContains( $t1, $q->terms );
 	}
+
+	/**
+	 * Ensure cache keys are generated without WPDB placeholders.
+	 *
+	 * @ticket 57298
+	 *
+	 * @covers       WP_Term_Query::generate_cache_key
+	 * @dataProvider data_query_cache
+	 */
+	public function test_generate_cache_key_placeholder( $args ) {
+		global $wpdb;
+		$query1 = new WP_Term_Query();
+		$query1->query( $args );
+
+		$query_vars = $query1->query_vars;
+		$request    = $query1->request;
+
+		$reflection = new ReflectionMethod( $query1, 'generate_cache_key' );
+		$reflection->setAccessible( true );
+
+		$cache_key_1 = $reflection->invoke( $query1, $query_vars, $request );
+
+		$request_without_placeholder = $wpdb->remove_placeholder_escape( $request );
+
+		$cache_key_2 = $reflection->invoke( $query1, $query_vars, $request_without_placeholder );
+
+		$this->assertSame( $cache_key_1, $cache_key_2, 'Cache key differs when using wpdb placeholder.' );
+	}
+
+	/**
+	 * Data provider.
+	 *
+	 * @return array[] Test parameters.
+	 */
+	public function data_query_cache() {
+		return array(
+			'empty query'                => array(
+				'args' => array(),
+			),
+			'search query'               => array(
+				'args' => array(
+					'search' => 'title',
+				),
+			),
+			'search name query'          => array(
+				'args' => array(
+					'name__like' => 'title',
+				),
+			),
+			'search description query'   => array(
+				'args' => array(
+					'description__like' => 'title',
+				),
+			),
+			'meta query'                 => array(
+				'args' => array(
+					'meta_query' => array(
+						array(
+							'key' => 'color',
+						),
+					),
+				),
+			),
+			'meta query search'          => array(
+				'args' => array(
+					'meta_query' => array(
+						array(
+							'key'     => 'color',
+							'value'   => '00',
+							'compare' => 'LIKE',
+						),
+					),
+				),
+			),
+			'nested meta query search'   => array(
+				'args' => array(
+					'meta_query' => array(
+						'relation' => 'AND',
+						array(
+							'key'     => 'color',
+							'value'   => '00',
+							'compare' => 'LIKE',
+						),
+						array(
+							'relation' => 'OR',
+							array(
+								'key'     => 'color',
+								'value'   => '00',
+								'compare' => 'LIKE',
+							),
+							array(
+								'relation' => 'AND',
+								array(
+									'key'     => 'wp_test_suite',
+									'value'   => '56802',
+									'compare' => 'LIKE',
+								),
+								array(
+									'key'     => 'wp_test_suite_too',
+									'value'   => '56802',
+									'compare' => 'LIKE',
+								),
+							),
+						),
+					),
+				),
+			),
+			'meta query not like search' => array(
+				'args' => array(
+					'meta_query' => array(
+						array(
+							'key'     => 'color',
+							'value'   => 'ff',
+							'compare' => 'NOT LIKE',
+						),
+					),
+				),
+			),
+		);
+	}
 }